BGC Group, Inc. (BGC) Q3 2025 Earnings Call

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WEBVTT 00:00:00.132 -- 00:00:03.116 As a reminder, this concert is being recorded. 00:00:03.116 -- 00:00:07.982 It is now my pleasure to introduce your host, Jason Kwisikas, Head of Investor Relations. 00:00:07.982 -- 00:00:10.405 Thank you, sir. You may begin. 00:00:10.405 -- 00:00:14.930 Thank you. And hello, everyone. This morning, we issued BGC's third quarter 2025 financial 00:00:14.930 -- 00:00:18.012 results, which can be found at ir.bgcg.com. 00:00:18.655 -- 00:00:22.039 Any historical results provided on today's call compare only the third quarter of 2025 00:00:22.039 -- 00:00:26.103 with the prior year periods, unless otherwise specified. 00:00:26.103 -- 00:00:30.008 All references on today's call to historic and record results are to BGC standalone financial 00:00:30.008 -- 00:00:34.474 results, excluding Newmark prior to the spinoff in November 2018. 00:00:34.474 -- 00:00:38.059 We will be referring to our results on a non-GAAP basis, which include the terms adjusted 00:00:38.059 -- 00:00:42.245 earnings and adjusted EBITDA. Please refer to today's investment materials on our website 00:00:42.245 -- 00:00:46.330 for additional details on our financial results and for a complete and updated definition 00:00:46.330 -- 00:00:50.696 of any non-GAAP terms, reconciliations of these items to GAAP results, and how, when, 00:00:50.696 -- 00:00:54.942 and why management uses them, as well as relevant industry and economic statistics. 00:00:54.942 -- 00:00:58.706 The outlook discussed today assumes no material acquisitions or dispositions. 00:00:58.706 -- 00:01:03.110 Our expectations are subject to change based on various macroeconomic, social, political, 00:01:03.110 -- 00:01:07.734 and or other factors. Information on this call contains forward-looking statements...