BGC Partners, Inc. (BGCP) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Jason Chryssicas - Head, Investor Relations

Howard Lutnick - Chairman & Chief Executive Officer

Sean Windeatt - Chief Operating Officer

Jason Hauf - Chief Financial Officer

Conference Call Participants

Rich Repetto - Piper Sandler

Operator

Greetings and welcome to the BGC Partners' First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

I would now like to turn the conference over to your host Jason Chryssicas, Head of Investor Relations for BGC Partners. Thank you. You may begin.

Jason Chryssicas

Good morning. We issued BGC's first quarter 2023 financial results press release and the presentation summarizing these results this morning prior to market open. You can find me at ir.bgcpartners.com.

Please that you can find additional details on our quarterly results in today's press release and investor presentation. Unless otherwise stated any historical results provided on today's call compare only the first quarter of 2023 with the prior year period. Certain revenue figures provided for the current period as indicated.

We will be referring to our results on this call only on an adjusted earnings basis unless otherwise stated you may also refer to adjusted EBITDA. We may refer to our liquidity which we define as cash and cash equivalents, plus marketable securities that have not been financed, reverse repurchase agreements and securities owned, securities loan and repurchase agreements.

We define total capital as reviewable partnership interest total stockholders' equity and non-controlling interest in subsidiaries. BGC generated a significant amount of its revenues in non-US dollar denominated currencies, particularly the euro and pound sterling.

BGC presents revenue comparisons on a constant currency basis in order to present a better comparison of the company's revenues during the period, which exhibited volatile foreign exchange movements.

BGC's constant currency movements assume foreign exchange rates used to terminate company's prior period revenues applied to the current period revenues. Please see today's press release for results under generally accepted accounting principles.

Please also see the relevant section of the back of today's press release for the complete and updated definitions of any non-GAAP terms, reconciliations of these items to corresponding GAAP results, and how, when, and why management uses such terms.

Additional information with respect to our GAAP and non-GAAP results mentioned on today's call is available on our website at ir.bgcpartners.com. We refer to the company's technology-driven businesses as Fenics. Fenics offerings include FedEx markets and Fenics growth platforms.