BGC Partners, Inc. (BGCP) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET

Company Participants

Jason Chryssicas - Head of IR

Howard Lutnick - Chairman of the Board & CEO

Jason Hauf - CFO

Sean Windeatt - Chief Operating Officer

Conference Call Participants

Gautam Sawant - Credit Suisse

Operator

Welcome to the BGC Partners Inc. Third Quarter 202 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker for today, Jason Chryssicas, Head of Investor Relations. Thank you, and please go ahead.

Jason Chryssicas

Good morning, everyone. Today, we issued BGC's third quarter 2022 financial results press release and the presentation summarizing these results prior to market open. You can find these at ir.bgcpartners.com. Please note, you can find additional details on our quarterly results in today's press release and investor presentation. Unless otherwise stated, the results provided on today's call compare only the third quarter of 2022 with the prior year period, and to compare revenue excluding insurance, due to its sale on November 1, 2021.

We will be referring to our results on this call only on an adjusted earnings basis unless otherwise stated. We 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, less securities loans and repurchase agreements. We define total capital as our redeemable partnership interest, total stock ops equity and non-controlling interest in subsidiaries.

BGC generates a significant amount of its revenue in non-U.S. dollar denominated currencies, particularly in 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 moments. BGC's constant currency movements assume foreign exchange rates used in term of the company's prior period revenues applied to the current period revenues.

Please see today's press release for results under generally accepted accounting principles or GAAP. Please also refer to the relevant sections at the back of today's press release for complete and updated definitions of any non-GAAP terms, reconciliations of these items to the 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 and in our investor presentation.