BGC Partners, Inc. (BGCP) Q2 2022 Results Conference Call August 3, 2022 10:00 AM ET

Company Participants

Howard Lutnick - Chairman of the Board and Chief Executive Officer

Jason Chryssicas - Head of Investor Relations

Jason Hauf - Chief Financial Officer

Sean Windeatt - Chief Operating Officer

Conference Call Participants

Gautam Sawant - Credit Suisse

Rich Repetto - Piper Sandler

Operator

Welcome to the BGC Partners, Inc. Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Jason Chryssicas

Good morning, everyone. We issued BGC's second quarter 2022 financial results press release and presentation summarizing these results this morning. 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 second quarter of 2022 with the prior year period and 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 loaned and repurchase agreements. We define total capital as redeemable partnership interest, total stocks equity and noncontrolling interest in subsidiaries.

This quarter, BGC is providing revenue year-over-year comparisons on a constant currency basis. BGC generates a significant amount of its revenue in non-U.S. dollar-denominated currencies, particularly in the euro and pound sterling 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 determine the company's prior period revenues applied to the current period revenues.

Please also see today's press release for results under generally accepted accounting principles, or GAAP. Please also see the relevant sections in the back of today's press release with the 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.