Call Start: 08:00 January 1, 0000 8:37 AM ET

BGC Partners, Inc. (BGCP)

Q1 2022 Earnings Conference Call

May 3, 2022, 8:00 AM ET

Company Participants

Howard Lutnick – Chairman of the Board and Chief Executive Officer

Jason Chryssicas – Head of Investor Relations

Steve Bisgay – Chief Financial Officer

Sean Windeatt – Chief Operating Officer

Conference Call Participants

Gautam Sawant – Credit Suisse

Richard Repetto – Piper Sandler

Operator

Welcome to the BGC Partners, Inc. First Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I'd now like to hand over the conference to your speaker today, Jason Chryssicas, Head of Investor Relations. Thank you and please go ahead.

Jason Chryssicas

Thank you and good morning. We issued BGC's first quarter 2022 financial results press release and the presentation summarizing these results yesterday after the market close. You can find these at ir.bgcpartners.com. Please note you can find additional details on our quarterly results in yesterday's press release and investor presentation. Unless otherwise stated, the results provided on today's call compare only the first quarter of 2022 with the prior-year period and compare revenue excluding insurance due to its sale on November 1st, 2021.

We will be referring to our results in 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 stockholders’ equity, and non-controlling interest in subsidiaries. Please see yesterday'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 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 use 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. We refer to the company's technology-driven business as Fenics. Fenics offerings include Fenics Markets and Fenics Growth Platforms.

I also remind you that the information regarding our business on today's call that are not historical are forward-looking statements. These include statements about the effects of COVID-19, the impact on the company's business results, financial position, liquidity, and outlook. Any forward-looking statements involve risks and uncertainties and except as required by law, BGC undertakes no obligation to update forward-looking statements. Any outlook and targets discussed on this call assume no material acquisitions, buybacks, extraordinary transactions, or meaningful changes to the company's stock price.