BGC Group, Inc. (NASDAQ:BGC) Q3 2023 Earnings Call Transcript October 30, 2023 8:30 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

Patrick Moley - Piper Sandler

Operator

Greetings. Welcome to the BGC Group Third Quarter 2023 Financial Results Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded.

At this time, I would like to hand the call over to Jason Chryssicas, Head of Investor Relations. Thank you. You may begin.

Jason Chryssicas

Thank you, and good morning. We issued BGC's third quarter 2023 financial results press release and the presentation summarizing these results this morning prior to the market opening. You can find these at ir.bgcg.com. Please now 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 third quarter of 2023 with the prior year period. Certain revenue figures are 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.

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 financial instruments owned at fair value, less securities loaned and repurchase agreements. We define total capital as redeemable partnership interest, total stockholders' equity, and noncontrolling interest in subsidiaries.

Please see today's press release for the results under generally accepted accounting principles or GAAP. Please also see the relevant sections in 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.bgcg.com and in our investor presentation. We refer to the company's technology-driven businesses as Fenics. Fenics offerings include Fenics Market 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 company's business results, financial position, liquidity, and outlook. Any forward-looking statements involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to update any 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.