BGC Group Inc. (NASDAQ:BGC) Q4 2023 Earnings Call Transcript February 14, 2024 10:00 AM ET

Company Participants

Jason Chryssicas - Head of Investor Relations

Howard Lutnick - Chairman of the Board & CEO

Sean Windeatt - COO & Co-Global Head of Brokerage

Jason Hauf - Executive VP & CFO

Conference Call Participants

Patrick Moley - Piper Sandler

Owen Lau - Oppenheimer

Operator

Greetings, and welcome to the BGC Group Fourth Quarter and Full Year 2023 Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a remainder being, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Jason Chryssicas, Head of Investor Relations. Please begin, sir.

Jason Chryssicas

Thank you, and good morning. We issued BGC's fourth quarter and full year 2023 financial results press release and the presentation summarizing these results this morning. You can find these at ir.bgcg.com.

Please note 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 to the fourth 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, 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 non-controlling interest in subsidiaries.

Please 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 for 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.bgcg.com and in our investor presentation. We refer to the company's technology-driven businesses Fenics. Fenics' offerings include Fenics Markets and Fenics Growth platforms.

I'd also remind you that any information on today's call that is 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 and except as required by law, BGC undertakes no obligation to update any forward-looking statements.