BGC(BGC) - 2025 Q2 - Quarterly Results

Executive Summary & Financial Highlights Overview of BGC Group's Q2 2025 performance, highlighting record revenues, strong growth, key financial metrics, and a cost reduction program Management Commentary BGC Group reported historic Q2 2025 results, achieving record revenues and strong growth across all segments, with Fenics' best quarter and a cost reduction program underway - Record revenues of $784 million, a 42% increase YoY. Excluding OTC, revenues grew by 21%[2] - Fenics had its best ever quarter with record volumes and market share, with total Fenics revenues growing by 19% and Fenics Growth Platforms increasing by 30%[2] - A cost reduction program launched post-acquisition is expected to deliver at least $25 million in annualized savings by year-end 2025[3] Consolidated Financial Highlights Consolidated Q2 2025 financial highlights show significant year-over-year growth in revenues, GAAP income, net income, Adjusted Earnings, and Adjusted EBITDA, reflecting strong operational performance Highlights of Consolidated Results (USD millions) | Highlights of Consolidated Results (USD millions) | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | Revenues | $784.0 | $550.8 | 42.3% | | GAAP income from operations before income taxes | 75.3 | 55.2 | 36.5% | | GAAP net income for fully diluted shares | 55.1 | 36.1 | 52.9% | | Adjusted Earnings before noncontrolling interest in subsidiaries and taxes | 173.6 | 125.8 | 38.0% | Select Financial Results (USD millions) | SELECT FINANCIAL RESULTS | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | Post-tax Adjusted Earnings | 153.7 | 114.7 | 34.0% | | Adjusted EBITDA | 213.3 | 162.4 | 31.4% | | Per Share Results | 2Q25 | 2Q24 | Change | | GAAP fully diluted earnings per share | $0.11 | $0.08 | 37.5% | | Post-tax Adjusted Earnings per share | $0.31 | $0.23 | 34.8% | Summary Results This section details BGC Group's record Q2 2025 revenues, segment performance, Fenics' growth, and consolidated expenses, taxes, and share count Consolidated Revenues Overview BGC Group achieved record quarterly revenues of $784.0 million, up 42.3% YoY, driven by strong growth across brokerage segments, particularly ECS, and Fenics Growth Platforms Consolidated Revenues (USD millions) | Consolidated Revenues (USD millions) | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | ECS ("Energy, Commodities, and Shipping") | $261.6 | $117.7 | 122.2% | | Rates | 200.6 | 166.0 | 20.8% | | Foreign Exchange | 108.5 | 88.9 | 21.9% | | Credit | 75.3 | 69.4 | 8.5% | | Equities | 73.9 | 51.4 | 43.8% | | Total Brokerage Revenues | $719.9 | $493.5 | 45.9% | | Data, Network, and Post-trade | 35.5 | 30.8 | 15.1% | | Interest and dividend income, Fees from related parties and Other revenues | 28.6 | 26.4 | 8.4% | | Total Revenues | $784.0 | $550.8 | 42.3% | - Record quarterly revenues of $784.0 million, a 42.3% increase YoY. Excluding OTC, revenues were $665.7 million, up 20.9%[7] - Revenues across EMEA, Americas, and APAC grew by 50.3%, 40.3%, and 17.4%, respectively[7] Revenue by Segment Brokerage revenues saw substantial growth, led by ECS, with strong double-digit increases across Rates, Foreign Exchange, Data, Network, Post-trade, Credit, and Equities segments - ECS revenues grew by 122.2% to $261.6 million, driven by OTC and strong organic growth. Excluding OTC, ECS revenues grew by 27%[8] - Rates revenues increased by 20.8% to $200.6 million due to higher volumes across interest rate products[8] - Foreign Exchange revenues were up 21.9% to $108.5 million, driven by FX options and emerging market currencies[8] - Data, Network, and Post-trade revenues increased by 15.1% to $35.5 million, primarily from Lucera and Fenics Market Data, partially offset by the sale of Capitalab[9] - Credit revenues increased by 8.5% to $75.3 million, driven by higher U.S. and emerging market credit volumes[13] - Equities revenues grew by 43.8% to $73.9 million, with strength across EMEA and Americas due to higher volatility and market share gains[13] Fenics Performance Fenics achieved record Q2 revenues of $162.9 million, up 18.6%, primarily driven by its Growth Platforms, which surged 29.6%, with key contributions from FMX, PortfolioMatch, and Lucera Fenics Revenues (USD millions) | Fenics Revenues (USD millions) | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | Fenics Markets | $134.1 | $115.1 | 16.5% | | Fenics Growth Platforms | 28.7 | 22.2 | 29.6% | | Fenics Revenues | $162.9 | $137.3 | 18.6% | - Total Fenics revenues improved by 18.6% to $162.9 million[10] - Fenics Growth Platforms generated revenues of $28.7 million, a 29.6% increase, primarily driven by FMX, PortfolioMatch, and Lucera[11] Fenics Markets Fenics Markets reported revenues of $134.1 million, a 16.5% increase, primarily driven by higher electronic trading volumes and Fenics Market Data revenues - Fenics Markets revenues increased by 16.5% to $134.1 million, driven by higher electronic trading volumes and Fenics Market Data[10] Fenics Growth Platforms Fenics Growth Platforms saw a 29.6% revenue increase, led by FMX, PortfolioMatch, and Lucera, all demonstrating significant volume and market share gains - FMX UST generated record average daily volume (ADV) of $68 billion in Q2, a 45% increase YoY, with market share growing to over 35%[14] - FMX FX nearly doubled its ADV to a record $15.6 billion, driven by equity partner support and new products[14] - PortfolioMatch ADV nearly doubled due to market share gains, new clients, increased distribution, and deeper connectivity with systematic traders[14] - Lucera's revenue grew by more than 40%, driven by new clients and product launches[15] Consolidated Expenses and Taxes Total GAAP expenses increased by 42.3% to $711.7 million, driven by the OTC acquisition and higher revenues, with compensation and non-compensation expenses rising significantly, and a 6.0% increase in GAAP income tax provision Consolidated Expenses (USD millions) | Consolidated Expenses (USD millions) | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | Compensation and employee benefits under GAAP | $416.5 | $272.0 | 53.1% | | Equity-based compensation and allocations of net income to limited partnership units and FPUs | 83.9 | 66.2 | 26.8% | | Non-compensation expenses under GAAP | 211.3 | 162.0 | 30.5% | | Total expenses under GAAP | $711.7 | $500.2 | 42.3% | | Compensation and employee benefits for Adjusted Earnings | $411.7 | $272.0 | 51.4% | | Non-compensation expenses for Adjusted Earnings | 199.2 | 154.4 | 29.0% | | Total expenses for Adjusted Earnings | $610.8 | $426.3 | 43.3% | - Compensation and employee benefits under GAAP increased by 53.1% due to the OTC acquisition and higher commissionable revenues[16] - Non-compensation expenses under GAAP increased by 30.5%, primarily driven by the OTC acquisition[17] Taxes (USD millions) | Taxes | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | GAAP provision for income taxes | $19.1 | $18.0 | 6.0% | | Provision for income taxes for Adjusted Earnings | 21.2 | 11.7 | 80.9% | Consolidated Share Count The fully diluted weighted-average share count under GAAP increased slightly by 0.8% year-over-year to 484.6 million, while for Adjusted Earnings, it increased by 0.7% to 500.1 million Consolidated Share Count (USD millions) | Consolidated Share Count (USD millions) | 2Q25 | 2Q24 | Change | 1Q25 | Change (QoQ) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fully diluted weighted-average share count under GAAP | 484.6 | 480.9 | 0.8% | 485.5 | (0.2)% | | Fully diluted weighted-average share count for Adjusted Earnings | 500.1 | 496.8 | 0.7% | 501.5 | (0.3)% | Financial Outlook & Dividend This section provides BGC Group's financial guidance for Q3 2025, including projected revenues and pre-tax Adjusted Earnings, along with details on the declared quarterly cash dividend Third Quarter 2025 Guidance BGC Group provides guidance for Q3 2025, projecting revenues between $715 million and $765 million, and Pre-tax Adjusted Earnings between $150 million and $165 million Outlook (USD millions) | Metric (USD millions) | Guidance | Actual | | :--- | :--- | :--- | | | 3Q 2025 | 3Q 2024 | | Revenues | $715 - $765 | $561.1 | | Pre-tax Adjusted Earnings | $150 - $165 | $126.7 | Dividend Information BGC's Board of Directors declared a quarterly qualified cash dividend of $0.02 per share, payable on September 3, 2025, to stockholders of record as of August 20, 2025 - A quarterly qualified cash dividend of $0.02 per share was declared, payable on September 3, 2025, to Class A and Class B common stockholders of record as of August 20, 2025[23] Condensed Consolidated Financial Statements This section presents BGC Group's condensed consolidated financial statements, including statements of financial condition and operations, providing a detailed view of assets, liabilities, equity, revenues, and expenses Condensed Consolidated Statements of Financial Condition As of June 30, 2025, BGC Group's total assets increased to $4.89 billion from $3.59 billion (Dec 2024), driven by receivables and goodwill, while total liabilities rose due to notes payable and accrued compensation Condensed Consolidated Statements of Financial Condition (in thousands) | Assets | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $826,470 | $711,584 | | Receivables from broker-dealers, clearing organizations, customers and related broker-dealers | 951,387 | 365,490 | | Accrued commissions and other receivables, net | 526,742 | 324,213 | | Loans, forgivable loans and other receivables from employees and partners, net | 468,259 | 360,060 | | Goodwill | 625,499 | 540,290 | | Other intangible assets, net | 445,771 | 240,910 | | Total assets | $4,890,519 | $3,591,967 | | Liabilities | | | | Accrued compensation | $308,042 | $227,869 | | Payables to broker-dealers, clearing organizations, customers and related broker-dealers | 777,209 | 225,377 | | Notes payable and other borrowings | 1,917,835 | 1,337,540 | | Total liabilities | 3,781,836 | 2,512,728 | | Total equity | 1,108,683 | 1,079,239 | | Total liabilities and equity | $4,890,519 | $3,591,967 | Condensed Consolidated Statements of Operations For Q2 2025, total revenues increased to $784.0 million from $550.8 million (prior year), with expenses rising to $711.7 million from $500.2 million, yielding income from operations before taxes of $75.3 million and consolidated net income of $56.2 million Condensed Consolidated Statements of Operations (Three Months Ended June 30, in thousands) | Revenues: | 2025 | 2024 | | :--- | :--- | :--- | | Total brokerage revenues | $719,899 | $493,520 | | Data, network and post-trade | 35,462 | 30,812 | | Total revenues | 784,004 | 550,761 | | Expenses: | | | | Total compensation and employee benefits | 500,389 | 338,197 | | Total non-compensation expenses | 211,297 | 161,958 | | Total expenses | 711,686 | 500,155 | | Income (loss) from operations before income taxes | 75,278 | 55,164 | | Consolidated net income (loss) | $56,215 | $37,175 | | Net income (loss) available to common stockholders | $57,545 | $37,828 | Per Share Data (Three Months Ended June 30) | Per share data: | 2025 | 2024 | | :--- | :--- | :--- | | Basic earnings (loss) per share | $0.11 | $0.08 | | Fully diluted earnings (loss) per share | $0.11 | $0.08 | Non-GAAP Financial Measures This section defines and provides the rationale for BGC Group's non-GAAP financial measures, including Adjusted Earnings, Adjusted EBITDA, Liquidity, and Constant Currency, explaining their use in evaluating financial performance Adjusted Earnings Definition and Rationale Adjusted Earnings are non-GAAP measures used by BGC to evaluate financial performance, excluding certain non-cash, non-dilutive, and specific non-operating gains/charges, aiming to provide a clearer view of core earnings - Adjusted Earnings (pre-tax and post-tax) are supplemental non-GAAP measures used by management to evaluate financial performance, reflecting operating earnings generated on a consolidated basis[36] - Adjusted Earnings calculations primarily exclude certain non-cash items, other expenses not involving cash outlay, and gains/charges that management believes do not best reflect the underlying operating performance[37] Compensation Adjustments Adjusted Earnings and Adjusted EBITDA exclude GAAP charges for equity-based compensation (e.g., amortization of RSUs, restricted stock, limited partnership units, grants of exchangeability, preferred units/RSU tax accounts) and other compensation-related adjustments - Adjusted Earnings and Adjusted EBITDA exclude all GAAP charges in the 'Equity-based compensation and allocations of net income to limited partnership units and FPUs' line item[38] - Excluded items include charges for amortization of RSUs, restricted stock, other equity-based awards, limited partnership units, grants of exchangeability, and preferred units/RSU tax accounts[38] - Other compensation-related adjustments, such as severance charges from cost-saving initiatives, are also excluded[41] Non-Compensation Adjustments Non-compensation adjustments for Adjusted Earnings exclude non-cash GAAP charges for amortization of intangibles, acquisition-related costs, asset impairment charges, litigation resolutions, and other non-recurring items, including restructuring/cost-saving plan charges - Adjusted Earnings calculations exclude non-cash GAAP charges related to amortization of intangibles from acquisitions, acquisition-related costs, and non-cash GAAP asset impairment charges[43] - Resolutions of litigation, disputes, investigations, or enforcement matters that are non-recurring or unusual are excluded[43] - Various other GAAP items not reflective of underlying performance, including non-compensation-related charges from restructuring/cost savings plans, are also excluded[43] Other Income (Losses) Adjustments Adjusted Earnings exclude gains from litigation resolution and certain other non-cash, non-dilutive, and/or non-economic items, including allocations of net income to limited partnership units and FPUs, and charges for dividend equivalents on RSUs and preferred returns on RSU tax accounts - Adjusted Earnings calculations exclude gains from litigation resolution and certain other non-cash, non-dilutive, and/or non-economic items[42] - Excluded items include allocations of net income to limited partnership units and FPUs, and charges related to dividend equivalents earned on RSUs and preferred returns on RSU tax accounts[42] - Gains or losses on divestitures, fair value adjustments of investments, and certain other GAAP items related to equity method investments are also excluded[43] Adjusted Earnings Tax Methodology The non-GAAP tax provision for post-tax Adjusted Earnings is calculated by adjusting pre-tax Adjusted Earnings for tax-deductible items (e.g., equity-based compensation) and applying statutory tax rates, reflecting the tax provision as if 100% of earnings were taxed at global corporate rates - The non-GAAP tax provision for post-tax Adjusted Earnings is determined by adjusting pre-tax Adjusted Earnings for tax-deductible items (e.g., equity-based compensation, employee loan forgiveness) and then applying statutory tax rates[46] - The most significant factor affecting the non-GAAP tax provision is the amount of charges relating to equity-based compensation, which are tax-deductible[48] - Taxes for Adjusted Earnings are presented to show the tax provision the consolidated Company would expect to pay if 100% of earnings were taxed at global corporate rates[49] Adjusted Earnings Per Share Calculation Adjusted Earnings per share calculations either include dilutive instruments (excluding associated expense, net of tax) or exclude anti-dilutive instruments (including associated expense, net of tax) in the fully diluted share count - Adjusted Earnings per share calculations either include dilutive instruments in the fully diluted share count (excluding associated expense, net of tax) or exclude anti-dilutive instruments (including associated expense, net of tax)[51] - The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends[50] Adjusted EBITDA Definition and Rationale Adjusted EBITDA is a non-GAAP measure defined as GAAP Net income adjusted by adding back taxes, interest, depreciation/amortization, impairment, equity-based compensation, and certain non-cash gains/losses, used to evaluate operating performance by eliminating financing, taxes, and capital spending effects - Adjusted EBITDA is defined as GAAP 'Net income (loss) available to common stockholders' adjusted by adding back provision for income taxes, noncontrolling interest, interest expense, fixed asset depreciation and intangible asset amortization, impairment of long-lived assets, equity-based compensation, and (gains) losses on equity method investments, among other non-cash GAAP items[56][59] - Management uses Adjusted EBITDA to evaluate operating performance by eliminating the effects of financing, income taxes, and the accounting effects of capital spending and acquisitions[56] Liquidity Definition Liquidity is a non-GAAP measure defined as the sum of cash, cash equivalents, reverse repurchase agreements, and financial instruments owned at fair value, less securities lent/repurchase agreements, considered an important metric for readily available cash - Liquidity is defined as the sum of cash and cash equivalents, reverse repurchase agreements (if any), financial instruments owned at fair value, less securities lent out in securities loaned transactions and repurchase agreements (if any)[61] - The company considers liquidity an important metric for determining the amount of cash available or readily available on short notice[61] Constant Currency Definition Constant Currency is a non-GAAP metric used to compare underlying operating performance by eliminating foreign currency fluctuations, assuming prior period exchange rates apply to current period revenues for YoY comparisons - Constant Currency is a non-GAAP financial metric used to provide a better comparison of underlying operating performance by eliminating the impact of foreign currency fluctuations[63] - Constant Currency revenue percentage change is calculated by remeasuring current quarter revenues using prior period exchange rates[63] Timing of Outlook for Certain GAAP and Non-GAAP Items BGC provides forward-looking guidance for GAAP revenues and certain non-GAAP measures, but not for other GAAP results, as items excluded from Adjusted Earnings/EBITDA are difficult to forecast with precision due to their unpredictable nature - BGC does not provide an outlook for certain GAAP results because items excluded from Adjusted Earnings and/or Adjusted EBITDA are difficult to forecast with precision[60] - Relevant unpredictable items include equity-based compensation, unusual items, gains/losses on marketable securities, non-cash asset impairment charges, and outcomes of acquisitions, dispositions, or litigation[64] Reconciliations and Supplementary Data This section provides detailed reconciliations of GAAP income to Adjusted Earnings and EPS, GAAP net income to Adjusted EBITDA, and analyses of fully diluted weighted-average share count, liquidity, and constant currency revenues Reconciliation of GAAP Income to Adjusted Earnings & EPS This section details the reconciliation from GAAP income from operations to Adjusted Earnings and GAAP fully diluted EPS to Post-tax Adjusted EPS for Q2 2025 and Q2 2024, with key adjustments including equity-based compensation, amortization of intangibles, and impairment charges Reconciliation of GAAP Income to Adjusted Earnings (in thousands) | | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP income (loss) from operations before income taxes | $75,278 | $55,164 | | Total pre-tax adjustments | 98,316 | 70,614 | | Adjusted Earnings before noncontrolling interest in subsidiaries and taxes | $173,594 | $125,778 | | GAAP net income (loss) available to common stockholders | $57,545 | $37,828 | | Income tax adjustment to reflect adjusted earnings taxes | (2,120) | 6,282 | | Post-tax adjusted earnings | $153,741 | $114,724 | Reconciliation of GAAP EPS to Post-tax Adjusted EPS | Per Share Data | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP fully diluted earnings (loss) per share | $0.11 | $0.08 | | Total pre-tax adjustments | 0.20 | 0.14 | | Income tax adjustment to reflect adjusted earnings taxes | — | 0.01 | | Post-tax adjusted earnings per share | $0.31 | $0.23 | | Fully diluted weighted-average shares of common stock outstanding | 500,136 | 496,767 | - Equity-based compensation and allocations of net income to limited partnership units and FPUs were $83.9 million in Q2 2025, up from $66.2 million in Q2 2024[69] Fully Diluted Weighted-Average Share Count The fully diluted weighted-average share count for Adjusted Earnings was 500.1 million in Q2 2025, compared to 484.6 million under GAAP, with the difference primarily attributed to non-GAAP adjustments for RSUs and Restricted Stock Fully Diluted Weighted-Average Share Count (in thousands) | | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Common stock outstanding | 480,138 | 475,272 | | Fully diluted weighted-average share count under GAAP | 484,636 | 480,861 | | Non-GAAP Adjustments: | | | | RSUs | 15,371 | 15,535 | | Restricted Stock | 129 | 371 | | Fully diluted weighted-average share count for Adjusted Earnings | 500,136 | 496,767 | Liquidity Analysis BGC Group's total liquidity increased to $965.9 million as of June 30, 2025, up from $897.8 million at December 31, 2024, driven by an increase in cash and cash equivalents Liquidity Analysis (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $826,470 | $711,584 | | Financial instruments owned, at fair value | 139,470 | 186,197 | | Total Liquidity | $965,940 | $897,781 | Reconciliation of GAAP Net Income to Adjusted EBITDA Adjusted EBITDA for Q2 2025 was $213.3 million, a 31.4% increase from $162.4 million in Q2 2024, with this reconciliation detailing adjustments from GAAP net income, including taxes, interest expense, depreciation, amortization, and equity-based compensation Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) | | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP net income (loss) available to common stockholders | $57,545 | $37,828 | | Add back: | | | | Provision for income taxes | 19,063 | 17,989 | | Interest expense | 33,801 | 21,551 | | Fixed asset depreciation and intangible asset amortization | 25,879 | 20,161 | | Equity-based compensation and allocations of net income to limited partnership units and FPUs | 83,926 | 66,207 | | Adjusted EBITDA | $213,336 | $162,408 | Constant Currency Revenue Analysis Total revenues in constant currency grew by 40.2% year-over-year, slightly lower than the reported 42.3% change, indicating a positive foreign exchange impact, with ECS revenues showing a 120.6% increase and Fenics revenues increasing by 15.8% in constant currency Consolidated Revenues in Constant Currency (in millions) | | 2Q25 | 2Q24 | Change | Constant Currency Change | | :--- | :--- | :--- | :--- | :--- | | ECS ("Energy, Commodities, and Shipping") | $262 | $118 | 122.2 % | 120.6 % | | Rates | 201 | 166 | 20.8 % | 17.5 % | | Foreign Exchange | 108 | 89 | 21.9 % | 21.5 % | | Credit | 75 | 69 | 8.5 % | 5.3 % | | Equities | 74 | 51 | 43.8 % | 39.9 % | | Total Brokerage Revenues | $720 | $494 | 45.9 % | 43.4 % | | Data, Network, and Post-trade | 35 | 31 | 15.1 % | 14.8 % | | Interest and dividend income, Fees from related parties and Other revenues | 29 | 26 | 8.4 % | 8.1 % | | Total Revenues | $784 | $551 | 42.3 % | 40.2 % | Fenics Revenues in Constant Currency (in millions) | | 2Q25 | 2Q24 | Change | Constant Currency Change | | :--- | :--- | :--- | :--- | :--- | | Fenics Markets | $134 | $115 | 16.5 % | 13.1 % | | Fenics Growth Platforms | 29 | 22 | 29.6 % | 29.5 % | | Fenics Revenues | $163 | $137 | 18.6 % | 15.8 % | Company Information This section provides an overview of BGC Group, Inc., detailing its role as a global marketplace, data, and financial technology services company, along with a discussion of forward-looking statements and associated risks About BGC Group, Inc. BGC Group, Inc. is a leading global marketplace, data, and financial technology services company, offering a broad range of products including fixed income, foreign exchange, energy, commodities, shipping, equities, and the FMX Futures Exchange, serving major financial institutions - BGC Group, Inc. is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and the FMX Futures Exchange[88] - BGC's clients are many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms[88] - BGC has partnered with global investment banks and market making firms to create FMX, which includes a U.S. interest rate futures exchange, spot foreign exchange platform, and a U.S. cash treasuries platform[89] Discussion of Forward-Looking Statements This document contains forward-looking statements that involve risks and uncertainties, which could cause actual results to differ materially from expectations, with BGC undertaking no obligation to update these statements and advising readers to consult its SEC filings for additional risks - Statements in this document that are not historical facts are 'forward-looking statements' subject to risks and uncertainties that could cause actual results to differ[90] - BGC undertakes no obligation to update any forward-looking statements[90] - Readers should refer to BGC's SEC filings (Form 10-K, 10-Q, 8-K) for a discussion of additional risks and uncertainties[90]