BGC Group Updates its Outlook for the First Quarter of 2025

Core Viewpoint - BGC Group, Inc. has updated its outlook for the quarter ending March 31, 2025, reaffirming its previously stated ranges for revenue and pre-tax Adjusted Earnings [1][2]. Financial Outlook - The company maintains its outlook ranges for revenue and pre-tax Adjusted Earnings as previously disclosed in its financial results press release dated February 14, 2025 [2]. Non-GAAP Financial Measures - BGC utilizes non-GAAP financial measures, including Adjusted Earnings and Adjusted EBITDA, to provide a clearer picture of its operating performance, excluding certain non-cash items and expenses that do not reflect the underlying performance [4][5][26]. - Adjusted Earnings are defined as earnings before noncontrolling interests and taxes, and are considered by management as a key metric for evaluating financial performance [5][6]. Adjusted Earnings Calculation - Adjusted Earnings calculations exclude non-cash items, certain compensation expenses, and other charges that management believes do not accurately reflect the company's operating performance [6][11]. - The methodology for calculating Adjusted Earnings includes adjustments for equity-based compensation and other non-cash items, which are deemed not reflective of ongoing operations [7][12][23]. Liquidity and Constant Currency - BGC defines liquidity as the sum of cash and cash equivalents, financial instruments owned at fair value, less securities lent out, which is crucial for assessing available cash [31]. - The company also reports revenues on a Constant Currency basis to provide a better comparison of underlying operating performance by eliminating the effects of foreign currency fluctuations [33]. Company Overview - BGC Group, Inc. is a leading global marketplace and financial technology services company, serving a diverse range of clients including banks, broker-dealers, and investment firms [35][36].