BGC Partners (BGCP) lowers Q3 revenue outlook

BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending September 30, 2022.

Updated OutlookBGC's revenue for the third quarter of 2022 is now expected to be below the midpoint of the range of its previously stated outlook. BGC's revenue would have been approximately $20 million higher, if not for the strengthening of the U.S. dollar during the period, and above last year's third quarter revenue, excluding Insurance. BGC's pre-tax Adjusted Earnings is expected to be around the midpoint of its previously stated outlook. This guidance reflects continuing FX headwinds for the euro and pound sterling, which are both tracking over 14% lower versus the U.S. dollar, on average, compared to the year ago period. This decline has accelerated toward the end of the third quarter, with the euro and pound sterling down over 16% and 19%, respectively, versus the U.S. dollar compared to a year ago.

The Company's outlook was contained in BGC's financial results press release issued on August 3, 2022, which can be found at http://ir.bgcpartners.com.

Non-GAAP Financial Measures This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"). Non-GAAP financial measures used by the Company include "Adjusted Earnings before noncontrolling interests and taxes", which is used interchangeably with "pre-tax Adjusted Earnings"; "Post-tax Adjusted Earnings to fully diluted shareholders", which is used interchangeably with "post-tax Adjusted Earnings"; "Adjusted EBITDA"; "Liquidity"; and "Constant Currency". The definitions of these terms are below.

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