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BGC Partners' (BGCP) CEO Howard Lutnick on Q1 2018 Results - Earnings Call Transcript

May 03, 2018 10:32 PM ETBGC Partners, Inc. (BGCP)
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BGC Partners, Inc. (NASDAQ:BGCP) Q1 2018 Earnings Conference Call May 3, 2018 10:00 AM ET


Ujjal Basu Roy - Investor Relations

Howard Lutnick - Chairman and Chief Executive Officer

Shaun Lynn - President

Shaun Windeatt - Chief Operating Officer

Steve McMurray - Chief Financial Officer


Rich Repetto - Sandler O'Neill

Patrick O’Shaughnessy - Raymond James


Welcome to the BGC Partners Inc. First Quarter 2018 Earnings Conference Call. My name is Candice and I will be your operator for today’s call. [Operator Instructions] Please note that this conference is being recorded. I would now like to turn the conference over to Ujjal Basu Roy. Mr. Roy, you may begin.

Ujjal Basu Roy

Good morning. We issued BGC’s first quarter 2018 financial results press release and a presentation summarizing these this morning. You can find these at ir.bgcpartners.com. You can also find details about Newmark Group, Inc.’s separate conference call scheduled for today right after BGC’s as well as Newmark’s financial results press release and presentation at ir.ngkf.com.

Unless otherwise stated, the results provided on today’s call compare only the first quarter of 2018 with the year earlier period. We will be referring to our consolidated results on this call only on an adjusted earnings basis unless otherwise stated. We may also refer to adjusted EBITDA. Please see today’s press release of full year financial results and for results under generally accepted accounting principles, or GAAP. Please also see the sections in the back of today’s press release for the complete definitions of any such non-GAAP terms; reconciliation of these items to the corresponding GAAP results and how, when and why management uses them.

For the purposes of today’s call, all the company’s fully electronic businesses are referred to as FENICS. These offerings include the Financial Services segments, fully electronic brokerage products

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