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BGC Partners, Inc. (BGCP) CEO Howard Lutnick on Q2 2021 Results - Earnings Call Transcript

Aug. 04, 2021 12:50 PM ETBGC Partners, Inc. (BGCP)3 Comments
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BGC Partners, Inc. (NASDAQ:BGCP) Q2 2021 Earnings Conference Call August 4, 2021 10:00 AM ET

Company Participants

Jason Chryssicas - Head of IR

Howard Lutnick - Chairman and CEO

Steve Bisgay - CFO

Sean Windeatt - COO

Conference Call Participants

Rich Repetto - Piper Sandler

Patrick O'Shaughnessy - Raymond James


Welcome to the BGC Partners' Second Quarter 2021 Earnings conference call. At this time, all participants will be in a listen-only mode. After the speaker presentation, there will be a Question-and-Answer session. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jason Chryssicas, Head of Investor Relations. Thank you, and please go ahead.

Jason Chryssicas

Good morning, everyone. Today, we issued BGC's second quarter 2021 financial results press release and the presentation. You can find these at ir.bgcpartners.com. Please note, you can find additional details on our quarterly results in today's press release and the investor presentation.

Unless otherwise stated, the results provided on today's call compare only the second quarter of 2021 with the year-earlier period. 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 as well as liquidity, which we define as cash and cash equivalents plus marketable securities that have not been financed, reverse repurchase agreements and securities owned, less securities loaned and repurchase agreements. We define total capital as redeemable partnership interest, total stockholder's equity and non-controlling interest in subsidiaries.

Please see today's Press Release for results under 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

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