BGC Partners Updates its Outlook for the Third Quarter of 2019
Summary
All share equivalents that are part of the Companys equity-based compensation program, including REUs, PSUs, LPUs, HDUs, and other units that may be made exchangeable into common stock, as well as RSUs (which are recorded using the treasury stock method), are included in the fully diluted share count when issued or at the beginning of the subsequent quarter after the date of grant. Each quarter, the dividend payable to BGCs stockholders, if any, is expected to be determined by the Companys Board of Directors with reference to a number of factors, including post-tax Adjusted Earnings per share. The declaration, payment, timing and amount of any future dividends payable by the Company will be at the discretion of its Board of Directors using the fully diluted share count. For more information regarding Adjusted EBITDA, see the section of this document and/or the Companys most recent financial results press release titled "Reconciliation of GAAP Income (Loss) from Continuing Operations Available to Common Stockholders to Adjusted EBITDA from Continuing Operations", including the footnotes to the same, for details about how BGCs non-GAAP results are reconciled to those under GAAP. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGCs Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent Forms 10-K, Forms 10-Q or Forms 8-K. 1 BGCs consolidated results reflect the continuing operations of BGC and exclude the results of its former subsidiary Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark"), as all the shares of Newmark held by the Company were spun off (the "Spin-Off" or "Distribution") to stockholders of BGC on November 30, 2018.