BGC Partners, Inc. (NASDAQ:BGCP) Q4 2018 Earnings Conference Call Transcript
Feb 14, 2019 • 10:00 am ET
Welcome to the BGC Partners Inc Fourth Quarter 2018 Earnings Conference Call. My name is Dillon, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions) Please note that this conference is being recorded.
I'd now like to turn the call over to Mr. Ujjal Basu Roy, Vice President of Investor Relations. Please go ahead.
Ujjal Basu Roy
Good morning. We issued BGC's fourth quarter 2018 financial results, press release and the presentation summarizing these this morning. You can find these at ir.bgcpartners.com. BGC spun off all of the shares of its former subsidiary in Newmark held by BGC to the stockholders of BGC on November 30th, 2018. Because BGC did not own any shares of Newmark as of year ended 2018, Newmark's results are presented as discontinued operations within BGC's consolidated results for all periods through the November 30th, 2018 spin-off date. Newmark's results are not included in BGC's consolidated results presented after November 30th, 2018.
Unless otherwise stated, all the tables and financial results in this document through the Outlook section provided on today's call reflect only continuing operations of BGC and will not match the results and tables in the Company's press release for the fourth quarter and full year of 2017 dated February 9th, 2018. The financial results from continuing operations of BGC do not present a distinct corporate segment and are generally comparable to the stand-alone results for BGC Partners excluding Newmark Group, referred to as post-spin BGC in previous documents. Post-spin BGC represented what BGC financial results would have been had the spin-off of Newmark occurred prior to the Distribution date of November 30th, 2018. Post-spin BGC can also be defined as the results for BGC's Financial Services segment plus its pro-rata portion of corporate items.
Newmark released its fourth quarter and full year 2018 financial results on Tuesday, November (ph) 12th, 2019, and its related conference call took place at 10:00 AM Eastern Time on the same day. You can find further details regarding Newmark's fourth quarter results at ir.ngkf.com. Unless otherwise stated, the results provided on today's call compare only the fourth quarter of 2018 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. You may refer to our 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 in the Generally Accepted Accounting Principles, or GAAP. Please also see section in the back of today's press release including simplifying non-GAAP reporting beginning in 2019 for the complete and updated definitions of any non-GAAP items. Reconciliations of these items with the corresponding GAAP results our plan