3 unchanged sentences
Capital Deployment Priorities, Dividend Policy and Repurchase and Redemption Program
−Removed: BGC’s 2022 capital allocation priorities are to use the remaining proceeds from the Insurance Business Disposition and other sources of liquidity to return capital to stockholders and to continue investing in its high growth Fenics businesses.
+Added: BGC’s current capital allocation priorities are to use our liquidity to return capital to stockholders and to continue investing in its high growth Fenics businesses.
BGC plans to prioritize share and unit repurchases over dividends and distributions.
2 unchanged sentences
Please see below for a detailed definition of post-tax Adjusted Earnings per fully diluted share.
−Removed: Beginning in the first quarter of 2020, and for all of the quarterly periods in 2020 and 2021, the Board reduced the quarterly dividend to $0.01 per share out of an abundance of caution in order to strengthen the Company’s balance sheet as the global capital markets faced difficult and unprecedented macroeconomic conditions related to the global pandemic.
−Removed: Additionally, during 2020 and 2021, BGC Holdings, L.P.
−Removed: reduced its distributions to or on behalf of its partners.
−Removed: We plan to continue to prioritize share and unit repurchases over dividends and distributions.
−Removed: The Board will reevaluate whether to increase the dividend in the first quarter of 2022.
−Removed: BGC believes that these steps will allow the Company to maintain its financial strength.
Any dividends, if and when declared by our Board, will be paid on a quarterly basis.
−Removed: The dividend to our common stockholders is expected to be calculated based on post-tax Adjusted Earnings allocated to us and generated over the fiscal quarter ending prior to the record date for the dividend.
+Added: The dividend to our common stockholders is expected to be calculated based on a number of factors, including post-tax Adjusted Earnings allocated to us and generated over the fiscal quarter ending prior to the record date for the dividend.
No assurance can be made, however, that a dividend will be paid each quarter.
11 unchanged sentences
On August 3, 2021, our Board of Directors and Audit Committee increased the authorized repurchases of stock or units, including from Cantor employees and partners, to $400.0 million.
+Added: Again, on November 4, 2022, the Board and Audit Committee increased the BGC Partners share repurchase and unit redemption authorization to $400.0 million, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities.
As of December 31, 2022 we had approximately $376.4 million remaining under this authorization and may continue to actively make repurchases or purchases, or cease to make such repurchases or purchases, from time to time.
15 unchanged sentences
For more information, see the press release titled “BGC Partners Announces Completion of Spin-Off of Newmark” dated November 30, 2018, and the related filing on Form 8-K filed before market open on December 6, 2018.
−Removed: Following the Spin-Off, all historical prices for BGCP were restated using an adjustment factor based on the closing prices of BGCP and NMRKV on November 18, 2018, with NMRKV being the when-issued market for the additional shares of Newmark Group, Inc.
+Added: Following the Spin-Off, all historical prices for BGCP were restated using an adjustment factor based on the closing prices of BGCP and NMRK on November 18, 2018, with NMRK being the when-issued market for the additional shares of Newmark Group, Inc.
Class A common stock that traded on Nasdaq from November 20, 2018 until November 30, 2018.
−Removed: This formula for calculating the adjustment factor was 1 – (NMRKV Price on 11/30 times the final Distribution Ratio)/(BGCP closing price on 11/30).
+Added: This formula for calculating the adjustment factor was 1 – (NMRK Price on November 30, 2018 times the final Distribution Ratio)/(BGCP closing price on November 30, 2018).
All historical BGCP prices have been multiplied by this factor to determine their adjusted historical prices as if BGC had owned only its former Financial Services segment during the entire 5-year period covered by the BGCP performance graph.
18 unchanged sentences
The above graph was prepared by Zacks Investment Research, Inc.
−Removed: and used with their permission, all rights reserved, Copyright 1980-2022.
+Added: and used with its permission.
+Added: All rights reserved.
+Added: Copyright 1980-2023.
Index data provided by Copyright Standard and Poor's Inc.
5 unchanged sentences
We use non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with U.S.
−Removed: 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”;
+Added: Non-GAAP financial measures used by the Company include “Adjusted Earnings
+Added: 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”;
−Removed: and “Liquidity”.
+Added: “Liquidity”, and "Constant Currency".
The definitions of these terms are below.
28 unchanged sentences
has reduced its distributions of income from the operations of BGC’s businesses to its partners.
−Removed: Compensation charges are also adjusted for certain other cash and non-cash items, including those related to the amortization of GFI employee forgivable loans granted prior to the closing of the January 11, 2016 back-end merger with GFI.
+Added: Compensation charges are also adjusted for certain other cash and non-cash items.
Certain Other Compensation-Related Adjustments for Adjusted Earnings
48 unchanged sentences
• The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associated expense, net of tax, when the impact would be dilutive;
−Removed: • The fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax.
+Added: • The fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax, when the impact would be anti-dilutive.
The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends and/or distributions.
49 unchanged sentences
BGC may also use a non-GAAP measure called “liquidity”.
−Removed: The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), securities owned, and marketable securities, less securities lent out in securities loaned transactions and repurchase agreements (if any).
+Added: The Company considers liquidity to be comprised of the sum of Cash and cash equivalents, Reverse repurchase agreements (if any), and Financial instruments owned, at fair value, less securities lent out in Securities loaned transactions and Repurchase agreements (if any).
The Company considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice.
For more information regarding Liquidity, see the section in the Company’s most recent financial results press release titled “Liquidity Analysis”, including any footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
+Added: Constant Currency Defined
+Added: BGC generates a significant amount of its revenues in non-U.S.
+Added: dollar denominated currencies, particularly in the euro and pound sterling.
+Added: In order to present a better comparison of the Company's revenues during the period, which exhibited highly volatile foreign exchange movements, BGC provides revenues year-over-year comparisons on a "Constant Currency" basis.
+Added: BGC uses a Constant Currency financial metric to provide a better comparison of the Company's underlying operating performance by eliminating the impacts of foreign currency fluctuations between comparative periods.
+Added: Since BGC's consolidated financial statements are presented in U.S.
+Added: dollars, fluctuations in non-U.S.
+Added: dollar denominated currencies have an impact on the Company's GAAP results.
+Added: The Company's Constant Currency metric, which is a non-GAAP financial measure, assumes the foreign exchange rates used to determine the Company's comparative prior period revenues, apply to the current period revenues.
+Added: Constant Currency revenue percentage change is calculated by determining the change in current quarter non-GAAP Constant Currency revenues over prior period revenues.
+Added: Non-GAAP Constant Currency revenues are total revenues excluding the effect of foreign exchange rate movements and are calculated by remeasuring and/or translating current quarter revenues using prior period exchange rates.
+Added: BGC presents certain non-GAAP Constant Currency percentage changes in Constant Currency revenues as a supplementary measure because it facilitates the comparison of the Company's core operating results.
+Added: This information should be considered in addition to, and not as a substitute for, results reported in accordance with GAAP.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.