Bgc Group, Inc. · NASDAQ:BGC

Bgc — BGC Partners — Q2 2018 Earnings Presentation

63 slides from Bgc's earnings presentation, August 2018

1. Slide 1: BGC Partners, Inc. Earnings Presentation 2Q 2018

   BGC PARTNERS, INC. NASDAQ: BGCP Earnings Presentation 2Q 2018

2. Slide 2: Disclaimer

   DISCLAIMER 2 Discussion of Forward-Looking Statements Statements in this document regarding BGC and Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking stat

3. Slide 3: Disclaimer (Continued)

   DISCLAIMER (CONTINUED) 3 On June 28, 2013, BGC sold its eSpeed business to Nasdaq, Inc. (“Nasdaq”). The purchase consideration consisted of $750 million in cash paid upon closing, plus an expected payment of up to 14.9 million shares of Nasdaq common stock to be paid ratably over 15 years beginning

4. Slide 4: Disclaimer (Continued)

   DISCLAIMER (CONTINUED) 4 Highlights of Consolidated Results (USD millions) 2Q 2018 2Q 2017 Change Revenues $960.1 $848.9 13.1% GAAP income from operations before income taxes 65.9 94.3 (30.1)% GAAP net income for fully diluted shares 50.4 81.9 (38.4)% Pre-tax Adjusted Earnings before noncontrolling

5. Slide 5: General Overview

   BGC PARTNERS, INC. 7 bgc €¢' Fenios = NEWMARK GENERAL OVERVIEW

6. Slide 6: Select Consolidated Adjusted Earnings Financial Results

   SELECT CONSOLIDATED ADJUSTED EARNINGS FINANCIAL RESULTS 6 Highlights of Consolidated Adjustable Earnings Results (USD millions, 2Q 2018 2Q 2017 Change (%) except per share data) Revenues $960.1 $848.9 13.1% Pre-tax Adjusted Earnings before noncontrolling interest in subsidiaries and 175.8 134.9 30.3

7. Slide 7: Global Revenue Breakdown

   GLOBAL REVENUE BREAKDOWN 7 2Q 2018 2Q18 Global Revenues APAC 7% Americas RE 48% EMEA 29% Americas FS 16%  Total Americas revenues up 11% in 2Q 2018  Europe, Middle East & Africa revenues up 16% in 2Q 2018  Asia Pacific revenues up 21% in 2Q 2018 Note: Percentages may not sum to 100% due to roundi

8. Slide 8: 2Q2018 Revenue Breakdown

   2Q2018 REVENUE BREAKDOWN 8 Corporate, 1% BGC’s Businesses at a Glance Management,  BGC is two businesses. Each Servicing Fees and Other, 15% Rates, 15% maintains a highly diverse revenue Gains from mortgage base banking activities/originations,  Wholesale Financial Services Corporate net, 4% 1% re

9. Slide 9: BGC's Front Office Headcount & Productivity

   BGC’S FRONT OFFICE HEADCOUNT & PRODUCTIVITY 9 FRONT OFFICE HEADCOUNT FRONT OFFICE PRODUCTIVITY (as of period-end) (period-average, USD Thousands) Yr/Yr change: 0% 4,033 4,047 4,045 4,033 4,034 1,494 1,532 1,554 1,565 1,569 725 660 2,539 2,515 2,491 2,468 2,465 184 198 2Q 2017 3Q 2017 4Q 2017 1Q 2018

10. Slide 10: Adjusted Earnings Expense & Pre-Tax Margin Trends

    ADJUSTED EARNINGS EXPENSE & PRE-TAX MARGIN TRENDS 10 $2,500 70% 58.6% 57.4% 56.6% 54.5% 60% $2,000 50% (USD millions) $1,500 40% $1,000 30% 20% $500 10% $0 0% FY 2016 FY 2017 2Q 2017 2Q 2018 Compensation and Employee Benefits Compensation and Employee Benefits as % of Total Revenue 30% 35% 25% 30% 2

11. Slide 11: Financial Services

    Overview FINANCIAL SERVICES

12. Slide 12: Business Overview: Financial Services Segment (2Q 2018)

    BUSINESS OVERVIEW: FINANCIAL SERVICES SEGMENT (2Q 2018) 12 Highlights 2Q 2018 Revenue Breakdown (USD $000s)  Total revenues increased 11% YoY $480,249 $1,404 – Double-digit percentage increase in brokerage $432,317 $15,370 $1,312 revenues across foreign exchange, and energy and $13,322 $87,965 Othe

13. Slide 13: Business Overview: Fenics

    BUSINESS OVERVIEW: FENICS 13 Fenics Net Revenue Growth1 2Q 2018 Fenics Revenue Breakdown2 (USD millions) $243 $223 Data, software $209 and post trade $192 (inter-company) Data, software 20% and post trade 19% FX 10% $101 $78 $81 $71 $48 Credit Rates 25% 27% FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 TT

14. Slide 14: BGC's Fenics (Fully Electronic) Revenue Growth

    BGC’S FENICS (FULLY ELECTRONIC) REVENUE GROWTH 14 Fenics (Fully Electronic) Revenues1 (USD 000s) 350,000 $303,209 300,000 $266,080 60,471 250,000 52,151 58,617 200,000 52,624 150,000 100,000 184,121 $84,817 161,305 $71,032 13,188 16,126 15,370 50,000 13,322 44,522 53,321 - TTM Q17 TTM 2Q18 2Q17 2Q18

15. Slide 15: Select Financial Results of Post-Spin BGC

    SELECT FINANCIAL RESULTS OF POST-SPIN BGC 15 (USD millions) Financial Results Highlights of post-spin BGC 6MTD 6MTD Change Change FY 2017 FY 2016 (USD millions, except per share data) 2018 2017 (%) (%) Revenues $1,015.8 $891.9 13.9% $1,751.0 $1,554.3 12.7% Pre-tax Adjusted Earnings before non-contro

16. Slide 16: Dividend and Implied Dividend Yield of Post-Spin BGC

    DIVIDEND AND IMPLIED DIVIDEND YIELD OF POST-SPIN BGC 16 Post-spin BGC Dividend and Dividend Yield Using Distribution Ratio of 0.4647 (for illustrative purposes only) BGCP stock price $10.94 NMRK stock price $13.83 Distribution ratio of NMRK shares per BGCP share 0.4647 Implied stock price of NMRK (u

17. Slide 17: Newmark

    ml BGC PARTNERS, INC. == | NEWMARK 23\= Comish & Carey = ASL, Overview NEWMARK

18. Slide 18: Business Overview: Newmark

    BUSINESS OVERVIEW: NEWMARK 18 Highlights  Newmark stand-alone revenues increased by 15% YoY in 2Q 2018  Stand-alone pre-tax Adjusted Earnings increased by 28% in 2Q 2018  Details regarding Newmark stand-alone results are contained in its financial results press release and investor presentation f

19. Slide 19: Outlook

    ml BGC PARTNERS, INC. OUTLOOK

20. Slide 20: Outlook

    OUTLOOK 20 Outlook for the Third Quarter of 2018  BGC anticipates third quarter 2018 consolidated revenues of between $920 million and $970 million, or 11 percent to 17 percent higher compared with $827.0 million a year earlier.  BGC expects consolidated pre-tax Adjusted Earnings before noncontrol

21. Slide 21: GAAP Financial Results

    ml BGC PARTNERS, INC. GAAP FINANCIAL RESULTS

22. Slide 22: Select Consolidated GAAP Financial Results

    SELECT CONSOLIDATED GAAP FINANCIAL RESULTS 22 Highlights of Consolidated GAAP Results (USD millions, except 2Q 2018 2Q 2017 Change (%) per share data) Revenues under both U.S. Generally Accepted Accounting $960.1 $848.9 13.1% Principles (“GAAP”) and Adjusted Earnings Income from operations before in

23. Slide 23: Condensed Consolidated Statements of Financial Condition

    BGC PARTNERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) 23 June 30, December 31, 2018 2017 Assets Cash and cash equivalents $ 398,469 $ 634,333 Cash segregated under regulatory requirements 423,556 162,457 Securities

24. Slide 24: Condensed Consolidated Statements of Operations

    BGC PARTNERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) 24 Three Months Ended June 30, Six Months Ended June 30, Revenues: 2018 2017 2018 2017 22 Commissions $ 658,320 $ 577,172 $ 1,326,919 $ 1,122,892 Principal transactions 8

25. Slide 25: Appendix

    ml BGC PARTNERS, INC. APPENDIX

26. Slide 26: Strongly Capitalized; Investment Grade Credit Profile

    STRONGLY CAPITALIZED; INVESTMENT GRADE CREDIT PROFILE 26 (USD $000s) As of 6/30/2018 BGC Partners, Inc. Post-Spin BGC Partners, (Consolidated) Inc. Cash and Cash Equivalents $398,469 $338,195 Repurchase Agreements (3,108) (3,108) Securities Owned 57,414 57,414 Marketable Securities (net) 605 605 Tot

27. Slide 27: BGC's Fully Diluted Share Count Summary as of June 30, 2018

    BGC’S FULLY DILUTED SHARE COUNT SUMMARY AS OF JUNE 30, 2018 27 BGC Partners, Inc. Fully Diluted Share Count Summary Fully-diluted Ownership (as of June 30, 2018) Shares (MN) (%) Class A owned by Public 260.1 54% Class A owned by executives, board members and employees (1) 19.8 4% (2,3) Partnership u

28. Slide 28: Fenics Revenues

    FENICS REVENUES 28 Quarterly Fenics Net Revenues1 (2016-2018) 100 (USD millions) 90 86 85 80 73 70 69 71 70 67 66 61 60 60 53 53 50 43 41 46 45 40 38 36 35 40 30 15 15 20 14 14 13 13 13 13 14 14 10 18 16 14 13 13 12 14 13 13 14 0 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018

29. Slide 29: 2Q 2018 Industry Volumes Generally Up; Volatility Generally Lower

    2Q 2018 INDUSTRY VOLUMES GENERALLY UP; VOLATILITY GENERALLY LOWER 29 2Q 2018: Yr/Yr Change in Capital Markets Activity 2Q 2018: Yr/Yr Change in Average Daily Volatility (ADV excl. Eurex Equity Derivatives) Equity Indices (ICE)(22%) Commodity Volatility Index (BofAML) (30%) Energy (ICE) (5%) U.S. Cor

30. Slide 30: 3Q 2018 To-Date Volumes and Volatility Generally Mixed

    3Q 2018 TO-DATE VOLUMES AND VOLATILITY GENERALLY MIXED FROM A YEAR AGO 30 3Q 2018TD Change in Capital Markets Activity 3Q 2018TD Change in Average Daily Volatility (7/1/2018 – 7/20/2018) (7/1/2018 – 7/25/2018) U.S. Corp. Bonds (Primary Dealer)(39%) U.S. Rates (MOVE) (5%) U.S. Agency (Primary Dealer)

31. Slide 31: Average Exchange Rates

    AVERAGE EXCHANGE RATES 31 2Q 2018 2Q 2017 July 1 – July 25, 2018 July 1 – July 25, 2017 US Dollar 1 1 1 1 British Pound 1.360 1.280 1.318 1.297 Euro 1.192 1.101 1.169 1.148 Hong Kong Dollar 0.127 0.128 0.127 0.128 Singapore Dollar 0.749 0.718 0.733 0.728 Japanese Yen 109.174 111.138 111.516 112.73 S

32. Slide 32: Nasdaq Monetization & BGC Bond Deal

    NASDAQ MONETIZATION & BGC BOND DEAL

33. Slide 33: Nasdaq Monetization Executive Summary

    NASDAQ MONETIZATION EXECUTIVE SUMMARY 33  Newmark monetized the shares of Nasdaq it expects to receive in 2019 and 2020 for cash consideration of approximately $152.9 million in a private transaction with a bank counterparty  Newmark used the net proceeds of approximately $152.9 million from the m

34. Slide 34: Details of Transactions

    DETAILS OF TRANSACTIONS 34 Introduction  Newmark developed an innovative financing structure enabling it to raise capital in an efficient manner  The structure combined entering into the Forward while simultaneously issuing an exchangeable preferred security to generate upfront proceeds that impro

35. Slide 35: Details of Transactions (Continued)

    DETAILS OF TRANSACTIONS (CONTINUED) 35 At Inception  Newmark Partners, L.P. issued EPUs to the bank counterparty and received cash proceeds upfront  The Nasdaq deferred consideration rights were transferred to a newly-formed special purpose vehicle (“SPV”) which in turn entered into the Forward wi

36. Slide 36: BGC's $450 Million Bond Offering

    BGC’S $450 MILLION BOND OFFERING 36  BGC raised $450 million through an offering of 5.375% senior notes on July 24  The notes are general senior unsecured obligations of BGC and will mature on July 24, 2023  The notes will pay interest semi-annually at a rate of 5.375% per annum, on each January

37. Slide 37: Differences Between Consolidated Results for Adjusted Earnings and GAAP

    DIFFERENCES BETWEEN CONSOLIDATED RESULTS FOR ADJUSTED EARNINGS AND GAAP 37 Differences between Other income (losses), net, for Adjusted Earnings and GAAP In the second quarters of 2018 and 2017, non-cash gains of $1.1 million and $1.6 million, respectively, related to BGC’s investments accounted for

38. Slide 38: Differences Between Consolidated Results for Adjusted Earnings and GAAP

    DIFFERENCES BETWEEN CONSOLIDATED RESULTS FOR ADJUSTED EARNINGS AND GAAP 38 Differences between Certain Non-compensation Expenses for Adjusted Earnings and GAAP The difference between non-compensation expenses in the second quarters of 2018 and 2017 as calculated for GAAP and Adjusted Earnings includ

39. Slide 39: Adjusted Earnings Defined

    ADJUSTED EARNINGS DEFINED 39 Adjusted Earnings Defined BGC Partners uses non-GAAP financial measures including, but not limited to, “pre-tax Adjusted Earnings” and “post-tax Adjusted Earnings,” which are supplemental measures of operating results that are used by management to evaluate the financial

40. Slide 40: Adjusted Earnings Defined (Continued)

    ADJUSTED EARNINGS DEFINED (CONTINUED) 40 When the Company issues limited partnership units, the shares of common stock into which the units can be ultimately exchanged are included in BGC’s fully diluted share count for Adjusted Earnings at the beginning of the subsequent quarter after the date of g

41. Slide 41: Adjusted Earnings Defined (Continued)

    ADJUSTED EARNINGS DEFINED (CONTINUED) 41 To determine the non-GAAP tax provision, BGC first adjusts pre-tax Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law. The amounts include non-cash charges with respect to grants of exchangeability;

42. Slide 42: Adjusted Earnings Defined (Continued)

    ADJUSTED EARNINGS DEFINED (CONTINUED) 42 Calculations of Pre-Tax and Post-Tax Adjusted Earnings per Common Share BGC’s Adjusted Earnings per common share calculations assume either that:  The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associa

43. Slide 43: Adjusted Earnings Defined (Continued)

    ADJUSTED EARNINGS DEFINED (CONTINUED) 43 BGC anticipates providing forward-looking guidance for GAAP revenues and for certain Adjusted Earnings measures from time to time. However, the Company does not anticipate providing an outlook for other GAAP results. This is because certain GAAP items, which

44. Slide 44: Adjusted EBITDA Defined

    ADJUSTED EBITDA DEFINED 44 Adjusted EBITDA and Adjusted EBITDA Before Allocations to Units Defined BGC also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted to add back the follow

45. Slide 45: Impact of ASC 606 on Newmark's Results

    IMPACT OF ASC 606 NEWMARK’S RESULTS 45 Impact of ASC 606 on Newmark’s Future Results As was discussed in BGC’s financial results press release dated February 9, 2018: From 2014 through 2016, the Financial Accounting Standards Board (“FASB”) issued several accounting standard updates, which together

46. Slide 46: Proposed Spin-Off of Newmark

    PROPOSED SPIN-OFF OF NEWMARK 46 Proposed Spin-Off of Newmark BGC expects to pursue a distribution to its stockholders of all of the Class A common shares and Class B common shares of Newmark (collectively, the “Newmark common shares”) that BGC then owns in a manner that is intended to qualify as gen

47. Slide 47: Post-Spin BGC

    POST-SPIN BGC 47 These stand-alone results for BGC Partners excluding Newmark Group may be referred to as “post-spin BGC.” Post- spin BGC represents what BGC financial results would be had the spin-off of Newmark already occurred. Post-spin BGC can also be defined as the results for BGC’s Financial

48. Slide 48: Dividend Policies

    DIVIDEND POLICIES 48 BGC Partners Dividend Policy Our board of directors has authorized a dividend policy which provides that we expect to pay a quarterly cash dividend to our common stockholders based on our “post-tax adjusted earnings per fully diluted share.” Our board of directors declared a div

49. Slide 49: Reconciliation of GAAP Income to Adjusted Earnings and Post-Tax Adjusted EPS

    RECONCILIATION OF GAAP INCOME (LOSS) TO ADJUSTED EARNINGS AND GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) 49 Q2 2018 Q2 2017 GAAP income (loss) before income taxes $ 65,898 $ 94,283 Pre-tax adjustments: Non-cash (gains) losses related to equity i

50. Slide 50: Reconciliation of GAAP Income (Loss) to Adjusted EBITDA

    RECONCILIATION OF GAAP INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS) (UNAUDITED) 50 Q2 2018 Q2 2017 GAAP Net income (loss) available to common stockholders $ 35,203 $ 52,920 Add back: Provision (benefit) for income taxes 15,908 16,552 Net income (loss) attributable to noncontrolling interest in su

51. Slide 51: Liquidity Analysis

    LIQUIDITY ANALYSIS (IN THOUSANDS) (UNAUDITED) 51 June 30, 2018 December 31, 2017 Cash and cash equivalents $ 398,469 $ 634,333 Repurchase agreements (3,108) - Securities owned 57,414 33,007 Marketable securities (1) 605 5,833 Total $ 453,380 $ 673,173 (1) As of June 30, 2018 and December 31, 2017, $

52. Slide 52: Reconciliation of BGC Consolidated to Post-Spin BGC for Revenues

    RECONCILIATION OF BGC PARTNERS, INC. CONSOLIDATED TO POST- SPIN BGC PARTNERS, INC. FOR REVENUES (IN THOUSANDS) (UNAUDITED) 52 Q2 2018 Q2 2017 June YTD 2018 June YTD 2017 FY 2017 FY 2016 BGC Partners, Inc. consolidated revenues $ 960,076 $ 848,901 $ 1,916,722 $ 1,632,094 $ 3,353,356 $ 2,908,096 BGC R

53. Slide 53: Reconciliation to Post-Spin BGC for GAAP Income Before Income Taxes

    RECONCILIATION OF BGC PARTNERS, INC. CONSOLIDATED TO POST- SPIN BGC PARTNERS, INC. FOR GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (IN THOUSANDS) (UNAUDITED) 53 Q2 2018 Q2 2017 June YTD 2018 June YTD 2017 FY 2017 FY 2016 BGC Partners, Inc. consolidated income (loss) from operations before

54. Slide 54: Reconciliation to Post-Spin BGC for Pre-Tax Adjusted Earnings

    RECONCILIATION OF BGC PARTNERS, INC. CONSOLIDATED TO POST- SPIN BGC PARTNERS, INC. FOR PRE-TAX ADJUSTED EARNINGS (IN THOUSANDS) (UNAUDITED) 54 Q2 2018 Q2 2017 June YTD 2018 June YTD 2017 FY 2017 FY 2016 BGC Partners, Inc. consolidated pre-tax adjusted earnings $ 175,841 $ 134,923 $ 360,526 $ 254,246

55. Slide 55: Reconciliation to Post-Spin BGC for Adjusted EBITDA

    RECONCILIATION OF BGC PARTNERS, INC. CONSOLIDATED TO POST- SPIN BGC PARTNERS, INC. FOR ADJUSTED EBITDA BEFORE ALLOCATIONS TO LIMITED PARTNERSHIP UNITS AND FPUS (IN THOUSANDS) (UNAUDITED) 55 Q2 2018 Q2 2017 June YTD 2018 June YTD 2017 FY 2017 FY 2016 BGC Partners, Inc. consolidated adjusted EBITDA be

56. Slide 56: Reconciliation to Post-Spin BGC for Liquidity

    RECONCILIATION OF BGC PARTNERS, INC. CONSOLIDATED TO POST- SPIN BGC PARTNERS, INC. FOR LIQUIDITY (IN THOUSANDS) (UNAUDITED) 56 June 30, 2018 December 31, 2017 BGC Partners, Inc. Consolidated Liquidity $ 453,380 $ 673,173 Less Newmark Liquidity: Cash and cash equivalents (60,274) (121,027) Post-spin

57. Slide 57: Fully Diluted Weighted-Average Share Count for GAAP and Adjusted Earnings

    FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT FOR GAAP AND ADJUSTED EARNINGS (IN THOUSANDS) (UNAUDITED) 57 Q2 2018 Q2 2017 Common stock outstanding 321,199 286,840 Limited partnership units 96,161 98,483 Cantor units 50,439 51,183 Founding partner units 12,140 13,661 RSUs 311 409 Other 1,211 1,281 Full

58. Slide 58: Segment Disclosure – 2Q 2018 vs 2Q 2017

    SEGMENT DISCLOSURE – 2Q 2018 VS 2Q 2017 (IN THOUSANDS) (UNAUDITED) 58 Q2 2018 Q2 2017 Financial Real Corporate Financial Real Corporate Services Estate Services Items Total Services Estate Services Items Total Total revenues $ 480,249 $ 469,034 $ 10,793 $ 960,076 $ 432,317 $ 406,243 $ 10,341 $ 848,9

59. Slide 59: Segment Disclosure – June YTD 2018 vs June YTD 2017

    SEGMENT DISCLOSURE – JUNE YTD 2018 VS JUNE YTD 2017 (IN THOUSANDS) (UNAUDITED) 59 June YTD 2018 June YTD 2017 Financial Real Corporate Financial Real Corporate Services Estate Services Items Total Services Estate Services Items Total Total revenues $ 996,870 $ 900,905 $ 18,947 $ 1,916,722 $ 873,495

60. Slide 60: Reconciliation of BGC Real Estate Segment Revenues to Newmark Stand-Alone Revenues

    RECONCILIATION OF BGC REAL ESTATE SEGMENT REVENUES TO NEWMARK GROUP, INC. STAND-ALONE REVENUES (IN THOUSANDS) (UNAUDITED) 60 Q2 2018 Q2 2017 BGC Real Estate segment revenues $ 469,034 $ 406,243 Interest income (1) (2,415) (1,172) Newmark Group, Inc. stand-alone revenues $ 466,619 $ 405,071 (1) This

61. Slide 61: Reconciliation of BGC Real Estate Segment to Newmark Stand-Alone GAAP Income

    RECONCILIATION OF BGC REAL ESTATE SEGMENT TO NEWMARK GROUP, INC. STAND-ALONE FOR GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (IN THOUSANDS) (UNAUDITED) 61 Q2 2018 Q2 2017 BGC Real Estate segment income (loss) from operations before income taxes $ 96,356 $ 83,027 BGC Corporate Items: Inter

62. Slide 62: Reconciliation of BGC Real Estate Segment to Newmark Pre-Tax Adjusted Earnings

    RECONCILIATION OF BGC REAL ESTATE SEGMENT TO NEWMARK GROUP, INC. STAND-ALONE FOR PRE-TAX ADJUSTED EARNINGS (IN THOUSANDS) (UNAUDITED) 62 Q2 2018 Q2 2017 BGC Real Estate segment pre-tax adjusted earnings $ 91,448 $ 60,766 BGC Corporate Items: Interest income - 218 Compensation and employee benefits (

63. Slide 63: Media and Investor Contacts

    63 63 Media Contact: Karen Laureano-Rikardsen +1 212-829-4975 Investor Contact: Jason McGruder Ujjal Basu Roy ir.bgcpartners.com twitter.com/bgcpartners +1 212-610-2426 +1 212-610-2426 linkedin.com/company/bgc-partners

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