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Scientific Breakthroughs Help Establish CBD as a Medical Alternative

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Photo source: irishnews.com

 

As the cannabis industry continues its evolution, competition among companies is becoming more and more ferocious. Over the past year, cannabidiol-based (CBD) products have swiftly emerged thanks to various successful legalization efforts. Specifically, in regions such as the U.S. and Canada, consumers have flocked to retailers to buy a wide range of CBD products including topicals, beverages, tinctures, and patches. In addition, major retail corporations such as Amazon, Walgreens, and CVS have all decided to sell CBD products in-store as well as on their online platforms. Overall, the rapid acceleration of the market is attributable to the passage of the U.S. Farm Bill in late 2018, which legalized the commercialization of hemp-derived products. Yet, despite the growing demand for CBD products, it has become more and more difficult for new players to compete in this market space. Generally speaking, pre-established players such as large corporations with surplus marketing budgets or known dispensaries tend to dominate the marketplace. Nonetheless, the U.S. remains the largest contributor to the global cannabis market, even as the country has yet to federally legalized the plant. And according to data compiled by GlobalInfoResearch, the global legal marijuana market was valued at USD 7.97 Billion in 2019. By 2024, it is expected to reach USD 35 Billion while registering a CAGR of 28% over the next five years. Global Payout, Inc. (OTC: GOHE), The Supreme Cannabis Company, Inc. (OTC: SPRWF), AXIM Biotechnologies, Inc. (OTC: AXIM), Aleafia Health Inc. (OTC: ALEAF), Medmen Enterprises Inc. (OTC: MMNFF).

The growing popularity of CBD is largely attributed to various medical applications that are associated with the products. For example, full-spectrum CBD oil is considered a great source of Omega 3 and Omega 6; Omega 3 plays a vital role in creating hormones that regulate inflammation as well as contractions and relaxation of arteries. They also lower your triglyceride levels in the blood to reduce the chances of suffering from heart disease and stroke. Additionally, the oil is also known to contain vitamins such as A, C, E, and B complex, which can help with the growth and development of vital organs and boost the body’s immune system. “The research is emerging to support the use of CBD for numerous conditions, as well as looking closely at safety, side effects, and long-term effects. There are some valid concerns about long-term use that must be tested before CBD can be recommended for other diseases. As one approach to pain management, it is seen as an alternative option to the addicting narcotics. The use of CBD oil might complement a medical approach to treating physical and mental diseases,” said Debra Rose Wilson, PhD, MSN, RN, IBCLC, AHN-BC, CHT.

Global Payout, Inc. (OTC: GOHE) announced earlier this week that it had “executed a binding Memorandum of Understanding (“MOU”) with World Innovation Technologies (“WIT”) to acquire a 51% ownership of WIT, making it a majority owned subsidiary of the Company.

WIT is a manufacturer of Nutraceutical products that are ready to be deployed into the market and both companies have agreed they can benefit from Global’s experience with sales and marketing of new product launches. Global will take over all sales and logistics efforts on behalf of WIT and in exchange will receive 50% of all revenue generated in the new subsidiary.

“This acquisition has been in the works for some time and represents the first step in our overall goal to diversify Global Payout’s holdings,” said Global Payout CEO, Vanessa Luna. “I believe WIT to be an up and coming player in the multibillion-dollar nutraceuticals market, one that many analysts believe will continue on a strong growth trajectory over the next couple of years. I have had the personal pleasure of working with the Executive Team of WIT on multiple business initiatives over the past decade. I am grateful they decided to entrust my team and I to bring these products to market and meet the current demand they are facing. We are excited to develop a strong go-to-market strategy for the company and identify the many possible revenue streams that will be derived from this partnership.”

WIT comes with major products lines such as dose K-Cup, Button Blast Dosing Cap, Sports Blast Dosing Cap, Straws Dissolving Beads, Microencapsulation, Pharma Blast, and more (All products are patent protected).

“We have personally seen firsthand the success Ms. Luna and her team bring to any company they work with. We were thoroughly impressed with their most recent endeavor with MTrac and how quickly they managed to dominate a market space with a new technology launch. It is that level of expertise that ultimately brought us together in this new venture. We are currently experiencing high demand for our products in caffeine, cbd, cosmetics, nutra, and more. We are eager to finalize this acquisition and look forward to working together to bring our products to the masses,” said Mr. Roy Anthony, on behalf of WIT.

As Global works with WIT to finalize the details of the acquisition the Company will keep shareholders apprised of its progresses.

For more information on WIT please feel free to visit their website at https://www.innonutra.com/

About Global Payout, Inc. (OTC Pink:GOHE): Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors.

For our latest “Buzz on the Street” Show featuring Global Payout, Inc. recent corporate news, please head over to:

 

The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) announced last December, the launch of Sugarleaf by 7AC (“Sugarleaf”). Sugarleaf is Supreme Cannabis’ newest introduction of high-quality cannabis experiences to the Canadian marketplace. Sugarleaf widens the Company’s product offerings and targets consumers who demand a more refined, milder consumption experience as they discover their own cannabis taste preferences and desires. Sugarleaf products are created using the sugary-looking, trichome-dense, dry-cured sugar leaves from 7ACRES’ coveted strains. Made with the high-end 7ACRES strains that consumers trust, Sugarleaf offers a consistently high-quality, smooth and flavourful taste, and aroma. Sugarleaf’s first product will be rolled joints made with fan-favourite strains of 7ACRES. Additional product formats, focused on offering consumers elegant, ready-to-enjoy and convenient cannabis experiences, will be introduced to the market in the new year, including cannabis 2.0 products.

https://www.supreme.ca/supreme-cannabis-launches-sugarleaf-by-7ac-an-exciting-addition-to-its-premium-cannabis-brand-portfolio

AXIM Biotechnologies, Inc. (OTCQB: AXIM), a world leader in cannabinoid research and development, announced back in October, that its nutraceutical division, AXIM® Wellness, has launched its flagship nutraceutical product line, AXIM® Wellness Gum (“Wellness Gum”), at the Benzinga Cannabis Capital Conference in Chicago, IL. AXIM has also begun accepting consumer and wholesale orders on its new Wellness Gum website. This new patented product line offers consumers with the best absorption, best bioavailability and the best way to consume cannabinoids. “We are excited for the launch of the Wellness Gum product line during the Benzinga Cannabis Capital Conference and look forward to discussing our new cannabinoid-based nutraceutical gum line with the cannabis community,” said John W. Huemoeller II, Chief Executive Officer of AXIM® Biotech. “AXIM is also proud to offer retailer and practitioner wholesale programs that give business owners the opportunity to earn additional revenue while offering their customers the benefits of our full-spectrum CBD gum such as the highest bioavailability and absorbency on the market.”

https://ir.aximbiotech.com/press-releases/detail/121/axim-biotechnologies-nutraceutical-division-announces

Aleafia Health Inc. (OTCQX: ALEAF) wholly-owned subsidiary, Emblem Cannabis Corporation, announced last month, a definitive licensing agreement (the “Agreement”) with Kinstate, Inc. (“Kinstate”) to bring its award-winning, cannabis-infused sublingual strips brand and underlying sublingual strip technology to the Canadian medical and adult-use cannabis market. The Agreement provides the Company with the exclusive Canadian rights to manufacture, market and sell certain Kin Slips products, along with rights to use the associated proprietary formulations, manufacturing methodology and intellectual property provided by Kinstate and options for the Company to offer the format into certain other international markets. Kin Slips, along with many new cannabis formats, will be produced in-house at the Company’s Paris, Ontario processing facility. “The innovative excellence of Kinstate’s Kin Slips product line has been tested in the world’s largest cannabis market,” said Aleafia Health CEO Geoffrey Benic. “Our approach of leveraging the formulas, branding, equipment, packaging and production know-how of tried and tested partners significantly accelerates our objective of bringing to market a portfolio of unique, premium cannabis health and wellness brands.”

Medmen Enterprises Inc. (OTCQX: MMNFF) recently announced the opening of two new locations in the state of Florida: Central Orlando and Tallahassee. The Company now has seven operational stores in Florida, with five additional store openings in the state planned for the remainder of the calendar year. The Company is licensed for 35 retail locations in the state. MedMen Buds, the Company’s new loyalty program will be available to all patients at these locations. In addition, MedMen’s fully owned and operated, same-day delivery platform, which currently services California and Nevada, will be available to Florida patients soon. Together with loyalty and delivery, the Company’s new store locations align with MedMen’s national retail strategy of providing an industry-leading omni-channel experience to all consumers. In addition to expanding its retail footprint, MedMen remains one of the lead supporters of the recently launched constitutional amendment campaign to bring safe, regulated, and legal cannabis for adults 21 years and older in the state of Florida. The campaign committee “Make it Legal Florida” is chaired by MedMen’s own Vice President of Government Affairs, Nick Hansen.

 

SOURCE FinancialBuzz.com

Fintech PR

BGC Group Updates its Outlook for the First Quarter of 2024

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NEW YORK, March 28, 2024 /PRNewswire/ — BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending March 31, 2024.

Updated Outlook
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the first quarter of 2024. The Company’s outlook was contained in BGC’s financial results press release issued on February 14, 2024, which can be found at http://ir.bgcg.com

Non-GAAP Financial Measures
The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outstanding following its corporate conversion on July 1, 2023. Although BGC is retaining certain defined terms and references, including references to partnerships or partnership units, for purposes of comparability before and after the corporate conversion, such references may not be applicable following the period ended June 30, 2023. 

The Company has clarified its practice in an updated definition of its “Calculation of Non-Compensation Adjustments for Adjusted Earnings”. BGC has not modified any prior period non-GAAP measures related to this clarification.

This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). 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”; “Post-tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post-tax Adjusted Earnings”; “Adjusted EBITDA”; “Liquidity”; and “Constant Currency”. The definitions of these terms are below.

Adjusted Earnings Defined
BGC uses non-GAAP financial measures, including “Adjusted Earnings before noncontrolling interests and taxes” and “Post-tax Adjusted Earnings to fully diluted shareholders”, which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business. 

As compared with “Income (loss) from operations before income taxes” and “Net income (loss) for fully diluted shares”, both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the underlying operating performance of BGC. Adjusted Earnings is calculated by taking the most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, non-compensation expenses, and other income, as discussed below.

Calculations of Compensation Adjustments for Adjusted Earnings and Adjusted EBITDA

Treatment of Equity-Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA
The Company’s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item “Equity-based compensation and allocations of net income to limited partnership units and FPUs” (or “equity-based compensation” for purposes of defining the Company’s non-GAAP results) as recorded on the Company’s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows. These GAAP equity-based compensation charges reflect the following items:

  • Charges related to amortization of RSUs, restricted stock awards, other equity-based awards, and limited partnership units;
  • Charges with respect to grants of exchangeability, which reflect the right of holders of limited partnership units with no capital accounts, such as LPUs and PSUs, to exchange these units into shares of common stock, or into partnership units with capital accounts, such as HDUs, as well as cash paid with respect to taxes withheld or expected to be owed by the unit holder upon such exchange. The withholding taxes related to the exchange of certain non-exchangeable units without a capital account into either common shares or units with a capital account may be funded by the redemption of preferred units such as PPSUs;
  • Charges with respect to preferred units and RSU tax accounts. Any preferred units and RSU tax accounts would not be included in the Company’s fully diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution or dividend. Preferred units are granted in connection with the grant of certain limited partnership units that may be granted exchangeability or redeemed in connection with the grant of shares of common stock, and RSU tax accounts are granted in connection with the grant of RSUs. The preferred units and RSU tax accounts are granted at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes;
  • GAAP equity-based compensation charges with respect to the grant of an offsetting amount of common stock or partnership units with capital accounts in connection with the redemption of non-exchangeable units, including PSUs and LPUs;
  • Charges related to grants of equity awards, including common stock, RSUs, restricted stock awards or partnership units with capital accounts;
  • Allocations of net income to limited partnership units and FPUs. Such allocations represent the pro-rata portion of post-tax GAAP earnings available to such unit holders; and
  • Charges related to dividend equivalents earned on RSUs and any preferred returns on RSU tax accounts.

The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted Earnings Taxes.”

Virtually all of BGC’s key executives and producers have equity stakes in the Company and its subsidiaries and generally receive deferred equity as part of their compensation. A significant percentage of BGC’s fully diluted shares are owned by its executives, partners and employees. The Company issues RSUs, restricted stock, limited partnership units (prior to July 1, 2023) as well as other forms of equity-based compensation, including grants of exchangeability into shares of common stock (prior to July 1, 2023), to provide liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross-selling and revenue growth.

All share equivalents that are part of the Company’s 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.

Compensation charges are also adjusted for certain other cash and non-cash items.

Certain Other Compensation-Related Adjustments for Adjusted Earnings
BGC also excludes various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period from its calculation of Adjusted Earnings. These may include compensation-related items with respect to cost-saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or cost savings plans. 

Calculation of Non-Compensation Adjustments for Adjusted Earnings
Adjusted Earnings calculations may also exclude items such as: 

  • Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions;
  • Acquisition related costs;
  • Non-cash GAAP asset impairment charges;
  • Resolutions of litigation, disputes, investigations, or enforcement matters that are generally non-recurring, exceptional, or unusual, or similar items that management believes do not best reflect BGC’s underlying operating performance, including related unaffiliated third-party professional fees and expenses; and
  • Various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period, including non-compensation-related charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for professional fees and expenses, exiting leases and/or other long-term contracts as part of cost-saving initiatives, as well as non-cash impairment charges related to assets, goodwill and/or intangible assets created from acquisitions.

Calculation of Adjustments for Other (income) losses for Adjusted Earnings
Adjusted Earnings calculations also exclude gains from litigation resolution and certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include: 

  • Gains or losses on divestitures;
  • Fair value adjustment of investments;
  • Certain other GAAP items, including gains or losses related to BGC’s investments accounted for under the equity method; and
  • Any unusual, non-ordinary, or non-recurring gains or losses.

Methodology for Calculating Adjusted Earnings Taxes
Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted Earnings to fully diluted shareholders as pre-tax Adjusted Earnings reduced by the non-GAAP tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings. 

The Company calculates its tax provision for post-tax Adjusted Earnings using an annual estimate similar to how it accounts for its income tax provision under GAAP. To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity-based compensation during the annual period. The resulting annualized tax rate is applied to BGC’s quarterly GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries. At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period.

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 charges with respect to equity-based compensation; certain charges related to employee loan forgiveness; certain net operating loss carryforwards when taken for statutory purposes; and certain charges related to tax goodwill amortization. These adjustments may also reflect timing and measurement differences, including treatment of employee loans; changes in the value of units between the dates of grants of exchangeability and the date of actual unit exchange; changes in the value of RSUs and/or restricted stock awards between the date of grant and the date the award vests; variations in the value of certain deferred tax assets; and liabilities and the different timing of permitted deductions for tax under GAAP and statutory tax requirements.

After application of these adjustments, the result is the Company’s taxable income for its pre-tax Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its non-GAAP tax provision. BGC views the effective tax rate on pre-tax Adjusted Earnings as equal to the amount of its non-GAAP tax provision divided by the amount of pre-tax Adjusted Earnings.

Generally, the most significant factor affecting this non-GAAP tax provision is the amount of charges relating to equity-based compensation. Because the charges relating to equity-based compensation are deductible in accordance with applicable tax laws, increases in such charges have the effect of lowering the Company’s non-GAAP effective tax rate and thereby increasing its post-tax Adjusted Earnings.

BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries. Certain of the Company’s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and state income tax liability or benefit related to the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company’s consolidated financial statements include U.S. federal, state, and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC operates principally through subsidiary corporations subject to local income taxes. For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100% of earnings were taxed at global corporate rates.

Calculations of Pre- and Post-Tax Adjusted Earnings per Share
BGC’s pre- and post-tax Adjusted Earnings per share calculations assume either that:

  • 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; or
  • 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. Each quarter, the dividend payable to BGC’s stockholders, if any, is expected to be determined by the Company’s Board of Directors with reference to a number of factors. 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 on any share count adjustments, see the table titled “Fully Diluted Weighted-Average Share Count under GAAP and for Adjusted Earnings” in the Company’s most recent financial results press release.

Management Rationale for Using Adjusted Earnings
BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better reflection of the underlying performance of BGC’s ongoing operations. Management uses Adjusted Earnings in part to help it evaluate, among other things, the overall performance of the Company’s business and to make decisions with respect to the Company’s operations. 

The term “Adjusted Earnings” should not be considered in isolation or as an alternative to GAAP net income (loss). The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. Pre- and post-tax Adjusted Earnings, as well as related measures, are not intended to replace the Company’s presentation of its GAAP financial results. However, management believes that these measures help provide investors with a clearer understanding of BGC’s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together.

For more information regarding Adjusted Earnings, see the sections of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS”, including the related footnotes, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Adjusted EBITDA 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 following items:

  • Provision (benefit) for income taxes;
  • Net income (loss) attributable to noncontrolling interest in subsidiaries;
  • Interest expense;
  • Fixed asset depreciation and intangible asset amortization;
  • Equity-based compensation and allocations of net income to limited partnership units and FPUs;
  • Impairment of long-lived assets;
  • (Gains) losses on equity method investments; and
  • Certain other non-cash GAAP items, such as non-cash charges of amortized rents.

The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating BGC’s operating performance, because the calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses this measure to evaluate operating performance and for other discretionary purposes. BGC believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company’s financial results and operations.

Since BGC’s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of net income when analyzing BGC’s operating performance. Because not all companies use identical EBITDA calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company’s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments.

For more information regarding Adjusted EBITDA, see the section of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA”, including the footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Timing of Outlook for Certain GAAP and Non-GAAP Items
BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP 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 are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period. The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non-GAAP forecasts with sufficient precision without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company’s GAAP results include, but are not limited, to the following:

  • Certain equity-based compensation charges that may be determined at the discretion of management throughout and up to the period-end;
  • Unusual, non-ordinary, or non-recurring items;
  • The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark-to- market movements and/or hedging. These items are calculated using period-end closing prices;
  • Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be known until after period-end; and
  • Acquisitions, dispositions, and/or resolutions of litigation, disputes, investigations, or enforcement matters, or similar items, which are fluid and unpredictable in nature.

Liquidity Defined
BGC may also use a non-GAAP measure called “liquidity”. The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), 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 of this document and/or 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.

Constant Currency Defined
BGC generates a significant amount of its revenues in non-U.S. dollar denominated currencies, particularly in the euro and pound sterling. 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. 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. Since BGC’s consolidated financial statements are presented in U.S. dollars, fluctuations in non-U.S. dollar denominated currencies have an impact on the Company’s GAAP results. 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. Constant Currency revenue percentage change is calculated by determining the change in current quarter non-GAAP Constant Currency revenues over prior period revenues. 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. 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. This information should be considered in addition to, and not as a substitute for, results reported in accordance with GAAP.

About BGC Group, Inc.
BGC Group, Inc. (“BGC”) is a leading global brokerage and financial technology company. BGC, through its affiliates, specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures. BGC, through its affiliates, also provides a broad range of services, including: trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through its brands, including Fenics®, FMX™, FMX Futures Exchange™, Fenics Markets Xchange™, Fenics Digital™, Fenics UST™, Fenics FX™, Fenics Repo™, Fenics Direct™, Fenics MID™, Fenics Market Data™, Fenics GO™, Fenics PortfolioMatch™, BGC®, BGC Trader™, kACE2™, and Lucera®, BGC offers financial technology solutions, market data, and analytics across a broad range of financial instruments and markets. BGC, BGC Group, BGC Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, FMX, Sunrise Brokers, Poten & Partners, RP Martin, kACE2, Capitalab, Swaptioniser, CBID, Caventor, LumeMarkets and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC and/or its affiliates.

BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BGC”. BGC is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcg.com. You can also follow BGC at https://twitter.com/bgcgroupinc, https://www.linkedin.com/company/bgc_group and/or http://ir.bgcg.com.

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC 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 statements. These include statements about the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission (“SEC”) 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 reports on Form 10-K, Form 10-Q or Form 8-K. 

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World 50 Group Announces Winners for the 2024 I&D Impact Awards, Recognizing Workplace Excellence in Diversity, Equity, and Inclusion

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ATLANTA, March 28, 2024 /PRNewswire/ — World 50 Group, the global community of business leaders from the most respected and influential companies, is delighted to announce the winners of the 2024 Inclusion & Diversity (I&D) Impact Awards. Now in its second year, the I&D Impact Awards spotlight the remarkable strides organizations have taken to create more equitable workplaces and communities around the world.

The winners were unveiled last night at the I&D Impact Awards ceremony in Miami, where hundreds of global executives from leading organizations gathered to celebrate outstanding achievements, advancements, and progress in DEI. Partners of the I&D Impact Awards, including Amazon, Best Buy, Cognizant, Joshin, RHR International, and SLB—all esteemed World 50 member companies and DEI champions—joined in the festivities.

“The 2024 I&D Impact Awards once again underscore the steadfast commitment of today’s leading companies to building a brighter future for us all,” said Jennifer Bird Newton, World 50’s chief impact officer. “We are in a pivotal moment for DEI. The significance of coming together to acknowledge our achievements—without resting on our laurels—cannot be overstated. Last night’s festivities served as a powerful reminder of the impact of collective action, and we extend heartfelt congratulations to this year’s winners.”

Chosen from a competitive pool of more than 140 entries from 74 unique organizations, the 2024 I&D Impact Awards winners represent leaders from diverse industries, spanning nine categories:

  • I&D Ally Award: Ferrero
  • Transparency Award, in partnership with Best Buy: Rio Tinto
  • Innovation Award, in partnership with Amazon: Victoria’s Secret & Co.
  • Gender Equality Award: Kimberly-Clark
  • I&D Team of the Year, in partnership with Cognizant: Inizio Evoke
    • Highly commended: Humana
  • I&D Leader of the Year, in partnership with RHR International: Lydia Smith, Chief Diversity Officer, Victoria’s Secret & Co.
    • Highly commended: Sherri Neal, Chief Diversity Officer, HCA Healthcare
  • Community Impact Award: Amazon
  • Inclusion Award, in partnership with Joshin: EY
    • Highly commended: Union Pacific
  • I&D Impact Award, in partnership with SLB: Cummins
    • Highly commended: Cargill

The winners were meticulously chosen by a panel of esteemed, independent judges comprising 24 top DEI executives from leading organizations, including AstraZeneca, Discover, Cognizant, Hilton, Lenovo, Mars, MetLife, and Warner Bros. Discovery, among others.

“Witnessing the passion, creativity, and impact of these winning initiatives reignites my belief in the power of inclusion to reshape our future,” said Crystal Andrew Banks, global head of diversity, equity, inclusion, and belonging at The Kraft Heinz Company. “Bravo to all companies that submitted a nomination, and let’s keep pushing boundaries together.”

Earl Newsome, chief information officer at Cummins, added: “Each submission showcased the beauty of creating diverse, equitable, and inclusive workplaces. Every entrant should take pride in the impact they are making.”

The I&D Impact Awards serve as a cornerstone of the World 50 I&D Impact Community, one of the largest groups of global DEI leaders in the world. Members convene regularly to exchange best practices and amplify what works when advancing DEI initiatives across the organization. Participation is complimentary for heads of DEI at World 50 member companies.

Learn more about the World 50 I&D Impact Awards—and how to get involved in 2025—here.

About World 50 Group
Leaders of the world’s most respected companies join World 50 to learn from one another. More than 4,800 global CEOs, board directors, and senior executives across every function—from 40 countries across six continents—trust the World 50 community for insights that deliver impact at scale.

World 50 is the safe space to exchange ideas, navigate complex challenges, and evolve as a leader. Members are at the forefront of transformation, leading organizations with a total market cap exceeding $34 trillion and more than 37 million employees worldwide.

To learn more about membership and request an invitation, visit world50.com.

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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.

Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.

“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”

“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”

For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  

About ICIS

ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.

Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.

ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.

About RELX

RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.

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