Our post-tax adjusted earnings increased by 21.4% to $94.1 million or $0.19 per share, an 18.8% improvement. Our adjusted EBITDA was $135.9 million, a 27% improvement. Turning to share count. Our fully diluted weighted average share count decreased by 15.4 million shares, a 3% sequentially to 490 million shares. This significant share reduction was primarily driven by our corporate conversion and the related unit redemptions as well as share repurchases during the quarter. As of September 30, our liquidity was $605 million compared with $524.3 million as of year-end 2022. With that, I’d like to turn to Howard for closing remarks.
Howard Lutnick : Thank you, Jason. It is obviously an exciting time to be part of BGC. Our top line and bottom line growth clearly demonstrate extraordinarily positive position we have built in the global capital markets. We continue to make significant progress with FMX. And as we’ve said, we look forward to communicating additional updates and details during this quarter. With that, operator, we’re happy to turn the call over for questions.
Operator: [Operator Instructions]. Our first questions come from the line of Patrick Moley with Piper Sandler. Please proceed with your questions.
Patrick Moley : Good morning. Congrats on the strong quarter. So, I’ll start with a question on the macro before getting into the quarter. But Howard, there’s been a number of reports out there that are projecting a massive wave of sovereign debt issuance next year. Some are saying we could see upwards of 50% year-over-year growth in issuance in the U.S., 20% to 30% in the U.K. and Europe. So just wondering if you could maybe share your thoughts on what that means for BGC business, particularly rates revenues going forward?
Howard Lutnick: So, the historical relationship between issuance and secondary market trading volume before the ’08 to 2022, zero interest rate period was a 60% correlation. So, for example, if you had a 50% increase in issuance next year, you’d have a 30% increase in secondary market trading. You just take 0.6 and multiply it to it. So, I think those relationships are healing, meaning they are coming back. Now you have so much issuance since ’08 when we began this process that I think these markets have just growth for the foreseeable future, for the long foreseeable future. But that kind of issuance growth, I think should bode very, very well for those markets having 30% growth rates. I mean that’s what happens, I think you’re going to see it roll through the markets and that will bode well for everyone in these marketplaces as a macro.
Patrick Moley : That’s good color. So, I guess my next question is just on the guidance ranges for 4Q. I think at the midpoint, it implies revenue growth should slow down slightly from 16% this past quarter to 9% this quarter. So still obviously strong year-over-year growth against what appears to be a tougher comp in 4Q ’22. But just as we think about the growth algorithm for the business going forward, I was hoping to get your thoughts on what you view as an appropriate kind of run rate for growth in both revenues and adjusted pretax earnings.
Howard Lutnick: Well, overall, I don’t think we see any slowdown. So, in fact, we would expect next year as we sit here today to be north of 10% top-line revenue growth. Last year, in the fourth quarter, began the broad-based growth and you could see that last year because our fourth quarter revenues were higher than our third quarter revenues, which, as you remember, we are seasonally the strongest the first quarter, then a little slow in the second quarter, a little slow in the third quarter, a little slower in the fourth quarter. And the third and fourth quarter are the summer and you have Christmas and Thanksgiving those kinds of things. So, the fact is when you outgrow it in the fourth quarter, you’re showing that something exogenous happened.
And so that was the beginning of our growth. So, I don’t think we see the acceleration of our growth. I think our growth rate will remain steady. I’m sure it will bounce around a couple of points as the markets bounce around. But the fact is we’re a plus 10% growing company going forward as far as we can see.
Patrick Moley : Okay. And then just also on growth. Market data growth has been strong. I think you’re tracking towards 15% to 20% growth this year. Do you think that’s kind of like a good run rate to use going forward for growth there? And then over the long term, I think if the market data has been around 5% to 6% of total revenue. So just wondering what you think that can get to, I guess, over the next few years in terms of as a percentage of revenue?
Howard Lutnick: I think that growth rate is consistent with our expectations. And along with that, I think it should outgrow even our growth rates, it should be about — it should be an accelerator to our growth rate. And I think it’s got hundreds of basis points of growth as compared to our overall revenue. So, I think it’s got a long trajectory. We see a path to doubling those revenues. And so, I don’t see it end anywhere near off. I think we have a long way to go. Our data sets are getting better, broader, and deeper, and that will only bode well for the gross level of that and its percentage in the company.
Patrick Moley : All right. Great. And then one on Fenics. Another record quarter there. I know you have some ancillary businesses within Fenics that you’ve said in the past you could potentially look to sell at some point later on down the line. So just how do you think about the opportunity there to potentially divest some of those non-core electronic businesses and potentially use the proceeds to buy back shares. And I guess just building — or in addition to that, just maybe if you could update us on your capital return plans going forward?
