Newmark Group, Inc. (NASDAQ:NMRK) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET

Company Participants

Jason McGruder - Investor Relations

Barry Gosin - Chief Executive Officer

Mike Rispoli - Chief Financial Officer

Conference Call Participants

Alexander Goldfarb - Piper Sandler

Jade Rahmani - KBW

Patrick O’Shaughnessy - Raymond James

Operator

Good day and welcome to the Newmark Group 3Q ‘23 Earnings Call. Today’s conference is being recorded. At this time, I’d like to turn the conference over to Jason McGruder, Head of IR. Please go ahead.

Jason McGruder

Thank you, operator and good morning. Newmark issued its third quarter 2023 financial results press release and presentation this morning. Unless otherwise stated, the results provided on today’s call compare only the 3 months ended September 30, 2023 for the year earlier period. Except as otherwise specified, we will be referring to our results only on a non-GAAP basis, which includes the terms adjusted earnings and adjusted EBITDA. Please refer to the sections in today’s press release for complete and/or updated definitions of any non-GAAP terms, reconciliation of these items to the corresponding GAAP results and how, when and why management use them. Unless otherwise stated, any figures discussed today with respect to cash flow from operations refer to net cash provided by operating activities, excluding loan origination and sales.

Cash generated by the business is this latter cash flow metric before the impact of loans, forgivable loans and other receivables from employees and partners and the impact of the 2021 equity event. You can find more information on these items and with respect to our GAAP and non-GAAP results on our website in today’s press release in the supplemental Excel tables and the presentation. The outlook discussed today assumes no additional share repurchases, material acquisitions, or meaningful changes in the company’s stock price.

Our expectations are subject to change based on various macroeconomic, sociopolitical and other factors. None of our long-term targets or goals beyond 2023 should be considered formal guidance. I’ll also remind you information on this call about our business that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Such statements involve risks and uncertainties. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a complete discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to the risk factors in our most recent Form 10-K, Form 10-Q or Form 8-K filings, which are incorporated by reference.