Newmark Group, Inc. (NASDAQ:NMRK) Q2 2023 Earnings Conference Call July 28, 2023 10:00 AM ET

Company Participants

Jason McGruder - Head of IR

Barry Gosin - CEO

Mike Rispoli - CFO

Conference Call Participants

Jason Sabshon - KBW

Alexander Goldfarb - Piper Sandler

Patrick O'Shaughnessy - Raymond James

Operator

Good day, and welcome to the Newmark Second Quarter 2023 Earnings Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Mr. Jason McGruder, Head of Investor Relations. Please go ahead, sir.

Jason McGruder

Thank you, operator, and good morning. Newmark issued its second quarter 2023 financial results press release and presentation this morning. Unless otherwise stated, the results provided on today's call compare only the three months ended June 30, 2023 with the year earlier period.

Except as otherwise specified, we will be referring to our results only on a non-GAAP basis, which include terms such as adjusted earnings and adjusted EBITDA. Please refer to the section of today's press release for complete and/or updated definition of any non-GAAP terms, reconciliation of these items to corresponding GAAP results and how, when and why management uses them. You can find more information with respect to our GAAP and non-GAAP results on our website in today's press release, the supplemental Excel tables and the presentation.

Unless otherwise stated, any figures discussed today with respect to cash flow from operations reflected the net cash provided by operating activities, excluding loan origination and sales as well as the impact of the 2021 equity event. Cash from the business is the same cash flow metric, excluding employee loans for producers and new hires.

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, social and political and other factors. None of our long-term targets or goals beyond 2023 should be considered formal guidance.

Also, I'll remind you that information on this call about our business that are not historical facts are forward-looking statements within the 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, Form 8-K filing, which are incorporated by reference.