Newmark Group, Inc. (NASDAQ:NMRK) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET

Company Participants

Jason McGruder - Head of Investor Relations

Barry Gosin - Chief Executive Officer

Mike Rispoli - Chief Financial Officer

Jeff Day - Chief Strategy Officer

Lou Alvarado - Chief Revenue Officer

Conference Call Participants

Chandni Luthra - Goldman Sachs

Jade Rahmani - Keefe, Bruyette & Woods

Alexander Goldfarb - Piper Sandler

Patrick O'Shaughnessy - Raymond James

Operator

Good day, and welcome to the Newmark First Quarter 2023 Earnings Call. Today's conference is being recorded. [Operator Instructions]

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

Jason McGruder

Thank you for your patience as we dealt with some technical difficulties on the vendor in. But also thank you operator and good morning. Newmark issued its first quarter 2023 financial results press release and a presentation summarizing these results this morning. Unless otherwise stated, the results provided on today's call compare only to three months ending March 31, 2023 in the year-earlier period. Unless otherwise stated, we will be preparing for results only on a non-GAAP basis, which terms include adjusted earnings adjusted EBITDA.

Please refer to the section in today's press release for complete and/or updated definitions of any non-GAAP terms reconciliations of these terms to the 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 from today's website in today's press release and supplemental Excel tables and the quarterly results presentation.

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 sale as well as the impact of 2021 equity van. Cash from the business is the same cash flow metric excluding loan or producers. The outlook on today's call 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 factor economic, social, political and other factors. While our long-term financial and operating targets assume no acquisitions, they are also subject to change with these same reasons.

None of our long-term targeted goal should be considered formal guidance. Last remind you that, information on this call, but our business that are not historical facts are forward-looking statements within the meaning of Section 27A, the Securities Act of 1933 as amended Section 21E of the Security and Exchange Act of 1934 as amended.