Newmark Group, Inc. (NASDAQ:NMRK) Q4 2022 Results Conference Call February 16, 2023 10:00 AM ET

Company Participants

Jason McGruder - Head of Investor Relations

Barry Gosin - Chief Execuive Officer

Mike Rispoli - Chief Financial Officer

Lou Alvarado - Chief Revenue Officer

Jeff Day - Chief Strategy Officer

Conference Call Participants

Chandni Luthra - Goldman Sachs

Alexander Goldfarb - Piper Sandler

Jade Rahmani - KBW

Patrick O'Shaughnessy - Raymond James

Operator

Greetings, welcome to the Newmark Group Fourth Quarter 2022 Financial Results. This time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

At this time, I’ll now turn the conference over to Jason McGruder, Head of Investor Relations. Mr. McGruder, you may now begin.

Jason McGruder

Thank you, operator, good morning. Newmark issued its fourth quarter 2022 financial results press release and a presentation summarizing these results this morning. The results provided on today's call compare only to the three months ending December 31, 2022 with the year earlier period, unless otherwise stated.

We will be referring to our results on this call only on a non-GAAP basis, unless otherwise stated. These non-GAAP terms include adjusted earnings and adjusted EBITDA. Please see the section in today's press release for the 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 uses them. More information with respect to our GAAP and non-GAAP results is available on our website in today's press release, the supplemental Excel tables and the quarterly results presentation.

Unless otherwise stated any figures with respect to cash flow from operations discussed on today's call refer to net cash provided by operating activities, excluding loan origination and sales, and also excludes the impact of the 2021 Equity Event. Cash from the business with the same cash flow metric by excluding employee loans for producers.

The outlook discussed on today's call assumes no additional share repurchases, material acquisitions share repurchases are meaningful changes in the Company stock price. These expectations are subject to change based on various macroeconomic, social, political, and other factors. While our 2025 or other log driven financial and operational targets do assume acquisitions, they are also subject to change for the same reason. None of our long-term targets or goals should considered formal guidance.

I also remind you that the information on this call about our business that are non-historical facts, forward looking statements within the meaning of Section 27-A of Securities Act of 1933 as amended and Section 21-E of the Securities Exchange Act 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 forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the most recent 10-K, 10-Q or 8-K filings, which are incorporated by reference.