Newmark Group, Inc. (NASDAQ:NMRK) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET

Company Participants

Jason McGruder – Head, 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

Alexander Goldfarb – Piper Sandler

Chandni Luthra – Goldman Sachs

Jade Rahmani – KBW

Patrick O'Shaughnessy – Raymond James

Operator

Good morning, and welcome to Newmark's First Quarter 2022 Financial Results Conference Call. At this time, all participants will be in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. Please be advised that today's conference call is being recorded.

I would now like to turn the call over to Jason McGruder, Head of Investor Relations. Thank you, and please go ahead.

Jason McGruder

Thank you, operator, and good morning. Newmark issued its first quarter 2022 financial results press release and a presentation summarizing these results this morning. The results provided on today's call compare only the first quarter of 2022 with the year-earlier period, 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 originations and sales.

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 complete and/or updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results, and how when and why management uses them. Additional information with respect to our GAAP and non-GAAP results mentioned on today's call is available on our website in supplemental excel tables and then in the quarterly financial results presentation.

Any outlook discussed on today's call assumes no material acquisitions, share repurchases or meaningful changes in the company stock price. These expectations are subject to change based on various macroeconomic social, political and/or other factors, including the COVID-19 pandemic and the Russia/Ukraine conflicts. While our 2025 financial and operational targets do not – do assume acquisitions, they are also subject to change for these same reasons. None of our targets or goals through 2025 should be considered formal guidance.

I also remind you that the information on this call regarding our business that are not historical facts are forward-looking statements within the meaning of Section 27A 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. These include statements about the effects of the COVID-19 pandemic on the company's business results, financial position, liquidity and outlook which may constitute forward-looking statements and are subject to the risks that actual impact may differ materially from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements.