Newmark Group, Inc. (NASDAQ:NMRK) Q4 2023 Earnings Call Transcript February 22, 2024 10:00 AM ET

Company Participants

Jason McGruder - Head of IR

Barry Gosin - CEO

Mike Rispoli - CFO

Conference Call Participants

Connor Mitchell - Piper Sandler

Jade Rahmani - KBW

Operator

Good day and welcome to the Newmark Group 4Q and FY 2023 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jason McGruder, Head of Investor Relations. Please go ahead.

Jason McGruder

Thank you, operator and good morning. Newmark issued its fourth quarter and full-year 2023 financial results press release and presentation this morning. Unless otherwise stated, results provided on today's call compare only the three months ending December 31, 2023, with 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 section in today's press release for complete and/or updated definition of any non-GAAP terms, reconciliation of these items to the corresponding GAAP results and how, when and why management uses 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 the 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. For more information on these cash flow items, our GAAP and non GAAP results, and the industry statistics mentioned today, see our website, today's press release, the supplemental excel tables and/or the presentation.

Our outlook discussed today assumes no material acquisitions or meaningful changes in this company's stock price. Our expectations are subject to change based on various macroeconomic, social, political and other factors. None of our long-term targets or goals beyond 2024 should be considered formal guidance. I'll also remind you that 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.