Newmark Group, Inc. (NMRK) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.580 and welcome to the Newmark Group first quarter 2025 financial 00:00:05.580 -- 00:00:09.185 results. Today's conference is being recorded. 00:00:09.185 -- 00:00:12.591 At this time, I would like to turn the conference over to Mr. 00:00:12.591 -- 00:00:15.655 Jason McGruder, head of investor relations. 00:00:15.655 -- 00:00:17.598 Please go ahead. 00:00:17.598 -- 00:00:21.885 Thank you, operator, and good morning. Newmark issued its first quarter 2025 financial 00:00:21.885 -- 00:00:25.669 results press release this morning. Unless otherwise stated, the results provided on 00:00:25.669 -- 00:00:30.274 today's call compare only the three months ending March 31st, 2025 with the year earlier 00:00:30.274 -- 00:00:35.059 period. Except as otherwise specified, we will be referring to results only on a non-GAAP 00:00:35.059 -- 00:00:38.463 basis, including the terms adjusted earnings and adjusted EBITDA. 00:00:38.463 -- 00:00:42.567 Unless otherwise stated, any figures discussed today with respect to cash flow from operations 00:00:42.567 -- 00:00:47.633 refers to net cash provided by operating activities, excluding loan origination 00:00:47.633 -- 00:00:49.294 and sale 00:00:49.294 -- 00:00:53.479 activity. We may also use the term cash generated by the business, which is the same 00:00:53.479 -- 00:00:57.263 operating cash flow measure before the impact of cash used for employee loans. 00:00:57.263 -- 00:01:00.767 Please refer to today's press release, the supplemental tables, and the quarterly results 00:01:00.767 -- 00:01:05.313 presentation on our website for complete and updated definitions of any non-GAAP terms, 00:01:05.313 -- 00:01:10.319 reconciliations of these items to the corresponding GAAP results, and when, how, 00:01:10.319...