Newmark Group, Inc. (NMRK) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.616 Good day and welcome to the Newmark Group 2Q 2025 Financial Results. 00:00:04.616 -- 00:00:08.780 Today's conference is being recorded. At this time, I would like to turn the conference 00:00:08.780 -- 00:00:12.925 over to Mr. Jason McGruder, Head of Investor Relations. 00:00:12.925 -- 00:00:15.505 Please go ahead, sir. 00:00:15.848 -- 00:00:21.113 Thank you, Operator. Good morning. Newmark issued its second quarter 2025 financial 00:00:21.113 -- 00:00:24.837 results press release this morning. Unless otherwise stated, the results provided on 00:00:24.837 -- 00:00:29.973 today's call compare only the three months ending June 30th, 2025 with the 00:00:29.973 -- 00:00:32.236 year earlier period. 00:00:32.236 -- 00:00:36.640 Except as otherwise specified, we will be referring to results only on a non-GAAP basis, 00:00:36.640 -- 00:00:40.023 including the terms adjusted earnings and adjusted EBITDA. 00:00:40.023 -- 00:00:44.288 Unless otherwise stated, any figures discussed today with respect to cash flow from operations 00:00:44.288 -- 00:00:48.812 refer to net cash provided by operating activities excluding the impact of GST FHA loan 00:00:48.812 -- 00:00:53.537 origination and sales. We may also use the term cash generated by the business, which 00:00:53.537 -- 00:00:58.642 is the same operating cash flow measure before the impact of cash used for employee 00:00:58.642 -- 00:01:02.452 loans. Please refer to today's press release, the supplemental tables, and quarterly 00:01:02.452 -- 00:01:06.217 results presentation on our website for complete updated definitions of any GAAP terms, 00:01:06.217 -- 00:01:11.665 reconciliations of these terms to the corresponding GAAP results, and when and 00:01:11.665 -- 00:01:15.431 why and how man...