Newmark Group, Inc. (NMRK) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.816 Good day and welcome to the Newmark Group third quarter 2025 financial results call. 00:00:04.816 -- 00:00:08.560 Today's call is being recorded. At this time, I'd like to turn the call over to Jason 00:00:08.560 -- 00:00:11.183 McGruder, head of investor relations. Please go ahead. 00:00:11.183 -- 00:00:13.045 Thank 00:00:13.045 -- 00:00:17.850 you, operator, and good morning. Newmark issued its third quarter 2025 financial results 00:00:17.850 -- 00:00:21.854 press release this morning. Unless otherwise stated, the results provided on today's 00:00:21.854 -- 00:00:25.698 call compare only the three months ending September 30th, 2025 with the year earlier 00:00:25.698 -- 00:00:27.132 period. 00:00:27.132 -- 00:00:31.096 Except as otherwise stated, we will be referring to our results only on a non-GAAP basis, 00:00:31.096 -- 00:00:33.759 including the terms adjusted earnings and adjusted EBITDA. 00:00:33.759 -- 00:00:38.303 Unless otherwise stated, any figures discussed today with respect to cash flow from operations 00:00:38.303 -- 00:00:42.808 refer to net cash provided by operating activities excluding the impact of GSC FHA loan 00:00:42.808 -- 00:00:47.452 origination and sales. We may also use the term cash generated by the business, which 00:00:47.452 -- 00:00:52.557 is the same operating cash flow measure before the impact of cash used for employee loans. 00:00:52.557 -- 00:00:57.276 Please refer to today's press release, supplemental tables, and quarter results presentation 00:00:57.276 -- 00:01:01.561 on our website for complete updated definitions of any non-GAAP terms, reconciliation 00:01:01.561 -- 00:01:05.185 of these items to the corresponding GAAP results, and how, when, and why management uses 00:01:05.185 -- 00:01...