Newmark Group, Inc. (NMRK) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.297 Good day and welcome to the Newmark 4Q 2025 Public Financial Results Call. 00:00:05.297 -- 00:00:09.321 Today's conference is being recorded. At this time, I'd like to turn the conference over 00:00:09.321 -- 00:00:12.085 to Jason Magruder, Head of Informed Relations. 00:00:12.085 -- 00:00:14.267 Please go ahead, sir. 00:00:14.267 -- 00:00:16.509 Thank you, operator, and good morning, everyone. 00:00:16.509 -- 00:00:20.834 Newmark issued its fourth quarter and full year 2025 financial results press release 00:00:20.834 -- 00:00:24.659 this morning. Unless otherwise stated, the results provided on today's call compare only 00:00:24.659 -- 00:00:29.292 the three months ending December 31st, 2025 with the year earlier period. 00:00:29.292 -- 00:00:32.958 Except as otherwise specified, we will be referring to our results only on a non-GAAP 00:00:32.958 -- 00:00:36.183 basis, including the terms adjusted earnings and adjusted EBITDA. 00:00:36.183 -- 00:00:40.249 Unless otherwise stated, any figures discussed today with respect to cash flow from operations 00:00:40.249 -- 00:00:44.816 referred to are net cash provided by operating activities excluding the impact of GSC 00:00:44.816 -- 00:00:50.004 FHA loan origination and sales. We may also use the term cash generated by the business, 00:00:50.004 -- 00:00:54.231 which is the same operating cash flow measure before the impact of cash used for employee 00:00:54.231 -- 00:00:59.253 loans. Please refer to today's press release, the supplemental tables, quarterly results 00:00:59.253 -- 00:01:03.279 presentation on our website for complete and updated definitions of any non-GAAP terms, 00:01:03.279 -- 00:01:06.664 reconciliations of these items to the corresponding GAAP results, and how, whe...