Newmark Group, Inc. (NASDAQ:NMRK) Q4 2018 Earnings Conference Call Transcript
Feb 12, 2019 • 10:00 am ET
Good morning. My name is Jody and I will be your conference operator today. At this time, I would like to welcome everyone to the Newmark Fourth Quarter 2018 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)
Thank you. I'll now turn the call over to Jason McGruder, Head of Investor Relations. Sir, you may begin when ready.
Jason A. McGruder
Good morning. We issued our fourth quarter and full year 2018 financial results press release and a presentation summarizing these results this morning. You can find these documents at ir.ngkf.com.
Unless otherwise stated, the results provided in today's call compare only the fourth quarter and/or full year of 2018 with the year-earlier period. We'll be referring to our results on this call only on an adjusted earnings basis, unless otherwise stated. We may also refer to adjusted EBITDA.
Please see today's press release results under Generally Accepted Accounting Principles or GAAP. Please see the sections in the back of today's press release for the complete definitions of any such non-GAAP terms, reconciliations of these items to the corresponding GAAP results, and how, when, and why management uses them.
I also remind you that the information on this call regarding 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 discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark's Securities and Exchange Commission filings including, but not limited to, risk factors set forth in our most recent Form 10-K, Form 10-Q, or Form 8-K filings.
I'm now happy to turn the call over to our host, Howard Lutnick, Chairman of Newmark Group, Inc.
Howard W. Lutnick
Thank you, Jason. Good morning and thank you for joining us for Newmark's fourth quarter 2018 conference call. With me today are Newmark's CEO, Barry Gosin; and our Chief Financial Officer, Mike Rispoli.
Newmark had a record quarter generating 37% revenue growth, 50% improvement in post-tax earnings per share, and 71% improvement in adjusted EBITDA. I'm pleased to report that the Company's Board of Directors declared a qualified dividend for the fourth quarter of $0.09 per common share. In addition, at the end of November, we successfully completed our spin-off from BGC Partners, simplifying Newmark's corporate structure.
With that, I'm happy to turn the call over to Barry.
Barry M. Gosin
Thanks, Howard. Good morning, everyone. Our strong performance in the fourth quarter capped a year of exceptional growth, as we generated strong double-digit increases in revenues, pre-tax earnings, and adjusted EBITDA in 2018. Newmark continued to significantly outpace the industry and capture market share driven by robust quarterly results across virtually all of our