Newmark Group, Inc. (NASDAQ:NMRK) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 10:00 am ET


Newmark Group, Inc. (NASDAQ:NMRK) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Newmark Group 2nd Quarter 2020 financial results conference call. [Operator instruction] [Operator instruction]

I would now like to turn the conference over to Mr. Jason Harbes, Vice President of Investor Relations. Please go ahead.

Jason Harbes

Thank you and good morning. We issued our second quarter 2020 financial results press release and a presentation summarizing these results this morning. I stated the results provided on today's call compare only the second quarter of 2020 with the year-earlier period. Any figures with respect to cash flow from operations discussed on today's call refer to net cash provided by operating activities, excluding activity from loan originations and sales. We will be referring to our results on this call only on an adjusted earnings basis unless otherwise stated. We may also refer to adjusted EBITDA and cash flow from operations before lending activities. Please see today's press release for 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. Additional information with respect to our GAAP and non-GAAP results mentioned on today's call is available on our website and in our investor presentation.

Any outlook discussed on today's call assumes no material acquisitions, share repurchases, or meaningful changes in the company's stock price. Unless otherwise stated the estimated value of the NASDAQ earn-out is based on the closing price on August 5, 2020. I also remind you that 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. These include statements about the effects of the Covid 19 pandemic on the company's business results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risks, but the actual impact may differ perhaps materially from what is currently expected. Except as required by law, Newmark undertakes no obligation to unspecified any forward-looking statements.

For a discussion of additional risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements. See Newmark's Securities and Exchange Commission filings, including but not limited to the 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, Barry Gosin CEO of Newmark Group Inc. Thank you, Jason. Good morning and thank you for joining us for Newmark's second quarter 2020 Conference Call. Joining me virtually on the call today are Newmark's Chief Financial Officer, Mike Rispoli, our Chief Strategy Officer, Jeff Day, and our Chief Revenue Officer Lou Alvarado. The second quarter was challenging for the company and the industry. We moved rapidly to protect the