NMRK - Earnings call transcript Q3 2019

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Operator

Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Newmark's Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today's recorded. [Operator Instructions] [Operator

now I Investor over to ready. Relations. the Jason call you will begin turn may Harbes, you're when Sir, VP of

Jason Harbes

and our Thanks, good XXXX press these morning. this issued a and third summarizing presentation We financial quarter results morning. results release

the at Unless compare quarter third only stated, find year-earlier results the with period. can You ir.ngkf.com. provided these the of documents otherwise on call XXXX today’s

an on will adjusted basis adjusted or be press on referring under call We Principles may EBITDA. to Accepted results Generally today's earnings results otherwise refer this We our see stated. release unless for GAAP. Accounting only to also Please

back GAAP uses them. see when of terms, release today’s management reconciliations press complete results and items why such Please the for the to and non-GAAP sections these the how, corresponding of definitions in the of any

investor available call Additional website and to on information with respect our today's GAAP and mentioned on our results presentation. non-GAAP is our in

remind as you facts are I Section the historical Act call Section meaning amended, within the XXXX, Act business statements XXA XXXX, as Securities not that of our of of this also of and the are forward-looking amended. Securities that information XXE on of Exchange regarding

except Such forward-looking obligation to law, statements. as statements update and involve Newmark risks uncertainties, any by required undertakes no

filings, Form and filings. Form Commission from our most to a in in For Exchange XX-Q could risk XX-K, which but the Newmark's discussion factors Form or of to, additional those the contained differ Securities forth statements, uncertainties, actual results not risks recent X-K cause set and forward-looking limited see including,

Group, Gosin, over call CEO the turn of our to to happy host, now Barry Inc. Newmark I'm

Barry Gosin

quarter President Chief for call. thank joining Multifamily us our XXXX me our Capital are Rispoli; Jeff Financial Officer, Revenue morning, you Good today Lou of Officer. and and Alvarado, Newmark's Jason. Chief you, Newmark's conference Markets, Day; Thank Mike With for third

markets business translates qualified declared improvement strength, lines that Newmark Company's per this all Directors I $X.XX am into happy major to of our yesterday's At X%. report showing of capital yield share. with of a a and generated XX% dividend mortgage growth particular the across of common price, closing in banking. Board revenues,

hire continues the is talented our professionals, growth by quarter. productivity in Newmark's enhancing to focus. culture, entrepreneurial are industry's client who drawn to technology, Newmark per reflected X% revenue headcount, front most in producer the This X% improvement office

For XX, trailing our was per X% September XX-months ended revenue producer up to year-on-year the $XXX,XXX.

next generate our recurring metrics to peers. continue we higher productivity no revenues to we longer quarterly As basis our year. businesses, beginning plan broker is of This consistent from highlight our with service percentage full

Turning X% to Research and to were Mortgage investment first that nine down down the over year-on-year volumes originations commercial Association, XX% overall XXXX. expected are in Bankers XXXX. mortgage estimates industry, sales increase to X% the the US overall months of the quarter in According NKF

We gain volumes believe and mortgage respectively, that across third XX% and market share as our originations increased Newmark continues and to sales, quarter XX% year-to-date. brokerage investment

by Our in third $X.X the transaction grew XX%, quarter. led GSE originations a billion

basis XX estimates that vacancy XX.X%. average Our rate improved year-over-year office points research team the to for

XX compared Industrial was points vacancies with flat retail year-earlier. at rose X.X%, while basis the

second revenues the leasing of we strong result XX% the by as year-to-date third in a generated Our quarter and X% XX% increased the growth of in quarter XXXX.

will across growth proven our and ability collaborate the to continue remain drive Newmark, to our of platform. cross combination sell about and top for We technology talent, enthusiastic prospects growth our

to I'm Mike. turn With to that, over call happy the

Mike Rispoli

revenues XX.X% Year-to-date, our you, In the third and good million. up XX%. by $XXX.X increased our Thank to were everyone. Barry, revenues quarter, morning

were primarily leading a XX of and to X.X%, non-compensation due year-over-year. Non-compensation in revenue, continued as and Our percentage third compensation expenses of revenues hiring lower up expenses increased quarter XX% professionals. expenses year-to-date, the industry were basis higher points XX.X%

acquired has Newmark years, several approximately past the XX companies. In

identified opportunities and streamline operations to businesses. these have the integration of We complete various our

annualized by of these of believe $XX of of million in the actions end result generate XXXX. the will excess savings We

We you will update on our the coming during progress year.

our earnings. to quarterly Turning

and X.X% year-to-date. EBITDA up year-to-date. XX.X% improved Adjusted Our X.X% and pretax adjusted were earnings X.X%

Our margin nine adjusted and was first was months the our earnings in of pretax adjusted year, XX.X% XX.X%. margin the EBITDA

tax earnings XX% for versus Our rate XX.X% adjusted year-earlier. a

post-tax per diluted fully Our share adjusted increased $X.XX. to earnings

expect We the of our lower of be tax quarter rate XX.X%. rate fourth quarter than to fourth XXXX

to our expect share diluted lower count million quarter last also We the be average fully year. weighted $XXX.X than fourth

XXXX, of $XX.X at Class of quarter common third shares the share. million an A million stock X.X $X.XX price per Newmark for During average repurchased of

down $XXX year period $XXX.X diluted count was from Our end. million at end million, fully

down fully average earnings count adjusted X.X% up and for weighted X% diluted year-over-year. Our million, share sequentially was $XXX.X

Moving on to the balance sheet.

was Our XXXX. at million liquidity $XXX.X XX, September total

million, $XXX.X debt and was debt long-term unsecured adjusted our debt at net million, X.X was remained months to times. EBITDA $XXX.X trailing Our XX net

growth. strength the credit the to $XXX remain from generation flow low balance business we Given strong cash of sheet, our well positioned our our million facility, leverage, continue and

from million between and XX.X% compared in guidance versus following. XX%, between Adjusted XXXX. the XXXX. to of range of billion is share with for up year. and million, up in million in in $X.XX last $XXX.X earnings to $X.XX Adjusted XX% $XXX rate billion, billion $X.XX in $XXX earnings we per the $X.XXX $X.XXX tax expect the XXXX. EBITDA from XXXX, Revenue Turning to range Adjusted $X.XXX

outstanding down diluted X% flat to fully million the share December spot of XXXX expect shares to XXX XX, also be as We from count XXXX.

material price. no or changes stock the assumes acquisitions Company's outlook Our meaningful in

would for to questions. open the Operator, call like we now

Operator

from you. Rahmani comes Thank the first go Jade question KBW. Instructions] line of from Please [Operator ahead. Your

Jade Rahmani

terms recruiting whether you're changes that seeing talk about the Good talent, morning. and you're Can most on promise from for at and your also largest couple happened such thank you of as HFF? seeing any believe a And questions. areas taking attracting in hold fallout the the competitors have Eastdil of you front? Which you what

Barry Gosin

very doing recruiting side. the on We're well

the really it's growth present strategy. fact, our of In mainstay

areas. variety brand different the As to of success we've continued and elevate a around is the company a

of forward to robust top look I very for wants a the very level the seeing talent to exciting and come recruiting year. are us. to it's having who We platform

Jade Rahmani

Have you mentioned? seen any two you firms - seen any I fall points or out the have friction from

Barry Gosin

a for business, friction. mergers contest into win a space, consolidation, and one it to remain When to company a it piece bit people been that creates too becomes many and opportunity that's the a who is there a of less of goes so peers beauty has is of in there time good all a player Any that's and an particular have particular -- for thing. category, in us a

Jade Rahmani

equity structure comment of on it share all cash on you of anticipate being would security comment compensation issued, can the you at of Can and new diluted count? terms on and portion, of that's you and factored type into in the mix And that's specifically the changed the if being hires when equity?

Mike Rispoli

Jade. Hi, cash historically We've around This for our Sure. XX% XX% and Mike. used new is equity hires.

is a contract The contract. maybe have The a restricted period We it's end expires XX%-XX% of at the or cash which equity even are bit, XX%-XX%. that to term. seeing change or cash And is their vesting the over the a little closer now. that - maybe mix stock forgivable loan, just units

current the So that's mix.

Jade Rahmani

period? has prior of restricted And that the restricted how vesting have Did structured? stock, set a stock terms it's in changed the

Mike Rispoli

past, given stock rights we schedule, have the but The exchange restricted time. which over vesting have were just used a In didn't partnership schedule. units vesting units straight

Jade Rahmani

Okay.

time? we're is, at the future present there just not in question anticipated key the mean, is evidently seeing the I that So, dilution

Mike Rispoli

Sure.

in I continue is and the think that X% few we we've spoken target on our over the years. going say past to average forward next

Jade Rahmani

Okay.

type by saw Just property greatest where capital on or geography? side, you markets on strength, the the can maybe comment you

Mike Rispoli

asset There continues core to amount than some on in be the in negative more markets the all the is pricey, the still returns in categories, of doing interest of Coast US, best growth rates a the enormous well. The markets it's investment interest investing an in long-term safe others. good class West It's across are estate. and putting with some money terms aggressively but real

Value multifamily to green even shoots are respect has opportunity, good still retail, we discovery. seeing in active. with and added a repricing some very And runway; industrial, still

a malls business of We selling have been in have that those some stressed.

Jade Rahmani

questions. taking for Thanks the

Operator

Alexander from ahead. line from Sandler the Please comes question O'Neil. next of Your Goldfarb go

Alexander Goldfarb

Hi, good morning. Good morning.

So just questions. two

your the thing, a The is, guys narrowed. assumption the share you which first yet merely have good reduced range obviously for on guidance and guidance, count,

you that sort were of now there? some to zero it's can one. about before to factors just Because zero was of plus down talk share count, it the in So on one

So if the could, good I guidance yet and swing merely narrowed.

that So allow what the guidance of didn't to are some offsets increase? actually

Mike Rispoli

Yeah, good Alex. morning,

midpoint look think it's that of the been consistent I our the the at throughout range year. you if pretty at guidance,

enough the to share midpoint, a of about and continue good We at at our look drive the throughout in we the in the little change EBITDA particularly The in pretty still pipeline year. year. the business. it it's If strength seems hasn't changed not much performance consistent, but adjusted bit, overall we count the guidance, EPS, to really for see company feel

Alexander Goldfarb

picture, just then tremendous have sort mean made some good guys And steps year, results. delivering communication, improving Okay. obviously, this big of you I

on You maybe What over still the shares the corporate spend you the before with thoughts simplify another have as to tax-free Lutnick your year, year BGC, period are -- majority. the next expires. the speaking Howard structure,

corporate to underlying think you is about you thoughts but just your obviously what thoughts to talk the structure Barry the growth? simplify year to depressing guys maybe for have trying some value. that are do So try over unlock improve What a try from good the Newmark on the you of I value could shares, could and next and your

Barry Gosin

conversation times, Alex. we've you a just this had But few -

Alexander Goldfarb

down it's No, I know, but you're solid Barry, showing. results, really putting

So next it's sort level, the right? of

Barry Gosin

just attractive committed the who and term sell I quarter-to-quarter, marketplace and thus term. an long to to commitment an business and enterprise. that is is domination to was attractive company, the running Company, building sold vision the value build is by is go people I requires one to When me this the real of enterprise the things long knowing think for in who this an their the that it's BGC, Is in that enterprise or to the

over is coming has seven great been company together. that of And of a actions the years out to that there generally, a occurred it's a result and create all last activities all and the have view

are and long-term invest so duration, term. believe much having we I company those company have people works, short company should of think the who who the our in this is, in structure investors for And long for for our the here it personally, to are want invest in investors that the the

think - to change not is - plans don't I'm I any structure. there I - So don't the there's

for it's I ownership better structure of there by people that being is that two, to duration our our investment for company, a has a because exhibited long whose the the stock. works think been are the and aligned, one, interests actually in of commitment shareholder steadiness the

Alexander Goldfarb

Barry. Okay. Thank you,

Operator

next Your the question line Point. Weaver Jason with go of Please comes from Compass ahead.

Jason Weaver

my question. taking for Thanks morning. good Hi,

more Just within to the growth once I you or you're metrics any a disclosing that's whether count bit organically little not you head markets individual results. but touching mentioned is productivity bifurcate on longer, productivity? whether capital broker can know due just this

Mike Rispoli

So, seen Jason, did through we've the year we're we're of add significant third XX-month growing you've last our growing quarter ramp-up of way all about I fourth talent our and talent. in the broker and productivity. year the amount this quarter the talked We to in I six of think, think headcount results, starting that as both and of

just drive as now. We that we're continue from of talent some the starting So to we forward. move will that to production see growth earnings think

Jason Weaver

one you. then And more. Got you. Thank

X the point you we leverage M&A company a about your an expecting to compared just run leverage in bit On compared X.Xx talk cycle? times the sheet, this -- today. and/or at your balance to Can S&P saw between that's little the for X.X headline to appetite you

Mike Rispoli

little have we their said guidance. times of a it, now. we the in within think metric X.X different our times want on maintain it at they we We're I the I Yes, rating I has outlook with bit S&P But a measure less. to metric but reaffirmed way and a or overall measure they think, think X.X stable way always

appropriate we're it's to up price to if think grow help the we going leverage the not the we overpay will for see pay deal. deals We term. deal. But to an right the us market, company could long We right going in

Jason Weaver

Thank right. you. All

Operator

America. of Your from with go next question the of ahead. Bank comes line Michael Funk Please

Michael Funk

commentary little morning, the sales than (inaudible) we good the during expecting. better as for a guys. Thank quarter, investment here higher [XX:XX] back you very Hi, well, level taking were strong pulled bit questions.

strength to seeing visibility So more mean regionally, where just metric of into some maybe color you that you're on for start. and XQ there, on kind the XXXX

Mike Rispoli

Sales have on for active coasts, markets the reasons. been very both different and all coastal

the lot a another a core a in dry billion It activity the of cash billion of of There around see market. multifamily flowing is fertile the assets. continuing $XXX in there's lot we're powder to activity So globe. and space, Again, marketplace. for good even very $XXX makes solid

Michael Funk

Mike, appreciate of think giving productivity, metric, where It's kind think about a the on your perpetuity. helping us don't take you special then you fully I you been employees? been of kind you you've And metric can modeling but ramp as do keep want into term, longer to giving that this in,

Mike Rispoli

and our We've has to that to million get And always been target beyond get grow get to then, strive eventually that. to -- we'll more. $X to said or that number, continue number to

Michael Funk

do And or you this us you business Freddie quarter. think numbers Can and commentary $XXX proposed relatively that of just then strong Great. you the caps Fannie going on forward? means what also on might know give billion some

Jeff Day

Jeff Day. is Sure, this

Michael Funk

are doing? Jeff. Hi, you How

Jeff Day

through Doing articulated past both caps relative of that's the XXXX the great. are strong. have good visibility think you Mac at great as volumes, end Freddie and to got runway, very is very and Fannie We if Mae the and pipeline obviously active, some we look

So also and for taxpayer that good business. good this for is a optimistic we're resolution the very that's the

Michael Funk

related one kind just of And two questions. kind one, of topics or separate but Great. final

have WeWork year. absorption thinking of example, add know headlines, impacted You employees been on net last obviously moving out New the recent to And some of changes to of then and office co-working City kind that York about and there for the going JPMorgan, Texas. the

might activities leasing for City? some like in what can you just the York of those of larger So us markets thoughts types mean some on if New give

Barry Gosin

moving the the [Technical been remember, have Americas, that's in you they building, been have of York not outside Celanese out Issues] New business Difficulty] [Technical of City, People changed. If so the the Building, Avenue

business, continue office and single [Technical back I money. focused will and office is different. which There for talent beyond. be continue best employees, type remain certainly York as very front be movement in to commodity are more a place of this to millennial talent employees. paid The difference as save a America New long the the Difficulty] less it's coding, for to always It's more that in are is, will

has doing well. beginning green really now there grow York. New New actually an But Texas. is then York to in science And shoots They now have life is in opportunity

analytics at have represent in help We markets. of of that lots we site their we labor consults advice site and to business those workplace, and these all the selection, in companies, them look both we are We a kind counsel provide for selection, them make decisions.

are we mix. So the in

good. all it's think I

Michael Funk

Thank time. Great. much, the guys, you so for

Operator

next [Operator Coffey Please go Wedbush. line Instructions] Your with comes ahead. from the question of Henry

Henry Coffey

today. state Great I'll rates on morning. -- markets snow like all obviously, Southern rate my my great one you've no got Stocks you what's save advertising Thank and there. feet a market, six out going quarter. Good no lot, The tax quarter. for tax for of question. taking likes up for

touch is things are over that they if points of you're all are examine pulled they fair On hold like it big callers, involved there like think could and back and of sort estate don't, things guys things buybacks - all don't I to just like picture markets. you because to there a the they they bunch like time touching basis, of you investors, capital they in back those a other and beating of probably real of are you're value. and maybe obviously sort people earnings, there do couple around And going they a say

likely But on could in that heard mimic vocal might FHFA, the much which so not from have been to forward? area opportunities multifamily anything anything, capital that the very from programs about commercial you outside that ball street the wanting what's heard GSEs. in has move develop going you about the sort of Have of

Jeff Day

wouldn't concept to theory discussed today. impact new and again. that's like think companies or is I Jeff that say and it its multifamily Well, in any But works something of well CMBS stands regularly, there we day, the being - note this on execution addition as for very pension business street execution GSEs use the the at funds. is and I that is would an Clearly, that

Henry Coffey

way and somewhere just writing So I coming is There's discussion, the GSEs answer. the the is, is your the multifamily Calabria that hearing ball between market just the for and a talking Or of out about out street of forward Is I'm look, moving this great changing real a companies nobody discussion lot market. is mean GSE I looking opportunity want? the of at guess, proposals? and it saying, is insurance there FHFA what and the

Jeff Day

of series history about the and a So, GSEs [PH] if out and about discussions look FHFA at the proposals there been conservatorship, you has of of change.

their visible I about everyone right really think I concrete now. what are to, can until while react so, And and they it's do more that people there conjecture proposals theories has might think just

Henry Coffey

us In or insurance CMBS, you terms the can between the it's whether comparison with whether of cost the alternatives, placement financing something various of agencies? company multifamily, it's some give

Barry Gosin

market We third there clients to clear from of party point clients. get are we advising our business, for in view. a the Remember,

So financing. does there CMBS of companies are through part the other market the insurance or sources through of clear platform

prefer solution do So of pricing they to reasons, of and The it, we're can Fannie investors and Fannie, but do Freddie, get positioned it all. regardless if a prefer to a goes. Freddie where equal, it well we for provide they the host would

Henry Coffey

client But GSE kind the preferences product. the for of

Jeff Day

Yes. correct. That's generally

Henry Coffey

you. very that's helpful. Great, Thank

Operator

of Patrick go with Your O'Shaughnessy James. Raymond Please next question the from comes line ahead.

Patrick O'Shaughnessy

full updated year implies Hey, call, midpoint. a revenue quarter quarter of math quarter guys By the good million fourth of morning. fourth at revenue the revenue revenue $XXX you $XXX of at million guide your for provided second your earnings my On midpoint. guidance

in of forward revenue, pull the in expected have capital was third in a So, would to quarter activity fourth otherwise extent your strength markets what that you particularly quarter? the in

Mike Rispoli

Hi.

did pull for quarter fourth think provided rates guidance quarter of remains we pipeline that [Indecipherable]. some forward still pretty third the I based see into close our -- historical We of just on the activity healthy.

terms correct number of is Your the in midpoint.

Patrick O'Shaughnessy

initially deterioration but in put since guidance? you noticed any haven't Okay, the environment initial you that out

Mike Rispoli

No. in any not either capital or seeing markets We're deterioration leases.

Patrick O'Shaughnessy

growth leasing, in then the of you. did revenue And Thank quarter. leasing Okay. speaking decelerate

difficult, unusual the definitely revenue it XX% think June our the growth realized XQ. quarter-over-quarter comps X% decline it's quarter, leasing but year-over-year, pretty in versus XQ I in from in the more in down a revenue quarter. I've was that third to see were

talk in you you've environment? can seen So what about leasing out there the

Mike Rispoli

I really remains we think for technology the of any year-to-date, companies, leasing not when in activity us environment financial up slowdown XX-plus-percent services space. it that companies, lot deals side. And closed. quarter, up the in think I the which We're We're of the timing on the just leasing healthy. a we're think XX% seeing I second co-working seeing was continued are

not really activity any in change very the are market, seeing We in healthy. still

Patrick O'Shaughnessy

Okay, thank you.

was expense your than in little strong there forward? what higher in out that as of of it would was the than higher pretty unusual compensation you ratio the think comp revenues. anything going terms kind Is period, side, On or bit year we were we and the despite rate call of run quarter expenses had a that that the ago expected this maybe shouldn't

Mike Rispoli

Sure.

lot think and particular, the for think about pretty the of first continued maybe I of in year, quarter, into couple the in rate quarter. of third little that a I will up we've bit. we've talked year hired comparable In third talent a it fact comp that the this quarters be the year-over-year,

large expenses, all really none the six first to the as you their And months. what these XX when you of for happens on but bring revenue teams hire

little starts a work pressure bit that of We as think productivity itself up. will So expenses. that to their pick on your through puts

Patrick O'Shaughnessy

And provide that's your one differentiated capabilities from might else me. color provides of Okay. recent what Can last solution acquisition some guys from Workframe how you out additional that then what on there? and be

Barry Gosin

projects things available is good It doing. but tool. for internally, of in to we're we've improving keep of communication invested that variety our improving real-time to things collaboration and very a it's building communication, There the and a all in of the workflow, in documentation actually Workframe one binds a host clients. need cloud ability we're the no email, is It's for

all a the appraisal very could during We and of just all and group -- period changes relative the appraisal the portfolio large that of get did properties Difficulty]. of process the of see owners and the billion online lenders, $XX [Technical and

we think, could it our businesses. it So could all of help our help brokers,

of We a our holistic Difficulty] are [Technical also provide for and focus weaponizing comprehensive technologies integrated tying it together system with technological enhancing other to the several

Patrick O'Shaughnessy

Great. very much. you Thank

Operator

question ahead. line Rahmani Jade with KBW. next Your of Please the from comes go

Jade Rahmani

But meaningfully the much. and caps very did on market? quarter, GSE the market pull just during were the once Thanks announced back Mae the from Fannie multifamily, the see back re-enter you then new

Barry Gosin

pipeline just I think moment and activity way. a were working a Mac, Mae but those seen in come both Fannie their as real issues, through we've robust paused they and Freddie say for the let's back

Jade Rahmani

is And a about - the which affordable the any affordable concerns institutional? constraint, do XX.X% have product, that's less in target the you of in

Barry Gosin

delivering you we for affordable if define that the business that committed been don't a us. the that critical and very has an be for we're at the Mac the and that focused challenge Freddie a to to piece that's look going they and fact ratio extended Mae of component we're model believe No, Fannie period, on mission and way that

Jade Rahmani

reported a could you Americas leasing, decline in for yesterday to view softness? been to clearly growth been comment the there growth I Are turning in of co-working leasing the X.X% on the leasing leasing it think meaningful has of outlook Colliers XX% absorption. how had revenue XX% market? And driver and pockets rates, you any running

expect a you forward? growth characterize So and for overall, positive how would outlook leasing you the going do

Lou Alvarado

Lou in still we a still we at We strong activity Yes, our continued this look we see look pipeline, leasing. -- when offices, and growth at see still the Alvarado. is our

continue but that and to can their that they recruit and for is that have, think the drive business find still to rates markets space the for we people where talent are talent is run activity on see a they there. I focus pointing is and slowdown. the higher, particularly Certainly

be that of So from concern about nothing leasing have that activity a leads we've to us seen will that seen front. the the volume

Jade Rahmani

I firm have And the of to rent, on you X%. subsided -- do data some asking effective what other been rent showed growth around Newmark's year-over-year any about that growth X% concessions? Do net the know rent up think research close in brokers has of you

Lou Alvarado

I get I any term, data. you strength, kind the you're really certainly reduced, seeing concessions markets where seeing it you're concessions don't you're have washes. can firm of and seeing more that tell the in where are still given being so

is where on really certainly - money question still have driving So it salaries, not landlord it, and it's but to are at the there no you - their tenants rent. that's about they really trying appetite not a and the deals, it, market, look make the when what's

big So as is ability the an to the the to impact not rent talent. location as is it them their attract and

Jade Rahmani

Thanks much. very

Operator

for back call this no to the the turn are will presenters I remarks. time. further question at over closing There

Barry Gosin

look Thank all us we you forward quarter. again speaking to to today, you for and joining next

Operator

This call. conference concludes today's

You may disconnect.+ now

Newmark (NMRK) 30 Oct 192019 Q3 Earnings call transcript