NMRK - Earnings call transcript Q4 2019

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Operator

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Newmark's Fourth Quarter 2019 Earnings Conference Call [Operator Instructions] Thank you.

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

Jason Harbes

morning. good and you, Thank We issued and results release XXXX fourth presentation summarizing quarter a morning. financial these press our results this

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

press to under results adjusted this GAAP. today's Please when how, terms, unless corresponding complete may accepted any see back refer to or call the the sections stated. will and non-GAAP otherwise press definitions and on an the in why We We such results our reconciliations of items, results be the only of Please management release these release see accounting principles uses today's EBITDA. referring for GAAP generally basis on for adjusted earnings also of them.

of information amended, that mentioned and results changes material website Any company's XXA and Act the price. assumes today's also our respect this on on call meaning I are the uncertainties. risks of Such that in stock historical of Securities are to and XXXX as Section in call today's outlook on our Act Additional our our GAAP forward-looking XXE or meaningful available presentation. within share of repurchases you investor on and involve Exchange the business is XXXX, non-GAAP facts Securities statements the amended. with discussed statements acquisitions, remind call information not regarding Section of as no

forward-looking no to any law, statements. undertakes Newmark as by obligation required Except update

Newmark's CEO now and most the recent Gosin, limited risk differ factors from XX-Q but our Newmark I'm or including, could the XX-K, Form Form Group, to which forth and host, turn Exchange forward-looking to call Barry filings. to of Commission discussion Inc. X-K in over happy Form set our to, those statements, results of filings, the a For risks actual uncertainties, additional contained Securities in see not cause

Barry Gosin

are Jason. you Quarter Chief for joining for us you, Mike Newmark's Newmark's Financial Conference Day. Officer, Strategy morning. Rispoli; our Thank Good Officer, And today thank Chief XXXX Fourth me Jeff With Call. and

of $X.X Newmark billion over in record generated revenues XXXX.

major I'm volume debt past months, our billion, of XX of the our Based XX% productivity Board the near-term of confident $XX lines from particular have an sales record $XX with billion company's that of of business on $X.XX strength improved, the and of report billion investment a over achieving we increase in the common All dividend or Directors with $XXX of XXXX. added teams share. sales. target qualified in happy we're debt per and of to investment strong declared

to few months hired $X the of XXX XX we average typically million. annual top take to ramp in their full brokers XX Over up over have potential. to production In past excess experience, with our producers years,

We continue in to advisory the and with and recurring accelerate property grow to expect as more valuation and our to growth businesses GCS grow revenues management XXXX. such

the industry. of been to to the to our have our comparing ability We platform our talent add strength brand excited never more about results and

RCA sales quarter, volumes sales investment down the while volumes fourth For up Newmark's XX%, year-over-year. investment were X% were U.S.

that, and increased to across index The top-tier will originations With all ability turn MBA cross X%. mortgage combination continue to and Our debt our up effectively, leading-edge happy of over while I'm to collaborate volume business XX%, the is talent, call growth lines. commercial our Mike. to technology the sell demonstrated drive

Mike Rispoli

$XXX.X were and Barry, million. In quarter, morning, everyone. revenues fourth you, our good Thank the

quarter of the quarter comparison, were have what which expected of came revenues quarter transactions, grew our up our leasing the certain the XXXX. X% year now $X.XXX year, For to originally than of had first X.X% quarter fourth fourth were leasing revenues in many leasing our up the in billion, the fourth full revenues our year-over-year decreased in of X% for results to by XX% by lower In the timing XXXX. closed leasing due we in but

and fourth increased were X.X% up expenses in quarter for compensation Our year. the X.X% the

percentage basis to points XX As our of professionals. XXXX hiring rate compensation increased leading continued revenue, the a by due of industry in

for virtually Excluding our ratio fourth would have compensation but these new hires, down up Non-compensation the quarter X.X% been expenses were unchanged. in year. X.X% the

non-compensation percentage points our XXXX. down in of were a revenues, basis XX As expenses

of the end last to report of call, of restructuring $X an we million XXXX. expected by XXXX. end eliminate We're and we annualized earnings are the million a now that have savings by On to plan it announced raising our additional of target $XX pleased costs the achieved by

to earnings. our Turning

the adjusted the pretax for earnings fourth quarter the XX.X% and for year. improved EBITDA year. and the X% were Our up quarter X.X% Adjusted in for X.X%

Our tax XX.X% rate earnings was full adjusted XXXX and year XXXX. for in

XX.X% fully by year increased X% adjusted quarter Our diluted by post-tax $X.XX per to for the share earnings in $X.XX. and to the

X.X count repurchased is We shares $XX.X was in down at million, $X.XX share believe stock We average diluted of fully Newmark's X.X% average that attractive current at weighted its million quarter XXX.X fourth million price an XXXX. very for Our year-over-year. price.

to However, our tax-free from nature the the of ability spin-off to of the XXXX repurchase constrained. through BGC, remains preserve in November end shares order

sheet. Moving to on the balance

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

debt was $XXX.X long-term unsecured Our million.

for flow XX-month strength solid and cash adjusted trailing of generation to a growth. X.X EBITDA The debt was our balance times. foundation future provides sheet net Our

to guidance Turning for our XXXX.

activity up investment origination for in The U.S. We expect expects year. industry leasing MBA down in XXXX. be the to to the and flat volumes X% be to sales

by markets For expect industry high to leasing our single currently with digits. consistent Newmark, we to our be volumes, increase but capital

expect to teens. to remainder high mid our We grow the businesses of

the million weighted to unchanged. XXXX. share $XXX.X guidance between as in adjusted rate earnings million $X.XX relatively XX% from diluted average $X.XX XX% EBITDA XX.X% is versus up XXXX; as $X.X XXXX; billion with in Fully adjusted XXXX; expected between of in per compared and $XXX compared million $X.XX is adjusted in $X.X earnings billion, range tax $X.XXX follows: to count share in range XXXX and in $XXX be billion the of revenues Our to to

generate who, than average, are As on years, expected Newmark in $X discussed producers hired Barry annually. past to more the million has than two XXX more

Our an revenues. them earnings delivery expected Once to prior up our are we adjusted producers of incremental expect contribute $X.XX fully outlook EPS, to costs the $XXX million speed, these new $X.XX the full initial revenues on in of incorporates XXXX guidance. top to to their in and

mark-to-market release, impacted the XXXX. services quarter such detail year we MSR real in of and our the today's for estate as items As forwards, investments on the NASDAQ and press amortization in the noncash results impact movement GAAP certain

between earnings for results to and we certain those now XXXX, not adjusted difference narrow to our GAAP expect do in items we Operator, do While provide open recur. for guidance questions. call would GAAP, like the we the assuming not

Operator

[Operator Your Point. Jason from from first Instructions] Compass comes Weaver question

Your line open. is

Jason Weaver

any mentioned I that Can us just dig the of scale the and\/or you of wanted to details? of into give you during lease other any that large call. the timing transactions idea the particular

Mike Rispoli

you if guidance at quarter where think fourth relative, of midpoint the and to that movement year look for our we range. the the was the I in finished,

the the we what compared of the of up some although improvement, year, quarter with said, leasing as be the will think quarter market. line to leasing So we'll rest XXXX, in is first first year-over-year the in I see

Jason Weaver

imply into different banking leasing mind Does line among mix any And can mortgage in guidance a and sales, the dig you services? shift revenue little between items forward the your bit this management more?

Mike Rispoli

as think, in leasing I with so that's the bit. to we market, flat be will the line a said, down

our businesses rest high see Our of revenues digits. we those and continue growing businesses time are teens, faster Newmark. high recurring will to with said than capital And to single so market over is within the the grow growing mid market, you

Jason Weaver

from has of now. recruiting And subsided Jones momentum Can we also LaSalle, forward? there the merger HFF you Lang talk as heard be going attrition from must activity about

Barry Gosin

just in Chicago We are big We Atlanta. I Midwest, markets the sales busy. one team hired area. investment capital a in investment Texas. team capital markets had team hired the sales in mean, number a hired capital in D.C., incredibly We we

We of be for to choice people. company the the best continue

the And choice and we that business holes we people the acceptable markets, to space about All some and of to I pipeline best the the couldn't us are that for in come accelerated foundational has more building be these an brand in a choosing white created of brand prospects. several some have be fill. where many excited for to people have of those we've and

of really part our on working on business that is excited. its So we're way and and really own volition, its

Jason Weaver

Is coming from just And SPV any hedge into just and turning to thinking moving the it that? one the final distortions maybe way earnings I'm out NASDAQ to minimize loud, an accounting. one, asset. use there

Mike Rispoli

something we that. about can we not had think contemplated, but certainly It's

we upside has transactions, that gone mentioned, you and a numbers all I put those is, protected of as us GAAP think transaction the news the there from XXXX up, news But as somewhere neighborhood the appreciate. think, is of related downside while in the to to lot NASDAQ I to maintain good million of in the the the $XXX continues good our value we to is noise, because XXXX, did.

tool sheet. So a don't for company, for great the a on see us. it's It's been cash the asset even balance generation you great it though

Operator

comes from Rahmani next Jade KBW. Your from question

open. is line Your

Jade Rahmani

any mix at attributable rate. that size commission in pressure fee wondering show that anecdotally, or does glad the a And which, certain I'm commission markets. decline if was your disclosed, in volumes, in transactions, I was of office heard which the I've Looking there's you as the rate about it and of a market, percentage if actually to

Mike Rispoli

of effect over comp think, it little with stay a adding on, pretty that And that XX we've of us, comp revenue teams about itself time, comes But we people No, to that later. over talked I rate XX has the will near-term think have months our for our teams should course, a that really, up bit good, increasing a compensation, normalize being come have so year-over-year is other come fact on just and that the comp rate. our rate time. those overall

Jade Rahmani

But volumes million if of to $XX XX billion, it's investment I closer take and And sales XX the brokerage by placement and debt points. of $XXX points. been historically, commissions sales basis basis it's divided investment

there's pressure So any on market. I'm wondering in fees the if

Mike Rispoli

transactions. the any? go the I'll about else. everybody lot transactions bigger, But I for fees in as would fees, are let down. the course, is what percentage seeing do total the say, market just a market. volume, Barry, of for a us and get Barry And answer us, as That's you we're bigger of seeing for

Barry Gosin

much We're deals. bigger doing

have We and large of towers bigger financings. those share large a

there pressure. deal fee the a larger of the little So bit is

Jade Rahmani

in comment In gateway pressure change terms capital sector boards terms Has health could the such of Francisco spend WeWork, fundamentals, you entities of huge facing that has in in the there leasing tech tech the such on affect as their demand VC-funded five San more of from, cities where overall their business leaving York, say, from the any been companies? big the growth? be scrupulous office New away and plan of tax could aside or a driver to been

Barry Gosin

We're yes, some for the of not big the seeing that The space The space. area. some availability than in and somewhat. maybe the issue But is demand of biggest tech of greater markets growth the space, biggest availabilities. it's the tech coworking is in

like So markets and looking availability other what's labor. happening is companies for are where and that and will Nashville Texas, be for good Austin

the At they to it to startups. they're market. be of need the proliferate There if and will a of need shortage end out. of continue day, labor, seems no growing. even So they the They big all be part talent,

Jade Rahmani

that wondering a growing hit On the the able all believe requirement I issues multifamily some of side, anticipate business? has if cities could in of if I terms and has respect was with on Newmark trying headwind that affordability focus GSEs where large you at GSE presence. been XX.X% to ARA the to being the multifamily top in a major to Newmark's be any

Mike Rispoli

that the a been disclose, experienced What think not issue not aren't the it's or growth numbers a the meet actually has concern. an sense those trend for to while that is that we've been positive, we and XX.X%. found we in it's that that we'd actually, concern we going to us obviously sure the I complementary we Jade, And to be is GSEs. or it's exceed, mean, want something has for but the make

Jade Rahmani

much Newmark I investments and capital are then if companies to those could And And balance how Knotel if individually that would How to provide its that performing? wanted could also on on you the be invested update you see Knotel, lastly, has CCRE sheet. both has helpful. an Newmark clarify

Barry Gosin

a has Well, been Knotel by little doing CCRE well, They bit is us, has that in small the pretty very and It's Paul In a run is investment. part being of bit. Vanderslice, discussion in question, that of had for industry good the GAAP well. investment, industry. money going a a that The round. our in the raising previous in down noise but a amount slowed

So those think the the okay. that The more good businesses And I is news industry for business, that, structurally, and discipline is much is industry. it's a doing they're with sound. inseminating good

Operator

Instructions] Your question [Operator James. Raymond from O'Shaughnessy Patrick next comes from

Your line is open.

Patrick O'Shaughnessy

to in of Hubs. your Harper Can light your of and you Dennis European speak aspirations U.K. acquisition

Barry Gosin

designers rollouts clients really States. Well, luxury, beachhead gold on active growth They number and rep the for United New London come HDH standard purchase business being one the with in tenant representation and a here being a and retail. in London high-street many their us into those in come York, RKF, that the in very and the give for tenant the having rep that of come will is L.A. brands Europe. that The throughout U.S. being rep of via the dominance

very lot for us. that us, it retail. great focused, always move, for So was It be people acquisition written more of retail. and strategic HDH There have a be is off a will recognizing a will

Patrick O'Shaughnessy

do HDH Or was look in more already to more it about which in as a at what you from do beachhead complementing U.S.? Europe? the Do acquisitions you

Barry Gosin

in a implications It's expected for margin next the non-transaction transaction both. have in to growth Newmark Raymond O'Shaughnessy James areas, for slower in on expected Okay. Patrick the areas, margin negative the A XXXX? of Is guide business year. that growth - faster is mix, the question little

Mike Rispoli

of recurring what's the driving The in more slight ramp-up the think the the year-over-year producers. of margins. a timing is due margins decline the have to of I businesses mix

margin. those rapidly, grow new a relative And So high-margin the is rate servicing comp to lower are you and have really the which things to hiring pretty continues bit it's hires. us, property business. business is for an of little a management, area that like the which But the then ramp-up

Patrick O'Shaughnessy

one. on of to Was things? side And confined was then market last capital deal Or side? just the leasing much slippage there that pretty any the

Barry Gosin

I was far side on the leasing was a as don't we can sort markets. believe there of as slippage see. There on the capital

Operator

from Sandler. next Alexander question from comes Goldfarb Your Piper

open. is line Your

Alexander Goldfarb

questions few a Just here.

guys like in somewhere First, think, like ago have just contracts lot on clarifying the you range. A the but money year count or you NASDAQ type NASDAQ, made that now share a with those obviously, bought XXs is XXX. with I of it's the the,

based it stock price factor So the price everything into the does out the I original $XX guidance and the when so? or increase backed XXXX in think, is on the was, or around guidance contract is

Mike Rispoli

we when So our did in cash we transaction certain current maintained at our plus price. the of price, $XX.XX. whatever NASDAQ cash the above expect guidance guidance NASDAQ appreciation is received is the just receive so a And And based current above we RBC XXXX. amount cash we the $XX, we the really on to received

from the So transaction. the our get cash just we'll is guidance

Alexander Goldfarb

$XX.XX little in EPS the if a whatever $XX extra it, Mike, an something share, clear, less plus, that's call share, than, adjusted $XX a a your be XXXX to So that guidance? is,

Mike Rispoli

yes. That's roughly correct,

Alexander Goldfarb

And the questions. second I have then question three

million. S-X Second fall, question last filing an is there was $XXX

there's Can Newmark worth date, of x understand you that a You the on for that's guys very that of thinking goes pick suddenly how mechanics volume? it's But and RSUs us something that's registering that Or were that about stock market, control? the trading impact sale. for that brokers will guys hey, to is the stock like and sale. day $XXX that help just is clear, you sold how million stock just in just

Mike Rispoli

and our issues impact who count. having routine filing, are volume. it shares fully see on any Yes, should more read I our shares you over those don't a anything partners think partners acquisition as the all anybody share don't trading in that time, registered, and material our are I And that. than so shares, into That's that so diluted those

Alexander Goldfarb

job. have guys a done finally, just you then good And

people. hiring been You've

You've with versus gotten it up was X%. year, the last share now count flat year previous is

X%, still the off million. XXXX despite a mark is, the cutting increase year, included adjusted count, that $XX You're implies share despite the share NASDAQ. and I'm EPS you've guidance guys costs, made nice savings the of and cost in looking count. you This do grew X% growth what that despite in the XXXX, But X% at to flat

lot that? on a revenues for XX% where of sort offset getting So around of is great. earnings of said it's seems just so Barry, you're like not growing you're it looking bit good, everything there's so, just or sounds showing you but Because EPS perspective a an little but up benefits, else. But Can this help somewhere a because, in you sounds growth, offset? faster

Mike Rispoli

I'll the the timing in. can But start of weigh hires. and Alex, it then Barry really is

hiring you half million that with $X our through XXXX, takes into all related and If XX look really the hiring at just a of of see producers over the continues year frankly, so to And our period annual is two production, guidance XXX accelerated when and it quarter costs that XX first to the hiring, back our the XXXX. to revenue. months to accelerate, assuming

$X.XX I producers did the one up, our think And fully how would terms to our the if remarks, of higher. be timing affects numbers that's EPS pretty in ramped think those the I thing business. and telling how my it in say $X.XX affects prepared were I

Barry Gosin

long been I you've Alex, the of time. industry are So There to are ways a lots in mean, you grow.

and instantly simple from accretive. it's point a You it's view, buy companies, of could

you good a be goodwill. elements to comfortable be was best that from bulk the talent, place where production brand might a build cash to us productive and the laser to come required for the and might happy. want that a and talent they business, it's the the get the the flow, receivables, you focus You really of on the get most of hire have you When

the we the we've And so we a we leasing a time difference brand hiring or have brokers, business a in, it now, takes of good time, in now little sales brokers in aspire on job acquire good them, that the amount for people. significant expenses. best have believe a we of the they're and our we that line hope building can particular The And done during period hire to ramp-up, whatever less. so longer, depending that little and is

or one revenue years year we've we're taken ramp-up. amortizing And and getting to so expenses. the the X.X second We're somewhere to year upfront, the the

a But we to grinding what that the at day, more company. to think, way of is people. build So created harder, incredibly arduous, environment best the we've attractive more the is end the that's an

And the per ago, underwriting years we $X.X the recruit is, ultimate proof broker been average will in might have pudding our three million.

brokers underwriting to we've average up does we're encourages this the for million. up is And is our is says, professionals at pushing arrived, that to place me, to place us sums the Our and because know they this we're all, and to on say, it come $X.X it where a move.

support, the working. are momentum, infrastructure, and it's clients the the have the here, resources here, We are

Alexander Goldfarb

the brokers? XXX growth so these look taper to just that and going down, through we'll hires that's you're Or look, a Barry, great. just then better as to to going hiring producers we a flowing years at two you're see a spurt question, have year, is is or presumably, But going every this to I was of No, be great. the outyears? every all mean, be benefit hiring that

Barry Gosin

combination both. It's going to of a be

bigger going it's businesses, of if So being per not so collaborate, with and the line, better are and more the but more them crowding put show in producers bringing the the good on about sticky not it side to revenue business, and this many you're you not to be. to higher, house, for producer, that Certain then on our and in ability get that to get build place what's highest markets in the concerned margin. make going capital up X.X resources now it's technology, company the When is always players market only to the business earnings going acceptance, continues one higher giving together, share, company good is brokers broker, it's up the show infrastructure, idea it you the maybe just is field, market that's is are. we and that's place to with to to the are broker, for the earn to you you what's bottom communicate, you've the capita. with what's the expect but And bigger to more for going to work be, the going they where that and when grow the all to where be of is

Mike Rispoli

past them or may only I in these I in add Alex, to in thing what over that be really is bring not those The businesses we're professionals, add as able would that, seen the as not we've would that particular build to to talented exist may years the we strong markets. around few that

leasing, to management, property will that continue leads help markets leads and capital future. sell our our to the accelerate So we're way a cross in in to businesses to revenue able growth

Barry Gosin

right. And exactly is that

already in way bring is relationships do the that for investment with be private expensive the management, our that we'll to our aspect be you for in the We've going to markets in create have going financing in good in a have increase market do markets, do accretive ability the to us. to is to every a even leasing, depth all equity where our of of share. level not will when and financing, or investors, firms sales we with So to capital the business, just dominance. seen We're

Operator

comes question Wedbush. next Your from Coffey from Henry

line is open. Your

Henry Coffey

process. a challenging It's

of you market made growing? the said like Our to mean can think of single shape leasing I out by but people now, I don't be that net growing X%. former I'm like capitalize break it which MBA misinterpreting CEO it." or your brokerage I about the rate The the origination was expecting loan were say, gave that that your when to that? high right it Agee Sterne can early expense talking you guidance be it digits, It that, you're it "I am know I below components get you're at or would sound market going sort flat. all X%, I Does I growing to makes be sound you was to makes it, when and you you the a expense up and read comment better used income

Mike Rispoli

Yes, let and try me just Henry. that, clarify

So as both markets, mortgage you know capital is and brokerage. investment sales

brokerage even today, So two, the that's of really mortgage revenue digits growth larger market $XX the business a for market, our said up But to combination perspective, for transactions and overall, market. outgrowing we is year, be much debt combination sales those MBA us. we though for about high is we're flat businesses to the investment a down. The the a last did sales is expected single investment X%. of and believe our two billion so growing of business, But

Henry Coffey

so se it okay. your call mortgage expecting more, But you're then brokerage to and business up, per you're we'll be

of you've the that you have guess that out. is a other the you've problems. where we series just the think fixed And that. how series share had count growing, works perspective I solved I solved I So of

essentially can't the tax-free buy back year than because slightly stock a or situation. You little another of for a year less

is creating value third your Your dividend. lever for

not the EPS to you'll the you're be now, dividend? back year a So why the buy to growing can't since on so why boost confident keep front, you're do share from that capital that going you number not able returning if stock

Mike Rispoli

that's Board we've always decision, obviously, a Well, but thought...

Henry Coffey

Why right? board dividend? decision, board boost the the didn't a It's

Mike Rispoli

We around we we in obviously XX% that first an particular quarter year. quarter our always When we've to of into the to of And it the dividend. year, pay earnings said we'll annual that each try for first discussion. the XXXX, of get have we set Well, on basis. stick

are Our about we'll and growing, talk earnings it.

Operator

Your next from Rahmani KBW. Jade comes question from

open. is line Your

Jade Rahmani

to grow a flat Just grow and If for follow-up revenue markets on get a services take growth I XX% down for to assume billion. by XX%, I that capital leasing, revenues management commissions, and the mortgage by other X% XX% and rate guidance. $X.XX take banking

our are where I'm wondering So too conservative. assumptions

Mike Rispoli

said I rest percentage businesses. teen growth think we for mid high to of the the

than XX%. High that. So mid is obviously higher around is

Jade Rahmani

Even don't and take in still get still if there. I say, banking do get to, mortgage services, I let's growth XX% I that, management

know So nine if to three I five. don't I two get

And we to so this. to growth assume need stronger billion, would much get to than $X.X

at I services to growing clarification. XX% guess, I close And to you give don't and So revenues then driving clip? what management is if know could other a any the be

Mike Rispoli

the we're We've that starting impact technology see have corporate and so that that lead teams and on leads transactions capital come focus We project management, our to markets business, talked about that global property management. to to fruition. on to services

grow. So continue to those businesses

GSE the fee continue on to servicing, in leads our accelerate we and our particularly As our debt, the banking side line. that which in mortgage both to in growth our is management

or X.X can million. we're and think, And million after valuation build businesses business years, grew, appraisal up, we so all in $XX at was two of and those believe I about XX% XXXX. $XXX still We

So well. big as there's that trajectory business in a growth

and of of is as businesses. on we're both businesses So well what market as share news good We're continue the each really corporate focused clients the our cross-selling our all to in owners, grow. one gaining to just institutional

Barry Gosin

more senior very hired management on also rounding out senior side that has and services well, are we've been business. performing our on the focused And leadership we

side. We and are on our paying where great and Considering attention brokerage GCS like management where the considering markets working. side, is talent hiring platform the is on professionals our leasing to management today talent the today capital is hiring business and and great business

Jade Rahmani

top as example, the be from aside interested now interest that opportunities would for asset strong right or M&A recruiting, a in rank areas you would you Any priority of management business?

Barry Gosin

help and We provide we sell and form, shape or now That services everything And strategy our and view owners are. that at the on with in not side have we where business, would our buy, we capital the one is being represent it. the management to if asset not first property, down in like is right like we account on the on the to them moment. and asset being way, We up there But about We do their our the institutions an three clients. manage, stack. business. debt of can focused run, lease, think foremost. large were any We doesn't, or maybe owners institutions separate advisory compete

Operator

question comes Point. next Your from from Jason Weaver Compass

Your line is open.

Jason Weaver

and Just on Berkeley you one you're ARA past, point? give progress In thus achieved an and opportunity cross-selling included you've a what between forward. slide. the targeting update Just looking the going far for you follow-up. Can what

Mike Rispoli

this We've hoped year. progressed as

we we Our the hope that And cross-sell was to XXXX. XX%. continue would in In was with see last in we that and year XXXX, future. relatively for it strive would we've the that had, XX% near XX%, growth

Operator

We turn back to have closing no the questions. for call remarks. further over Gosin Barry I

Barry Gosin

Thank you the forward to next and look speaking for joining you I all call. quarter. seeing in to And this you

Operator

conference Ladies concludes you gentlemen, call. this your Thank for and participation. today's

You now disconnect. may

Newmark (NMRK) 13 Feb 202019 Q4 Earnings call transcript