NMRK - Earnings call transcript Q4 2020

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Operator

Good morning. May name is Matt. I'll be the conference operator today. At this time, I would like to welcome everyone to the Newmark Fourth Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. presentation, be today's ask opportunity After questions. Instructions] there an will to [Operator note, being event Instructions] this [Operator Please is recorded. Relations. I would Jason Investor to call the now like Harbes, to VP turn over of you Sir, when begin you're may ready.

Jason Harbes

We flow morning. excluding with financial from only results the call year XXXX release this the good and period, The press otherwise you, respect issued earlier call to fourth figures to provided full results by summarizing quarter cash presentation our compare and results fourth discussed our of cash XXXX and morning. with refer operations quarter stated. year unless today's loan and these on provided today's Thank Any sales. net operating originations activities, on

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

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

Such Additional within factors, to information results including are the statements business expectations this available remind on our subject repurchases share non-GAAP historical in our Company's are GAAP our of and required of based Except facts and XXXX to and the on change the about forward-looking may with changes involve Company's and are pandemic. forward-looking our the effects the is outlook, today's undertakes XXA in that material expected. statements the COVID-XX are the that on social, outlook business call I statements Securities stock XXE other obligation amended. Newmark regarding risks These which statements. the of call subject investor Act as to Section price. no information law, on may macroeconomic, meaning perhaps COVID-XX position, of But, statements you as respect actual amended impact various website XXXX and uncertainties. by Any political, constitute and any include risks. forward-looking not is discussed differ, financial also material of acquisitions, as liquidity the and on presentation. These update no of Securities today's results, on what mentioned assumes Exchange to call from Section Act or pandemic meaningful

closing NASDAQ’s conditions, of a filings, approvals. Securities which depend NASDAQ price the X-K the received to those For number differ the of required satisfaction the XX-K, or of will our including, timing receipt recently actual recent the Commission fixed is by the at shares from of the NASDAQ Form set sale could With regulatory of on including time. closing filings. of in discussion results forth Form to not the closing stated XX-Q and uncertainties, contained business Exchange subject limited that but its and Newmark’s most stock has the the the NASDAQ earn-out, U.S. Form in customary announced closing of and see Newmark statements, of additional income to factors to risks cause respect forward-looking risk

Group, now Inc. Barry Gosin, no if closing host, of our when as call assurance the will turn I'm provide can to the Newmark to or occur. to over CEO happy Newmark

Barry Gosin

us you Newmark's call. for you, conference quarter Good And XXXX morning. for Thank joining fourth Jason. thank

Revenue and our Chief Joining Officer, Chief Jeff today me virtually Officer, Chief Newmark’s are Mike on Officer, the Day; Alvarado. Lou our Rispoli; call Strategy Financial

banking. in Valuation markets, & results We Newmark's and resilience quarterly the XXXX our platform. capital commercial mortgage of record reported real demonstrate estate services Advisory, revenues

improved $XX and in and U.S. its points basis third XXX market of XXXX, billion. markets In investment volumes overall. capital gained sales Our debt share totaled ranking Newmark to

originations GSE our in points basis XX ranked business fifth and overall. gained also We

Newmark's leadership medical markets helped types, self our storage life student housing such performance. record-setting as housing, propel alternative in seniors position office, and capital property science,

corporate focus recently advisory, expand a Corporate to property on global valuation continue management. formulate critical and businesses, this as of the to for workplace. We Global services, hired for growth returning such Head the our of recurring We occupiers they Services servicing, their mortgage plans revenue to offering as

recover. Additionally, Newmark our markets tailwinds. benefiting on in expects key industry foundation built, we to expand are continue to have outperform growth we demographic Based presence that strong the as from volumes

assets acquired important his believe recently the agreement will second be world. announced offering debt we Knotel. sales increasingly and financing an and co-working lien Knotel an occupiers to of and that all January Newmark debtor-in-possession and XXst, XX of owners $XX in through Chapter provide million On first of We post-pandemic flexible the of to acquired the approximately process. offices

financial of to from million Newmark’s discuss down operations point like the paid would over quarter. to to and minute. and cash million strong, call With to happy going we is in $XXX is NASDAQ more debt generated transaction that, the position Mike. $XXX than I'm Mike I But, of the a in that turn out

Mike Rispoli

Commercial activity. you, businesses by pandemic in COVID-XX impacted and and estate good which year the XXXX, fourth full the morning. industry in lower adversely Barry, real services were Thank and resulted quarter transaction-related Newmark’s certain of

led revenues X.X% XX.X%, Our markets to $XXX.X revenues declined investment increased by by million. sales. Capital

Gains XX Newmark’s gained basis Overall, and our business as revenues. XXX.X%. in by & of share higher growth. Valuation we points on in from share X.X%, These servicing up total rose banking our fees revenues other market points pass-through Advisory market recurring services, continue basis in in XXXX, XX% represented Management and focus fees driven XXXX. XX% GSE mortgage XXXX, XXXX. increased increased Our investment from XXX of sales by

in a and urban the accelerate will Bay But, revenues markets in our that workplace. will markets, these was leasing significant leasing such the City New Francisco XX%. anticipating pandemic until result clarity as declined Our as return We greater York believe to Area. presence remain San large there's of challenged, around largely This we demand the the subsides.

and of recruiting the conditions due costs cost in lower to Total partially initiatives. expenses to and timing Moving quarterly higher offset related expenses other declines increases to expenses. on pass-through savings by the These operating were expenses. quarter, reflecting decreased

declined For will or XXXX, approximately million million is in the in actions savings expense million pre-pandemic in Company to the resulting result savings reduce of XX.X%, permanent of its by our cost XXXX. Company's $XX The and further base. lower reflecting base end $XX planning savings our compensation, variable of initiatives. total XX.X% permanent XXXX, expenses of by $XX expense These

Turning EBITDA was per to XX.X%; was down XX.X%. earnings. $X.XX, adjusted earnings million, down share Adjusted and $XXX.X

balance Moving sheet. on the to

flow maintained credit strong the facility. million metrics. revolving We liquidity credit of in a Newmark cash fourth repaid $XXX million and generated from operations $XXX.X quarter on and

As December cash our $XXX million million equivalents $XXX.X of we XXst, of had of on and availability revolver. cash and

times X.X Our at net year-end. leverage was ratio

retain the EBITDA does Newmark enhanced the from will remaining $XXX.X stock earn-out be income On its NASDAQ sheet basis, worth to a XXXX receipt the NASDAQ earn-out recap comparability. price. of NASDAQ used adjusted will business. yet Company balance as net closing earnings announced closing U.S. NASDAQ as adjusted that from Company's Our the of results into On into Xnd, earn-out. The is of expected to a NASDAQ for X sell million shares XXXX, February million accelerated that and it balance which approximately fixed not accelerate reflect definitive agreement offset exclude and a If the shares, yesterday's entered monetization Newmark’s will will of its estimates the portion it transaction. historical

capital to expansion and growth are at near-term capital repurchases allocation returns. margin share Our return to attractive priorities to and through stockholders invest in

credit facility. revolving our down pay to intend also We

XXXX. Newmark After to distributions priorities, plans or continue levels authorization dividend numerous review balance a of these our current repurchase with of Newmark's yesterday near Board the million. and $XXX of Directors at of through increased

current uncertainty. for specific is due XXXX earnings Newmark's market not to providing guidance

expect we elevated on and volumes based markets science U.S. capital However, life multifamily, industrial improve, activity. to

there leasing to million which savings GSE XXXX. achieve permanent XXXX. remain because expect to workplace. the further quarter would we will Company XXXX. pandemic, first on in return in We is cost be were reduce challenging now the first revenues resulting initiatives expense these back digit levels. the comparisons of revenue in will million total pre-pandemic anticipate by of in strong. call the adjusted XXXX, by remain savings additional to double relatively growth will expect planning quarter subsides. greater XXXX, I turn from permanent we in the XXXX. EBITDA We result of And improvement around of generate to The base and to savings XXXX, end expense executed pandemic $XX approximately $XX We We XX.X% will will But, anticipate our its $XX decrease demand activity in an the savings expand while factors, to accelerate March as XX, Based expect on until clarity unaffected Barry. originations the adjusted believe in challenged margins declared which XX% XXXX million. our was earnings to represents in in like This adjusted we above EBITDA to year-over-year is

Barry Gosin

of business like accomplished sheet. built Operator, and cash have proud further what substantial profitable flow Newmark questions. its of has XXXX. team and share in the intense strongly market in a we've that We our I our a captured a period year, to generated during the remained we'd major open number lines. We've Company for difficulty. call Throughout so strengthened of balance am

Operator

Sandler. [Operator Goldfarb comes from Our first Piper question Instructions] ahead. from Alexander Please go

Alexander Goldfarb

Barry. morning, Good Hey.

the on top first, of the So, markets strong mortgage. obviously, and really

the team for those and So, results. kudos you to

me -- few here. just Let just questions a

away, the First the sell you cash that here. $XXX shares right we that proceeds, on this a you'll I NASDAQ million think two-part guess question get One, them over guys that time? view getting million, should is -- is about in your or $XXX and you'll

Mike Rispoli

shares them And over our get it's borrow how cash balance Yes. the sheet. can depends we We'll unrestricted. Hey them Mike. on then, certainly we We against will have be them it on as monetize just The time. shares. into Alex,

immediately have receive access we'll So, think the liquidity the we shares. we once

Alexander Goldfarb

you become want at or Mike, an Okay. we be these of a shares aren't have monetization viewed as guys, But NASDAQ’s as a you going and great shareholder investment. company, as broker stock to shares guys a like looking to something a actually shares being them. are are hey, The the like, presumably,

Mike Rispoli

Well, the invest of you We've a in I announced the to opportunity capital. continue business. think, stock We're for seeing have to lot uses we see, bigger buyback program. a

business. is want capital. We're and think have have -- the invest we uses uses great not do we capital, to But, true. NASDAQ we to we so, company. for a grow for That's continue and And the the

Alexander Goldfarb

guys a the you tax when And matter converted are does to or if triggered perspective, tax from when get the cash? shares it shares the

Mike Rispoli

we receive to generate units the is taxable to corporate unique a remember, Sure. use and allows we which and shares. But deductions. structure, trigger our favorable us The have really stock when Alex, our

to capital think do will be are still that the about, So, minor. we the returns. back talked investing tax things can income NASDAQ buying We which attractive against the stock payments all the and relatively at use we

Alexander Goldfarb

Okay. sort a the sort that want this? or business plans for And long-term help is this to and are with? a you're short-term, investor, second this of question them because going exit, of to Knotel. then, you you right-size of on is are get sort Is your then just line What new involved

Barry Gosin

For going in starters, believe in We we process, and to is certainly. it. -- the bankruptcy that's fact, space part something bidder. working the narrative, own a entire own There not this don't it of this don't we’re haul. is over yet. is That But flex a the we is long coworking be generally stalking horse

fit we But, And in clients. see owners its we'll out. be So, to plays think terms a our natural service of could and there's infrastructure. our our and that it a infrastructure how

Alexander Goldfarb

Okay.

So, owners. building on Barry, and on to -- specifically that more your the point,

tenants them. it see for as with conflict you'd where don't a you be So, competing

complementary how think you'd should struggle them You sort where Is as be about that landlord helps lease. with where Knotel space they see your the may it? in it of that buildings space having it otherwise we

Barry Gosin

We the it it opposite. just a We opportunity. -- as see Yes. benefit, an see

Operator

KBW. Jade Our next comes question from with ahead. go Please Rahmani

Jade Rahmani

a start markets. NASDAQ Thank on you with very finer just the much. T, And in capital particularly impressive off congratulations sale. point results, on the

NASDAQ. in investors think, projecting have most been growth I organic

an XXXX, were projecting throws so and annual they NPV. and your during discounting proceeds, XXXX you to the which share between at that then looking NASDAQ stock would So, implying and receive present, price, in forward

that. as tax assuming to XXX-plus we XXX that were against million compare you we proceeds -- the So, a expect, of

or So, proceeds minor when new does I payment a potential want double differences basis, imply estimate that the you counting of expects? I'm NPV my issuance? make just share and on tax the to relatively Company sure any say $XXX.X not overlooking million between

Mike Rispoli

units new deferred just created all been Remember, no there Company. are taxed our the tax tax at shares or units issue Jade? How that thanks generate, These Sure. either or shares the are for on the and doing, are is haven't you the are we a already for share and which deduction question. largely sit assets that sheet And issuance. The compensatory. balance outstanding,

tax deductions as tax the those convert we take receipt shares. are from can they the we for So, And NASDAQ believe Company units can largely into offset Newmark. deductions, the stock, the income of and the

Jade Rahmani

Okay.

So, terms I know Newmark, taking $XXX.X million. relative recently, market I been to a in full people's value value estimated providing of you've NAV estimates that or accretion but to estimate, be for fair guess, book we should relative

think, million value range. $XXX present in I the net estimate my prior somewhere was

reasonable to that of you? excess $XXX in So, million from forward, that does pull seem

Mike Rispoli

which it, part our use the wouldn’t we a I full to program. buyback say then the on can of part say share amount, but of I execute would large

Jade Rahmani

think, of be reduction in in risk. very the I reduction Well, that's positive in multiple. to certainly the potential It should a development for Great. leverage, terms Company's Company accretive

see to good that happen. So,

of you have weighting that terms expect opportunities, allocation to on reduced well terms leverage? of all in you three In assume this as is or as equal mix we put you some of growth capital of to that? how there an buybacks, opportunities, could nuances it Should share when there's those, cash, deploy do

Mike Rispoli

fees We it penalties XXXX, start $XXX too point, I'll to It the with associated just bond. there's and until do and that. leverage. at the million It's with pay off to pay Maybe expensive down mature doesn't Sure. sense given make this doesn't expect revolver. the

I still invest have at think, growth We're And a have large we'll in returns. share we the certainly buyback looking what announced attractive much invest we opportunities are how see program. the capital, to to market. in

our And to see to business. so, opportunities, and when our grow have EBITDA certainly the go build and we those invest capital continue we'll

Jade Rahmani

very Thanks much.

Dunlop by were effects think business multifamily, growth investment an But, volumes Newmark's science Any life terms helpful. GSE What which what the M&A, multifamily what XX% Walker we I is you In rate, We've like seems dramatically well; sales Company projected. terms market, and of office, you report the XX% surging; report. the industrial seen that XX%, above you surging; in laggard. on that is We've & is JLL own overall year-on-year. fell about a seen extremely of doing their is there believe drivers? prior on organic was positive or delivered? could nuance the of main that really posted, be do Were basis put would

Barry Gosin

last the talent. hiring years We've spent five

are last So, we we beginning have relatively a and years, of perform. talent lot new, realize to over their capacity the couple of normalize the are that to

We with markets a in respect enterprise We've continue institutions, capital to as to the ourselves brand business. established we've sales. player major elevated our portfolios, --

grow there this -- have think food the of better. build and as bigger, and integrated collective, are just get think we to and to certain that as beneficiary us the -- we that. be as continue in there's the good congeals continue broader they to as a to talent So, that enterprise we runway it's we the do we'll mean, fill we to And that. normalizes, continue continue into platform, better share, continue for space, a into whitespace. as think be that whitespace, And to groups our a to in we fill the going that world we’ll to I massive, of all in active market

Jade Rahmani

Thank business know has have started successfully. XXs, be you which And space? provide these in in scale economies What another you for about or be really a M&A mergers-of-equals that interest since interest you've business type value potential, in And independent the not transactions, has reports shareholders? have sector have the sector. this large of do your number been created you Newmark historically scale the would Barry, of much. and Do would grown perhaps expect there Company, combining or strong having that clearly I maybe the would media player in remain the very to in been lines lastly, complementary with a

Barry Gosin

acquisitions. any about to we talent. speculation we or on comment merger build, say wouldn't I'd what acquire we continue believe have that -- really we in truly I

more We continue brand will elevates. that platform as ever an to attract be our in the more increasing and talent

of there's achieving that. protecting shareholders. and And think shareholders a our we're we But, the always lot So, value in those in we can. runway are interested most we

create it together value. So, demonstrated we're -- best in And a improve the to is that we we continue And the can we'll puzzle brand going on think group. and Difficulty] demonstrate think an weaknesses. our and Company our in a to where of But, for is enterprise an food we not to we to marathon, continue the were to And do we've pieces what's improves, gestation a even a works. we talent, grow focused can continue strengths. us on we'll build work more we've where to our we put there and better, takes our this we'll really think room such, considered we've of And attract that We particular spaces value. have building period continue on as that to those as enterprise. And as get that [Technical lot grow.

Operator

question from Goldman Sachs. ahead. Please with Rick comes go Skidmore Our next

Rick Skidmore

perhaps following in or just geography, line that for there's on areas growth? that up be where about investing Barry, for Thanks. whether it investment growth. looking you're or the business you're like you how about whitespace Can talk thinking at,

Barry Gosin

there demographic high-tax markets. we of is variety It’s markets, that low-growth tailwinds. mentioned well-known a Well, outmigration from

a food of markets we investing think in we're Texas, cetera. Global the to of hired Southeast, grow And those middle And Head of we in Corporate et groups, those that Services. have we markets, terms platform we new tenor multimarket our So, in just to add something in the to great into and have concert in runway that our that? business in Lou, that offering you a that, We're increasing of talent the our offering have transaction business. with good expanding and might country, respect.

Lou Alvarado

Yes.

think, area think of for been us, in management focus also management. it's particularly the I us. been general, continue. And pandemic has big growth property a will a good we during Property and

So of the them. order and that service our year address clients in restructured needs we ago to better a

whitespace organic a And Company. lead think and the and through in combination have in where planned continue so, the strong of our fill management, growing for I will already we're we GCS, property that growth a growth growth that to

Rick Skidmore

the reduction XXXX. XXXX? you $XX that shifting, think the Maybe of year those Thank you. cost that through coming ended layers by and just about you be mentioned, Mike, where how million might you from and the permanent talk Can

Mike Rispoli

many $XX us reorganize really think, in has I a processes do. and lower to deliver end what service the XXXX, being It's And an And, more through still price intelligence, per our we smarter we a procedures. and becoming more our years. I We've given to use Sure. of started, remaining And artificial and how procedures try the deliver just efficient made some and done for but we business is. step point. product at in last to better work than We've more of have many, a lot lot acquisitions. and that's operations opportunity progress of million our the back we think, our front to XX% the about a grown year of processes technology, year

Operator

from Funk Please next Michael Our of Instructions] [Operator Bank go ahead. with comes question America.

Michael Funk

could, market either ladder? operators having of kind on capital you quarter the financial on revenue, there. a buyers, property buyers, that put whether very very and business? good, I an Is management if or mix obviously, comment of the on focusing So, first, the Can impact strong

Barry Gosin

mix is forward. run Well, money impacted the they the looks property gamut, certainly management capital The buyers, markets. by of business

why think where some of So, will things that come lines. money which are anticipates is and going, other capital business markets back we the before grow

markets and to So, lead -- businesses. I in laid other management -- capital all that property certainly is is a

matters think buying. don't it I who's So,

Michael Funk

impact commented sense, new mix leasing revenue makes on leasing, that it. you leases? in And having renewals. you of renewals might which the up shorter then, picking how Can on Okay. term versus renewal greater I XXXX, appreciate a more activity in comment

Barry Gosin

more any their of, uncertain during will will difference what and workplace earning renew Historically, because where of And throughout don't there what downturn, up. hold as the leases are clarity will downturns. working a And valuation, pandemic companies, is reset an want to and look what extend going. in ways in brokers tenants remote people downturn, the is a in much to owners understand think a people The to a companies exactly about vaccinated. I increase good be like. Normally about how know activity the and and reset think more-clear what the it unquestionably I to happens same taken to more they resolve much blend means there's resolve find early. looks rents, this Once there money footprints on there's like a think in become will going space. Once are by there's the been and differently time that's occupy by change much the people is they're in care

Michael Funk

if Maybe could, if one I more please. I

the as allocation I as capital color appreciate to for through returning the well growth, capital, of shareholders stock gave investing repurchases. you about So,

that a the walk but and investing bucket thought you wide how growth, areas, in Texas on of investment time? a Southeast be? earlier middle large that just the and country, of like of and how of on for growth mentioned through maybe range investing be spending the Focusing I more can might know might us the you about And

Mike Rispoli

firm the prosper able markets. talent to it to to better But, side as with material from from see I us. numbers. you more some those not as clients. some fill to presenting the us much it's think I everybody There's those in capital be the our and platform whitespace and and for see as and creating getting don't the opportunity so people there. definitely our the are opportunities the working GCS, definitely our from of can I is join finding together collaborating platform We and huge management standpoint and them tell property brokerage those right and the the

like I So, large we're -- at it's acquisition. a looking don't not

within I think, that certain the we're of lines. service holes and some have brokerage within looking at we our more other filling in

Operator

next Please Sandler. follow-up Alexander from question go Our is Piper Goldfarb a ahead. with

Alexander Goldfarb

for you Thank Hey. question. taking the

is to all or some get of back think cost going going of issuances be of to savings, Just fewer the the should cash million are savings that Mike, incentive? $XX cost part savings total. framework about realized in Just the for a comps as we how in to share trying savings.

Mike Rispoli

deliver. Yes. I forward, will longer would continue say, more say would nature. and assets base. certainly that product I space opportunities cash took XXXX, it's we which part the at impairments value, to a efficient combination of in look benefit just people things certainly asset in efficient going to that it's were that of of looking around effective for we more non-comp, our people And, largely and that. opportunities; consolidation numbers as some and There being events nearshoring T&E some we more and in that we'll no offshoring think having But, be are

Alexander Goldfarb

Okay.

down differently, the line said has metered Company historically, at generated gotten bottom So, top-line that's growth basis. strong the

of address will be of of make single on more sort bottom double between two digit margin? still digit in sort sort top-line, this more things this looking but that, or and then at will And So, to go further disconnect overall, we're is sync, the the line? that that

Mike Rispoli

the in follow growth No. revenue. The incremental margins is objective, Alex, our will that

top as line line the come top bottom back. near even the the businesses outperform line maybe will or So,

Operator

from a also is Rahmani KBW. question next ahead. Jade follow-up Please with Our go

Jade Rahmani

much. called its the into tax if I is of about that that strategy potentially speculating very the Thinking fruit has if additional long-term which favorable the MSR. one shareholders. create got the There's low are to value, to sell from people be There's multifamily an that REIT can kind opportunity to you to bifurcated maximize a consider an think a you Arbor that wondering be interest would lot IRS sell should avenues itself addressed Realty, for on a Thank treatment a to Newmark GSE asset business. core a capital? creative GSE hanging potential merger be business M&A a that about as I'm Newmark lending MSR multifamily REIT the that C-corp that part Newmark. some or or more business of there's can that in pursuing of its might prior

Mike Rispoli

multifamily more verticals, the of the Jade, become business, if our institutional, you look evolution look and you investors the way more multiple have global, businesses and you multifamily -- that crossing is intertwined of at Newmark. and businesses capital part management, it property really So, do critical a markets inextricably interested with cetera the we et always overall opportunities, we're like evaluating while in consider other at

Jade Rahmani

provide? is Regarding Knotel, the if Newmark has of and stated would ultimately are that million debt to winner costs that in $XX Newmark the addition that bidding, there been anticipated financing

Mike Rispoli

Yes. Not time, at this Jade.

the business capital our bidder, talk about our to think, for when we'll and plays we I the winning plans for the that happens. if just have see how bankruptcy plans business, allocation the out. and If for are we certainly

Operator

Our Please question with next James. comes O'Shaughnessy go Raymond Patrick ahead. from

Patrick O'Shaughnessy

particularly your the update Barry, get can expected in on expansion, I we Newmark's was in improvement thoughts an if curious, regarding light international liquidity? of

Barry Gosin

is one Obviously, whitespace. big that

Frank with positions Knight global on relationship to for We We GCS. raising in platform a do have our have execute capital.

around Dubai, foreign capital a good raising have We have around ours. the where we that done specifically really we offices are job globe have offices in other

working every investors the we're still So, that as whitespace throughout all each in a and establishing job Americas, and have done on taking foreign looking And mean, we're we're we opportunities. need to. of good world. day. we we've I And at the the ourselves pretty things with

Patrick O'Shaughnessy

transactional Got XXXX, as about thinking it. a obviously, And businesses. you’re you’ve more provided on outlook

you XXXX, and relative businesses, strength in the continued growth? in and consulting services, management about non-transactional As you're where you advisory perhaps thinking where expecting expecting some are and are

Barry Gosin

said Jeff all businesses what Look, our that together. work is of

of we our us in those U.S. person tax for that of itself if feeds one to grow. the person, valuation, we appraisal some all job good think appraisal, people we from with groups consulting, acquisitions. all by And it a food have and different appraisal kinds started one integrating done of multifamily as our good work -- really really team, In logistics, was all now team site incentives, investment and we Our workplace, work by as to debt, together, XXX selection, do in business, we opportunities much appraisal, of the things do those are hire strategy, our sales, hire. chain, on together, pretty supply well

provide want our consulting, So, works a But, it’s we'll to conjunction in have differentiated that, private management. services think with product, our to We services. fee activities, transactional to order opportunity. those it they of clients provide And have good continue well. to because them. for in property you to those the you value are have for expand want all to as also including do And --

Patrick O'Shaughnessy

then, one me. it. last Got And from

That's the Your of in pace the drew few over XXXX, you years. bit above think portfolio you servicing going to to a growth or servicing do a the XX% last you typical the little expect Would that forward low-double-digit moderate grow portfolio rate? can continue XXXX. in at high-single-digit,

Mike Rispoli

share XXXX to will in week. some XXXX, our the it more GSE was in said that, based ability year-after-year grow last at look Obviously, caps. market commentary It from Having than be proven in slightly on the restrictive space. FHFA we've

to outperform servicing expectation And is that portfolio same place. so, grow the and continue generally the at our we'll the market

Operator

to like for concludes Gosin would question-and-answer Barry closing back over This session. I conference our the turn remarks. to any

Barry Gosin

quarterly seeing at look from to forward call. for this everyone you. next thank like call. our hearing to Thank or And joining you I'd you we

Operator

for The today's Thank conference presentation. you has not concluded. attending

disconnect. now may You

Newmark (NMRK) 18 Feb 212020 Q4 Earnings call transcript