- Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to the Newmark Group Second Quarter 2022 Financial Results Call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation. [Operator instructions].

As a reminder, this conference is being recorded. pleasure Relations. your my Head Jason now Investor of is to host, introduce McGruder, It Jason. you, Thank

You may begin.

Jason McGruder

Thank operator, you, and good morning.

Newmark results unless press XX, XXXX these quarter otherwise to the XXXX stated. a compare the ending today's third The summarizing September months on morning. results issued presentation this year only provided call with three release its and results financial earlier period,

how, terms only include referring release and to management updated earnings in stated. our on call a to terms, non-GAAP when be this otherwise section non-GAAP of of will definitions EBITDA. We These for why adjusted these the on non-GAAP adjusted and the them. and and/or Please items uses unless basis, GAAP results corresponding any reconciliation the see complete press today's results

the change company same as price. employee flow assumes in with results the loan well GAAP the figures respect our net by the discussed refer of Equity metric stock to quarterly results are excluding Cash our the Securities operating also reason. available acquisitions presentation. on law, of share cash today's formal required provided within cash statements on update that goals tables XXXX on from material call to and the sales, this do as forward about no operational amended. as changes business and Exchange factors. with other from for our facts, The targets today's with no that XXXX of to to Such also looking the release, assume the information call business and information and statements considered origination press Except same based undertakes These by and meaningful impact Event. Any of excluding is None obligation outlook XXXX producers. on Act Section in various loans and involve change statements. flow political, activities, the by amended as the call for should Securities Section XXXX Additional I acquisitions. Newmark you are of discussed They non-GAAP to of to as cash Act today's macroeconomic, remind subject respect XXXX XX-E non-historical our forward-looking the on targets and or meaning Excel are guidance. supplemental through subject social, operations website repurchases risks are XX-A financial any expectations uncertainties.

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

Barry Gosin

of global Financial our thank volumes. morning has and The joining Officer, rapid Day; Chief transaction interest us. Chief for impacted Strategy rates Chief Revenue Lou Good rise Jeff Officer, me are Mike Officer, Newmark's Rispoli; today and With our Alvarado. materially you

total our This confusion XX%. and regarding market expectations stellar As a revenues result, respect pricing. with declined environment to has created buyer by

adjusted cap while diversified to we We until year rates to due to flow, our and business in our for expected variable by servicing rates lower next continue strong into services, cost structure. services. as fees, XX%, continue streams interest other continued servicing EBITDA and Fee volumes decline global growth by and corporate as workspace improvements in and revenue solid We volumes well well cash management flexible increased and and led revenues stabilize. anticipate generate

We cycle. the grow throughout expect revenue recurring these businesses to

leasing office Office C. active Class was commands this industrial stronger markets areas. A during activity office metro all produce to offset Class nearly core leasing and retail quarter, volumes. and Sunbelt the regions in In space more we by Class remains growing traditional the a the compared in B to While lower premium

clients, underutilized our with clients. collaborating properties for office, to opportunities actively returns are commercial improved or lodging. for Fannie and maximizing repurpose mortgage identifying and differentiate Revenues originations and mortgage professionals industrial brokerage Mae in Our year-over-year for

commercial most they were sales for and were Debt-driven retail in affected. all performed activities new markets particularly were office were However, $XXX are strong over billion no industry Investment impacted debt of back deployed industry. comparatively for next $X.X have types to be better. longer US of global volumes down offset years, and with trillion real areas. transactions over to once rates five entire bounce by other and expect maturing reduced rising relatively the waiting volumes the the property stabilized. sector multifamily capital interest and With quickly estate Multifamily institutional we

cash cash our fundamentals. and under experienced of term doubled generating challenging market a and growth has than of improving while flow it flow Newmark XXXX, IPO our $X.X its adjusted from $X.X We operations Since and NASDAQ. have generating have in from track record doubled strong conditions revenues billion more and long EBITDA, billion

investment has last billion also our We're four to now five to with steadily three number shareholders, gained reduced and We in $X.X continue year in and of compared net in number business. invest nearly XX% sales the our capital The XXXX. number market nearly leverage US returned by company share.

have driven the We most gains. added continuously their share industry challenged have our productivity, market has the which in grown professionals

plan. execute industry our low scale, leaves with great service in our capitalized well Newmark. to see consolidate Our continues strong well invest $XXX together us revolving and cash around million XXXX as as full positioned to like facility, credit the flow, We leverage meaningful providers opportunities growth we

capital opportunities to for our turn management our the I'm footprint, asset call that, growth clients, happy our raising and With international over include our and services. management expanding servicing expanding Additional Mike. growing platform, to

Mike Rispoli

decreased were activity, or million XX.X% over $XXX.X XX.X% Barry morning. lower Expenses with industry-wide variable. the our down revenues by expenses are million Thank declining to XX% volumes $XX.X investment our good as and and compared you, Against of of backdrop $XXX.X million. sales origination

of We are by $XX targeting we million next to cost of XXXX. which year, expect end fixed in realize $XX of savings million the

adjusted EBITDA was million. revenue. market's was earnings; capital The due decline $XXX.X lower to to $XXX.X versus million Turning largely

Our context, this quarter $X.XX last year's $X.XX compared was best put EPS To were in for third year. company. with the earnings last ever the

quarter's third our ahead ever, XXXX. quarter This was second $X.XX of best and $X.XX

year repurchased weighted we quarter, quarterly shares share. the year. by per on This our During XX.X share for $XX.XX million average X.X% count reduced

change capital. value purchases, XXXX from financial acquisitions of balance the strong with offset $XXX.X re remain a $XXX.X with the very reflects million, normal from and leverage share of in XXXX working for cash million to third liquidity from of by used the for in sheet, cash changes in net at and operations times. million flows cash cash in We end million NASDAQ and ended position $XXX.X December, Moving change of equivalence. $XX.X year The X.X million, we quarter cash $XX.X

guidance to decline XXXX. Turning industry-wide year anticipated XXXX we transactions in capital to the year-on-year full in second markets guidance, primarily XXXX, lowering due of compared the with are half

with $X.X versus billion. We anticipate billion expect total $XXX.X million of of $XXX We $XXX EBITDA revenues million. adjusted million and $X,XXX.X $X.X billion and between between compared

be our target average net expected net count to IPO, an is We year a approximately with expect weighted tax by since count our share rate declined to to and of we or Consistent issuance, the adjusted X% earnings less. compared share $XXX anticipate with XX%, with our X% issuance XX.X% be X% compared million. average

our on We diversified earnings. have Page Investor business included our an drive our model components of that that of Presentation illustrative XX demonstrates the

adjusted model hypothetical this only. the With providing for generates not questions. strong understand even to conditions, guidance are We market in is to call that Operator? help that, like shown and illustrative This is EBITDA. model challenging Newmark's I'd for business you open purposes

Operator

now a you. Thank question-and-answer instructions] will conducting We be [Operator session.

Our is your proceed with from Sachs. Goldman first Chandni question Please with question. Luthra

Chandni Luthra

Thank Hi, my for good team. morning taking you question.

bigger I do get for guys highlighted the slides. how revenue that should you've margins understand, kind XX% respectively. helpful a get role obviously you EBITDA Obviously organic growth growth? you segments do think and versus we a And organic growth of as meet but and to of very growth there? out M&A now target, you initially So growth They're see help there? role laid What plans how and and bigger track us you around on we had you're do your XXXX with that thank you play inorganic see

Mike Rispoli

question. the for thanks Sure.

we We our organic that opportunities and that goals. growth certainly acquisitions can across and achievable targets both I believe always believe and that our and still one see for every are in included think internationally. we the US growth of both XXXX we in businesses, those through inorganic and are our grow that that

coming activity maturities to while -- of of real up that where so few billion and in next once, $XXX some estate, $X.X activity the invest pause understanding as all that capital in up. said, with pricing we back there we think commercial pick interest temporary a debt the start trillion be to And is, there's see of over Barry may years, or some in rates continues will decline and stabilization

Barry Gosin

question, add intermediary. me Without to that. Let an are we

you spreads said is interest first categories with rate market, for are rates trading because will are Once when have are spent once sheet a firm of when in and will the rising people in certain banks I when transactions, are not between last set, position all I We of confusion, of estate, rates clean interest a respect rising, and markets the month. rates and start when are rates money period is again. Having is a point that, and we've we not They're are lend. real In stable the companies the enormously interest several respect attended adjustment. there's some good during gratifying. like just two that's nature acquired to determined, international in we've There's but that the And spreads interest there's the of which uncertainty always good question cap and in exactly reception ours delta lot in is that market, The is by fully the aspirations a us. our this a there. which UK. out of Europe of that rates settle not at of to buyers in business tell those and the driven for weeks lending settle trading the down. in will not cap rodeo in and determined, not growth, the sellers discovery

the in bit market So actually for of a is of there's us. adjustment respect a good little opportunities where

-- in to to to and in opportunity it and explore I think respects. put we're many an unleash will change professionals many as want will seeing that to want it be a position

Chandni Luthra

that an in this present Barry, were table be the increasing helpful. super if -- would leverage to think market on deal That's you would leverage your opportunistic itself?

Barry Gosin

DNA of The our major about bringing and people. concentrated on presented something if Doing company that anything for talented of mostly tuck-ins, ourselves, We've best bolt-ons an friction at provides talent enormous obviously large amount teams, in presents conflict. in a and the is look we'll acquisition itself.

So us. it's good large success for tuck teams, much talented We've had people. bolt-ons, more ins, really complicated with

Our and world. enable with help objective talent, empower them what's the information bring US the the the and deepest markets and certainly the best them in join, of is capital to infrastructure and rest bench,

So, all to $XXX globe, out finish thoughtful your more. globe. the you people all careful together the the go day, synergistic. the when because together have of around working create million and and a -- great easy back we end machine it’s in very work you powder to works the and when to we're itself the plumbing all want at to the be are to the it and We And throughout distribution It's easier, well, of dry but purchases liquidity. answer question, our need

Chandni Luthra

more for about Could maturity question it. revenues give debt renewals Got you large about current of leasing? And perhaps office my that color lot mentioned office You've leasing the due. a think with should in of X%, you driver office a state next the past year us we on talked there coming potentially leasing being be and as second down there. transactions

of reality recession contextualize how that, the a we should next especially So all year? in

Barry Gosin

the $X.X to with refinance debt respect maturity, debt markets. building. of the People capital is of their to the regardless state trillion Well, maturity of have

feed state three office look will been people be So -- to populations just prior. was product and office, to B&C companies concierge. Without one say will market. the not evidence expensive it's diminishes that With many And People days in little have markets, that question it I that to buildings what the like. to for demand. there's in than will market, less thing need older tremendous respect days, be B&C going office. question, will different an any very be a it's build be still demand in then, that's going isn't is not conversions without of should market will the between it's good going for four of But, office. And it's And the If some There supply gathering on as itself. as get of and still grow increases, a that will large. the and inflationary could renovate. to suitable repurposing the or there's be be to delta week,

it'll actually the of and between a these very be build cost So could it's rent. $X,XXX because going B&C some $X,XXX to and bring buildings a expensive building up to markets in new foot, to

create to less as So demand supply actually it's comes back. going

Chandni Luthra

you for Thank that.

Operator

you. Thank

proceed Sandler. Piper Our comes next with your question with Alexander question. Goldfarb from Please

Alexander Goldfarb

there. good morning Hey, down morning,

few questions. a So just

just with office, leasing accounting there's or services far the having professional certain functions you meaning home. some people work that what on Barry, chatter leasing front office, seeing guys back from top like First trends, or IT, those as are tier continuing maybe or the companies as even like

space generic different growing? Are sense to sunbelt? assessing current So there. same certainly as to all you to premium trying go what trying to are becomes to needs? their they cheese? to sort all needs. assess at mean parter hear And willing for shrinking or two on your Are how I see So time, a the Class they they a Are footprints? does the new Swiss the of older move are their for people Just stock people a construction, get clients new you but flight that seeing offices, it's A, the for more pay more we

Barry Gosin

the and rent cast in certain $XXX the rented. Soho types stock. numbers rental where in iron There converted in $XX, of like buildings on and class foot, There product. a depends to older they're be It and demand $XX square are buildings first There's suited. are places a they're for markets over could

want a to part to they've who met big don't term, long virtual a who never companies, their So see it employees office people I not be what were the evidence I and how to have change come want come the some that productivity are a the employees I certain if are people that work to back total businesses, I'm who so many There office, But on and There's going formation in into their that somewhat. CEOs think something really CEOs want and is are sustainable. the but, young fellow to of office. in effect advantages be of the company, gone in for still they that's depends never to in are not the anybody been believer being on a going office. office. in in works, between to the in that's product not the as think the there else equilibrium to will as people an lots know recession, environment.

still socialization, need form growth, trade the learn nuances in are the trade the I the office. to some a that built, to the in going of to relationships be of and how everybody and think you're is

Alexander Goldfarb

segment seem office what like about or where, But some whether IT. there now people, their in work like Lou are home front the you is with you're but saying or they number organization a to of working We've It can consolidation functions? the customers. curious more their everyone seeing a right, or just companies need I'm in of Barry, it's function your have from are spoken speak assessing. part where office, it accounting the you and Do does they're from REITs as guys of and employees what companies, are is back others they of home? clients yes, seems certain

Lou Alvarado

Look, what So transactions, we've some seen they've where Alex, expanded, shrunk. is some Lou. they and recent this we've seen some where renewals

when chase back. space, to quality. really get their we So I for order leaves think, a definitely in it Barry And quality, it's say as right? said, employees amenitized

tend the other And buildings. high thing teens. track percentage before into the people there's end an the the getting is The we were in are in occupancy XXs how when we're the We seen we've increasing XXs, since now been to in buildings. summer, low of many

they going Tuesday, and it Barry Wednesday, that a mean there's need Fridays. It's doesn't space. on different, a it's -- kind definitely, says, Thursday you just be don't That on going be if trend. look when to activity they at So we Mondays on the quiet track as of to need Tuesday, Thursday. Wednesday, today, of But means lot is

much a space, in a mode in that not that said, work not having meeting the what think we're think change have density, think through creating to space sometimes A have in collaborative is I that make in the right the are the I But shrink. seeing to change where I it's -- which the So we're is and now. areas final still still space. progress. more touch ability decision to people people working but ones decisions renewals are we're renewed

Alexander Goldfarb

Okay.

on proceeds. less to that mortgage slowing, or business. but that's question assume, it's primarily leads and time, almost Clearly entirely originations rates up. mortgage is refinancing at activity certainly, impact would positive the got the same market mortgage is I capital if Next going to maybe LTV and multifamily,

pause can general give next sort business see the capital that's given on on the you gone So months over just XX to the update business. markets how of an X in mortgage you the obviously

Jeff Day

Sure.

and business. there lenders GSE have potentially the exclusively that is We while about XX, where multifamily so almost situations, at brokers, able volume a deal, shines is or wouldn't say transactions But talent you're are than investment like almost they're Fannie the banker people and lot, finance of of stressed creativity when particularly business, attracted XX structures do May, XX, strategy And significant more in perhaps creating process. XXX I in recent would the this I multifamily. other component perform less First, our that which in on. to running than could more higher-margin normal is important, in broker we that a that attracted wouldn't and a the that be bankers mortgage bring average the this, we've and really is we've like a really Barry and of environment out this characterize talks are the a types cycle

that would have going share that rates robust think say to of people interest business. I of they GSE out, out have activity. So what I get such that because that's disproportionate and activity the also we're a they until we would decrease see I with we is in we're because a where But going believe that settle are the a there to

Alexander Goldfarb

The question still Okay. we is, cap below final financing costs. Barry, now, rates negative right have

that cap do their aware years can underwrite I leverage? as long tolerate rates think long before go negative as positive pro are view maybe negative of you are forma than negative lot Meaning, you of think they a leverage? most it sustainability is we're all people X leverage How buyers think. how to do stickier willing the Or

Barry Gosin

renew It's going the banks more lenders there out cash lot there's loans that the want equity to a transactions, these into will to in -- of require more with extend loans. some that don't

and And involved equity, view their of where long-term loans, transactions be of buy lot down forms have seeing their function a revise reach their that lot opportunity in everything We're to a more an other There on the creative replacement for to owners equity, be to that. on and pref loans. extend people. of in That going be value thought that the development more the is. appetite The a restructure more will like think then opportunity loans, be an the of a for require their capital market. buyers. capital, and deal. larger are will is respect some there'll cash clients some we're of now, I opportunity of based that's will It of rescue an how

years. get cash they long And don't it's demand negative in you were asset. increase, interest is where develop will because It to your leverage, is about you and the believe to any an if X% asset they there's building, you where have a around. flow point a but environments there's long-term competition, if carry So priced how they for right rates and get opportunity will going market asset that X% want to lived less and an adjust. own to We've take

but really years, right accept some will to XX ended I they're would real reset. are in interest a -- willing There was. settled what people surprises market And mean, worse we know buying, who widen delta, it there's the I before. we same in We -- it's the really hell, There's to be interest understand much to talent, invest. came of low. like sellers troubled attracted the reduce periods some the the workout would it remain have it be when like we some way look the nature from think little out pandemic now spreads we of came rates out we've the they're of creative. the and is, of means time will environment, inside been we've long-term going turns rates the willing For run, people than compression. functioning of in because through it cap created believe that up long I year the over longer the rate, in higher really lot abnormally price market be term the higher know and pandemic, were people is it to might estate and once pandemic and XX%. buyers a XX-year could to -- than high, way rates the interest the could the there's being a the the this loaded interest will seeing we're say good what the capital in it some out have of real the activity a Once a if down And of a the more that was In of out. because buying rate, and closer willing because respects, us. some reset. be their bat be thing cap bigger another capitulation. feeling who And our stuff, people turn same last they're cap a -- more, get it, on the bat over to in are run the come everything some of that did been will trading, it pay estate the We're of everything, desire are and disconnect interest. and way to are people availability a going out invest. you'll out And remember of this catalyzing predicted starts price rates hell the how We bit question people rate

we're So here. We're an intermediary.

very We risk. have little

business you, hypothetical I that at the what we think sell that it on are. model, the our if focus looks the model, you look model and risks at

with is scenario cash our X.X. back our -- and with, settle, like it downside, grown on our solid as flow very are upside. transparent hypothetical incredible in will the our of with scenario, in amount -- cap We We've a come when hypothetical business. higher in We I a said, we really will even a the -- are talent beta the company rates an at look

release. in So put in scenarios downside the we the that

Operator

Jade KBW. with proceed question. from comes Rahmani question next Please Our with Instructions] [Operator your

Jade Rahmani

million cash the liquidity right? should and adding million. $XXX the it undrawn Just revolver, wanted to of liquidity be We taking So goal. to is $XXX the confirm

Mike Rispoli

a Yes, business capital revolver, plus the in we that's the our to billion undrawn we'll absolutely of and right, $X continue hand business invest believe shareholders. take generate if have still deck And you cash even cash to we the the the in where slide have from Jade. we we slide plus return on to show capital

Jade Rahmani

Okay. your you to an to that's markets Interesting to in informs comments, volumes. that And What decline. capital with respect just say expect note Great. that extended of period expectation? chose you

Barry Gosin

have said couldn't on overzealous determine the predict pandemic. so I people tell the the will will We we it's to start at you quicker. interest hand. My to they hard has banks the decide say And Ukraine. the at when completely. will don't something mean decide predict anybody want we guided. shorter, under think when stop based -- they me when rates. times were knowledge answer personal turn thing But lending. have the couldn't And We It's belief it we I We Jade, if exactly is raising right we Fed

I think around getting it's to inflation. arms subject

That's the have which We up, drive coming it attack of how inflation, transactional Interest aggressive determine. on election an could rates business. one gets just driving that aggressive no is volume. just nature our

Jade Rahmani

did Right. That decline, began makes And that? to see XX% conservative business before the the things down sense, kind you and volumes begin a really approach. was noted Americas did year-on-year. that September I appreciate same when worsen to of trend? Or

Mike Rispoli

started before it bit we a September. Jade, for see I'd Yes, little to say us,

August, to slow as to into of accelerated in So August early December. started mid- we got part certainly the and it

Jade Rahmani

XXXX quarter? lower far trending hypothetical in X/X What And less seeing quarter? leasing. shortfall to leasing is scenario how the in leasing the so could of of any expect? translate know decline reasonable to to you markets give shows in fourth is thus or as But illustration far that color the are I the you magnitude declines capital in

Mike Rispoli

model, of the of was that. XX%, Yes. modeled maybe if neighborhood be down you say off our expect at the And would we QX in that so months, trailing neighborhood. more XX hythetical than think, a little down would where the down I XX% bit it to I look somewhere leasing we in to to somewhere

Barry Gosin

like. the of a we what X with that had office also office the confusion years about leasing not great should You note market market looks

and So like bottom. bridge of going to There's off where CEOs a we're of look what office kind the be should the of and there's a point understanding. working gap complete a employees different

clients better. more home. at get could around skepticism that's want in mean, job what see a on a I that to my into more in but boss. in at to We're impact change. I conduct of, certain in that loss front I you their to it respect We're amount said. the I Garden, business. people going don't Square willing fear do. better with better productivity. be come arms to the office. CEOs seeing seeing the need I And of Lou get little theater, There seeing what a better. When they go as get we're Being people of the as think restaurants, to puts bit to Eventually, hey, way to of some some working need be together economics and back is to really was are Madison they're office, change

of that's part And beating that to we're years. been working X but of a base taking has a some the off evolution, going be for

Jade Rahmani

Just the The there? finally, 'XX from XX% adjusted rate 'XX else Any to tax at rate changes or technical -- to what -- share or now drove previously. tax a question. anything count

Mike Rispoli

back million. stock the bought more third $XXX little We quarter. in a over bought We back

it I was around XX think million shares.

guidance, would it's at So the at even Barry above year. midpoint XXXX I you of And our Xx obviously that below trading even model, think EBITDA. mentioned our still what's the hypothetical new if expectations drive we're interesting, down And our Xx. had adjusted look for

about think I it's X.Xx.

that's stock is and why us the investment, So we seen great to still continue buy think back. you've a

Operator

O'Shaughnessy Patrick Our James. proceed with from is next question. your Please question Raymond with

Patrick O'Shaughnessy

really before to is the step Or to might sector, office that you've how that out this waiting rents fall far are to just in buyers spoken interest volatility to see and willing the it rate they're already vacancy In we're weighing in? call? what extent

Barry Gosin

waiting interest mostly for volatility. I think the rate they're

around a advantage industry I sellers want disruption promotes we'll of to next move in not have also on that sell and the values to their capture sell. about take excited lot their of funds are returns. and probably the the to as think aware that better of funds There's the

So there's the leaning be that going of to that some create out will activity. of market

Patrick O'Shaughnessy

hearing And Got great. it. the commerce. can of warehouse bit And more industrial yesterday reported online slowdown a terms Amazon in of that sector imports and get commentary all kind and little wasn't Obviously, it just and a then on we

you are there in industrial So warehouse out what the seeing space?

Barry Gosin

their in of formation remember is -- And is of high-end for terms as of lot retail brands is own well chain past, a them capabilities the embedded and looking of there interesting their logistics into could then XPLs distribution brands company be as the doing in -- new not retail. as to a around like their So There globe the High Street system buying the own I from to own -- entering as subsequently and Amazon. and on are another create so many their supply different of

seeing you're think that more I of activity. kind of So formation

it of And an inventories aspect some seeing But and of of of making down other develop near-shoring things you'll of stepping closer Amazon loaded with those that lot the and You affect to in of sales, opportunities kind up and decisions. amount some are desire and a Interest see to a -- not inventories is industrial markets. product. still home, reflate. warehouse cost I really sales get manufacture fewer a the how there's that more up people have to and probably think of still on will a some and to lot load logistics, lot and has has the we're There's of and rates demand. slowed but do picking there frictional shipment things not of built,

Patrick O'Shaughnessy

that appreciate A to voting Got one it. can Curious four your last And three the we me. of get recently. I if color. director nominees for then shareholders Class reaction against

Barry Gosin

Yes.

it a time. make had stronger certainly, we'll we over and we look Shareholder all think Meeting the and and directors Annual board, renewed, I strong to to think we were the have continue

Operator

further questions closing at over like any would comments. this floor Barry now I Mr. turn CEO, for There no Gosin, to to are time. the

Barry Gosin

thank on business quarter. you for all today, to the we like us I'd next updating look joining you and forward to

Operator

conference. today's concludes This

Thank your at for You time. this may you your participation. lines disconnect

Newmark (NMRK) 28 Oct 222022 Q3 Earnings call transcript