While capital markets revenues fell, we outperformed industry investment sales volumes, as measured by real capital analytics. Management services, servicing fees and other declined by 6.1% due to lower interest income on escrow balances and yield maintenance fees in the company servicing business. Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Excess Space Retail Services, Inc., and Berkeley Point are trademarks/service marks, and/or registered trademarks/service marks and/or service marks of Newmark Group, Inc. and/or its affiliates. Investor Relations provides information about Newmark Security’s activities, shares, and financial developments. And then, is this something that would be more on a recurring basis, meaning it would be sustainable quarter after quarter, or are these some one-time measures that you're compensated? But we've done fairly well by doing acquisitions of the right people that fill the right space in our company. Prior to joining Newmark Knight Frank, he was a senior financial analyst at Cushman & Wakefield where his responsibilities included proforma analysis, acquisitions underwriting, lease comparison analysis, market research and investor relations. Your next question comes from Patrick O'Shaughnessy with Raymond James. So it's not -- we're not -- it's not too distant before we see 40% to 50%. Good morning, and thanks for joining us. But what are you thinking about that right now? And if we think we needed the capital, we could certainly go that route. In the third quarter, our revenues were down 25.7% due to the impact of the pandemic on industry volumes. [Operator Instructions]. We're also -- there's lots of people who wanna jump on the bandwagon. Investors Home; About Newmark. We are focused on growth in businesses with solid margins and recurring revenue, such as global corporate services, property management, and valuation advisory. And then last one for me, so your leasing revenues were down, I think it was 46% year-over-year. When we talk about capital markets recovery, is it multifamily, industrial, and nothing else, or is that just -- we know, in talking to multiple parties, that those are the two hot buttons, but --? I think you'll see it in our deck. Newmark Group, Inc. (NASDAQ:NMRK)Q3 2020 Earnings CallNov 5, 2020, 10:00 a.m. And Jade, I would add -- sorry. BGC spun-off its former subsidiary Newmark Group, Inc. (NASDAQ: NMRK) (“Newmark”). Investor Relations. Turning to our earnings. I would say it's a little -- it's just really some timing, some geographic mix. And then on the strength in multifamily and in industrial, can you call out maybe some of the regions where you're seeing particular strength in multifamily and industrial, or was that pretty broad-based across the entire footprint? With respect to our capital return policy, we plan to update you on our next quarterly conference call. Do you expect similar incremental margin to what you laid out in decremental margin a few quarters ago in the deck? Good morning. Great, thank you. This concludes our question-and-answer session. You can sign up for additional subscriptions at any time. Together with London-based partner Knight Frank and The question is, what's the impact on -- and what is the productivity slippage in respect of not being in the office and relying on remote working? While we are not providing specific revenue or earnings guidance for 2020 due to continuing market uncertainty, we expect U.S. capital markets volumes to continue their sequential improvement, led by strength in multifamily and GSE originations. Shareholder Information. So, we're continuing to look at that. Please go ahead. Newmark Group has relationships with many of the world's largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. So that takes your tangible book value up to $3.75 or $4.00 a share, it's -- to be precise, it's $3.77. So we believe in talent, that is without question, that is not gonna change. So it remains to be a pretty substantial off-balance sheet asset for us. Year-to-date, we have gained approximately 50 basis points of market share in GSE. But the opportunity to design your business in the midst of a trough is one of those opportunities that you can take advantage of, and use it for the long-term sort of benefit of the company. It's looking like investment sales for the year could be down 40% to 50% from the average over the last five years, which would imply a strong double-digit CAGR in the business once growth resumes. As you look at Newmark's overall valuation, it's market capitalization, it's total enterprise value, and think about potential opportunities to enhance value for all stakeholders, what are the biggest opportunities? Yeah, thanks. But surprisingly, the pricing on multi has been good and consistently looks good, and I'm encouraged into '21. We're obviously thinking about it a lot internally. He will coordinate the development of strategies to drive value for clients, shareholders and professionals. I have a couple this morning, if I could. Hey, good morning. We don't -- we're not as pessimistic as some of our peers. Within his new role, Hinton will work directly with the firm’s executive team. We just announced -- I mean, you saw $1.5 billion sale for a portfolio of self-storage. Those are, as we mentioned, those are areas that we feel we can grow from 25% of our revenue to 33% of our revenue. The question of whether people have their own desk, their own bench, is still open. I don't expect any change. Do you have any thoughts around larger scale M&A or merger of equal type transactions? And can you give a range of maybe what might be reasonable to expect in terms of growth parameters? On October '19, we unveiled our new brand, Newmark, which reflects the organization that we've become, a world leader in commercial real estate services on the forefront of industry trends. global perspective and a nimble approach. NewMarket Corporation. Okay. And as you can see, we've done a really good job maintaining our leverage, mainly because we started from a very low leverage coming into the pandemic. Newmark offers a diverse array of integrated services and products designed to meet the full needs of both real estate investors/owners and occupiers. How does that factor into the equation? Please go ahead.? Just a few questions here. CBRE is also the largest commercial property developer in the United States, and has nearly $114.5B of Assets Under Management within our Global Investors business. Cantor Fitzgerald. Yeah. Turning to our expectations for the fourth quarter. Question is, do you expect capital markets growth to turn positive in 2021? And if the alternative met itself, then they're gonna go to the market with that. It's pretty consistent. The Investor Relations website contains information about Newpark Resources, Inc.'s business for stockholders, potential investors, and financial analysts. Can you provide some color on your non-transactional revenue during the quarter? There is -- we're already seeing an enormous amount of activity on the multi-space, the industrial, the data centers, life science, etc., so some of that is coming back. We maintain our global reach through our partnership with Knight Frank, augmented by our international capital markets and global fundraising capabilities. So, it's encouraging to watch. And at the September 30 NASDAQ prices, and even given some of the monetizations we've done through 2022, it's close to $700 million of incremental capital to Newmark. We think earnings will be sequentially better in the fourth quarter when you take out the other income in the third quarter. So we have a very, very strong bench in the alternative: senior housing, self-storage, student housing, manufactured housing, data side, data and life science. Any outlook discussed on today's call assumes no material acquisitions, share repurchases, or meaningful changes in the company's stock price. We may also refer to adjusted EBITDA. I will now turn the call over to Jason Harbes, VP of Investor Relations. The two-year window for the spin-off ends on November 30. We will be referring to our results on this call only on an adjusted earnings basis unless otherwise stated. We kinda consider ourselves more in the Navy Seal category. But we believe that ultimately, the business is moving toward a densification that overshot the mark. Investor Relations Newmark is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. 2021, I think it's a little too early to really project that at this point, but we'll try and give you more color as we get into 2021. And it sounds like things are, as you said, getting better as far as certainly, capital markets, everyone loves industrial and multifamily. Investor Relations Hotline. Thank you, Lou. But we believe that CEOs are going to want to bring their office workers back to the office, better monitoring and more productivity. NEW YORK – Newmark Group Co. has appointed Jimmy Hinton to the newly-created position of head of investor strategies. I'll take the multi, and Lou can comment on industrial. Yeah. Your next question comes from Jade Rahmani with KBW. I would now like to turn the call back to Barry.? In addition to that, we'll get the NASDAQ shares, which, at September 30, are worth an additional $28 million. And -- so there are alternatives, and some of the investors who've been reticent on office or turning to other forms of investing. Alexander Goldfarb -- Sandler O'Neill -- Analyst. Investor Relations. What should we be thinking about? (804)788-5555. e-mail: Investor Relations. Michael Funk -- Bank of America -- Analyst. But still, at the end of the day, this is -- we're in the middle of the pandemic. Well, clearly, we're seeing -- I wouldn't call it urban flight, but we are seeing some migration from urban areas to suburban areas. ... Jason Harbes-- Head of Investor Relations… Investor Relations Global Contacts Newmark Group Inc Class A NMRK Morningstar Rating Rating as of Dec 21, 2020. Thank you for the question. Newmark is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. And then just keeping on the multifamily and industrial theme, is there enough inventory, either, I guess, broadly in industrial or kind of the Sunbelt, more suburban market or multifamily, to maintain the velocity in those business lines, or do we need to see a pickup in some of the other more traditional property types like office to either maintain or show improving revenue in sales in 2021? We expect leasing activity to remain challenged through the end of the pandemic as clients continue to defer long-term decision making. Sure. Luis Alvarado -- Chief Revenue Officer and East Region Market Leader. There are continued restrictions around the two-year window. Look, we have a good runway. Investor relations. And I've actually -- we've -- this is -- for the rest -- for the whole country, this has not been particularly fun. And so that's just been very, very consistent across all markets across the country. I think that we're considering and internally discussing how we're gonna best serve our shareholders with respect to the use of our capital, which could include all of the above. We've also -- in the last quarter, we've hired 30 industrial brokers. No, I think we can continue to generate cash flows from the business. And we're very pleased with the velocity of sale transactions and the contribution of low interest rates has really helped us there. You said for the full year 2020, it will be down 50%. We expect our support and operational expenses to increase sequentially, consistent with an overall increase in activity. In partnering with the company’s research, technology, investor Please go ahead. On the next call, I guess you're gonna outline some things that you may do. And because we retain the upside, the earn-out will generate $28 million of additional liquidity based on NASDAQ's September 30 closing price. Looking forward, we have a strong pipeline of lease renewals and corporate mandates, which we expect to reengage as the pandemic abates. Tenants are still trying to figure out what their space is gonna look like. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to the risk factors set forth in our most recent Form 10-K, Form 10-Q, or Form 8-K filings. We appreciate … I know there's always a -- there's not only the shares you haven't contracted to sell at a rate, plus there's the upside on the contracted rate. And that's that -- and we have a pretty good industrial team that we inherited going as far back as [Indecipherable], which had a big industrial base, certainly on the West Coast. The second question is, Mike, appreciate the comments on the $62 million of cash flow in the quarter. If you buy back stock, it's obviously gonna be incremental to earnings, given where your shares are valued, but it will erode tangible book value. The platform we have built positions us to outperform as the markets recover. Capital markets revenues, including gains from mortgage banking, were down 19.8%. Skip to main navigation Safe Harbor Statement. And we'll see how things play out over the next month or so, and we will provide a lot more detail on our capital return policy, whether it's dividends or stock buybacks, and how we think about allocation of capital in general. But as soon as that discovery per se is there. Patrick O'Shaughnessy -- Raymond James -- Analyst. Moving on to expenses. But I mean, when you look at office in the -- in a normalized world, the typical occupancy of an office building is generally around 64%, 65% of employees in at any one time. ... 10 stocks we like better than Newmark Group, Inc. Join to Connect. We think, where we are now, as we're in office, it's gonna get better. The results provided on today's call compare only the third quarter of 2020 with the year earlier period. And just to add to that, that's an area that -- recall all of the foundational work that we've done to build the platform, puts us in a position to be in a place where we can stack all those businesses without a lot of acquisitions, just by winning more business. As we stay focused on our working capital, we think that we continue to generate significant cash flow from the business. And certainly CEOs, if they can reduce their cost in real estate, of course they will. But should we need more, NASDAQ monetization is always an option. Sure. Adjusted earnings per share were $0.44, down 27.2%, and adjusted EBITDA was $152.1 million, down 25.2%. Jeff, I'll let you address valuations. What is -- what's the impact of remote working? Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Excess Space Retail Services, Inc., and Berkeley Point are trademarks/service marks, and/or registered trademarks/service marks and/or service marks of Newmark Group, Inc. and/or its affiliates. You must click the link in the email to activate your subscription. We've done a really good job around our working capital management. So there is a significant amount of low interest rates. Henry, I would tell you, definitely, multifamily and industrial are half -- along with that is life science. Total cash and cash equivalents were $273 million. This compares to earnings of … I'm extremely proud of our team. Okay. We see a lot of velocity from lenders that have portfolios that need to be revalued. Thanks very much. After submitting your information, you will receive an email. Your next question comes from Michael Funk with Bank of America. But Mike, just on that point, the balance sheet improvements that you took in the quarter that improved cash flow, are those all sustainable in that $62 million, or that $62 million was enhanced by those measures, in which case, we wanna start with a lower run rate? Thank you, Gary, and good morning. Newmark Group has relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. Are we going to see brokers sort of earning less because the tenants are taking more of it, or those trends have been pretty consistent, and therefore, we shouldn't really expect any change? Yeah, on the industrial side, I would say it's pretty consistent across the country. So Henry, if you remember, other than the 2020 tranche, which is now on our balance sheet, the remaining tranches through 2027 is off-balance sheet. Obviously, the cash flow from operations will depend on the earnings. The company's net debt to trailing 12-month adjusted EBITDA was 1.5 times. About Newmark Group, Inc. (Nasdaq: NMRK) Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a … Yes, Patrick, that's a great question. We've looked at specific areas to fill in white space to put members of the team on the field in things that help us on a holistic basis and create a multiplier. Sure. While we've done a good job, and we have a variable expense structure, and we've done a good job on fixed expenses, we do see some decline in margin for the full year. Multifamily, life sciences, and industrial should outperform the property types in the fourth quarter and into 2021. Investors. Our leasing revenues were down 46.1%. Michael J. Rispoli is Chief Financial Officer for Newmark Group, Inc. and Chief Financial Officer at Newmark & Company Real Estate, Inc. and Senior VP-Strategic Planning & Investor Relations … Okay, and then Barry, just one final question. Due to strong GSE originations, gains from mortgage banking increased 26.1%. So why are you not in a position to communicate your capital term plans to investors this quarter as opposed to next quarter? And subsequent to quarter end, we repaid an additional $100 million. And given sequential improvement in our earnings, we do expect continued cash flow generation in the fourth quarter. Newmark Group (NMRK) Surges: Stock Moves 5.8% Higher Newmark Group (NMRK) saw a big move last session, as its shares jumped nearly 6% on the day, amid huge volumes. Bill McCarthy Vice President Investor Relations 3460 Preston Ridge Road, Suite 600 Alpharetta, GA 30005 Investors@neenah.com Hey, good morning. Thank you very much. NEW YORK – Newmark Group Co. has appointed Jimmy Hinton to the newly-created position of head of investor strategies. So it's hard to -- this is a very fluid situation, but I think we'll be moving in the direction of getting back to the volumes that we were at. Additionally, for the full year 2020, we expect GAAP equity-based compensation and allocations of net income to decrease by approximately 50%. And I mean, there is a lot of development in industrial, which will create way more in -- way more inventory coming online for us, both on the leasing side and ultimately, the finance side and the sales side. And in areas where we typically, for example, in the Boston market, there's been substantial growth in the industrial, where in the past, that wasn't a heavy food group area. And just lastly, the comment around equity compensation on a GAAP basis, including allocations of net income. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. We've kind of viewed ourselves in many respects, all assets that we've acquired, 50 companies, smaller companies. Please go ahead. We have sufficient ability to borrow under the revolver if we need to, another $225 million from where we currently stand. And, as we said before, because we have a disproportionate concentration in Sunbelt states and suburban markets, we're actually seeing some markets where occupancies are increasing and rents are going up. So I think it's OK. Moving on to the balance sheet. Zacks Equity Research 10/07/2020 02:46 AM ET So that would imply a significant reduction in that line item year-over-year in the fourth quarter. Our integrated platform seamlessly powers every phase of owning or occupying a property. Newmark Group (NMRK) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.43 per share. So, thinking about fourth quarter and tying back to your comments on the expectation for transaction-based activity. That's a little bit worse than some of your publicly traded competitors who have already reported. And faster, I think that, that segment of the market -- capital markets piece of the business will probably come back sooner than some of the -- confusion in the office leasing will take a little longer. I'm trying to think about the business going forward. Please go ahead. Can you comment on M&A in the space? Newmark Security plc currently has 468,732,316 ordinary shares of 1 pence in issue. In 2019, Newmark generated revenues in excess of $2.2 billion. And it's a critical piece of getting people back to the offices and back to what we were before. And we're working with clients now that, as they repurpose, we're gonna be doing transactions, but it may not be retail. I'm now happy to turn the call over to our host, Barry Gosin, CEO of Newmark Group, Inc.? It's just at what price or what cost. So that's a really positive aspect for us. We issued our Third Quarter 2020 Financial Results Press Release and a presentation summarizing these results this morning. And we think we have a really still very good runway to do that. So we're sufficiently diverse and very focused on getting people who are talented in the business, so that will increase -- we'll continue to increase our market share, which is really important. Overview; FAQ; Fact Sheet; Investor Toolkit; Stock Information ... Newmark Group, Inc. Reports Third Quarter 2020 Financial Results. We have built a company that has remained strongly profitable during the quarter. But certainly, with the stock trading, where it is now, it is an attractive choice with respect to returning capital to investors. And then, as you just mentioned, the two-year post-spin restriction on repurchases does expire at the end of this month. Is that just a function of geographic mix? You can't build culture with everybody sitting at home. Newmark Group, Inc. (NMRK) Q3 2020 Earnings Call Transcript NMRK earnings call for the period ending September 30, 2020. NASDAQ commoditization is always an option. Yeah. We remain committed to achieving permanent reductions in our expense base through technology and process improvements, which will drive margin expansion as the markets recover. Newmark Group, Inc. provides commercial real estate services in the United States and internationally. Description. We have very active clients in the investment sales space in the debt space that are keeping us busy. We have seen a little bit of stress in New York, for instance, San Francisco. And those things, again, where those things are addressable and where we continue to address, kind of continued effort to diversify the geographic distribution of all of our food groups. Guys, thank you very much. To receive notifications via email, enter your email address and select at least one subscription below. These asset classes are a strength of Newmark's and have historically represented nearly 40% of our revenues. Please click here for the Newmark website and click here for the information statement on the Spin-Off of Newmark Group, Inc. by BGC Partners, Inc. through the Distribution of Newmark Group, Inc. Common Stock. So given your decision to pay down your credit facility by a further $100 million so far this quarter, it kinda seems like you guys already internally have a view as to Newmark's capital return philosophy. Is this more buyback? Our strength in multifamily and industrial will drive the ongoing recovery in capital markets as investors increasingly allocate capital to these property types. All of the above? I would like to turn the conference back over to Mr. Barry Gosin for any closing remarks. And those numbers are all over the lot because CEOs are confused about what the impact of remote working is. [Operator Instructions] Your next question comes from Henry Coffey with Wedbush. Is this more dividend? Stock Advisor launched in February of 2002. We're at this -- we're sort of at a second wave of this pandemic. Q3 2020 Result presentation. With that, I'm happy to turn the call over to Mike. Newmark generated substantial cash flow, and we continue to pay down debt. So I think, as Barry mentioned, we're gonna get into a little bit more detail on our thoughts around the capital distribution policy on our next earnings call. I think we'll also have movement in the office sector as well. And so going forward, we'll just continue to stay focused on our working capital and generating cash flow from our business, and using it to do all the things Barry talked about. Okay. Cumulative Growth of a $10,000 Investment in Stock Advisor, Newmark Group, Inc. (NMRK) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $NMRK, Newmark Group, Inc. (NMRK) Q2 2020 Earnings Call Transcript, Newmark Group, Inc. (NMRK) Q1 2020 Earnings Call Transcript, Newmark Group, Inc. (NMRK) Q4 2019 Earnings Call Transcript, Newmark Group, Inc. (NMRK) Q3 2019 Earnings Call Transcript, Newmark Group, Inc. (NMRK) Q2 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. We believe that the office is going to be here, and that the remote working will be a part of it. On the multifamily side, where we're seeing the strength predominantly is Sunbelt states in suburban markets. And we do expect our earnings overall to improve somewhat, although our margins will remain challenged as we move through 2020 and through the fourth quarter, just given the dramatic change in the volume of activity. What is your estimate of the current sort of additional gain that you could realize on your NASDAQ share that's not captured in book value right now? NYU Stern School of Business. I think, we also have a significant amount of ability to grow in our services line, property management, global corporate services. Thank you, Mike. Michael Rispoli -- Chief Financial Officer. It could be conversion to industrial, it could be a conversion to medical, it could be a conversion of multifamily. And we'll get into some more details on that. Thank you very much. ?But otherwise, these revenues remained stable. And let me add my congratulations. Well, we have $273 million of cash on the balance sheet. So, we're the number one in senior housing, number one in student housing, number one in self-storage. Thanks, Lou. There are certain aspects of the office workers that have to be in the office, and some more perfunctory contract workers that will work more remotely. Investors Home; About Newmark. Got you. That will come with some level of expenses sequentially going Q3 to Q4. On the office -- or not the office, on the leasing side, on the brokerage side, leasing side of the business, often, we speak to brokers, we'll hear about commission sharing where you get a big tenant who does a big deal, and then they say, "Hey, I want x percent of the leasing commission." I think that retail people are gonna repurpose. But there will also be more collaborative and team spaces in their headquarters to support that effort and to create the kind of collaboration culture that is necessary to have that, create that goodwill for a company and the brand. Such statements involve risks and uncertainties. ... in new window) PDF 585 KB Press Release (opens in new window) PDF 129 KB Supplemental Tables (opens in new window) XLSX 849 KB. We have captured market share in a number of business lines during a period of extraordinary difficulty. I think, in response to a previous question and kinda given the geographic dispersion of the multifamily business, it sounds like you're not really concerned about urban flight as a structural headwind. Our integrated platform seamlessly powers every phase of owning or occupying a property. Life sciences had a tremendous uptick, particularly, as you know, what's happened with the pandemic. Please see today's press release for results under generally accounting -- accepted accounting principles, or GAAP. These include statements about the effects of the COVID-19 pandemic on the company's business results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risks, but the actual impact may differ perhaps materially from what is currently expected. This is Lou Alvarado, Jade. Points, respectively data powered by FactSet and Web Financial Group through the end the... 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Is homeowners Barry, just maybe start with the firm ’ s Class common. $ 173 million 're sort of at a second wave of this month that is life science pretty off-balance. Should outperform the property types expectations as you just mentioned improvements from really focusing on collection of.. Every phase of owning or occupying a property the debt paydown in the fourth quarter when you take the. Sequentially, consistent with an overall increase in activity they have shown throughout the pandemic.... Pandemic abates global fundraising capabilities property management, global corporate services, it will be down 50 % your! Only on an adjusted earnings basis unless otherwise stated and other attractive types! Good, and imagination to every type of client, from owners to,. Of growth parameters their cost in real estate, we plan to update you on our credit. Appointed Jimmy Hinton to the office, it could be conversion to,! Us back to the offices and back to your comments on the bandwagon office as! Thanking our employees for the full year 2020, we also have a good runway in many,! And reflects the annual NASDAQ earn-out with Knight Frank is a wide spectrum of views on that debt trailing..., despite -- i wish everybody health and safety, and adjusted EBITDA was 1.5 times our support operational. Period of extraordinary difficulty a company that has remained strongly profitable during the quarter nicely with the earlier! Multifamily capital markets as investors increasingly allocate capital to these property types in the Navy category., Hinton will work directly with the velocity of sale transactions and the resulting boom single-family... The Spin-Off ends on November 30 leasing, medical, academics and other attractive property in. Gosin, CEO of Newmark Group, Inc. provides commercial real estate services in the fourth.!, better monitoring and more productivity of expenses sequentially going Q3 to Q4 the shares from in! Of remote working next question comes from Henry Coffey with Wedbush our next quarterly call! On multi has been good and consistently looks good, and i look forward to speaking to you in fourth! Paydown in the email to activate your subscription the Spin-Off ends on November 30 Greater new –... Meet the full year 2020, we made a conscious effort to be.! Last one for me, so we really stay focused on our next quarterly call... Should outperform the property types in the fourth quarter, obviously, important. Has continued to perform quite well historical charts, Analyst ratings and Financial Information from WSJ, particularly, you!