Newmark Group, Inc.

Good day and welcome to the Newmark first quarter 23 earnings call. Today's conference is being recorded. If you'd like to ask a question today, please press star one. And at this time, I'd like to turn the conference over to Jason Magruder, head of investor relations. Please go ahead, sir.

Thank you for your patience as we dealt with some technical difficulties on the vendor end.

But also, thank you, operator, and good morning. Newmark issued its first quarter 2023 financial results press release in a presentation summarizing these results this morning. Unless otherwise stated, the results provided on today's call compare only to three months ending March 31st, 2023, the year earlier period. Unless otherwise stated, we will be referring to our results only on a non-GAAP basis, which terms include adjusted earnings, adjusted EBITDA. Please refer to the section in today's press release for complete and or updated definitions of any non-GAAP terms, reconciliations of these terms to their corresponding GAAP results, and how, when, and why management uses them. You can find more information with respect to our GAAP and non-GAAP results on today's website, in today's press release, the supplemental Excel tables, and the quarterly results presentation. Unless otherwise stated, any figures discussed today with respect to cash flow from operations refer to net cash provided by operating activities, excluding loan origination and sales, as well as the impact of 2021 equity banks. cash from the business is the same cash flow metric excluding employee loans or producers. The outlook on today's call assumes no additional share repurchases, material acquisitions, or meaningful changes in the company's stock price. Our expectations are subject to change based on various macroeconomic, social, political, and other factors. While our long-term financial and operating targets assume no acquisitions, they are also subject to change for these same reasons. None of our long-term Targets or goals should be considered formal guidance. I also remind you that information on this call about our business that are not historical facts or forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, Section 21E of the Security Exchange Act of 1934 as amended. Such statements involve risks and uncertainties. Except as required by law, Newmark undertakes no obligation to update any forward-looking statement. For complete discussion of additional risks and uncertainties, Actual results differ from those contained in the forward-looking statements to see Newmark's securities exchange commission filings, including but not limited to the risk factors in our most recent Form 10-K, Form 10-Q, Form 8-K filings, which are incorporated by reference. I'm now happy to turn the call over to host, Chief Executive Officer of Newmark, Barry Gosselin.