Newmark Group Inc (NMRK) 2025 Q2 法說會逐字稿

Good day and welcome to the Newmark Group Q2 2025 financial results. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Jason McGruder, Head of Investor Relations. Please go ahead, sir.

大家好，歡迎關注 Newmark Group 2025 年第二季財務業績。（操作員指示）現在，我想將會議交給投資者關係主管 Jason McGruder 先生。先生，請繼續。

Thank you, operator. Good morning. Newmark issued its second quarter 2025 financial results press release this morning, unless otherwise stated, the results provided on today's call compare only the three months ending June 30, 2025 with the year earlier period.

謝謝您，接線生。早安.Newmark 今天早上發布了 2025 年第二季財務業績新聞稿，除非另有說明，今天電話會議上提供的結果僅將截至 2025 年 6 月 30 日的三個月與去年同期進行比較。

Except as otherwise specified, we will be referring to results only on a non-GAAP basis, including the terms adjusted, earnings, adjusted EBITDA. Unless otherwise stated, any figures discussed today with respect to cash flow from operations refer to net cash provided by operating activities, excluding the impact of GST, FHA, loan origination and sales.

除非另有說明，我們將只參考非 GAAP 基礎上的結果，包括調整後的收益、調整後的 EBITDA。除非另有說明，今天討論的任何有關經營現金流的數字均指經營活動提供的淨現金，不包括商品及服務稅、聯邦住房管理局、貸款發放和銷售的影響。

We may also use the term cash generated by the business, which is the same operating cash flow measure before the impact of cash used for employee loans. Please refer to today's press release, the supplemental tables, and quarterly results presentation on our website for complete updated definitions of any GAAP terms, reconciliations of these terms.

我們也可以採用「企業產生的現金」這個術語，這是在扣除員工貸款現金影響之前的相同的經營現金流量指標。請參閱今天的新聞稿、補充表格以及我們網站上的季度業績介紹，以了解所有 GAAP 術語的完整更新定義以及這些術語的對帳。

To the corresponding GAAP results and when and why and how management uses them for additional information on cash flow measures as well as the relevant industry or economic statistics. The outlook discussed today assumes no material acquisitions or meaningful changes in our stock price.

相應的 GAAP 結果以及管理層何時、為何以及如何使用它們來獲取有關現金流量指標以及相關行業或經濟統計數據的附加資訊。今天討論的前景假設我們的股價不會發生重大收購或重大變化。

Our expectations were subject to change based on various macroeconomic, social, political, and other factors. None of our targets or goals beyond 2025 should be considered formal guidance. I also remind you that the information that call contains forward-looking statements, including, without limitations, statements concerning our economic outlook in business.

我們的預期可能會因各種宏觀經濟、社會、政治和其他因素而改變。我們 2025 年以後的任何目標都不應被視為正式指導。我還提醒您，來電資訊包含前瞻性陳述，包括但不限於有關我們業務的經濟前景的陳述。

Such statements are subject to risk and surgeries which could cause our actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements.

此類聲明受風險和手術的影響，可能導致我們的實際結果與預期不同。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

For complete discussion of the risks and other factors that may impact these forward-looking statements, there are SEC filings, including but not limited to the risk factors and disclosures regarding forward-looking information on our most recent SEC filings, which are incorporated by reference. I'm now happy to turn the call over to our host, Chief Executive Officer, Barry Gosin.

為了全面討論可能影響這些前瞻性陳述的風險和其他因素，請參閱美國證券交易委員會 (SEC) 的文件，包括但不限於我們最近提交給 SEC 的文件中的風險因素和有關前瞻性資訊的揭露，這些文件透過引用納入其中。我現在很高興將電話轉給我們的主持人、執行長 Barry Gosin。

Good morning and thank you for joining us. Before we begin today's call. On behalf of everyone at Newmark, I want to take a moment to acknowledge Monday's tragic shooting in New York City. Our thoughts are with the families of the individuals who lost their lives.

早安，感謝您加入我們。在我們開始今天的通話之前。我謹代表紐馬克的全體人員，花一點時間回顧一下週一在紐約市發生的悲慘槍擊事件。我們向罹難者的家屬表達慰問。

Some of whom we know personally, as well as with our clients and friends and everyone impacted. In moments like these, we are reminded of the importance of community and unity throughout our cities. Now on to our results. We are pleased to report another outstanding quarter. Newmark delivered strong revenue and earnings growth, validating our strategic vision and commitment to creating value for our clients and stakeholders.

我們認識其中一些人，我們的客戶、朋友和所有受影響的人也認識他們。在這樣的時刻，我們意識到城市社區和團結的重要性。現在來看看我們的結果。我們很高興地報告又一個出色的季度。Newmark 實現了強勁的收入和獲利成長，驗證了我們的策略願景和為客戶和利害關係人創造價值的承諾。

The company increased total revenues by 20%, which again reflected double-digit gains across every major business line. Our adjusted EPS increased by 41%, demonstrating strong operating leverage. During the quarter, Newmark advised of some of the largest office and retail leases signed year-to-date in New York City and San Francisco Bay Area.

該公司的總收入成長了 20%，這再次反映了各主要業務線都實現了兩位數的成長。我們的調整後每股盈餘成長了 41%，顯示出強勁的營運槓桿。本季度，Newmark 為紐約市和舊金山灣區今年迄今為止簽署的一些最大的辦公室和零售租賃協議提供了諮詢。

We continue to expand our occupier solutions and leasing footprint, providing corporations with comprehensive real estate solutions on a global scale in nearly 100 countries. Newmark gained further market share in capital markets during the quarter and year-to-date. We increased our total debt volumes by 135%. In comparison, US commercial and multi-family originators were up by 38%.

我們不斷擴大租戶解決方案和租賃業務範圍，為近 100 個國家的企業提供全球範圍內的全面房地產解決方案。本季及年初至今，Newmark 在資本市場的市佔率進一步擴大。我們的債務總額增加了 135%。相比之下，美國商業和多戶型住宅發起人增加了 38%。

In investment sales, Newmark was ranked as the number one office broker in the US. In the first half of 2025 by both MSCI and Real Estate alert. On a global basis across all property types, we improved to number three among sales brokers for the first half of 2025 based on preliminary figures from MSCI.

在投資銷售方面，Newmark 被評為美國第一大辦公室經紀商。2025 年上半年，MSCI 和房地產均發出警報。根據 MSCI 的初步數據，在 2025 年上半年全球所有房地產類型的銷售經紀商中，我們排名上升至第三位。

This is noteworthy as we are in the early stages of building out our international platform. Given our strong first half results and robust pipeline, we have raised our full year outlook. With that, I'm happy to turn the call over to our CFO, Mike Rispoli.

值得注意的是，我們正處於建構國際平台的早期階段。鑑於我們上半年業績強勁且產品線強大，我們上調了全年預期。說完這些，我很高興將電話轉給我們的財務長 Mike Rispoli。

Thank you, Barry, and good morning. Our strong start to the year continued through the second quarter with revenue growth of 19.9% and adjusted EPS improvement of 40.9%. As a result, we are increasing our full year outlook for both revenues and earnings, which I will discuss later in more detail.

謝謝你，巴里，早安。我們今年的強勁開局一直延續到第二季​​度，營收成長 19.9%，調整後每股收益成長 40.9%。因此，我們提高了全年收入和收益的預期，稍後我將詳細討論。

Total revenues were $759.1 million up 19.9% compared with $633.4 million. We increased management services, servicing another by 13.6%, which reflected approximately 30% growth from our valuation and advisory business, as well as continued improvement in our high margin servicing and asset management platform.

總營收為 7.591 億美元，較去年同期的 6.334 億美元成長 19.9%。我們增加了管理服務，服務範圍增加了 13.6%，這反映了我們的估值和諮詢業務約 30% 的成長，以及我們高利潤服務和資產管理平台的持續改進。

Leasing revenues were up by 13.8%, led by double digit growth in our retail volumes and improving office activity in key gateway markets. Capital markets revenues increased by 37.9%, which reflected an approximately 135% improvement in our total debt volumes as compared to US commercial and multi-family originations which were up by 38%.

租賃收入成長了 13.8%，主要得益於零售量的兩位數成長和主要入口網站市場的辦公室活動改善。資本市場收入增加了 37.9%，反映出我們的總債務量增加了約 135%，而美國商業和多戶型債務發行量則增加了 38%。

Our investment sales volumes were up 26% as compared to US industry investment sales volumes, which were up by approximately 11%. Continued market share gains were led by significant data centre growth, as well as higher office and multi-family activity.

與美國產業投資銷售額成長約 11% 相比，我們的投資銷售額成長了 26%。市場佔有率的持續成長得益於資料中心的顯著成長以及辦公室和多戶型活動的增加。

Turning to expenses. Total expenses for adjusted earnings increased by 18.4%, which reflected 26% improvement in our commission-based revenues, costs related to Newmark's growth initiatives, and higher pass-through costs. The company's tax rate for adjusted earnings was 14% in line with full year guidance.

談到費用。調整後收益的總支出增加了 18.4%，這反映了我們的佣金收入、與 Newmark 成長計畫相關的成本以及更高的轉嫁成本的成長。該公司調整後收益的稅率為 14%，與全年預期一致。

Moving to earnings. We increased the adjusted EPS by 40.9% to $0.31 compared with $0.22. Adjusted EBITDA was $114 million up 32.1% versus $86.3 million. Our adjusted EBITDA margin improved by 139 basis points to 15%.

轉向收益。調整後每股收益從先前的0.22美元上漲40.9%至0.31美元。調整後息稅折舊攤提前利潤（EBITDA）從先前的8,630萬美元上漲32.1%至1.14億美元。我們的調整後 EBITDA 利潤率提高了 139 個基點，達到 15%。

With respect to share count. Our fully diluted weighted average share count was down 1.2% to $252.6 million. During the quarter, we repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share.

關於股份數量。我們的完全稀釋加權平均股數下降 1.2% 至 2.526 億美元。本季度，我們以每股 11.58 美元的價格回購了約 1,080 萬股，總價值 1.255 億美元。

Turning to the balance sheet. We ended the quarter with $195.8 million of cash and cash equivalents and 1.4 times net leverage. The balance sheet changes from year 2024 reflected cash generated by the business of $133.9 million and $200 million of incremental borrowing under Newmark's revolving credit facility.

轉向資產負債表。本季末，我們的現金和現金等價物為 1.958 億美元，淨槓桿率為 1.4 倍。2024 年的資產負債表變化反映了業務產生的 1.339 億美元現金和 Newmark 循環信貸安排下的 2 億美元增量借款。

This was offset by $157.9 million of cash used with respect to the hiring of revenue generating professionals. Share repurchases and normal seasonal movements in working capital. This quarter, we introduced a new reporting metric, adjusted free cash flow, which can be found in today's earnings materials.

這被用於僱用創收專業人員的 1.579 億美元現金所抵消。股票回購和營運資本的正常季節性變動。本季度，我們引入了一項新的報告指標——調整後的自由現金流，可以在今天的收益材料中找到。

Adjusted free cash flow takes our GAAP cash flow from operations, minus capital expenditures and the impact of GSE, FHA, loan originations and sales. We believe this new metric will provide further insight into the company's strong cash generation and allow for easier comparability versus other companies.

調整後的自由現金流採用我們的 GAAP 營運現金流減去資本支出以及 GSE、FHA、貸款發放和銷售的影響。我們相信，這項新指標將進一步洞察該公司強勁的現金創造能力，並使其更容易與其他公司進行比較。

While our adjusted free cash flows significantly improve year on year, both in the quarter and year-to-date, we believe it is best to view this metric on an annual basis. For the 12 months ended June 2025, Newmark's adjusted free cash flow was $228 million a 121.4% improvement year over year.

雖然我們的調整後自由現金流在本季和年初至今都較去年同期大幅改善，但我們認為最好以年度為基礎來查看這項指標。截至 2025 年 6 月的 12 個月，Newmark 的調整後自由現金流為 2.28 億美元，年增 121.4%。

Moving to guidance, we are raising our outlook for 2025 as follows: We now expect total revenues of between $3.05 billion and $3.25 billion an increase of approximately 15% at the midpoint. We anticipate adjusted EPS between $1.47 and $1.57 up 20% to 28%.

轉向指導，我們將 2025 年的展望上調如下：我們現在預計總收入在 30.5 億美元至 32.5 億美元之間，中間值增長約 15%。我們預計調整後的每股盈餘將在 1.47 美元至 1.57 美元之間，成長 20% 至 28%。

We continue to expect our adjusted earnings tax rate to be between 14% and 16%. And we anticipate adjusted EBITDA in the range of $523 million to $573 million an increase of 17% to 29%. With that, I would now like to open the call for questions.

我們繼續預期調整後的所得稅率將在 14% 至 16% 之間。我們預計調整後的 EBITDA 在 5.23 億美元至 5.73 億美元之間，成長 17% 至 29%。現在，我想開始提問。

(Operator Instructions) Mitchell Germain, Citizens.

（操作員指示）米切爾·傑曼，公民。

Thank you and congrats on the quarter. Barry, obviously you referenced the global investment sales number three, and obviously you're making investments outside the US. I'm curious how the opportunity in Germany has been transpiring to date.

謝謝您，並恭喜本季取得佳績。巴里，顯然你提到了全球投資銷售額排名第三，而且顯然你正在美國以外進行投資。我很好奇迄今為止德國的機會進展如何。

Well, we launched about a year ago actually at just about the time of Expo Royale in Munich. Since that time, we've signed 70 brokers, many of whom are on garden leave, generally how it's done in Europe. So, our real launch of that business is actually this Expo Royale, which is in October.

嗯，實際上我們是在大約一年前，也就是慕尼黑皇家博覽會期間推出的。從那時起，我們已經簽約了 70 名經紀人，其中許多人都在休假，這基本上是歐洲這樣的。因此，我們真正啟動這項業務實際上是在十月舉行的皇家博覽會上。

So, there seems to be a clamouring of people who want to come to Newmark. They like our model, they like the platform, they like what we've done in France and the UK and other parts of Europe. So, I think it, I mean it all bodes well for us here we're excited.

因此，似乎有很多人渴望來到紐馬克。他們喜歡我們的模式，喜歡我們的平台，喜歡我們在法國、英國和歐洲其他地區所做的一切。所以，我認為，我的意思是這一切對我們來說都是好兆頭，我們很興奮。

Great, thanks for that. Do you think the capital markets activity is sustainable, or are you seeing maybe a little bit of a pull forward given some of the future uncertainty?

太好了，謝謝。您認為資本市場活動是否可持續？或者，考慮到未來的一些不確定性，您是否認為資本市場活動可能會有所提前？

Yeah, just so you understand that we've hired leasing people, appraisal people. We're a fully integrated platform. So, in all of our markets we hire full boat of services for clients as we have in Germany. So, it's a pretty diversified mix of people that includes the UK, includes France, includes what we're doing in Asia as well.

是的，您知道我們已經僱用了租賃人員和評估人員。我們是一個完全整合的平台。因此，在我們所有的市場中，我們都為客戶提供全套服務，就像在德國一樣。所以，我們的人員組成相當多元化，包括來自英國、法國，也包括我們在亞洲開展業務的人員。

We have for the moment a sided advantage. We have a lot of white space. We have an enormous runway. We, a couple of years ago, we did virtually zero business in Europe. It's now a 13% plus of our volume. We have we're building in Asia as well. And we think it's a great opportunity to build a completely diversified integrated platform.

目前我們佔有優勢。我們有很多空白。我們有一條巨大的跑道。幾年前，我們在歐洲幾乎沒有開展任何業務。現在它占我們銷量的 13% 以上。我們也在亞洲進行建設。我們認為這是一個建立完全多元化綜合平台的絕佳機會。

It'll serve our corporate clients well to be in all of those markets so we could be able to serve our corporate leasing clients on consulting and other aspects of our business, not only capital markets, but look, we think there's always going to be capital markets. We think the runway is pretty good in Europe and some people think that Europe is a better opportunity right now, but we're pretty bullish on our direction and where we go.

進入所有這些市場將為我們的企業客戶提供良好的服務，因此我們能夠為我們的企業租賃客戶提供諮詢和業務的其他方面服務，不僅是資本市場，而且我們認為資本市場永遠都會存在。我們認為歐洲的發展前景相當不錯，有些人認為歐洲現在是一個更好的機會，但我們對我們的方向和發展方向非常樂觀。

Great, thanks for that. And then just some thoughts on capital allocation. Mike, you talked about some of the free cash flow growth. You bought back shares, but we've obviously seen a rallies 25% plus since you did that. So, where is investment dollars? Obviously they're going to new broker acquisitions, but could we potentially see you guys consider some M&A here? Is buyback still on the table? Some thoughts around that, please?

太好了，謝謝。然後是關於資本配置的一些想法。麥克，你談到了一些自由現金流的成長。您回購了股票，但自您這樣做以來，我們顯然看到股價上漲了 25% 以上。那麼，投資資金在哪裡呢？顯然，他們將進行新的經紀商收購，但我們是否有可能看到你們考慮進行一些併購？回購還在討論中嗎？請問您對此有什麼看法嗎？

Sure, I would say buybacks are certainly still on the table. As I said, we did a pretty significant buyback in the second quarter, so I would expect us to pivot to M&A in the back half of the year. We have a lot of interesting opportunities, particularly on the management services side that we're looking at that we think are very, we can add a lot to those companies, and they can add a lot to our platform.

當然，我想說回購肯定仍在考慮中。正如我所說，我們在第二季度進行了相當大規模的回購，因此我預計我們將在今年下半年轉向併購。我們有很多有趣的機會，特別是在我們正在關注的管理服務方面，我們認為這些機會非常多，我們可以為這些公司增加很多東西，他們也可以為我們的平台增加很多東西。

So, I would say for the back half of the year you'll see us pivot to growth capital versus buybacks, but longer term we still think the stock is undervalued. If you look at our adjusted free cash flow, even relative to the current market cap, it's probably around 6% yield versus the S&P 500, which is 2.8%, our peer group, which is around 4.2%. So, we still think there's a lot of upsides to our stock, and that's why we'll continue to look at buybacks as well.

因此，我想說，今年下半年你會看到我們轉向成長資本而不是回購，但從長遠來看，我們仍然認為股票被低估了。如果你看一下我們調整後的自由現金流，即使相對於當前市值，它的收益率也可能在 6% 左右，而標準普爾 500 指數的收益率為 2.8%，我們的同行收益率約為 4.2%。因此，我們仍然認為我們的股票有很多上漲空間，這也是我們將繼續關注回購的原因。

You should also, it's important to note that 100% of our growth is organic.

您還應該注意，我們的成長 100% 都是有機的。

Thank you. I appreciate it and great quarter.

謝謝。我很感激，這是一個很棒的季度。

Thanks.

謝謝。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, good morning down there, and Barry, thanks for the opening comments, just obviously tragic, Mike, appreciate the free cash flow emphasis in the slide, I think it's very helpful to help, understand the economics of the business which, this quarter just really impressive. Along those lines, data centres have been, huge in the news.

嘿，大家早上好，巴里，謝謝你的開場白，顯然很悲慘，邁克，欣賞幻燈片中對自由現金流的強調，我認為這對幫助理解企業的經濟狀況非常有幫助，本季度的企業經濟狀況確實令人印象深刻。沿著這個思路，資料中心已經成為新聞焦點。

Clearly, Barry, you've spoken before that it's been a focus of the company, but I think in prior comments you talked about keeping it restrained, like using the example. I think it was you or one of your colleagues use the example of like life science which boomed and then cooled off dramatically so.

顯然，巴里，你之前說過這是公司的重點，但我認為在之前的評論中你談到要保持克制，就像使用這個例子一樣。我認為您或您的一位同事使用過生命科學的例子，它曾經繁榮，然後又急劇冷卻。

As you look at data centres today, is the view still that it's akin to life science in the sense that right now that area is booming, but you want to keep, your personnel, appropriately staffed versus it's more enduring, in which case there's room to expand and invest further in your data centre offering.

如今，當你審視資​​料中心時，人們仍然認為它類似於生命科學，因為目前該領域正在蓬勃發展，但你希望保持適當的人員配備，而不是讓它更加持久，在這種情況下，就有擴展空間並進一步投資於你的資料中心服務。

Well, we believe we're appropriately staffed. It's a centre of excellence. There's a lot of reach with a small amount of people if you are the best at it, and we think we are the best at it. We also, there are two aspects of the business. There's the powered land play which is at some point there will be less of the power land play, but our big emphasis has been on equity and finance.

嗯，我們相信我們配備了適當的人員。它是一個卓越中心。如果你是某件事上的佼佼者，那麼用少數人就能取得很大的成就，而我們認為我們就是這方面的佼佼者。我們還有兩方面的業務。我們正在進行動力土地投資，但到了一定時候，動力土地投資將會減少，但我們的重點一直放在股權和金融上。

And those are the areas which were the strongest. We think there's an enormous runway. There's a big runway in Europe; there's a big runway in Asia. AI is so relatively new, it's only really two years old. And a lot of people want to get into the game and the question for everyone is really what do you think about AI and the future of AI? And if you believe in the future of AI, then you have to believe there is a long runway.

這些就是最強大的領域。我們認為那裡有一條巨大的跑道。歐洲有一條大跑道；亞洲也有一條大跑道。人工智慧相對較新，實際上只有兩年的歷史。很多人都想加入這個遊戲，而每個人真正關心的問題是，你對人工智慧和人工智慧的未來有何看法？如果你相信人工智慧的未來，那麼你必須相信它還有很長的路要走。

Life science has been as a more mature business that was just faced over building, over supply. It's kind of like multi-family is a business that has enormous demand in the country. And we'll continue. We're underserved for housing, but there are markets where you just have too much supply. Life science is just a moment in time where there's just too much supply to be absorbed.

生命科學已經是比較成熟的產業，只是面臨建設過剩、供應過剩的問題。這有點像多戶住宅是一種在該國有著巨大需求的業務。我們將繼續。我們的住房供應不足，但有些市場的房屋供應卻過多。生命科學只是時間中的一個瞬間，其供應量太大，無法吸收。

A lot of these transactions haven't come online; it's all coming online. So, it'll be three to four years before we can see whether there is an oversupply and it is pretty early.

許多交易尚未上線；現在都已上線。因此，我們需要三到四年的時間才能知道是否存在供應過剩，而且現在還為時過早。

Okay, and the second question is--

好的，第二個問題是—

Oh, I would add one thing to that which is that there's also a tremendous opportunity in data centre outside of the transactions on the management side, both project management and facilities management, and those are areas we really haven't touched to date, but certainly--

哦，我想補充一點，除了管理方面的交易之外，數據中心還存在巨大的機會，包括專案管理和設施管理，這些都是我們迄今為止尚未觸及的領域，但肯定——

And leasing, people there, they won't, I mean, not everything's going to be just a handful of hyper scales, you're going to still see the co-location facilities. Not everything is going to be in the cloud, so it's going to be, and we're also involved in very active in digital infrastructure as well, which you know includes chip manufacturing and things like that which are proliferating. There's a host of things.

而租賃，那裡的人，他們不會，我的意思是，並不是所有的東西都只是少數的超大規模，你仍然會看到共置設施。並不是所有的東西都會放在雲端，所以它會的，而且我們也非常積極地參與數位基礎設施建設，你知道其中包括晶片製造和類似正在激增的東西。有很多事情。

Okay, the second question is, in your leasing [stats], San Francisco led, more so than New York and just want to get some more perspective on that is that. Our sense of market visits is that AI is a small part but growing, but the larger tech companies still have too much space.

好的，第二個問題是，在您的租賃[統計數據]中，舊金山的領先地位超過了紐約，我只是想對此有更多的了解。我們訪問市場的感覺是，雖然人工智慧只佔很小一部分，但正在不斷成長，而大型科技公司仍然擁有太多空間。

So, curious what's driving your business is it that you're advising tech in resizing their business, or is AI just booming a lot more than we anticipated? Just want to understand better the drivers of the dramatic booming in your San Francisco leasing growth.

那麼，我很好奇是什麼推動了您的業務發展，是您建議科技公司調整其業務規模，還是人工智慧的蓬勃發展超出了我們的預期？只是想更了解舊金山租賃業務急劇成長的驅動因素。

I mean, we're told that San Francisco and the bay, entire Bay Area that has opened up, that there is activity coming from every direction. Now that's based on what our brokers tell us and what we have in the pipeline it's coming from all different places a lot of that, some of that's AI, but you know there's other tech companies as well that are growing. There's always one thing about the ecosystem in the Bay Area is, there's a company born every five minutes in the Bay Area. It's part of the ecosystem.

我的意思是，我們聽說舊金山和海灣，整個灣區已經開放，各個方向都有活動。現在，這是基於我們的經紀人告訴我們的情況以及我們正在籌備的情況，這些情況來自不同的地方，其中很多是人工智慧，但你知道還有其他科技公司也在成長。灣區的生態系統有一個特點，就是每五分鐘就會有一家公司在灣區誕生。它是生態系統的一部分。

Thank you.

謝謝。

Jade Ramani, KBW.

傑德·拉瑪尼，KBW。

Hi, this is actually Jason Sampson on for Jade. First, I just want to say congrats on the strong quarter. In your presentation, you provided a revenue target for management services for 2029. We applaud the long-term view. And are there any other 2029 targets that you're thinking about in terms of total revenue, capital markets, leasing, or adjusted for cash flow? Thanks.

大家好，我是 Jason Sampson，代表 Jade。首先，我只想對本季的強勁表現表示祝賀。在您的簡報中，您提供了 2029 年管理服務的收入目標。我們讚賞這種長遠眼光。在總收入、資本市場、租賃或調整現金流方面，您是否考慮過其他 2029 年目標？謝謝。

Yeah, hi, the target on the management business is about $2 billion, we put out I think a few quarters ago, and we continue to believe in the strong opportunity across all of our management and servicing businesses.

是的，嗨，管理業務的目標約為 20 億美元，我想這是我們幾個季度前提出的，我們仍然相信我們所有的管理和服務業務都存在巨大的機會。

We don't have similar targets out there for capital markets or leasing, but we do have targets out there for 2026 in terms of the adjusted EBITDA $630 million and adjusted EPS of $1.75 and we feel that those are very achievable.

我們沒有針對資本市場或租賃的類似目標，但我們確實為 2026 年設定了目標，即調整後的 EBITDA 達到 6.3 億美元，調整後的 EPS 達到 1.75 美元，我們認為這些目標是非常容易實現的。

In the last quarter we pointed to a couple of metrics. In 2014 we were 1.1% of the market in respect of the sales and now we're close to 10%. And 1.8% in sales and now we're close to 10% and 9.5% respectively. We're 1% of the property management business.

上個季度我們指出了幾個指標。2014 年我們的銷售額佔了 1.1% 的市場份額，而現在已接近 10%。銷售額成長了 1.8%，現在分別接近 10% 和 9.5%。我們佔物業管理業務的1%。

So, there's an enormous runway to connect with the relationships and the things we are doing. We are very focused on things that will provide us with recurring revenue. We're looking for the smart ways to do it. We're looking at things that fit in with how our brand works, and we are getting really good traction in many of those areas.

因此，我們之間存在著巨大的聯繫，可以與我們所做的事情建立聯繫。我們非常關注那些能帶給我們經常性收入的事情。我們正在尋找聰明的方法來實現這一目標。我們正在尋找適合我們品牌運作方式的事物，並且我們在許多領域都取得了良好的進展。

Great, thank you. And to touch on data centres first, could you provide more colour on your deal on what your deal flow looks like and as well as fee ranges on those deals, specifically if you broker a new development capitalization, what are fees earned and are those negotiated in dollars or as a commission rate?

太好了，謝謝。首先談談資料中心，您能否更詳細地介紹一下您的交易，例如交易流程是怎樣的，以及這些交易的費用範圍，特別是如果您促成了一項新的開發資本化，那麼您獲得的費用是多少，這些費用是以美元還是佣金率來協商的？

The fees are no different than the average fees that you see across the rest of our business. So, typically on average it's based on deal size, but our average sales has been around 70 basis points, and our average debt fee has been in the 40 basis points to 50 basis points range. As deals get larger, those basis points go down, as deals get smaller, they go up. But on average, that's where you've seen our fees and data centers are no different.

這些費用與我們其他業務的平均費用沒有什麼不同。因此，通常平均而言，它取決於交易規模，但我們的平均銷售額約為 70 個基點，而我們的平均債務費用在 40 個基點到 50 個基點範圍內。隨著交易規模的擴大，這些基點就會下降；隨著交易規模的縮小，這些基點就會上升。但平均而言，我們的費用和資料中心並沒有什麼不同。

Great, thank you. And then to pivot to capital markets and leasing, what growth rates do you expect are reasonable to see in the second half?

太好了，謝謝。然後轉向資本市場和租賃，您預計下半年的合理成長率是多少？

So, if you look at the midpoint of our guidance, let's just start there. We would expect the management and the leasing businesses to grow, say high single digits below double digits in the back half of the year in the capital markets business, probably mid to high [teams].

因此，如果您看一下我們指導的中點，我們就從那裡開始。我們預計管理和租賃業務將在下半年實現高個位數或低於兩位數的成長，資本市場業務則可能實現中高[團隊]。

And which, would suggest maybe there's a slowdown from the first half, but I think really, we put the range out there because there could be some macro events that affect the market and affect the activity. But if, we have a really good pipeline into the third quarter, very strong, and if things continue along the path they're going now, I would certainly expect us to perform above the midpoint of the range towards the higher end.

這可能表明上半年經濟有所放緩，但我認為，我們之所以設定這個範圍，是因為可能會有一些宏觀事件影響市場和活動。但是，如果我們在第三季有一個非常好的管道，非常強勁，如果事情繼續沿著現在的方向發展，我肯定會期望我們的表現能夠高於該範圍的中點，朝著更高的方向發展。

Great, thank you.

太好了，謝謝。

Julian Blouin, Goldman Sachs.

高盛的朱利安布盧因。

Thank you for the question and congrats on another strong quarter I guess digging into a little bit more into those comments around the pipeline I guess as we look into July does it feel like there was sort of a re-acceleration in activity relative to what seemed to be a slower May and June for the industry?

感謝您的提問，並祝賀您又一個強勁的季度，我想深入了解一下有關渠道的評論，當我們展望 7 月份時，是否感覺相對於 5 月和 6 月行業活動似乎較慢的情況，活動有所重新加速？

It's interesting. Our pipelines have been pretty strong throughout the year. We didn't see any significant slowdowns as we move through the year. If anything, our pipelines continue to grow and get stronger, we certainly don't have full visibility into the fourth quarter at this point. It's still a little bit early, but everything at the moment looks pretty good.

這很有趣。我們的管道全年都相當強勁。在這一年中，我們沒有看到任何明顯的放緩。如果有什麼不同的話，那就是我們的管道繼續成長並變得更強大，我們現在當然還無法完全預見第四季的情況。雖然現在還為時過早，但目前看來一切都很好。

Got it. That's helpful. And it sounds like there wasn't any change to sort of how you're thinking about the 2026 targets. I guess, do you, is it just that you feel even more confident that they're sort of what you've put out there of $1.75 and $630 million of adjusted EBITDA are achievable or was there any temptation to maybe increase those targets?

知道了。這很有幫助。聽起來您對 2026 年目標的看法沒有任何改變。我想，您是否只是更有信心能夠實現您設定的 175 億美元和 6.3 億美元的調整後 EBITDA，還是說您是否有提高這些目標的誘惑？

Probably a little early to increase the targets. I think we put those targets out more than a year ago and we felt pretty confident about the targets when we put them out based on the people we hired and the businesses that we're building, and I would say we certainly feel more confident today as we get closer and closer to those targets.

現在提高目標可能還為時過早。我認為我們在一年多前就提出了這些目標，並且根據我們僱用的人員和我們正在建立的業務，我們對這些目標非常有信心，我想說，隨著我們越來越接近這些目標，我們今天肯定會更加有信心。

If you just take the midpoint of our guidance for the rest of this year, for 2025 full year. It suggests probably high single digit revenue growth and mid [teams'] earnings growth, which seems very achievable for 2026 at this point.

如果您只採用我們對今年剩餘時間的預測中點，即 2025 年全年的預測。這表明收入可能會出現高個位數成長，[球隊] 獲利也會有中等成長，這對於 2026 年來說似乎是非常有可能實現的。

Got it. That makes sense and maybe one last one, just in New York City, I'm wondering if you're sort of expecting or seeing any impacts from the, mayoral race there, when you talk to your teams or your clients are you seeing any signs of caution from buyers, in Manhattan it looked like New York City property sales volumes were maybe a little subdued in June, wondering if there's anything to read into there.

知道了。這很有道理，也許最後一個問題，就在紐約市，我想知道您是否預期或看到那裡的市長競選會產生任何影響，當您與您的團隊或客戶交談時，您是否看到買家有任何謹慎的跡象，在曼哈頓，紐約市 6 月份的房地產銷售量似乎有些低迷，想知道是否有任何值得解讀的地方。

It's too early to tell. [Mamdani] hasn't been elected yet. There's a lot of noise. Unfortunately, I think we have a firewall in our governor. If people are concerned. The mayor has a limited amount of power to do stuff. We still have the city council. The city council is pretty, has moved more moderate over the last couple of years.

現在下結論還為時過早。 [馬姆達尼]還沒當選。噪音很大。不幸的是，我認為我們的州長有防火牆。如果人們擔心的話。市長做事的權力是有限的。我們仍然有市議會。市議會相當不錯，過去幾年來變得更加溫和。

Very few Democratic socialists, and so it's not. Yeah, so I, New York is incredibly resilient. I don't believe it will have an impact in for certain people it may annoy them. But it's, New York is New York. The pool of talent in New York is unparalleled, the level of excitement in New York City being here is unparalleled. So, I'm not, I'm pretty sanguine about it.

民主社會主義者很少，所以事實並非如此。是的，所以我認為紐約具有令人難以置信的韌性。我不相信它會對某些人產生影響，但它可能會惹惱他們。但紐約就是紐約。紐約的人才庫是無與倫比的，紐約市的興奮度也是無與倫比的。所以，我對此非常樂觀。

Okay great thank you.

好的，非常感謝。

(Operator Instructions) Patrick O'Shaughnessy, Raymond James

（操作指示）Patrick O'Shaughnessy，Raymond James

Hey, good morning. So, with the new disclosure your adjusted for cash flow, do you, what are your expectations in terms of adjusted fee cash flow in 2025 and I guess bigger picture or longer term to you kind of have a framework in terms of like targeted conversion ratio, what that cash flow should look like as compared to your adjusted net income?

嘿，早安。那麼，根據新披露的信息，您對現金流進行了調整，您對 2025 年調整後費用現金流的預期是什麼？我想從更大的角度來看，或者從更長期來看，您在目標轉換率方面有一個框架，與調整後的淨收入相比，現金流應該是什麼樣的？

Sure, thanks for the question, Patrick. So, on a trailing 12-month basis compared to, post-tax adjusted earnings, it's about 65% conversion. Remember, in that metric or taken out of the cash flow from operations is all the money we invest in brokers for growth, so that on a trailing 12-month basis was about $184 million.

當然，謝謝你的提問，派崔克。因此，與過去 12 個月的稅後調整後收益相比，轉換率約為 65%。請記住，該指標或從營運現金流中扣除的是我們為實現成長而投資於經紀商的所有資金，因此在過去 12 個月中約為 1.84 億美元。

So, it's hard to put a target precisely on what the conversion ratio will be because you have to know how much we're going to be investing into the business and how much of that investment will go towards talent versus go towards companies.

因此，很難準確地設定轉換率的目標，因為你必須知道我們將在業務上投入多少，以及其中有多少投資將用於人才，有多少投資將用於公司。

And as if you just buy a company, it goes through cash outflow from investing versus hiring a broker, which comes out of operations, but certainly 65% to 85% depending on, how much we invest in the business at any given time.

就好像你剛買了一家公司，它會經歷來自投資與僱用經紀人的現金流出，這部分資金來自運營，但肯定是 65% 到 85%，具體取決於我們在任何特定時間對該業務的投資額。

Yeah, that's very helpful. Speaking of hiring talent, with industry broker driving is generally trending better, is it getting any harder to poach top talent away from competitors?

是的，這非常有幫助。說到招募人才，隨著產業經紀人駕駛的整體趨勢越來越好，從競爭對手那裡挖走頂尖人才是否會變得更加困難？

Well, it's never easy. But no, I think that we seem to have struck a chord in the industry in terms of what the industry needs, in respect of talent. And I think we fit the bill for many people that are high production, high revenue, professionals so that we don't think that's going away. It's always been hard in some respects, but we don't see it changing.

嗯，這從來都不容易。但不，我認為我們似乎已經在行業需求、人才方面引起了共鳴。我認為我們適合許多高產量、高收入的專業人士，所以我們認為這種需求不會消失。從某些方面來說，情況一直很困難，但我們看不到任何改變。

Got it. Thank you. And then lastly from me, you spoke about the likelihood of doing some M&A in the back half of the year. Can you remind us both strategically and financially what your criteria is for M&A?

知道了。謝謝。最後，您談到了今年下半年進行一些併購的可能性。您能否從策略和財務角度提醒我們，您對併購的標準是什麼？

So, generally we've done mostly bolt ons, tuckins. We think that strategy works really well for us. Less friction, less disturbance, less disruption. You never know what you get when something is too big, the amount of change, people leaving, etc.

因此，一般來說，我們主要採用螺栓固定和塞入的方式。我們認為該策略對我們來說非常有效。更少的摩擦、更少的干擾、更少的破壞。當某件事太大時，你永遠不知道會發生什麼，變化有多大，人們離開多少，等等。

And it's more targeted towards the towards the talent and the needs and how we fit and curate the entire platform together as a puzzle. So, that seems to be going well. That's generally how we've done it. We think we'll do, some more of that going forward, because there's certain areas that we want to focus on and that we're looking at companies we've been focusing on our superpower which is hiring great talent, and we're also have turned our attention to management services and things that will provide more recurring revenue that don't consistently conflict with the brand, things that work very well and are synergistic with both our capital markets and our leasing business.

它更有針對性地針對人才和需求，以及我們如何將整個平台作為拼圖來整合和管理。所以，一切似乎進展順利。我們通常都是這麼做的。我們認為我們將在未來做更多這樣的事，因為有一些特定的領域是我們希望關注的，而且我們正在尋找那些我們一直關注的超級大國，那就是招聘優秀人才，我們也將注意力轉向管理服務和那些能夠提供更多經常性收入的事情，這些收入不會與品牌持續衝突，這些事情運作良好，並且與我們的資本市場和租賃業務都有協同作用。

All right, thank you.

好的，謝謝。

And it appears there are no further telephone questions, I'd like to turn the conference back to our presenters for any additional or closing comments.

看來沒有其他電話問題了，我想將會議交還給我們的主持人，以便他們發表任何補充或結束評論。

Well, I'd like to thank everybody for joining us today and we look forward to updating you on our next quarterly call. Thank you.

好吧，我想感謝大家今天的參加，我們期待在下次季度電話會議上向大家通報最新情況。謝謝。

And once again that does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議再次到此結束。我們感謝大家的參與。您現在可以斷開連線。