Newmark Group Inc (NMRK) 2025 Q4 法說會逐字稿

Good day, and welcome to the Newmark 4Q 2025 public financial results call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jason McGruder, Head of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Newmark 2025 年第四季公開財務業績電話會議。今天的會議正在錄影。此時，我謹將會議交給投資人關係主管傑森‧麥格魯德先生。請繼續，先生。

Thank you, operator, and good morning, everyone. Newmark issued its fourth quarter and full year 2025 financial results press release this morning. Unless otherwise stated, the results provided on today's call compare only the three months ending December 31, 2025, with the year earlier period.

謝謝接線員，大家早安。Newmark今天上午發布了2025年第四季及全年財務業績新聞稿。除非另有說明，今天電話會議上提供的結果僅將截至 2025 年 12 月 31 日的三個月與去年同期進行比較。

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

除非另有規定，否則我們將僅以非公認會計準則（non-GAAP）為基礎來描述我們的業績，包括調整後收益和調整後 EBITDA 等術語。除非另有說明，今天討論的任何有關經營活動現金流量的數據均指我們經營活動產生的淨現金，不包括 GSE FHA 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 the quarterly results presentation on our website for complete updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results and how, when and why management uses them.

我們也可以使用「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經營現金流指標。有關任何非GAAP術語的完整更新定義、這些項目與相應GAAP結果的調節表以及管理層如何、何時以及為何使用它們，請參閱我們網站上的今日新聞稿、補充表格和季度業績簡報。

For additional information on our cash flow measures as well as relevant industry or economic statistics. The outlook discussed today excludes the potential impact of any acquisitions that close after the first quarter of 2026 and assumes no meaningful changes in Newmark stock price compared with yesterday's close. Our expectations are subject to change based on various macroeconomic, social, political and other factors. None of our targets or goals beyond 2026 should be considered formal guidance.

有關我們現金流指標以及相關行業或經濟統計數據的更多資訊。今天討論的展望不包括 2026 年第一季之後完成的任何收購可能產生的影響，並且假設 Newmark 的股價與昨天的收盤價相比不會發生實質性變化。我們的預期會受到各種宏觀經濟、社會、政治和其他因素的影響而改變。2026 年之後的所有目標或指標均不應被視為正式指導方針。

Also, I remind you that information on this call contains forward-looking statements, including, without limitation, statements concerning our economic outlook and business. Such statements are subject to risks and uncertainties, 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.

另外，我提醒各位，本次電話會議的資訊包含前瞻性陳述，包括但不限於有關我們經濟前景和業務的陳述。此類聲明存在風險和不確定性，可能導致我們的實際結果與預期有所不同。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

For a complete discussion of the risks and other factors that may impact these forward-looking statements, see our SEC filings, including, but not limited to, the risk factors and disclosures regarding forward-looking information in our most recent SEC filings, which are incorporated by reference.

有關可能影響這些前瞻性聲明的風險和其他因素的完整討論，請參閱我們向美國證券交易委員會提交的文件，包括但不限於我們最近向美國證券交易委員會提交的文件中包含的風險因素和有關前瞻性信息的披露，這些文件已通過引用併入本文。

I am now happy to turn the call over to our host and Chief Executive Officer, Barry Gosin.

現在我很高興將電話交給我們的主持人兼執行長巴里·戈辛。

Good morning, and thank you for joining us. Newmark's strong momentum continued in the fourth quarter as we improved total revenues and adjusted EPS by 15% and 24%, respectively. The investments Newmark has made in talent and our platform drove double-digit top line improvement across every major business line, resulting in record total revenues for both the quarter and the year. This included our best ever quarter and a year -- and year in our recurring revenue and leasing businesses.

早安，感謝各位的參與。Newmark 的強勁成長動能在第四季得以延續，總營收和調整後每股盈餘分別成長了 15% 和 24%。Newmark 在人才和平台方面的投資推動了所有主要業務線的營收實現兩位數成長，從而創下了季度和年度總收入的新紀錄。這其中包括我們有史以來業績最好的一個季度和一年——以及我們經常性收入和租賃業務的業績。

We increased leasing by 17% in 2025, outpaced the growth of our public competitors and resulted in our first ever $1 billion-plus year for the service line. Our leasing success is a result of the investments we have made in areas, including industrial, retail, data centers, which augment our already strong office platform. We expect to generate further growth from normalizing return to office trends, repositioning existing product and limited new construction supporting property fundamentals.

2025 年，我們的租賃業務成長了 17%，超過了上市競爭對手的成長速度，並實現了該服務線有史以來第一個超過 10 億美元的年度收入。我們在租賃業務上的成功，得益於我們在工業、零售、資料中心等領域的投資，這些投資增強了我們原本就強大的辦公平台。我們預計隨著辦公大樓恢復正常營運趨勢、現有產品重新定位以及有限的新建設項目來支撐房地產基本面，將實現進一步成長。

The ecosystem around artificial intelligence, digital infrastructure, cloud computing and elevated investments in energy and manufacturing are creating enormous leasing opportunities for Newmark and our clients, and our nimble approach has allowed us to get in front of these trends early. We improved our full year management and servicing revenues by 12% to a new high of over $1.24 billion. We continue to use our deep owner and occupier client relationships to drive growth across these recurring revenue businesses.

人工智慧、數位基礎設施、雲端運算以及對能源和製造業的大量投資所構成的生態系統，為 Newmark 和我們的客戶創造了巨大的租賃機會，而我們靈活的方法使我們能夠及早把握這些趨勢。我們的全年管理和服務收入提高了 12%，達到超過 12.4 億美元的新高。我們繼續利用與業主和租戶客戶建立的深厚關係，推動這些經常性收入業務的成長。

Newmark remains on pace to achieve its goal of over $2 billion of management and servicing revenues by 2029. In capital markets, Newmark gained market share in investment sales for the quarter as our volumes were up 50% compared with 21% industry growth in the US and 15% in Europe.

Newmark 仍有望實現其目標，即在 2029 年實現超過 20 億美元的管理和服務收入。在資本市場方面，紐馬克本季的投資銷售市佔率有所成長，我們的銷售量成長了 50%，而美國產業成長率為 21%，歐洲產業成長率為 15%。

For the full year, our investment sales volumes were up 56% compared with 20% for overall US volumes and 12% for Europe. While Newmark quarterly debt volumes were up 12% compared with 36% for overall US originations, we gained share for the full year. Newmark's 2025 origination volumes were up 67%, while US industry originations were up by 43%.

全年來看，我們的投資銷售額成長了 56%，而美國整體銷售額成長了 20%，歐洲整體銷售額成長了 12%。雖然 Newmark 的季度債務規模比美國整體貸款規模增加了 12%，而美國整體貸款規模增加了 36%，但我們全年的市場份額卻有所增長。Newmark 2025 年的貸款發放量增加了 67%，而美國產業的貸款發放量增加了 43%。

As we continue our international expansion, we expect to grow our market share globally across nearly all our business lines over the next several years. Our strong results validate our strategy of investing in the industry's best talent, leveraging our client relationships to drive recurring revenue growth and our ongoing global expansion.

隨著我們不斷拓展國際市場，我們預計在未來幾年內，我們在幾乎所有業務領域的全球市場份額都將有所成長。我們取得的優異成績證明了我們投資於業內最優秀人才、利用客戶關係推動經常性收入成長以及持續全球擴張的策略是正確的。

With respect to how artificial intelligence might impact Newmark, AI-led demand has helped fuel our strong results in areas, including office leasing, particularly in New York and San Francisco as well as data centers, capital markets and our valuation business.

至於人工智慧可能對 Newmark 產生的影響，人工智慧驅動的需求已經幫助我們在辦公室租賃（尤其是在紐約和舊金山）、資料中心、資本市場和估值業務等領域取得了強勁的業績。

We believe that there is significant white space and enormous opportunity across our service lines with respect to digital infrastructure. We continue to empower our extraordinary talent, world-class research, data analytics and technology, accelerated by AI, which we expect to continue to produce efficiency and margin enhancement to our business.

我們認為，在數位基礎設施方面，我們各個服務領域都存在著巨大的空白空間和發展機會。我們將繼續賦能我們傑出的人才、世界一流的研究、數據分析和技術，並藉助人工智慧加速發展，我們期望這將繼續為我們的業務帶來效率和利潤提升。

Newmark and our other large competitors possess incredible amounts of proprietary data, which we can leverage to the benefits of our professionals and clients. In short, we expect AI to provide an additional tailwind for our future results. Given the success of our strategy and the favorable macroeconomic backdrop for commercial real estate, we expect to achieve double-digit top and bottom line growth for the third consecutive year in 2026, while generating our best-ever total revenues, adjusted EPS and adjusted EBITDA. With that, I'm happy to turn the call over to Mike.

Newmark 和我們其他的大型競爭對手擁有大量的專有數據，我們可以利用這些數據為我們的專業人員和客戶帶來益處。簡而言之，我們預期人工智慧將為我們未來的業績帶來額外的助力。鑑於我們策略的成功以及商業房地產的有利宏觀經濟背景，我們預計 2026 年將連續第三年實現兩位數的營收和利潤增長，同時創造有史以來最好的總收入、調整後每股收益和調整後 EBITDA。這樣，我很高興把電話交給麥克。

Thank you, Barry, and good morning. I'm happy to report that for the sixth consecutive quarter, Newmark produced double-digit revenue and earnings growth. Total revenues were up 15.3% to an all-time best of just over $1 billion compared with $872.7 million. We increased management services, servicing and other by 13%, leading to the company's best ever quarter for these recurring businesses. This was led by strong organic growth from valuation and advisory and property management as well as contributions from two recent acquisitions.

謝謝你，巴里，早安。我很高興地宣布，Newmark 連續第六個季度實現了兩位數的營收和利潤成長。總營收成長 15.3%，達到歷史最高水平，略高於 10 億美元，去年同期為 8.727 億美元。我們將管理服務、服務和其他業務提高了 13%，使公司在這些經常性業務方面取得了有史以來最好的季度業績。這主要得益於估值諮詢和物業管理業務的強勁內生成長，以及最近兩項收購帶來的貢獻。

In addition, our high-margin servicing and asset management portfolio surpassed $200 billion for the first time and ended the year with a balance of $211.2 billion. Related fees grew by 10.9% when excluding the impact of lower interest rates on escrow earnings.

此外，我們的高利潤服務和資產管理組合首次突破 2,000 億美元，年底餘額達 2,112 億美元。不計利率下降對託管收益的影響，相關費用增加了 10.9%。

Leasing was up 13.6%, resulting in a record quarter for this service line. This was led by strong activity in New York and Texas and across retail, office and industrial. Capital Markets increased by 19.2%, reflecting significant activity across office and retail as well as multifamily, which was led by strong gains in senior housing.

租賃業務成長了 13.6%，創下該業務線季度業績新高。紐約和德克薩斯州的強勁成長勢頭引領了這一趨勢，零售、辦公室和工業領域均呈現強勁成長。資本市場成長 19.2%，反映出辦公大樓、零售和多戶住宅市場活動活躍，其中老年住宅市場表現強勁。

Turning to expenses. Total expenses were up by 15.7%. This reflected commission and pass-through expense growth generally in line with revenue improvement, with the majority of the remaining increase attributed to our global growth initiatives as we continue to accelerate our investments in future revenue and earnings. Excluding our 2025 investments in growth, expenses increased by approximately 6%. With respect to taxes, the company's tax rate for adjusted earnings was 8.8% in the quarter and 11.4% for the year.

接下來談談費用。總支出增加了15.7%。這反映出佣金和轉嫁費用的成長與收入的成長基本一致，其餘大部分成長歸因於我們的全球成長計劃，因為我們將繼續加快對未來收入和獲利的投資。不計入我們在 2025 年的成長投資，支出增加了約 6%。關於稅收方面，該公司本季調整後收益的稅率為 8.8%，全年的稅率為 11.4%。

The lower tax rate was driven by our favorable corporate structure where an approximately 21% increase in our average closing stock price in 2025 resulted in higher tax deductions from grants of exchangeability to unitholders and additional deductions related to the conversion of units into common shares. These also reduced cash paid for taxes in 2025, contributing to our strong operating cash flows.

較低的稅率得益於我們有利的公司結構，2025 年我們的平均收盤股價上漲了約 21%，導致向單位持有人授予可交換權的稅收減免增加，以及與單位轉換為普通股相關的額外減免。這些因素也減少了 2025 年支付的稅金現金，有助於我們強勁的營運現金流。

Moving to earnings. We increased adjusted EPS by 23.6% to $0.68 compared with $0.55. This was $0.04 above the midpoint of our previous guidance, with $0.01 on better performance and the remainder due to a lower tax rate. Adjusted EBITDA was $214 million, up 17% versus $182.9 million.

接下來是獲利部分。我們將調整後每股盈餘預期調高23.6%至0.68美元，而先前預期為0.55美元。這比我們先前預期的中位數高出0.04美元，其中0.01美元來自業績提升，其餘部分則歸功於較低的稅率。調整後 EBITDA 為 2.14 億美元，較 1.829 億美元成長 17%。

Our adjusted EBITDA margin on total revenues improved by 32 basis points in the quarter and 81 basis points for the full year. Excluding the impact of our 2025 investments in growth, Newmark's full year margins would have expanded by approximately 130 basis points. With respect to share count, our fully diluted weighted average share count was up 0.5% to 254.3 million. On February 18, 2026, the company's Board of Directors increased our share repurchase authorization to $400 million.

本季我們調整後的 EBITDA 總營收利潤率提高了 32 個基點，全年提高了 81 個基點。如果排除 2025 年成長投資的影響，紐馬克全年利潤率將成長約 130 個基點。就股份數量而言，我們完全稀釋後的加權平均股份數量增加了0.5%，達到2.543億股。2026 年 2 月 18 日，公司董事會將股票回購授權額度提高至 4 億美元。

Turning to the balance sheet. We ended 2025 with $229.1 million of cash and cash equivalents, $671.7 million of total corporate debt, essentially unchanged compared with a year earlier and improved our net leverage to 0.8 times. The balance sheet changes from year-end 2024 reflected record cash generated by the business of $518.4 million.

接下來看一下資產負債表。截至 2025 年底，我們持有現金及現金等價物 2.291 億美元，公司總債務 6.717 億美元，與上年基本持平，淨槓桿率提高至 0.8 倍。從 2024 年底開始的資產負債表變化反映出公司產生的現金創歷史新高，達到 5.184 億美元。

This was offset by $220.2 million of cash used mainly to hire revenue-generating professionals, $127.1 million of share repurchases, $53.4 million of net cash payments for acquisitions and normal movements in working capital. Our adjusted free cash flow was up 38.4% for the year to $268.9 million. With a healthy balance sheet, strong cash generation and growing earnings, Newmark is well positioned to continue investing for growth and to return capital to shareholders.

這被以下支出所抵消：主要用於聘請創收專業人員的 2.202 億美元現金、1.271 億美元的股票回購、用於收購的 5,340 萬美元淨現金支付以及營運資金的正常變動。我們經調整後的自由現金流年增 38.4%，達到 2.689 億美元。憑藉著健康的資產負債表、強勁的現金流和不斷增長的獲利能力，紐馬克公司完全有能力繼續投資以實現成長，並向股東返還資本。

Moving to guidance. Our outlook for full year 2026 compared with 2025 is as follows. We expect total revenues between $3.7 billion and $3.8 billion, an increase of 13.8% at the midpoint. We expect capital markets to increase faster than the midpoint, management and servicing growth to be roughly in line with the midpoint and leasing improvement to be below the midpoint.

進入指導環節。我們對 2026 年全年的展望與 2025 年相比如下。我們預計總收入將在 37 億美元至 38 億美元之間，中位數將成長 13.8%。我們預期資本市場成長將超過中點，管理和服務成長將大致與中點持平，而租賃改善將低於中點。

We anticipate adjusted EBITDA in the range of $635 million to $675 million, an increase of 13% to 20%. We expect our adjusted earnings tax rate to be between 13% and 15% versus 11.4%. And we anticipate adjusted EPS between $1.82 and $1.92, up 12% to 19%. With that, I would now like to open the call for questions.

我們預計調整後的 EBITDA 將在 6.35 億美元至 6.75 億美元之間，成長 13% 至 20%。我們預計調整後的利潤稅率將在 13% 至 15% 之間，而不是 11.4%。我們預計調整後每股收益將在 1.82 美元至 1.92 美元之間，成長 12% 至 19%。接下來，我想邀請大家提問。

(Operator Instructions)

（操作說明）

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

So two questions. Barry, first, just the big elephant, AI. In a realistic way, can you just tell us what your -- the clients that you deal with, whether it's renters or occupiers, how they're thinking about AI vis-a-vis their office needs, employment, staffing. We hear all these different stories and just want to hear exactly what the latest thinking is from the office users.

所以，我有兩個問題。巴里，首先，就是那個龐然大物──人工智慧。實際上一點來說，您能否告訴我們您所服務的客戶，無論是租戶還是租戶，他們是如何看待人工智慧在辦公需求、就業和人員配備方面的作用的？我們聽到了各種各樣的說法，只想確切地了解辦公室用戶的最新想法。

I think it's very early to have the full story. In the last two months, AI has really revolutionized itself. But I mean, we're still seeing increased activity and increased return to the office. You might -- you could possibly look at it that people who are working from home are more at risk than people that come into the office, but nobody knows that at this moment.

我認為現在了解全部情況還為時過早。在過去的兩個月裡，人工智慧發生了翻天覆地的變化。但我的意思是，我們仍然看到活動增加，越來越多的人回到辦公室。你可能會認為，在家工作的人比來辦公室工作的人風險更大，但目前沒有人知道這一點。

I see AI as an accelerant. For us, I believe this is really a gift that having AI as an enabler with the great talent that we have to do more and to expand more to give them the tools, the data, the infrastructure to improve their business and accelerate the opportunities that they will see is really well suited for a company of our size. It actually gives us a moment in time to catch up. We all have a certain amount of proprietary data, and we've been very diligently collecting data over a long period of time, and we have an incredible amount of proprietary data.

我認為人工智慧是一種加速器。對我們來說，我認為這真是一份禮物，人工智慧作為賦能工具，結合我們擁有的優秀人才，能夠讓我們做得更多、發展得更好，為他們提供工具、數據和基礎設施，以改善他們的業務，加速他們所看到的機遇，這對於我們這樣規模的公司來說，真的非常合適。這實際上給了我們一點時間來追趕進度。我們都擁有一定數量的專有數據，而且我們長期以來一直在非常認真地收集數據，因此我們擁有數量驚人的專有數據。

So in terms of margin enhancement, there is certainly opportunities in the margin enhancement side. But we're excited about the new business opportunities, the ability to create more agents and human beings, if you have the best human beings, they're going to be the producers of the content and the utilization of that kind of AI. It's really an incredible moment. We're excited about it.

因此，就利潤率提升而言，肯定存在著提升利潤率的機會。但我們對新的商業機會感到興奮，能夠創造更多的代理人和人才，如果你擁有最優秀的人才，他們將成為內容的生產者，並利用這種人工智慧。這真是個令人難以置信的時刻。我們對此感到興奮。

But Barry, what you're saying is from office using jobs, you're not seeing any of your clients talk about reducing.

但是巴里，你從辦公室工作的角度來說，並沒有看到你的任何客戶談論減少工作量。

No, we're not. I mean, certainly in the primary markets, we don't expect to see that. But --

不，我們不是。我的意思是，至少在主要市場，我們預計不會發生這種情況。但--

And then the second question is on the debt -- on your debt book, your capital markets, 2021 was a monstrous year for multifamily, both in aggressive underwriting and low debt costs. And obviously, that stuff is coming due.

第二個問題是關於債務——關於你的債務帳簿、你的資本市場，2021 年對於多戶住宅來說是極其糟糕的一年，無論是在激進的承銷方面，還是在低債務成本方面。很顯然，那些事情終究會到期。

Do you expect a surge of refinancing and restructuring over the next sort of 12 to 18 months? Or is your view that while there technically should be a surge of maturities, this stuff takes time to work out, and therefore, it's not like we're going to see a sudden ramp in all these loans coming due. It's -- they'll be processed over time. Just trying to gauge what the opportunity is and what that means for you guys as the market addresses the '21 multifamily debt maturities.

您預計未來 12 至 18 個月內會出現再融資和重組激增的情況嗎？或者你認為，雖然理論上應該會出現到期貸款激增的情況，但這種事情需要時間來解決，因此，我們不會突然看到所有這些貸款到期。——它們會隨著時間的推移而被處理。我只是想評估市場在應對 2021 年多戶住宅債務到期問題時，有哪些機會以及這對你們意味著什麼。

I mean, in general, there's $2 trillion of debt coming due over the next three years, $600 billion a year. And the market titrates between sales and debt. Every time you look at a capital event, you decide should I finance more, should I finance less, should I raise equity. We think that's right for the market to take action.

我的意思是，總的來說，未來三年將有 2 兆美元的債務到期，平均每年 6,000 億美元。市場在銷售額和債務之間不斷調節。每次你審視資本事件時，你都會決定我應該增加融資、減少融資或增加股權融資。我們認為市場採取行動是正確的。

People have been sitting on portfolios for way longer than they would have liked. And there's a certain amount of fatigue, which I've said once before, I think I said last quarter, and we're seeing the investors want to unleash the opportunity and the capital to go play in the new market at new levels with new opportunities where they could capture promotes. There's a lot of activity and a lot of that's going to be in debt. So I think that there'll be a lot of maturities that will be involved in.

人們持有投資組合的時間遠遠超過了他們的預期。而且，市場已經出現了一定的疲態，我之前也說過一次，我想我上個季度就說過。我們看到投資人希望釋放機會和資金，在新市場中抓住新的機遇，在新的層面上進行投資。市場活動很多，其中很多都會伴隨著債務。所以我認為這會牽扯到很多成熟階段。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

There's a robust debate going on about the commercial real estate services businesses and essentially the risk of the data that they control becoming public. We know from experience that there is a lot of property level cash flow data that building owners, lenders, servicers, brokers keep closely held. And so I'm wondering what you see as the risks of that property level data becoming truly public?

目前，關於商業房地產服務企業及其控制的數據可能被公開的風險，存在著激烈的爭論。我們從經驗中得知，許多房產層面的現金流量資料都被業主、貸款人、服務商和經紀人嚴密保守。所以我想知道，您認為房產層面的數據完全公開會帶來哪些風險？

And do you see that risk as greater in the low to middle market, more commodity type assets or elsewhere in the market?

您認為這種風險在中低階市場、大宗商品類資產領域，還是在其他市場領域較大？

Certainly, some data is confidential and owners are going to protect their data. I mean we're seeing every vendor and every person in the business now asking to be able to use data. So we're very aware of that. But we've collected an enormous amount of proprietary data over years, recognize that some of the data we have is confidential, some we could use as derived data and it drives opportunities for us to do evaluations on a broader scale.

當然，有些資料屬於機密訊息，資料所有者會保護自己的資料。我的意思是，現在我們看到每個供應商和每個企業員工都要求能夠使用資料。所以我們非常清楚這一點。但多年來，我們收集了大量的專有數據，我們意識到我們擁有的一些數據是機密的，一些數據我們可以用作衍生數據，這為我們提供了在更大範圍內進行評估的機會。

And some of it, we won't be able to use. So it will be -- but we have no shortage of opportunities to use our data to create value for our clients.

其中一些，我們將無法使用。確實如此——但我們不乏利用數據為客戶創造價值的機會。

And so putting that in context of your leading capital markets teams, some of the institutional teams you've acquired, see that this proprietary data in combination with AI advances those star quality type teams? Or do you think that the younger teams will have a better chance to compete within a company like Newmark?

因此，結合您領先的資本市場團隊以及您收購的一些機構團隊來看，這些專有數據與人工智慧相結合，能夠提升這些明星級團隊的能力嗎？或者你認為年輕的團隊在像 Newmark 這樣的公司會有更好的競爭機會嗎？

I think you basically hit the nail on the head. The reality is both. So the older teams have the credibility of the book that they've been selling and the reputation and the gratitude created over selling product for many, many years. And the young people on their teams, the talent on their teams will use AI to increase margin and increase opportunity. And if you -- if it takes less time to do certain things and you can put your best people in front of clients and spend more time with their clients, you're going to do more business.

我覺得你說的基本都對。事實兩者兼而有之。因此，老牌團隊擁有他們多年來銷售的書籍所帶來的信譽，以及透過銷售產品所累積的聲譽和感激之情。他們團隊中的年輕人才將利用人工智慧來提高利潤率和增加機會。如果你——如果完成某些事情所需的時間更少，你可以讓最優秀的員工直接面對客戶，並花更多的時間與客戶交流，那麼你的業務就會發展得更好。

And we think our whole strategy of hiring the best talent and doing more with less plays into the world that we're living in right now. And we think that is an accelerant for us.

我們認為，我們聘用最優秀的人才並以更少的資源創造更多價值的整個策略，與我們目前所處的世界息息相關。我們認為這對我們來說是一個加速器。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛集團。

Maybe to ask the AI question slightly differently. When I think of Newmark's sort of capital markets brokerage business, I think of a platform that operates at sort of the highest tier of transaction size of complexity with the most sophisticated counterparties in the industry. But as we think about the disruptive risk of AI, do you believe there's more of a risk to peers or players that are sort of more middle market focused?

或許可以稍微換個方式向人工智慧提問。當我想到 Newmark 的資本市場經紀業務時，我想到的是一個在最高交易規模和複雜程度上運作的平台，其交易對手是業界最老練的。但當我們思考人工智慧帶來的顛覆性風險時，您認為對於那些更專注於中階市場的同業或企業來說，風險是否更大？

Without question that smaller deals that could be perceived to be more commoditized would be more at risk. But just the same. It's still about contacts with clients. It's still about marketing opportunities, and it's about having a certain amount of time to find those opportunities and then market those opportunities.

毫無疑問，那些規模較小、更容易被視為商品化的交易將面臨更大的風險。但即便如此。關鍵仍然在於與客戶的聯繫。關鍵仍然在於行銷機會，在於要有一定的時間去尋找這些機會，然後進行市場推廣。

I think what's going to happen is the process by which those buildings will be -- we will be able to create an offering memorandum and do e-blasts, do qualified -- through a list of qualified buyers and automated CAs and those kind of things will just accelerate the opportunities. So I think you'll see more business, the same business done with less people. And again, that's -- we think that's a good thing for us.

我認為接下來會發生的是，透過制定招股說明書、發送電子郵件、篩選合格買家以及建立自動化CA系統等流程，這些舉措將加速這些機會的到來。所以我認為你會看到更多的業務，同樣的業務用更少的人完成。而且，我們認為這對我們來說是件好事。

That's really helpful. And I guess moving over to capital allocation. You've been very active in making investments in growth and to expand your platform internationally. Just wondering if the recent increase in the share repurchase authorization signals that maybe you'll be shifting some of your capital allocation towards being more aggressive on share repurchases given where the stock trades today.

這真的很有幫助。接下來我想談談資本配置。您一直非常積極地進行投資，以促進成長並將您的平台擴展到國際市場。我只是想知道，鑑於股票目前的交易價格，最近增加股票回購授權是否意味著您可能會將部分資本配置轉向更積極地進行股票回購。

I think the second part is certainly true where the stock is today, we'll be more aggressive buying back the shares given the outlook and earnings for next year. But we have very low leverage on the balance sheet.

我認為第二點在目前的股價水準下肯定是正確的，考慮到明年的前景和收益，我們將更積極地回購股票。但我們的資產負債表槓桿率非常低。

We're generating -- we generated record cash flow in '25. We'll continue to generate a lot of cash flow from the business. We have more room to borrow debt and lever up the balance sheet. So I don't think it's going to slow down in any way our ability to invest.

我們在 2025 年創造了創紀錄的現金流。我們將繼續從業務中獲得大量現金流。我們有更多空間借貸債務，提高資產負債比率。所以我認為這不會以任何方式減緩我們的投資能力。

We've also been -- we launched Europe 36 months ago. We have 1,200 people in Europe. When we enter a new market, the new market gets excited because what we bring to the table is a much more talent-friendly enabling platform. So we are -- we've done better than we had originally anticipated, and we've opened up Spain and Italy, and we've done a great deal in Germany and UK and France. And we're doing it in the Middle East, and we're doing it in Singapore.

我們也一直在——我們36個月前推出了歐洲市場。我們在歐洲有1200名員工。當我們進入一個新市場時，這個新市場會感到興奮，因為我們帶來的是一個對人才更友善的賦能平台。所以，我們的成績比預期的好，我們開拓了西班牙和義大利市場，在德國、英國和法國也取得了巨大成就。我們在中東地區這樣做，我們在新加坡也這樣做。

So -- and we're hiring people and they want to come work for us. So as long as the right people want to come to the platform, we're going to continue to hire the right people. It's a really good way to build a platform. And in some cases, although the accounting is a little bit different, you're hiring brokers and it takes time to ramp up, you have the better shot at getting the plumbs as opposed to the pits sometimes when you buy a company with a lot of people.

所以——我們正在招聘，而且他們也想來我們公司工作。只要有合適的人才願意加入這個平台，我們就會持續招募合適的人才。這是建立平台的一個非常好的方法。在某些情況下，雖然會計處理方式略有不同，例如你需要聘請經紀人，而且需要時間才能步入正軌，但當你收購一家擁有眾多員工的公司時，你更有可能獲得優質資產，而不是劣質資產。

Mitchell Germain, Citizens Bank.

米切爾·傑曼，公民銀行。

Barry, I just want to follow up on that comment you said about some of the hiring outside the US And I'm curious, I mean, you've previously talked about the lag time as many of those producers are sitting on a garden leave. Where are you in terms of productivity with regards to some of that hiring? Or you're around 50%? Or is that even less in terms of how many are actually up and running and performing for you?

巴里，我想就你之前提到的美國以外地區的一些招募情況再補充一點。我很好奇，我的意思是，你之前也談到過招募落後的問題，因為很多製片人都在休假。就招募工作而言，你們的效率如何？還是你大概有50%的把握？或者說，實際運作並能為你提供服務的系統數量甚至更少？

Mitch, it's Mike. I would say it depends on the country because we started different countries at different times. So like France, we started probably two years ago. That should be fully ramped up next year in '26 -- or I should say, this year in '26.

米奇，我是麥克。我認為這取決於國家，因為不同國家的起步時間不同。所以和法國一樣，我們大概兩年前就開始了。明年（2026年）應該會全面加速──或者應該說，今年（2026年）就會加速。

Germany, we're still ramping, so it probably comes online in full speed in '27. Italy, we just started. So that will take a year, one and a half years. So it really is market dependent. And -- but we are seeing after 12 to 18 months, the producers we hired really starting to produce on our platform. So that's good news.

德國目前仍在加速建設中，所以可能要到 2027 年才能全面投入營運。義大利，我們才剛起步。所以那需要一年到一年半的時間。所以這確實取決於市場情況。但是，經過 12 到 18 個月的時間，我們看到，我們聘請的製作人開始真正在我們的平台上製作。這是個好消息。

France, after probably -- even though we started two years ago, we had garden leaves, we probably are a year and a few months in operation. We're breakeven the first year. I mean that's astounding. We anticipated that it would take us three years to go cash flow positive.

法國，大概——儘管我們兩年前就開始了，我們有花園葉子，我們可能已經運作了一年多。第一年我們實現了收支平衡。我的意思是，這太令人震驚了。我們預計需要三年時間才能達到現金流為正。

We've done it in a year and four months, a year and three months. UK, we came out of the gate. We didn't miss a beat. We built a good business in the UK The same in Germany, we have an incredible list of talented people that have come on board after our initial hiring of a very senior broker who -- from another firm. So I mean -- and we're getting the calls.

我們分別花了一年零四個月和一年三個月的時間完成了這項工作。英國，我們一開始就領先。我們絲毫沒有耽擱。我們在英國建立了良好的業務。在德國也是如此，我們擁有一群非常優秀的人才，他們在我們最初聘請了一位來自另一家公司的資深經紀人之後加入了我們。我的意思是──我們接到了很多電話。

People are calling. They want to join. They like what we're doing. They like how we're doing it. And there is an element of the strategy of more with less enabling and empowering talent to do more and not necessarily be crowded that incidentally will work in the AI environment.

有人打電話來。他們想加入。他們喜歡我們正在做的事情。他們喜歡我們的做法。這種「以更少資源創造更多價值」的策略，賦予人才更多能力，讓他們能夠做更多的事情，而不至於人滿為患，這種策略在人工智慧環境中也同樣適用。

Great. That's helpful. Last quarter, you guys provided some perspective on the Real Foundations transaction. I'm curious about the Altus deal and kind of how it fits into the puzzle here.

偉大的。那很有幫助。上個季度，你們對 Real Foundations 的交易提供了一些見解。我對 Altus 的交易以及它如何融入這其中很感興趣。

Yes. We had an opportunity to buy a valuation firm in Canada. Canada is a market that we think is a good opportunity for us to grow. We have some brokers up there. We think this could help us recruit more and better talent and continue to grow the business up in Canada.

是的。我們曾有機會收購加拿大的一家估值公司。我們認為加拿大市場對我們來說是一個很好的發展機會。我們在那邊有一些經紀人。我們認為這有助於我們招募更多更優秀的人才，並繼續在加拿大發展業務。

It was part of a software-focused firm. So I think we'll be able to really improve the business and show them some love on our platform, and I think they're going to do great for us.

它是某軟體公司的一部分。所以我認為我們能夠真正改善他們的業務，並在我們的平台上給予他們一些關愛，我認為他們會為我們做出巨大貢獻。

And right out of the gate, we took the original leader of the company who wanted to join, who left to pursue other avenues but came back. When you think about our appraisal as prototypical of how we've built this company, we hired one person in appraisal.

一開始，我們就邀請了公司最初的領導人加入，他之前離開去追求其他發展道路，但後來又回來了。如果你把我們的評估視為我們公司發展歷程的典型代表，你會發現我們當時只聘請了一名評估人員。

We now have a business approaching $200 million in appraisals with a profitable margin. And all over the world, we're building out the appraisal platform and many of these institutions give global and regional mandates.

我們現在擁有近 2 億美元的評估業務，並且獲利豐厚。在全球範圍內，我們正在建立評估平台，其中許多機構都擁有全球和區域性的委託資格。

So having that platform is a great opportunity for us. And as we build out the global platform, which we think is somewhere between 18 and 24 months, we will have our ducks in a row be in all the markets that we need to be that in any opportunity where we get an RFP and to pitch that business that the gap between us and getting -- winning the business will be diminished precipitously, and we expect that organic growth as a result of winning business without cost is going to be an avenue of white space that we will achieve great growth.

所以擁有這個平台對我們來說是一個絕佳的機會。隨著我們全球平台的建設（我們認為這大約需要 18 到 24 個月），我們將做好充分準備，進入所有我們需要的市場，這樣，在任何收到 RFP 的機會中，我們都能更好地進行業務推介，從而大大縮小我們與贏得業務之間的差距。我們預計，透過零成本贏得業務而實現的有機成長，將成為我們實現巨大成長的空白領域。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Barry, I appreciate all your comments on AI and not to belabor the point, but it is the theme of the day. It's probably going much beyond office as well. So maybe just looking at your industrial and retail leasing businesses. Maybe talk about some of the top priorities or concerns that you're discussing with clients as they're considering leasing new space in this AI backdrop.

巴里，我很感謝你對人工智慧的所有評論，雖然我不想贅述，但這確實是今天的主題。這可能已經遠遠超出辦公室的範疇了。所以或許可以看看你們的工業和零售租賃業務。或許可以談談在人工智慧背景下，當客戶考慮租賃新辦公空間時，他們最關心的一些問題或擔憂。

I'd imagine there's a lot of elements that Newmark is helping them navigate regarding power and robotics and flexibility and fulfillment, et cetera. So any commentary there would be helpful.

我想，在電力、機器人技術、靈活性和交付等方面，Newmark 正在幫助他們解決許多問題。所以任何評論都會很有幫助。

We have a fairly robust data center business. We're well versed in the issues of power, GPUs, the kind of things that are necessary and the locational issues with opening data centers. So we can advise our clients on how and where to take data centers. We've been doing that for conventional data center business for 20 years, advising people on where and when and how and what the criteria for opening data centers are.

我們的資料中心業務相當穩健。我們非常了解電力、GPU、資料中心建置所需的各種必要條件以及選址問題。因此，我們可以就如何以及在哪裡建立資料中心向客戶提供建議。20 年來，我們一直為傳統資料中心業務提供諮詢服務，包括在哪裡、何時、如何以及符合哪些標準來開設資料中心。

I think it's interesting to see the whole data center business on AI that will be sort of aggregated into six or seven major AI companies and how that will impact the world. But our clients are -- I mean we've always looked at power as an important feature in any of our financial institution lease negotiations. Now it's just a more important point.

我認為觀察整個資料中心業務在人工智慧領域的發展很有意思，它將逐漸整合為六、七家主要的人工智慧公司，以及這將如何影響世界。但我們的客戶——我的意思是，我們一直把權力視為我們與金融機構進行租賃談判時的重要因素。現在這一點變得更加重要了。

Okay. And maybe another high-level question. Can you discuss the competitive landscape for talent now and how it's evolved throughout the cycle versus previous cycles and how the recruiting process has changed?

好的。或許還有一個更深層的問題。您能否談談目前的人才競爭格局，以及與以往週期相比，這項格局在本週期中發生了哪些變化，招募流程又發生了哪些變化？

Well, in capital markets, we generally have -- whatever the vertical is in the geography, we have usually one team because you have more than one team, it becomes like a mosh pit and it's competitive. But -- so we think we've now -- in many of the markets, we've actually accomplished our objectives. There are places where we have white space.

嗯，在資本市場，我們通常——無論垂直領域或地理如何，我們通常只有一個團隊，因為如果有多個團隊，就會像搖滾樂現場一樣，競爭非常激烈。但是——所以我們現在認為——在許多市場，我們實際上已經實現了我們的目標。有些地方留有空白。

In leasing, we have plenty of room to grow in certain areas. And we continue to offer an opportunity for a broker who might be at a platform that is really crowded and covered to come on board and not have as much competition internally, and that fits in with our model. We'd rather see higher revenue per capita and higher revenue per employee and provide the infrastructure and the research and the data to help them do more business. That is our goal. So we don't -- we're not having a problem recruiting.

在租賃領域，我們在某些​​方面還有很大的發展空間。我們繼續為那些可能身處競爭激烈、覆蓋面廣的平台的經紀人提供機會，讓他們加入我們，減少內部競爭，這符合我們的模式。我們更希望看到更高的人均收入和更高的員工人均收入，並提供基礎設施、研究和數據來幫助他們開展更多業務。這就是我們的目標。所以我們沒有——我們招募方面沒有問題。

(Operator Instructions)

（操作說明）

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Just on the revenue growth outlook, 12% to 15%, could you provide any comments as to your expectations on leasing, whether that should be above or below that, management services and capital markets?

僅就營收成長前景而言，12%至15%，您能否就租賃業務、管理服務和資本市場的預期發表一些評論，例如預期應該高於還是低於該預期？

Sure. As I said in my prepared remarks, Jade, I think we'll be above the midpoint in Capital Markets. Debt -- market debt is expected to grow 20% plus next year and sales double digits. So we'll perform really well there and continue to take market share. On the management and servicing business, we expect to be roughly in line with the midpoint of the guide. And then in the leasing business, a little bit below the midpoint of the guide.

當然。正如我在準備好的演講稿中所說，Jade，我認為我們將高於資本市場的中點。債務－預計明年市場債務將成長 20% 以上，銷售額將達到兩位數成長。因此，我們將在那裡表現出色，並繼續擴大市場份額。在管理和服務業務方面，我們預期大致與該指南的中點一致。而在租賃業務方面，則略低於該指南的中點。

And that concludes our Q&A session today. I'll turn it over for any additional or closing remarks.

今天的問答環節到此結束。我將把發言權交給對方，以便他們補充或作結語。

Thank you all for coming and look forward to the next quarter.

感謝各位的到來，期待下一季的到來。

And ladies and gentlemen, that concludes today's call. Thank you for your participation. You may now disconnect, and have a great day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接了，祝您今天過得愉快。