Newmark Group Inc (NMRK) 2026 Q1 法說會逐字稿

Good day, and welcome to the Newmark's first-quarter 2026 public financial results call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jason McGruder, Head of Investor Relations. Please go ahead.

各位好，歡迎參加 Newmark 2026 年第一季公開財務業績電話會議。今天的會議將進行錄音。此刻，我想將會議交給投資人關係主管 Jason McGruder。請開始。

Thank you, operator. Good morning. Newmark issued its first-quarter 2026 financial results press release earlier today. Unless otherwise stated, the results provided on today's call compare only the three months ending March 31, 2026, with the year earlier period, except as noted -- as otherwise specified, we will be referring to our results only on a non-GAAP basis, including the terms adjusted earnings, adjusted EBITDA and adjusted free cash flow.

謝謝，接線員。各位早安。Newmark 已於今日稍早發布 2026 年第一季財務業績新聞稿。除非另有說明，今天電話會議所提供的結果僅比較截至 2026 年 3 月 31 日止的三個月與去年同期；除另有註明外，我們將僅以非 GAAP 基礎來談論我們的結果，包括調整後盈餘、調整後 EBITDA 與調整後自由現金流等用語。

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 GSE FHA loan origination and sales. We may also use the term cash generated by the business, which is that same operating cash flow measure before the impact of cash used for employee loans.

除非另有說明，今天討論的任何營運活動現金流量數字，係指營運活動所提供之淨現金，並排除 GSE FHA 貸款承作與出售的影響。我們也可能使用「業務所產生的現金」一詞，指的是同一項營運現金流量衡量指標，但在扣除員工貸款所使用現金之前的數值。

Please refer to today's press release, the supplemental tables in the quarterly results presentation on our website for complete and updated definitions of any non-GAAP terms, reconciliations of these items to the corresponding GAAP results and how, when and why management uses them. For additional information on the cash flow measures as well as relevant industry or economic statistics.

請參閱今日新聞稿，以及我們網站上季度業績簡報中的補充表格，以取得任何非 GAAP 用語的完整與最新定義、這些項目與相對應 GAAP 結果之調節，以及管理層如何、何時與為何使用它們。另可取得關於現金流量衡量指標以及相關產業或經濟統計的更多資訊。

The outlook discussed today excludes the potential impact of any future acquisitions and assumes no material changes to Newmark's 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.

今天討論的展望不包含任何未來併購的潛在影響，並假設 Newmark 股價相較於昨日收盤價沒有重大變動。我們的預期可能會因各種總體經濟、社會、政治及其他因素而改變。我們在 2026 年之後的任何目標或目的均不應被視為正式指引。

Also 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.

同時提醒各位，本次電話會議包含前瞻性陳述，包括但不限於有關我們經濟展望與業務的陳述。此類陳述受風險與不確定性影響，可能導致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陳述的義務。

For a complete discussion of 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.

關於可能影響這些前瞻性陳述之風險及其他因素的完整討論，請參閱我們向 SEC 提交的文件，包括但不限於我們最近期 SEC 申報文件中關於風險因素及前瞻性資訊揭露的內容，並以引用方式納入本文。

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

我現在很高興將電話會議交給我們的主持人兼執行長 Barry Gosin。

Good morning, and thank you for joining us. Newmark continued its strong momentum in the first-quarter by increasing total revenues 27% and adjusted EPS, 57%. This was our seventh consecutive quarter of double-digit top line growth and eighth quarter in a row of double-digit earnings improvement. Our results reflected broad-based gains across management services and servicing, leasing and capital markets, driving record first-quarter revenues for each of these service lines.

各位早安，感謝各位加入我們。Newmark 在第一季延續強勁動能，總營收成長 27%，調整後每股盈餘（EPS）成長 57%。這是我們連續第七季營收達到兩位數成長，也是連續第八季獲利改善達到兩位數。我們的結果反映管理服務與受託管理、租賃與資本市場等各業務線的全面性成長，推動上述各服務線皆創下第一季營收新高。

Newmark improved management and servicing revenues by 21%. We generated double-digit organic growth from our managed services offerings, which include outsourced fund administration, portfolio analysis, due diligence and loan sizing. We integrated real foundations into this platform, and we expect to drive further growth between these businesses and our other investor and lender solutions. We remain on pace to achieve our goal of over $2 billion of management and servicing revenues by 2029 compared to $1.3 billion over the trailing 12 months. With respect to leasing, we increased fees by 20%.

Newmark 的管理與受託管理營收提升 21%。我們的受管理服務（managed services）產品帶來兩位數的有機成長，包含外包基金行政管理、投資組合分析、盡職調查與貸款規模測算。我們已將 Real Foundations 整合至此平台，並預期將在這些業務與我們其他投資人及放款人解決方案之間帶動進一步成長。我們仍按計畫推進，目標在 2029 年達成管理與受託管理營收超過 20 億美元，相較於過去 12 個月為 13 億美元。在租賃方面，我們的費用收入增加 20%。

This reflected a meaningful acceleration in US office leasing volumes, particularly in San Francisco and New York City as well as the continued expansion of our global footprint. Our performance underscores Newmark's ability to capture complex cross-market leasing mandates, from global clients as occupiers increasingly prioritize portfolio optimization, flexibility and access to specialized talent hubs.

這反映美國辦公室租賃量明顯加速，特別是在舊金山與紐約市，同時也反映我們全球版圖的持續擴張。我們的表現凸顯 Newmark 有能力承接跨市場、複雜的租賃委任案；隨著承租方日益重視投資組合最佳化、彈性以及取得專業人才聚落的機會，全球客戶對此需求更為強烈。

We expect leasing activity to benefit from normalizing return to office trends and improving industrial leasing fundamentals in the US and UK We increased capital markets revenues by 45%. Our performance reflected the investments we made in building out an industry-leading advisory business. Newmark is the go-to adviser for the largest and most complex transactions in the market.

我們預期租賃活動將受惠於回辦公室趨勢的正常化，以及美國與英國工業不動產租賃基本面的改善。我們的資本市場營收增加 45%。我們的表現反映了我們在打造業界領先的顧問業務方面所做的投資。Newmark 是市場上最大且最複雜交易的首選顧問。

Real Estate Alert ranked Newmark number four in real estate M&A in 2025, the only full-service real estate intermediary in the Top 10, alongside leading investment banks. Thus far in 2026, we have continued to invest in our M&A and capital raising business in both the US and Europe.

《Real Estate Alert》在 2025 年將 Newmark 評為不動產併購（M&A）排名第四，且是前十名中唯一的全方位不動產仲介服務商，與頂尖投資銀行並列。截至目前的 2026 年，我們持續在美國與歐洲投資於我們的併購與資本募集業務。

The company's ongoing success is due to the consistent execution of our strategy of leading with the industry's best talent, deepening client relationships and expanding our international footprint, which together drive growth across all of our service lines. Given the strong start to the year, and our healthy transaction pipeline, we are raising our full year outlook and expect Newmark to deliver double-digit top and bottom line growth for the third consecutive year in 2026.

公司持續成功，歸功於我們一貫執行的策略：以業界最佳人才為先、深化客戶關係並擴大國際版圖；這些因素共同推動我們所有服務線的成長。鑑於今年開局強勁以及我們健康的交易管線，我們上調全年展望，並預期 Newmark 將於 2026 年連續第三年實現營收與獲利的兩位數成長。

With that, I'm happy to turn the call over to our CFO, Mike Rispoli.

接下來，我很高興將電話會議交給我們的財務長 Mike Rispoli。

Thank you, Barry, and good morning. Total revenues were up 27.2% and to an all-time first-quarter best of $846.5 million compared with $665.5 million. We increased management services, servicing and other by 21.2%. This was due to double-digit organic growth as well as recent acquisitions. Leasing was up 20.2%. This was led by significant office activity. Capital markets increased by 45.5%, reflecting strong gains in senior housing and higher activity in our affordable housing business.

謝謝你，Barry，各位早安。總營收成長 27.2%，達到歷來最佳第一季水準 8.465 億美元，相較於 6.655 億美元。我們的管理服務、受託管理及其他收入增加 21.2%。這主要來自兩位數的有機成長以及近期併購。租賃收入成長 20.2%。主要由顯著的辦公室活動所帶動。資本市場收入增加 45.5%，反映高齡住宅的強勁成長，以及我們可負擔住宅業務活動提升。

We also produced robust improvement from transactions in lodging, industrial and office. We grew our overall capital markets volumes by 67.6%, led by 112.3% improvement in total debt. This was the 10 quarter in a row of double-digit revenue and volume growth as Newmark continues to expand its market share. Moving on to expenses. Total expenses were up by 24.5%.

我們在旅宿、工業與辦公室等交易方面也帶來強勁改善。我們的整體資本市場成交量成長 67.6%，其中總債務業務成長 112.3% 為主要帶動因素。隨著 Newmark 持續擴大市占率，這是連續第 10 個季度營收與成交量皆達到兩位數成長。接著談費用。總費用增加 24.5%。

This reflected commission and pass-through expense growth generally in line with related revenue improvement, with the remaining increase largely attributed to our global growth initiatives, with respect to taxes, the company's tax rate for adjusted earnings was 14.7% compared with 14.3% a year earlier.

這反映出佣金及代墊費用的成長大致與相關營收改善一致，其餘增幅主要歸因於我們的全球成長計畫；就稅負而言，公司調整後盈餘的稅率為14.7%，較一年前的14.3%上升。

Turning to earnings. We increased adjusted EPS by 57.1% to $0.33 compared with $0.21. Adjusted EBITDA was $121.2 million, up 35.8% and versus $89.2 million. Our adjusted EBITDA margin on total revenues improved by 91 basis points. With respect to share count, our fully diluted weighted average share count was up 0.3% to 256 million.

接著談到獲利。我們的調整後每股盈餘（EPS）較去年同期成長57.1%至0.33美元，去年同期為0.21美元。調整後EBITDA為1.212億美元，成長35.8%，去年同期為8,920萬美元。我們在總營收上的調整後EBITDA利潤率提升了91個基點。就股數而言，我們完全稀釋加權平均股數增加0.3%至2.56億股。

Through April 29, Newmark repurchased 10.4 million shares at an average price of $14.58 for a total of $151.1 million. Turning to the balance sheet. We ended the quarter with $212.1 million of cash and cash equivalents, $832 million of total corporate debt and 1x net leverage, after quarter end, we renewed our revolving credit facility and increased it 50% to $900 million.

截至4月29日，Newmark以每股平均14.58美元回購了1,040萬股，總金額為1.511億美元。接著談到資產負債表。本季末我們持有現金及約當現金2.121億美元、公司總債務8.32億美元，淨槓桿為1倍；季後我們續約循環信用額度並將其提高50%至9億美元。

On a trailing 12-month basis, the company increased adjusted free cash flow by 111.7% to $361.5 million. This represented 82.4% of adjusted earnings, which is at the high end of our expected range of 65% to 85%. Newmark increased its dividend for the first time since 2022 from $0.03 to $0.06 reflecting our expectation for sustained earnings growth.

以過去12個月為基礎，公司調整後自由現金流增加111.7%至3.615億美元。這相當於調整後盈餘的82.4%，位於我們預期65%至85%區間的高端。Newmark自2022年以來首次提高股利，從0.03美元上調至0.06美元，反映我們對盈餘持續成長的預期。

Moving to guidance. We are raising our outlook for full year 2026 to the following: we now expect total revenues between $3.775 billion and $3.875 billion, an increase of 15% to 18%. We continue to 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. We anticipate adjusted EBITDA in the range of $656 million to $694 million, an increase of 17% to 23%. We expect our adjusted earnings tax rate to be between 13% and 15% versus 11.4%. And we anticipate adjusted EPS between $1.87 and $1.98, up 15% to 22%.

接著是財測指引。我們上調2026年全年展望如下：目前預期總營收介於37.75億至38.75億美元，成長15%至18%。我們仍預期資本市場業務增速將高於中位數，管理與服務業務成長大致與中位數一致，而租賃業務改善將低於中位數。我們預期調整後EBITDA介於6.56億至6.94億美元，成長17%至23%。我們預期調整後盈餘稅率介於13%至15%，相較於11.4%。並預期調整後每股盈餘介於1.87至1.98美元，成長15%至22%。

With that, I would now like to open the call for questions.

接下來，我想開放提問。

(Operator Instructions)

（接線員指示）

Alex Goldfarb, Piper Sandler.

Alex Goldfarb，Piper Sandler。

Two questions. First, Mike, the guidance increased, great. It's impressive. Curious how your expectation for cash flow growth has changed. Is it mirroring the growth that you now expect in the adjusted EPS? Or is cash flow expected to grow differently from earnings?

兩個問題。第一個，Mike，你們上調了指引，很好。很令人印象深刻。想了解你們對現金流成長的預期有何變化。是否會反映你們目前對調整後EPS所預期的成長？或者現金流的成長預期會與盈餘不同？

Alex. Yes, I think our cash flow is going to grow in line with earnings. As we said, and as you can see in the release, it's up significantly year-over-year on a trailing 12-month basis, and we continue to just generate a lot of cash flow from the business, which gives us a significant amount of flexibility.

Alex。是的，我認為我們的現金流將與盈餘同步成長。如同我們所說、你也可在新聞稿中看到，以過去12個月為基礎，年增幅相當顯著；我們持續從業務中產生大量現金流，這讓我們擁有相當大的彈性。

Okay. And the second question, Barry, you guys have expanded into data centers. Obviously, there's a lot of leasing from AI and office. But there are all these stories that we read about CapEx loads, you can see with the big tech have increased their CapEx. There's concern about power availability and whether or not there's too much capital chasing data centers or not.

好的。第二個問題，Barry，你們已擴展到資料中心領域。顯然，AI與辦公室帶動了大量租賃需求。但我們也讀到許多關於資本支出（CapEx）負擔的報導，你可以看到大型科技公司已提高其CapEx。市場也擔心電力供應是否充足，以及是否有過多資金追逐資料中心。

But as you work with your clients and data centers, are they -- is the power of the CapEx concerns is -- are these playing out and affecting how data centers are being invested in or how your clients are looking at them? Or are these headlines that we read sort of -- I don't want to say noise, but sort of noise around the edges, and it hasn't changed the velocity at which people are investing and breaking ground on these data centers.

但當你們與客戶合作、涉及資料中心時，這些電力與CapEx的疑慮——是否正在發生並影響資料中心的投資方式，或影響你們客戶看待資料中心的方式？還是說我們看到的這些標題有點——我不想說是雜音，但算是邊緣雜訊，並未改變人們投資與動工興建這些資料中心的速度？

Yes. The change from using the grid to behind the meter and developing distributed power requires additional expertise in structuring these transactions, which is good for us because we've been involved in the more complex transactions around structuring credit and the ability to get money for compute.

是的。從使用電網轉向「表後」（behind the meter）並發展分散式電力，要求在架構這些交易時具備額外專業能力；這對我們有利，因為我們一直參與更複雜的交易，包括信用架構設計以及為運算能力取得資金的能力。

And we think it's the velocity, as we see it now, the pipeline looks really, really good, and it's still people are aggressively pursuing opportunities. And then some of the deck chairs are changing, some more of the power companies are getting involved closer up into the hyperscaler side of the business because they're holding the cards. So understanding in how to navigate in this environment is really interesting and good for us.

我們認為就目前所見的速度而言，案源管線看起來非常、非常好，人們仍在積極追逐機會。同時也有一些「牌桌上的座位」在變動，更多電力公司更深入參與到超大規模業者（hyperscaler）端的業務，因為他們掌握關鍵資源。因此，理解如何在這樣的環境中前進非常有意思，對我們也很有利。

And we're really actively pursuing today, powered land where you were next to the grid or next to an oil or gas basin is almost any piece of dirt is available subject to the community pushback to be created into either some form of digital infrastructure and hyperscaling as opposed to the limited supply of land that was available right next to the grid and the ability for the grid to provide power. So it actually opens it up and requires people to be more expert about this. So we think it's good for us.

而且我們目前非常積極地尋找具備電力條件的土地；過去你必須靠近電網或靠近油氣盆地，但現在幾乎任何一塊土地，只要能克服社區反對，就有機會被打造為某種形式的數位基礎設施與超大規模部署，而不再受限於過去僅能在電網旁取得的有限土地供給，以及電網供電能力。所以這其實把市場打開了，也要求參與者更專業。因此我們認為這對我們有利。

Okay. So net, you're not seeing any slowdown in the appetite as people face these challenges, you're seeing continued strength in your data center business?

了解。所以整體而言，當人們面對這些挑戰時，你們沒有看到需求意願放緩，反而看到資料中心業務持續強勁？

Yes.

是的。

Mitch Germain, Citizens Bank.

Mitch Germain，Citizens Bank。

And congrats on the quarter. Just curious, obviously, a couple of acquisitions. I think you even mentioned 1 or so on the call so far. Curious about the integration and cross-sell that you've been able to experience so far?

恭喜本季表現。想請教一下，顯然你們做了幾筆併購。我想你們在電話會議中到目前為止甚至提到大約1筆左右。想了解目前你們在整合以及交叉銷售方面的進展與成效如何？

The cross-sell is incredible. I mean the opportunity to service our institutional investor portfolio by providing them with things like fund administration, real estate property accounting, staffing, portfolio analysis, cost monitoring, all of those businesses and appraisal is incredibly well connected to the things that we do on the product side of selling property and financing property and placing debt.

交叉銷售非常驚人。我的意思是，透過提供基金行政管理、不動產物業會計、人力派遣、投資組合分析、成本監控，以及所有這些業務與估值服務，來服務我們的機構投資人投資組合的機會，與我們在產品端所做的——出售不動產、為不動產融資以及安排債務——之間的連結非常緊密。

Great. You guys provided some perspective on some of the hiring and share that you've gotten outside the US And I'm curious, I think, Barry, you've talked in the past about garden leave and a lot of that had to burn off. So where are you with regards to productivity of the producers that you've hired outside the US? I mean, are you at 50% of them still on the sidelines? Or is that -- some of that really accelerated and you're starting to get a lot more activity from them?

很好。你們提供了一些關於在美國以外的招募以及你們從美國以外獲得的市占/份額的觀點，我也很好奇——我想 Barry，你過去談過 garden leave（競業禁止期/帶薪離職期），其中很多需要時間消化。那麼，就你們在美國以外聘用的製作人（producer）的生產力而言，你們目前處於什麼狀態？我的意思是，是否仍有 50% 的人還在場邊？還是說——其中一些已經大幅加速，你們開始看到他們帶來更多活動量？

Well, as we continue to grow, we're going to still have people in garden leave, but those -- the garden leave is burning off. So in France, for example, we projected a, probably to a breakeven in year three, we're profitable in year two. So we think the same thing is going to happen in Germany. We're building out Italy. And so there will always be a certain amount of garden leave and burnoff, but it's burning off.

嗯，隨著我們持續成長，我們仍會有人處於 garden leave，但——這些 garden leave 正在到期消化。例如在法國，我們原本預期第三年大概才會損益兩平，但我們第二年就已經獲利。所以我們認為德國也會發生同樣的情況。我們正在擴建義大利。因此，garden leave 與到期消化永遠會有一定比例，但它正在消化中。

That's in the UK, we're more mature. And as we continue to mature it will continue to burn off. So -- but the capital upfront and the requirements upfront in Europe and other parts of the world, will be less than what we have to do in the United States. And the United States is pretty well built out.

在英國，我們更成熟。而隨著我們持續成熟，它也會持續消化。所以——但在歐洲及世界其他地區，前期資本投入與前期要求會低於我們在美國必須做的。而美國這邊的建置已相當完善。

Yes. And Mitch, this is Mike. I would add to that. You could see in our earnings presentation, we show that the rest of the world is growing faster than revenue in the US And part of the reason is because the people are starting to ramp up that we hired 12, 18 months ago, we're growing 37.9% outside of the US and 26.6% in the US So it's starting to happen.

是的。Mitch，我是 Mike。我補充一下。你可以在我們的財報簡報中看到，我們展示了世界其他地區的成長速度快於美國的營收成長。部分原因是我們在 12 到 18 個月前聘用的人員開始逐步上量；我們在美國以外成長 37.9%，在美國成長 26.6%。所以這件事正在發生。

To clarify, it's outside the US and UK, 37.9%.

澄清一下，是美國與英國以外的地區，37.9%。

[ Packages. ]

[ 套餐。 ]

Yes. All right. Great. Last one for me, Mike, any Barry maybe, early -- you people have seen a great first-quarter, but it's early in the year. And the backdrop remains sort of turbulent, so I'm curious about your confidence in raising the outlook so soon.

是的。好。很好。我最後一個問題，Mike，或 Barry 也可以：你們第一季表現非常出色，但畢竟年初還早。而外部環境仍然有些動盪，所以我想了解你們為何這麼早就有信心上調展望。

You know Mitch, we're always a little bit on the conservative side, at least I am. So good start to the year. Obviously, pipelines remain strong. We don't see transactions falling out of the pipeline. They're closing, maybe they take a few more days to close because of the complexity of the market.

你知道的 Mitch，我們一向比較保守，至少我是。今年開局不錯。顯然，案源管線仍然強勁。我們沒有看到交易從管線中掉出來。它們正在成交，只是因為市場的複雜性，可能需要多幾天才能完成交割。

But in our recurring businesses. We obviously have very good visibility there, up over 20% in the first-quarter. We continue to grow our servicing book. It's now over $220 billion. So we feel really good about the guidance.

但在我們的經常性業務方面，我們顯然有非常好的能見度，第一季成長超過 20%。我們持續擴大我們的服務管理資產（servicing book）。目前已超過 2,200 億美元。所以我們對指引感覺非常好。

Brendan Lynch, Barclays.

Brendan Lynch，巴克萊。

Maybe just one to clarify on the guidance. Leasing revenue growth is below the midpoint of revenue growth guidance following a pretty strong Q1. Is this just comps? Or are you being conservative? Or is there something else that we should be aware of?

也許先釐清一下指引。在第一季相當強勁之後，租賃營收成長卻低於整體營收成長指引的中位數。這只是因為比較基期（comps）嗎？還是你們比較保守？或是還有其他我們需要注意的因素？

Mostly comps. We had a very, very strong leasing business in the second half of last year. So the business still looks really good. I think we had talked about San Francisco, New York, Texas being really strong markets. That continues to happen, but the comps get a little tougher as we move through the year.

主要是比較基期。我們去年下半年租賃業務非常、非常強。所以業務看起來仍然很好。我想我們曾談到舊金山、紐約、德州是非常強的市場。這仍在持續發生，但隨著我們進入今年後續季度，比較基期會變得稍微更具挑戰。

Okay. Makes sense. And then on capital markets, it seems like there -- the industrial operators have suggested there's some momentum around advanced manufacturing. Maybe just tell us what you're seeing on the ground and what you see as the opportunity going forward.

好的。合理。接著談資本市場，看起來——工業營運商表示先進製造（advanced manufacturing）周邊有一些動能。能否談談你們在第一線看到的情況，以及你們對未來機會的看法？

There's enormous activity around advanced manufacturing. There's a lot of incentives. We started with the CHIP Act. It's now with the administration's investment in infrastructure and power and attracting and encouraging people to come to the United States to build these plants. You're also -- I think you're going to see a trend towards matching hyperscalers with advanced manufacturing because there is pushback on some of these data centers by communities because it is a burden on the grid and it's a burden on the normal rate payer.

先進製造周邊的活動量非常龐大。有很多激勵措施。我們從《CHIP 法案》開始。現在又加上政府在基礎建設與電力方面的投資，以及吸引並鼓勵人們到美國來興建這些工廠。另外——我認為你也會看到一個趨勢：把超大規模業者（hyperscalers）與先進製造配對，因為社區對某些資料中心有反彈，原因是它對電網造成負擔，也對一般用電戶（rate payer）造成負擔。

So if you come along with the jobs, principalities will be encouraged to invite you in and the bonus will be, bring me your chip manufacturing and then we'll give you the ability -- we'll give you a few gigs for advance -- for data centers. So I think that -- and we're seeing more of that in parts of the country where they've gotten. They've sort of smartened up on trying to encourage job growth, which is what this country is looking for.

所以如果你能帶來就業，地方政府/轄區就會更願意邀請你進來，而額外的好處會是：把你的晶片製造也帶來，然後我們就會給你——我們會給你幾個 gig（幾 GW/幾個等級的電力/容量）用於——用於資料中心。所以我認為——而我們在國內某些地區看到更多這種情況。他們在鼓勵就業成長方面變得更精明，而這正是這個國家所追求的。

Great. That's very helpful color. Maybe just to dig in on that a little bit more. How many of the -- I guess what percentage of the hyperscale deals are you seeing that are coming in kind of some sort of conjunction with an advanced manufacturing kind of a package deal?

很好。這些補充資訊非常有幫助。也許再深入一點。你們看到的超大規模交易中，有多少——我想問的是，大概有多少比例是以某種方式與先進製造的「套餐式」交易一起進行的？

It's early, but we're working on it but it's early. I think that's a trend that we'll continue to build, because of the nature of the community, sort of the nimby, the not -- don't build it in my neighborhood and the lack of power and the need for power. So I think advanced manufacturing is smart, they will hook together with hyperscalers or become hyperscaler.

現在還早，但我們正在推進，不過確實還在早期。我認為這是一個我們會持續累積的趨勢，因為社區的特性——有點像「鄰避效應」（NIMBY），也就是「不要蓋在我家附近」——再加上電力不足以及對電力的需求。所以我認為先進製造是明智的，他們會與超大規模雲端業者（hyperscalers）串聯，或是自己成為超大規模業者。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Thank you very much. Can you talk about how you're rolling out AI? What percentage of the teams are using it? What safeguards you're putting in place to protect Newmark's data and where you see the biggest impacts in the business?

非常感謝。你能談談你們如何推動 AI 的導入嗎？有多少比例的團隊在使用？你們採取了哪些防護措施來保護 Newmark 的資料？以及你們認為對業務影響最大的地方在哪裡？

As we've said previously, we think we're in a terrific position to benefit from AI on a productivity basis. People look to the results in terms of enhanced margin, that's a piece of it. But for us, since we've -- our whole strategy has been around getting the best talent and doing more with less if we can provide the better people with the infrastructure and technology to help them do more with less, they'll be in front of clients more.

如同我們先前所說，我們認為自己在以 AI 提升生產力方面處於非常有利的位置。大家會從提升利潤率的角度看成果，那是其中一部分。但對我們而言，因為我們——我們整體策略一直圍繞著網羅最優秀的人才，並在可能的情況下以更少資源做更多事；如果我們能為更好的人才提供基礎設施與科技，幫助他們以更少資源做更多事，他們就能有更多時間站在客戶面前。

So we're -- we believe in innovation at the cellular level, the same as evolution is. And we're seeing our smart people upskilling themselves and we're supporting that. to make them better with AI. So we're getting a relatively broad and continuously accelerated adoption in AI and a variety of different platforms.

所以我們——我們相信在「細胞層級」的創新，就像演化一樣。我們看到聰明的人才正在自我精進（upskilling），我們也在支持他們，讓他們透過 AI 變得更強。因此，我們在 AI 上的採用相對廣泛，且持續加速，並涵蓋多種不同的平台。

And are you looking to expand management services, that whole business area into infrastructure management?

那你們是否也在考慮擴大管理服務（management services），把整個業務領域延伸到基礎設施管理？

Of course.

當然。

What might that include -- I'm talking about energy, utilities, potentially government agency work as the government expands its AI investments or the critical infrastructure.

那可能會包含哪些——我指的是能源、公用事業，或是隨著政府擴大 AI 投資或關鍵基礎設施而帶來的政府機關相關工作？

We've hired some energy and infrastructure bankers. We're doing banking along that side, where clients of ours need power, understanding how to get power and how to contract for power and how to structure leases around having the power is really important. So we think that's important. Managing facilities that are more technical is certainly a business that we're moving into. Cost monitoring around infrastructure building is a business that we are in, in a smaller way, but we're going to expand that.

我們已聘請了一些能源與基礎設施的投行人才。我們也在那一側做投行業務；對於我們的客戶而言，他們需要電力，了解如何取得電力、如何簽訂電力合約，以及如何圍繞「具備電力供應」來設計租約結構，這些都非常重要。所以我們認為這很重要。管理更具技術性的設施，確實是我們正在切入的業務。圍繞基礎設施建設的成本監控，我們目前也有做，只是規模較小，但我們會擴大。

And construction project management around infrastructure is an area that is just at the beginning for us, and we see that as a real avenue of opportunity, especially in light of how active we are on the infrastructure and data center space in that space.

而針對基礎設施的營建專案管理，對我們來說也才剛起步；我們把它視為一條真正的機會途徑，特別是考量到我們在基礎設施與資料中心領域的活躍程度。

(Operator Instructions)

（接線員指示）

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛。

Just -- I was wondering if you could dig a little bit more into the financing volume success you're seeing. I mean there were some large transactions, but even beyond that, a really strong quarter there -- also, I think there was a note about affordable housing business now really starting to contribute in a meaningful way. What's going on there?

我想——想請你再深入談談你們看到的融資量（financing volume）成長動能。我的意思是，確實有一些大型交易，但即便不算那些，這一季也非常強勁——另外，我記得也有提到平價住宅（affordable housing）業務現在開始以有意義的方式貢獻。那邊發生了什麼？

Well, so in the affordable space, we hired the number one team in the country, which was -- is now 1.5 years, 2 years. As you may or may not know to do an affordable deal or get a [ HUD ] approval, it's 1.5 years process to get started. So we are seeing that ramp. So it's -- so -- and I think Investors are looking for alternative asset classes and affordable is in that bucket.

好的，在平價住宅領域，我們聘請了全美排名第一的團隊，那是——到現在大概 1.5 年到 2 年了。你可能知道也可能不知道，要做一筆平價住宅交易或取得 [ HUD ] 核准，從啟動到開始是一個 1.5 年的流程。所以我們正在看到那個爬坡（ramp-up）。所以——我也認為投資人正在尋找替代型資產類別，而平價住宅就在那個範疇裡。

Senior housing is having a real charge and student housing and medical office buildings, those kind of things, which, in some cases, to investors seems to be AI proof because it's distributed, local, again, nothing is going to impact that. It's needed. So we're seeing investors move into those areas. So affordable is one of those areas. I'm in a big part, Section 8 and another part, LIHTC.

高齡住宅（senior housing）正出現明顯的動能，還有學生住宅與醫療辦公大樓（medical office buildings）等這類資產；在某些情況下，對投資人而言，這些看起來像是「不受 AI 影響」（AI proof），因為它是分散式、在地化的——同樣地，沒有什麼會影響到它。它是必需的。所以我們看到投資人正在轉向這些領域。因此平價住宅也是其中之一。我很大一部分是 Section 8，另一部分是 LIHTC。

With LIHTC, it's not -- it has no party, basically from a democratic point of view, you want more housing from a Republican point of view. It's fueled by private tax credits. So it fits perfectly, and it's more housing. So it's a good category to invest in.

就 LIHTC 而言，它基本上不分黨派：從民主黨的角度，你希望有更多住房；從共和黨的角度，你也希望有更多住房。它是由民間稅額抵免（tax credits）所驅動。所以它非常契合，而且能增加住房供給。因此這是一個很好的投資類別。

Yes, that's really helpful. And then I guess, slightly related to that. What about on sort of the AI risk to that business? I hear worries out there that some parts of GSE loan origination or loan servicing could be disruptible. I guess do you agree with those views?

是的，這很有幫助。然後我想，稍微相關的一點。那這項業務面臨的 AI 風險呢？我聽到外界擔心，GSE 貸款承作（loan origination）或貸款服務（loan servicing）的某些環節可能會被顛覆。你同意這些看法嗎？

There will be -- I mean, if you have a loan serving business, you're going to be able to bring margin to the equation so that -- and that's in a bunch of businesses, we certainly will take advantage of that. But I don't see that changing much other than enhancing margin at this moment.

會有——我的意思是，如果你有貸款服務業務，你將能把利潤率帶進這個等式裡，所以——這在很多業務都是如此，我們當然會加以利用。但就目前而言，我不認為它會帶來太大改變，除了提升利潤率之外。

That makes sense. Thank you very much.

了解。非常感謝。

This concludes today's question-and-answer session. I would now like to turn the call back to Barry Gosin, CEO for any additional or closing remarks.

今天的問答環節到此結束。我現在想把電話交回給執行長 Barry Gosin，請他做任何補充或結語。

We look forward to speaking to you next quarter.

我們期待在下個季度再與各位交流。

And this does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。