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Newmark Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $685.9 million, an increase from $616.3 million in the same quarter the previous year.
Management services, servicing fees, and other revenues increased to $282.6 million from $253.7 million, while leasing and other commissions rose to $214.6 million from $203.3 million.
Capital markets revenues were $188.7 million, up from $159.3 million in the previous year, with investment sales and mortgage brokerage contributing to this growth.
Total operating expenses for the quarter were $645.2 million, compared to $589.4 million in the previous year, with compensation and employee benefits accounting for the largest portion.
Net income for the quarter was $24.3 million, up from $14.2 million in the previous year, with net income available to common stockholders at $17.8 million.
Cash provided by operating activities was negative $412.5 million, while cash used in investing and financing activities was $27.3 million and $465.4 million, respectively.
Newmark had a working capital of $1,993.2 million as of September 30, 2024, with cash and cash equivalents totaling $178.6 million.
The filing details various financial agreements, including a $600 million credit facility and a $595.4 million 7.500% Senior Notes issuance.
Newmark does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Newmark continues to focus on expanding its capital markets and leasing businesses, with recent hires and strategic initiatives aimed at increasing market share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Newmark Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.