Operator

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.

Jason McGruder
Head of Investor Relations

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 3 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.

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.

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