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N Newmark Group , Inc. Reports First Quarter 2021 Financial Results Increases 2021 Financial Outlook to Reflect Improving Operating Performance NEW YORK - May 6 , 2021 - Newmark Group , Inc. ( NASDAQ : NMRK ) ( " Newmark " or " the Company " ) , a leading full - service commercial real estate business , today reported its financial results for the quarter ended March 31 , 2021 . Barry M. Gosin , CEO of Newmark , commented on the financial results : " We generated record first quarter revenues and Adjusted EBITDA despite lower industry volumes , reflecting the value of our preeminent , full service platform and the strategic investments we made before the onset of the global pandemic . As the recovery gains momentum , Newmark remains committed to executing our strategy of providing superior client service from the best advisors in the industry . " " In March , Newmark acquired the business of Knotel , a leading global provider of flexible office solutions . We are excited about this addition to the platform and the benefits to our clients . " SELECT RESULTS COMPARED TO THE YEAR - EARLIER PERIOD¹ Highlights of Consolidated Results 1Q21 1Q20 Change ( USD millions ) Revenues $ 504.0 $ 483.9 4.1 % GAAP income before income taxes and noncontrolling interests 55.2 19.0 189.8 % GAAP net income for fully diluted shares 43.9 8.9 391.7 % Adjusted Earnings before noncontrolling interests and taxes 65.1 28.3 130.1 % Post - tax Adjusted Earnings to fully diluted shareholders 53.7 23.7 127.0 % Adjusted EBITDA Per Share Results GAAP net income per fully diluted share Post - tax Adjusted Earnings per share FIRST QUARTER 2021 HIGHLIGHTS 79.3 43.8 81.0 % 1Q21 1Q20 Change $ 0.16 $ 0.03 439.9 % 0.20 0.09 120.7 % • Record first quarter revenues and Adjusted EBITDA • • More than doubled GAAP net income per fully diluted share and Post - tax Adjusted Earnings per share Expanded Adjusted EBITDA margin by 668 bps • Increased recurring revenues by 13.7 % through growth in management services and servicing fees • Acquired the business of Knotel , a leading global flex office provider • Expects to receive approximately $ 850 million net from Newmark's Nasdaq Earn - out in the second quarter 1 U.S. Generally Accepted Accounting Principles is referred to as " GAAP " . " GAAP income before income taxes and noncontrolling interests " and " Adjusted Earnings before noncontrolling interests and taxes " may be used interchangeably with " GAAP pre - tax earnings " and " pre - tax Adjusted Earnings " , respectively . See the sections of this document including " Non - GAAP Financial Measures " , " Adjusted Earnings Defined " , " Reconciliation of GAAP Net Income Available to Common Stockholders to Adjusted Earnings Before Noncontrolling Interests and Taxes and GAAP Fully Diluted EPS to Post - Tax Adjusted EPS " , " Fully diluted weighted - average share count for GAAP and Adjusted Earnings " , " Adjusted EBITDA Defined " , and " Reconciliation of GAAP Net Income to Adjusted EBITDA " , including any footnotes to these sections , for the complete and updated definitions of these non - GAAP terms and how , when and why management uses them , as well as for the differences between results under GAAP and non - GAAP for the periods discussed herein . Year - over - year decreases in losses are shown as positive changes in the financial tables herein . NEWMARK 1