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  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
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  "notes": "Includes historical financial data and forward-looking cash generation guidance.",
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      "text": "Given our strong historical cash conversion ratios, we expect to generate between $300 MM to $350 MM in cash from the business at the low end of our 2023 guidance range.",
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      "text": "Adjusted EBITDA: $511",
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      "text": "From 2017 through 2022, we converted approximately 74%, 57%, and 82%, respectively, of Adjusted EBITDA to GAAP operating cash flow, operating cash flow before items, and cash generated by the business.",
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      "text": "Newmark has a proven track record of generating strong Adjusted EBITDA and cash flow in a variety of market conditions.",
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      "text": "Given our strong historical cash conversion ratios, we expect to generate between $300 MM to $350 MM in cash from the business at the low end of our 2023 guidance range. We also anticipate receiving ~$95 MM from the redemption of a joint venture in 2023.",
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      "text": "Notes: See the appendix for an analysis of historical cash conversion. See note 8 under “Notes to the Condensed Consolidated Financial Statements” in our 1Q2023 10-Q for more on the joint venture.",
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      "text": "Strong Cash Flow Generation Through the Cycle",
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