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  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
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  "notes": "The chart compares recurring revenue growth against pass-through revenues. The right-hand panel provides context on fee growth relative to peers and the shift in revenue mix.",
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      "text": "Our fees from these businesses have grown much faster than for the average CRE services competitor over the past several years. For example, from 2020-2022, the average peer increased revenues from their comparable businesses by 39%, versus 72% for NMRK.",
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      "text": "Newmark Management Services & Servicing Revenues and Long-term Goal",
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      "text": "Newmark grew the proportion of fees from these businesses to approximately 27% of 2022 fee revenues, compared with 18% in 2017.",
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      "text": "We expanded the percentage of total revenues from these businesses to approximately 34% in 2022, versus 24% of total revenues in 2017.",
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      "text": "Note: The peer averages are on a fee or net basis for NMRK, CBRE, CWK, and JLL, and a total basis for CIGI and SVS, as the latter two do not disclose pass through revenues. On a total revenue basis, NMRK's recurring revenues grew by 45% over this time frame.",
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      "text": "Targeting Continued Strong Growth in Recurring Revenues",
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