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  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
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  "notes": "The chart includes detailed footnotes explaining the adjustments made to GAAP operating cash flow to arrive at the 'Cash generated by the business' metric.",
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      "text": "Strong EBITDA conversion to Cash Flow",
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      "text": "Cash generated by the business, which is the above measure less cash used for employee loans (which we consider to be a form of investment, but which is recorded as part of operating cash flow), has averaged ~ 82% of Adjusted EBITDA over this period",
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      "text": "Notes: The Company recorded \"net cash (used in) operating activities excluding activity from loan originations and sales\" of $(63.0) million for the year ended December 31, 2021...",
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      "text": "Net cash provided by operating activities excluding activity from loan originations and sales, as well as before the impact of cash used with respect to the 2021 Equity Event has averaged ~ 57% of Adjusted EBITDA over this period",
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      "text": "Net cash provided by operating activities under GAAP (\"CFFO\") has been a weighted average of ~ 74% of Adjusted EBITDA from 2017-2022 (not shown)",
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