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  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
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      "text": "Unusual, one-time, non-ordinary or non-recurring gains or losses.\nNon-cash GAAP asset impairment charges.\nThe impact of any unrealized non-cash mark-to-market gains or losses on \"Other income (loss)\" related to the variable share forward agreements with respect to Newmark's receipt of the payments from Nasdaq, Inc. (\"Nasdaq\"), in 2021 and 2022 and the 2020 Nasdaq payment (the \"Nasdaq Forwards\").\nMark-to-market adjustments for non-marketable investments.\nCertain other non-cash, non-dilutive, and/or non-economic items.",
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      "text": "Non-cash amortization of intangibles with respect to acquisitions.\nNon-cash attributable to OMSRs\nNon-cash amortization of mortgage servicing rights (which Newmark refers to as \"MSRs\"). Under GAAP, the Company recognizes OMSRs equal to the fair value of servicing rights retained on mortgage loans originated and sold. Subsequent to the initial recognition at fair value, MSRs are carried at the lower of amortized cost or fair value and amortized in proportion to the net servicing revenue expected to be earned. However, it is expected that any cash received with respect to these servicing rights, net of associated expenses, will increase Adjusted Earnings and Adjusted EBITDA in future periods.\nVarious other GAAP items that management views as not reflective of the Company's underlying performance for the given period, including non-compensation-related charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for exiting leases and/or other long-term contracts as part of cost-saving initiatives, as well as non-cash impairment charges related to assets, goodwill, and/or intangibles created from acquisitions, as well as other costs related to acquisitions, such as advisory fees.",
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      "text": "Realized gains related to the accelerated receipt on June 25, 2021, of Nasdaq shares.",
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      "text": "There was nothing comparable to the 2021 Equity Event in 2020 and nothing similar is currently contemplated after 2021. Accordingly, the only prior period recast with respect to the 2021 Equity Event was the second quarter of 2021.",
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      "text": "Due to Nasdaq's sale of its U.S. fixed income business in the second quarter of 2021, the Nasdaq Earn-out and related Forward settlements were accelerated, less certain previously disclosed adjustments. Because these shares were originally expected to be received over a 15 year period ending in 2027, the Earn-out had been included in calculations of Adjusted Earnings and Adjusted EBITDA under Newmark's previous non-GAAP methodology. Due to the acceleration of the Earn-out and the Nasdaq Forwards, the Company now views results excluding certain items related to the Earn-out to be a better reflection of the underlying performance of Newmark's ongoing operations. Therefore, beginning with the third quarter of 2021, other (income) losses for Adjusted Earnings and Adjusted EBITDA also excludes the impact of the below items from relevant periods. These items may collectively be referred to as the \"Impact of Nasdaq\".",
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      "text": "Newmark views the fully diluted share count reduction related to the 2021 Equity Event to be economically similar to the common practice among public companies of issuing the net amount of common shares to employees for their vested stock-based compensation, selling a portion of the gross shares pay applicable withholding taxes, and separately making open market repurchases of common shares.",
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      "text": "Newmark's calculation of pre-tax Adjusted Earnings excludes GAAP charges related to the following:",
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      "text": "Adjusted Earnings calculations also exclude certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include:",
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      "text": "Non-GAAP Financial Measures (continued)",
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