{
  "docId": "019dd923-5e88-73ef-bd5a-64885b718f1e",
  "docSlug": "9169de9da530a61b",
  "documentTitle": "Newmark May 2023 FI Conference Presentation Vf Final",
  "authorId": "GoldmanSachs",
  "authorName": "Newmark",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.779,
  "pageNumber": 41,
  "pageCount": 46,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "appendix_disclosure",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a standard financial disclosure slide explaining the methodology for calculating a non-GAAP metric.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-64885b718f1e/41",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-64885b718f1e",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-64885b718f1e.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-64885b718f1e#slide-41",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Newmark believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company's financial results and operations.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-aea6-c08e63c2740c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "list",
      "text": "Net income (loss) attributable to noncontrolling interest.\nProvision (benefit) for income taxes.\nOMSR revenue.\nMSR amortization.\nCompensation charges related to OMSRs.\nOther depreciation and amortization.\nEquity-based compensation and allocations of net income to limited partnership units and FPUs.\nVarious other GAAP items that management views as not reflective of the Company's underlying performance for the given period.\nOther non-cash, non-dilutive, and/or non-economic items.\nInterest expense.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1649e51b-39d2-4681-a1bf-4b3d48d7f380",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-1d6d-7403-aea6-c6a8f2af204d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.67
      },
      "kind": "paragraph",
      "text": "Beginning with the third quarter of 2021, calculation of Adjusted EBITDA excludes the Impact of Nasdaq and the Impact of the 2021 Equity Event, (together, the \"Impact of Nasdaq and the 2021 Equity Event\") which are defined above.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "358ff3f8-df80-40a1-bf7b-62d332fa26a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Newmark also provides an additional non-GAAP financial performance measure, \"Adjusted EBITDA\", which it defines as GAAP \"Net income (loss) available to common stockholders\", adjusted for the following items:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7b3af51-3cdf-45e7-bb2b-b806a6cd8d30",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.73
      },
      "kind": "paragraph",
      "text": "Newmark's calculation of Adjusted EBITDA excludes certain items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views excluding these items as a better reflection of the underlying performance Newmark's ongoing operations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d63d221f-6213-4ed8-aa38-231a3d73794d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "Non-GAAP Financial Measures (continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd712bae-2b36-4690-b75e-489b92ba616c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.18,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "ADJUSTED EBITDA DEFINED",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "960c4a4a-e58a-4b63-935d-b57f231cb607",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "c32a6a0c-7e3d-4a0c-9fc9-c8583ae4f95a",
      "evidence": "The slide defines Adjusted EBITDA and lists the adjustments made to net income, indicating an effort to clarify for the audience.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 46,
      "from": 22,
      "beatId": "45fc7695-5b39-4765-817d-3b54651fa595",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Slides 22-46 outline the implications and next steps for Newmark",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}