Strategic Growth & Financial Overview
Non-GAAP Financial Measures (continued)
TIMING OF OUTLOOK FOR CERTAIN GAAP AND NON-GAAP ITEMS
Newmark anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing an outlook for other GAAP
results. This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period. The Company therefore
believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non-GAAP forecasts with sufficient precision without
unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items that are difficult to predict on a quarterly and/or annual
basis with precision and may materially impact the Company's GAAP results include, but are not limited, to the following:
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Certain equity-based compensation charges that may be determined at the discretion of management throughout and up to the period-end.
Unusual, one-time, non-ordinary, or non-recurring items.
The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark-to-market movements and/or hedging. These items are calculated using period-end
closing prices.
Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be known until after period-end.
Acquisitions, dispositions, and/or resolutions of litigation, which are fluid and unpredictable in nature.
LIQUIDITY DEFINED
Newmark may also use a non-GAAP measure called "liquidity". The Company considers liquidity to be comprised of the sum of cash and cash equivalents, marketable securities, and reverse repurchase agreements
(if any), less securities lent out in securities loaned transactions and repurchase agreements. The Company considers liquidity to be an important metric for determining the amount of cash that is available or that
could be readily available to the Company on short notice. For more information regarding liquidity, see the section of this document and/or the Company's most recent financial results press release titled "Liquidity
Analysis", including any related footnotes, for details about how Newmark's non-GAAP results are reconciled to those under GAAP.
NOTE ON RECONCILIATION TABLES
Newmark's quarterly supplemental Excel tables and/or financial results press releases include reconciliations between GAAP and non-GAAP measures for additional periods. These Excel tables and quarterly financial
results releases are available for download at ir.nmrk.com. These materials may include other useful information not be contained herein. See the following pages for the reconciliations for the most recent period(s).
NEWMARK 39View entire presentation