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Acquisitions | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Acquisitions | Acquisitions On March 10, 2023, Newmark completed the acquisition of Gerald Eve, a U.K.-based real estate advisory firm. The following table summarizes the components of the purchase consideration transferred, and the preliminary allocation of the assets acquired, and liabilities assumed, for the acquisition which occurred in 2023:
| As of the Acquisition Date
Purchase Price |
Cash | $ | 101,152 |
Contingent consideration | 11,863 |
Total | $ | 113,015 |
Allocations |
Cash | $ | 18,616 |
Goodwill | 75,638 |
Other intangible assets, net | 23,472 |
Receivables, net | 30,995 |
Fixed Assets, net | 6,279 |
Other assets | 1,829 |
Right-of-use assets | 19,472 |
Right-of-use liabilities | (20,925) |
Accrued compensation | (22,075) |
Accounts payable, accrued expenses and other liabilities | (20,286) |
Total | $ | 113,015 |
The total consideration for the acquisition during the year ended December 31, 2023, was $113.0 million in total fair value comprising cash of $101.2 million and contingent consideration of $11.9 million. The excess of the consideration over the fair value of the net assets acquired was recorded as goodwill of $75.6 million, of which approximately $54.8 million is deductible by Newmark for tax purposes. This acquisition was accounted for using the purchase method of accounting. The results of operations of the acquisition have been included on the accompanying unaudited condensed consolidated financial statements subsequent to the date of acquisition, which in aggregate contributed $91.6 million to Newmark’s revenues for the year ended December 31, 2023.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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