XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Revenues from Contracts with Customers | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Revenues from Contracts with Customers The following table presents Newmark’s total revenues separately for its revenues from contracts with customers and other sources of revenues (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |  |
Leasing and other commissions |  | $ | 208,557 |  |  | $ | 203,611 |  |  | $ | 367,356 |  |  | $ | 396,917 |  |  |
Investment sales |  | 91,731 |  |  | 77,604 |  |  | 162,554 |  |  | 149,597 |  |  |
Mortgage brokerage and debt placement |  | 28,260 |  |  | 19,330 |  |  | 55,360 |  |  | 36,476 |  |  |
Management services |  | 198,778 |  |  | 176,196 |  |  | 392,199 |  |  | 336,151 |  |  |
Total |  | 527,326 |  |  | 476,741 |  |  | $ | 977,469 |  |  | $ | 919,141 |  |  |
Other sources of revenue(1): |  |  |  |  |  |  |  |  |  |
Fair value of expected net future cash flows from servicing recognized at commitment, net |  | 23,395 |  |  | 23,046 |  |  | $ | 39,539 |  |  | $ | 37,145 |  |  |
Loan originations related fees and sales premiums, net |  | 18,654 |  |  | 21,593 |  |  | 35,353 |  |  | 33,556 |  |  |
Servicing fees and other (2) |  | 64,000 |  |  | 64,464 |  |  | 127,513 |  |  | 116,801 |  |  |
Total |  | $ | 633,375 |  |  | $ | 585,844 |  |  | $ | 1,179,874 |  |  | $ | 1,106,643 |  |  |
(1)Although these items have customers under contract, they were recorded as other sources of revenue as they were excluded from the scope of ASU No. 2014-9. (2)Beginning in the first quarter of 2024, the portion of Spring11’s revenues associated with its servicing and asset management portfolio is no longer reported under “Management services” but is instead recorded as part of “Servicing and other revenues” for all periods from the first quarter of 2023 onwards. For the three and six months ended June 30, 2023, $2.0 million and $4.1 million, respectively, was reclassified from “Management services” to “Servicing fees and other.” Disaggregation of Revenues Newmark’s chief operating decision-maker, regardless of geographic location, evaluates the operating results, including revenues, of Newmark as total real estate services (see Note 3 — “Summary of Significant Accounting Policies” for further discussion). Contract Balances The timing of Newmark’s revenue recognition may differ from the timing of payment by its customers. Newmark records a receivable when revenue is recognized prior to payment and Newmark has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, Newmark records deferred revenue until the performance obligations are satisfied. Newmark’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue is recorded as a contract liability. Deferred revenue at June 30, 2024 and December 31, 2023 was $1.6 million and $2.7 million, respectively. For the three and six months ended June 30, 2024, Newmark recognized revenue of $1.0 million and $1.3 million, respectively, that was recorded as deferred revenue in a previous period. For the three and six months ended June 30, 2023, Newmark recognized revenue of $1.5 million and $3.0 million, respectively, that was recorded as deferred revenue in a previous period. For Knotel and Deskeo, the Company’s remaining performance obligations that represent contracted customer revenues, that have not yet been recognized as revenue as of June 30, 2024 and that will be recognized as revenue in future periods over the life of the customer contracts in accordance with ASC 606, are approximately $181.0 million. Over half of the remaining performance obligation as of June 30, 2024 is scheduled to be recognized as revenue within the next twelve months, with the remaining to be recognized over the remaining life of the customer contracts, which extends through 2030. Approximate future cash flows to be received over the next five years as of June 30, 2024 are as follows (in thousands):
2024 | $ | 71,177 |
2025 | 69,545 |
2026 | 28,511 |
2027 | 8,463 |
2028 | 3,297 |
Thereafter | 15 |
Total | $ | 181,008 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration