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Acquisitions
12 Months Ended
Dec. 31, 2023
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.

For the year ended December 31, 2023, 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. Newmark expects to finalize its analysis of the assets acquired and liabilities assumed within the first year of the acquisitions, and therefore adjustments to assets and liabilities may occur (in thousands):

 As of the
Acquisition
Date
Purchase Price 
Cash101,152 
Contingent consideration11,863 
Total$113,015 
Allocations
Cash$18,616 
Goodwill75,638 
Other intangible assets, net23,472 
Receivables, net30,995 
Fixed Assets, net6,279 
Other assets1,829 
Right-of-use assets19,472 
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 has been included on the accompanying 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.

On April 1, 2022, Newmark completed the acquisitions of two companies: BH2, a London-based real estate advisory firm, and McCall & Almy, a multi-market tenant representation and real estate advisory firm.

On May 3, 2022, Newmark completed the acquisition of Open Realty, a retail real estate advisory firm.

The following table summarizes the components of the purchase consideration transferred, and the of the assets acquired, and liabilities assumed, for the acquisitions which occurred in 2022 (in thousands):

 As of the
Acquisition
Date
Purchase Price 
Contingent consideration7,322 
Cash and stock issued at closing65,533 
Total$72,855 
Allocations
Cash$1,286 
Goodwill50,756 
Other intangible assets, net19,633 
Receivables, net3,625 
Other assets290 
Right-of-use Assets4,305 
Right-of-use Liabilities(4,305)
Accrued Compensation(2,175)
Accounts payable, accrued expenses and other liabilities(560)
Total$72,855 

The total consideration for the acquisitions during the year ended December 31, 2022, was $72.9 million in total fair value comprising cash of $65.5 million and contingent consideration of $7.3 million. The excess of the consideration over the fair value of the net assets acquired was recorded as goodwill of $50.8 million, of which approximately $35.1 million is deductible by Newmark for tax purposes.

These acquisitions were accounted for using the purchase method of accounting. The results of operations of the acquisitions have been included on the accompanying consolidated financial statements subsequent to the respective dates of acquisition, which in aggregate contributed $17.8 million to Newmark’s revenues for the year ended December 31, 2022.