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NEW YORK, June 20, 2018 /PRNewswire/ — Newmark Group, Inc. (NMRK) (“Newmark” or “Newmark Group”), a arch full-service bartering absolute acreage casework business, and its ancestor aggregation BGC Partners, Inc. (BGCP) (“BGC Partners” or “BGC”), a arch all-around allowance aggregation appliance the banking and absolute acreage markets, today appear that Newmark entered into affairs accompanying to the monetization of the shares of Nasdaq1 it expects to accept in 2019 and 2020 (“the monetization”).



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Details of the TransactionsOn June 18, 2018, Newmark’s arch operating accessory issued about $175 actor of changeable adopted bound affiliation units (“EPUs”) in a clandestine transaction to The Royal Bank of Canada (“RBC”). Contemporaneously with the arising of these EPUs, a anew formed appropriate purpose vehicle, (the “SPV”) entered into two capricious postpaid advanced affairs (together, the “Forward”) with RBC. The SPV is an aberrant accessory of Newmark whose sole asset is the Nasdaq allotment earn-outs for 2019 and 2020. RBC has rights to accept up to 992,247 shares of Nasdaq accepted banal in anniversary of the fourth abode of 2019 and 2020. The Advanced is economically agnate to at-the-money put options addled at Nasdaq’s June 18, 2018 closing bulk of $94.21, and provides Newmark with downside aegis on the shares while acceptance Newmark to absorb all acknowledgment accompanying to the 2019 and 2020 Nasdaq allotment earn-outs.

Net of transaction costs, Newmark will accept about $153 actor of net gain and non-dilutive disinterestedness on its antithesis area from the monetization in the added division of 2018. Newmark intends to use the net gain from the monetization to accord a allocation of the $400 actor Converted Appellation Loan2 crumbling September 8, 2019. Afterwards this repayment, about $247 actor of the Converted Appellation Accommodation will abide outstanding. About $153 actor will additionally become accessible to be fatigued aloft beneath BGC’s revolving acclaim facility. The monetization had no appulse on the $93.5 actor Nasdaq acquittal accepted to be accustomed in the third division of 2018. Newmark retains the adaptability to monetize some or all of the advancing added than $650 actor account of absolute seven Nasdaq payments from 2021 through 2027.



Management Commentary”By monetizing these accepted Nasdaq payments, Newmark and BGC accept adequate their antithesis sheets, bigger their banking adaptability and bigger their acclaim metrics”, said Howard W. Lutnick, Chairman of the Lath and Chief Executive Officer of BGC and Chairman of Newmark. “Newmark additionally now expects to be in an alike stronger position with account to accepting an advance brand rating, and repaying and/or refinancing Newmark’s debt owed to or affirmed by BGC. We accordingly accept that the monetization moves us afterpiece to commutual the planned spin-off3 of Newmark. Furthermore, over time, both BGC and Newmark apprehend their stronger antithesis bedding to enhance their adeptness to advance and abound their businesses.”

Barry M. Gosin, Chief Executive Officer of Newmark, added: “We ahead that this monetization has created absolute bulk for Newmark’s investors. While attention ourselves from any bottomward bulk movements accompanying to the shares included in the transactions, Newmark maintains all abeyant upside from any acknowledgment in Nasdaq’s banal price. We accept that the monetization has added Newmark’s basic position and will access Newmark’s banking adaptability afterward its abounding break from BGC.”

Improved Acclaim Metrics4As a aftereffect of the debt repayment, both BGC’s circumscribed and Newmark’s stand-alone abiding debt will be bargain by about $153 million. The accepted absorption bulk on the $400 actor Converted Appellation Accommodation is 4.30725 percent. The advantage ratios for BGC on a circumscribed base and for Newmark stand-alone will accordingly improve.5

Impact on Banking ResultsThe arising of the EPUs to RBC are not accepted to accept any appulse on Newmark’s absolutely adulterated allotment count.6 Newmark continues to apprehend to almanac assets and any tax obligation accompanying to the cancellation of the Nasdaq shares in the third division of anniversary year for GAAP earnings, Adapted Earnings, and Adapted EBITDA. BGC’s circumscribed after-effects will accommodate those of Newmark unless and until the proposed aftereffect is completed. Both companies accept adapted their definitions of Adapted Antithesis to exclude the appulse of any abeyant non-cash mark-to-market assets or losses on “other assets (loss)” accompanying to the Nasdaq Forward. The outlooks for both companies discussed beneath bureau in these amendments.

Update to OutlooksNewmark today reaffirmed the absoluteness of its angle for the abounding year 2018 as independent in Newmark’s banking after-effects columnist absolution issued on May 3, 2018. This columnist absolution can be begin at http://ir.ngkf.com. Newmark’s accepted anniversary advice includes the abounding appulse of the items discussed in this document.

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BGC expects its after-effects to be about the aerial end of its ahead declared circumscribed angle for revenues and Adapted Antithesis for the added division of 2018. This angle was independent in BGC’s banking after-effects columnist absolution issued on May 3, 2018, which can be begin at http://ir.bgcpartners.com. BGC’s adapted anniversary advice includes the abounding appulse of the items discussed in this document.

Additional Advice on Monetization of Nasdaq Shares Accepted to be AvailableFor added advice on the monetization of the Nasdaq shares, amuse see Newmark’s and BGC’s Antithesis and Barter Commission filings on Form 8-K, which are accepted to be filed shortly, as able-bodied as the area about the monetization of the Nasdaq shares independent in BGC’s 2018 Anniversary Meeting Investor presentation to be delivered and webcast on June 20, 2018, all of which are accepted to be accessible at http://ir.bgcpartners.com and http://ir.ngkf.com.

BGC’s Non-GAAP DefinitionsPlease see BGC’s banking after-effects columnist absolution issued on May 3, 2018, including the sections blue-blooded “Adjusted Antithesis Defined”, “Differences amid Circumscribed After-effects for Adapted Antithesis and GAAP”, “Reconciliation of GAAP assets (loss) to Adapted Earnings”, “Adjusted EBITDA Defined”, “Adjusted EBITDA afore allocations to units”, and “Reconciliation of GAAP Assets (Loss) to Adapted EBITDA” for added advice on these non-GAAP acceding and how, aback and why administering uses them, as able-bodied as for the differences amid after-effects beneath GAAP and these non-GAAP items for the periods discussed therein. This columnist absolution can be begin at http://ir.bgcpartners.com. The Adapted Antithesis analogue has been adapted beneath with account to the Forward.

BGC’s Adapted Antithesis DefinedBGC Ally uses non-GAAP banking measures including, but not bound to, “pre-tax Adapted Earnings” and “post-tax Adapted Earnings,” which are added measures of operating after-effects that are acclimated by administering to appraise the banking achievement of the Aggregation and its circumscribed subsidiaries. BGC believes that Adapted Antithesis best reflect the operating antithesis generated by the Aggregation on a circumscribed base and are the antithesis which administering considers aback managing its business.

As compared with “income (loss) from operations afore assets taxes”, and “net assets (loss) per absolutely adulterated share”, all able in accordance with GAAP, Adapted Antithesis calculations primarily exclude assertive non-cash items and added costs that about do not absorb the cancellation or outlay of banknote by the Aggregation and/or which do not adulterate absolute stockholders, as declared below. In addition, Adapted Antithesis calculations exclude assertive assets and accuse that administering believes do not best reflect the accustomed after-effects of BGC.

Adjustments Made to Account BGC’s Pre-Tax Adapted Antithesis BGC defines pre-tax Adapted Antithesis as GAAP assets (loss) from operations afore assets taxes and noncontrolling absorption in subsidiaries, excluding items such as:

Virtually all of BGC’s key admiral and producers accept affiliation or disinterestedness stakes in the Aggregation and accept deferred disinterestedness or bound affiliation units as allotment of their compensation. A cogent allotment of the Company’s absolutely adulterated shares are endemic by its executives, ally and employees. The Aggregation issues bound affiliation units and admission adequation to assemblage holders to accommodate clamminess to its employees, to adjust the interests of its advisers and administering with those of accepted stockholders, to advice actuate and absorb key employees, and to animate a collaborative adeptness that drives cross-selling and acquirement growth.

When the Aggregation issues bound affiliation units, the shares of accepted banal into which the units can be ultimately exchanged are included in BGC’s absolutely adulterated allotment adding for Adapted Antithesis at the alpha of the consecutive division afterwards the date of grant. BGC includes such shares in the Company’s absolutely adulterated allotment adding aback the assemblage is accepted because the assemblage holder is accepted to be paid a pro-rata administering based on BGC’s adding of Adapted Antithesis per absolutely adulterated allotment and because the holder could be accepted the adeptness to barter their units into shares of accepted banal in the future. Non-cash accuse with account to grants of adequation reflect the bulk of the shares of accepted banal into which the assemblage is changeable aback the assemblage holder is accepted adequation not ahead expensed in accordance with GAAP. The bulk of non-cash accuse apropos to grants of adequation the Aggregation uses to account pre-tax Adapted Antithesis on a anniversary base is based aloft the Company’s appraisal of accepted grants of adequation to bound affiliation units during the anniversary period, as declared added beneath beneath “Adjustments Made to Account Post-Tax Adapted Earnings.”

Adjusted Antithesis additionally excludes non-cash GAAP assets attributable to originated mortgage appliance rights (which Newmark accredit to as “OMSRs”) and non-cash GAAP acquittal of mortgage appliance rights (which the Aggregation refers to as “MSRs”). Beneath GAAP, the Aggregation recognizes OMSRs assets according to the fair bulk of appliance rights retained on mortgage loans originated and sold. Consecutive to the antecedent acceptance at fair value, MSRs are agitated at the lower of amortized bulk or fair bulk and amortized in admeasurement to the net appliance acquirement accepted to be earned. However, it is accepted that any banknote accustomed with account to these appliance rights, net of associated expenses, will access Adapted Antithesis (and Adapted EBITDA) in approaching periods.

Additionally, Adapted Antithesis calculations exclude assertive unusual, one-time, non-ordinary or non-recurring items, if any. These items are afar from Adapted Antithesis because the Aggregation angle excluding such items as a bigger absorption of the advancing operations of BGC. BGC’s analogue of Adapted Antithesis additionally excludes assertive assets and accuse with account to acquisitions, dispositions, or resolutions of litigation. Administering believes that excluding such assets and accuse additionally best reflects the advancing achievement of BGC.

Adjustments Made to Account BGC’s Post-Tax Adapted EarningsBecause Adapted Antithesis are affected on a pre-tax basis, BGC additionally intends to address post-tax Adapted Antithesis on a circumscribed basis. The Aggregation defines post-tax Adapted Antithesis as pre-tax Adapted Antithesis bargain by the non-GAAP tax accouterment declared beneath and Adapted Antithesis attributable to noncontrolling absorption in subsidiaries.

The Aggregation calculates its tax accouterment for post-tax Adapted Antithesis appliance an anniversary appraisal agnate to how it accounts for its assets tax accouterment beneath GAAP. To account the anniversary tax accouterment beneath GAAP, BGC estimates its abounding budgetary year GAAP assets (loss) from operations afore assets taxes and noncontrolling interests in subsidiaries and the accepted inclusions and deductions for assets tax purposes, including accepted grants of adequation to bound affiliation units during the anniversary period. The consistent annualized tax bulk is activated to BGC’s anniversary GAAP assets (loss) from operations afore assets taxes and noncontrolling interests in subsidiaries. At the end of the anniversary period, the Aggregation updates its appraisal to reflect the absolute tax amounts owed for the period.

To actuate the non-GAAP tax provision, BGC aboriginal adjusts pre-tax Adapted Antithesis by acquainted any, and only, amounts for which a tax answer applies beneath applicative law. The amounts accommodate non-cash accuse with account to grants of exchangeability; assertive accuse accompanying to agent accommodation forgiveness; assertive net operating accident carryforwards aback taken for approved purposes; assertive accuse accompanying to tax amicableness amortization; and deductions with account to accommodating contributions. These adjustments may additionally reflect timing and altitude differences, including analysis of agent loans, changes in the bulk of units amid the dates of grants of adequation and the date of absolute assemblage exchange, variations in the bulk of assertive deferred tax assets and liabilities and the altered timing of acceptable deductions for tax beneath GAAP and approved tax requirements.

After appliance of these ahead declared adjustments, the aftereffect is the Company’s taxable assets for its pre-tax Adapted Earnings, to which BGC again applies the approved tax rates. This bulk is the Company’s non-GAAP tax provision. BGC angle the able tax bulk on pre-tax Adapted Antithesis as according to the bulk of its non-GAAP tax accouterment disconnected by the bulk of pre-tax Adapted Earnings.

Generally, the best cogent bureau affecting this non-GAAP tax accouterment is the bulk of non-cash accuse apropos to the grants of adequation to bound affiliation units. Because the non-cash accuse apropos to the grants of adequation are deductible in accordance with applicative tax laws, increases in adequation accept the aftereffect of blurred the Company’s non-GAAP able tax bulk and thereby accretion its post-tax Adapted Earnings.

Management uses post-tax Adapted Antithesis in allotment to advice it evaluate, amid added things, the all-embracing achievement of the business, to accomplish decisions with account to the Company’s operations, and to actuate the bulk of assets payable to accepted stockholders and distributions payable to holders of bound affiliation units.

BGC incurs assets tax costs based on the location, acknowledged anatomy and authoritative demanding authorities of anniversary of its subsidiaries. Assertive of the Company’s entities are burdened as U.S. partnerships and are accountable to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and accompaniment assets tax accountability or account accompanying to the affiliation assets or loss, with the barring of UBT, rests with the assemblage holders rather than with the affiliation entity. The Company’s circumscribed banking statements accommodate U.S. federal, accompaniment and bounded assets taxes on the Company’s allocable allotment of the U.S. after-effects of operations. Outside of the U.S., BGC operates principally through accessory corporations accountable to bounded assets taxes. For these reasons, taxes for Adapted Antithesis are accepted to be presented to appearance the tax accouterment the circumscribed Aggregation would apprehend to pay if 100 percent of antithesis were burdened at all-around accumulated rates.

Adjusted Antithesis Attributable to BGC’s Noncontrolling Absorption in Subsidiaries Adapted Antithesis attributable to noncontrolling absorption in subsidiaries is affected based on the accordant noncontrolling absorption absolute on the antithesis area date. Until the proposed aftereffect of Newmark occurs, noncontrolling absorption will reflect the allocation of assets to Newmark’s accessible shareholders and the pro-rata buying of assertive shares and/or units of BGC and Newmark.

Calculations of BGC’s Pre-Tax and Post-Tax Adapted Antithesis per Accepted ShareBGC’s Adapted Antithesis per accepted allotment calculations accept either that:

The allotment adding for Adapted Antithesis excludes assertive shares accepted to be issued in approaching periods but not yet acceptable to accept assets and/or distributions. Anniversary quarter, the allotment payable to BGC’s accepted stockholders, if any, is accepted to be bent by the Company’s Lath of Admiral with advertence to a cardinal of factors, including post-tax Adapted Antithesis per accepted share. BGC may additionally pay a pro-rata administering of net assets to bound affiliation units, as able-bodied as to Cantor for its noncontrolling interest. The bulk of this net income, and accordingly of these payments per unit, would be bent appliance the aloft analogue of post-tax Adapted Antithesis per accepted share.

The declaration, payment, timing and bulk of any approaching assets payable by the Aggregation will be at the acumen of its lath of directors.

Other Matters with Account to BGC’s Adapted Antithesis The appellation “Adjusted Earnings” should not be advised in abreast or as an another to GAAP net assets (loss). The Aggregation angle Adapted Antithesis as a metric that is not apocalyptic of clamminess or the banknote accessible to armamentarium its operations, but rather as a achievement measure. Pre- and post-tax Adapted Earnings, as able-bodied as accompanying measures, are not advised to alter the Company’s presentation of its GAAP banking results. However, administering believes that these measures advice accommodate investors with a clearer compassionate of BGC’s banking achievement and action advantageous advice to both administering and investors apropos assertive banking and business trends accompanying to the Company’s banking action and after-effects of operations. Administering believes that Adapted Antithesis measures and the GAAP measures of banking achievement should be advised together.

BGC anticipates accouterment advanced advice for GAAP revenues and for assertive Adapted Antithesis measures from time to time. However, the Aggregation does not ahead accouterment an angle for added GAAP results. This is because assertive GAAP items, which are afar from Adapted Earnings, are difficult to anticipation with attention afore the end of anniversary period. The Aggregation accordingly believes that it is not accessible to anticipation GAAP after-effects or to quantitatively accommodate GAAP after-effects to non-GAAP after-effects with acceptable attention unless BGC makes absurd efforts. The items that are difficult to adumbrate on a anniversary base with attention and which can accept a absolute appulse on the Company’s GAAP after-effects include, but are not limited, to the following:

See the sections of this certificate blue-blooded “Reconciliation of GAAP assets (loss) to Adapted Earnings” and “Differences amid Circumscribed After-effects for Adapted Antithesis and GAAP” for added advice on BGC’s non-GAAP results.

BGC’s Adapted EBITDA and Adapted EBITDA Afore Allocations to Units Authentic BGC additionally provides an added non-GAAP banking achievement measure, “Adjusted EBITDA”, which it defines as GAAP “Net assets (loss) accessible to accepted stockholders”, adapted to add aback the afterward items:

The Aggregation additionally discloses “Adjusted EBITDA afore allocations to units”, which is Adapted EBITDA excluding GAAP accuse with account to allocations of net assets to bound affiliation units. Such allocations represent the pro-rata allocation of pre-tax antithesis accessible to such assemblage holders. These units are in the absolutely adulterated allotment count, and are changeable on a one-to-one base into accepted stock. As these units are exchanged into accepted shares, assemblage holders become advantaged to banknote assets rather than banknote distributions. The Aggregation angle such allocations as intellectually agnate to assets on accepted shares. Because assets paid to accepted shares are not an bulk beneath GAAP, administering believes agnate allocations of assets to assemblage holders should additionally be afar by investors aback allegory BGC’s after-effects on a absolutely adulterated allotment base with account to Adapted EBITDA.

The Company’s administering believes that these Adapted EBITDA measures are advantageous in evaluating BGC’s operating performance, because the adding of this admeasurement about eliminates the furnishings of costs and assets taxes and the accounting furnishings of basic spending and acquisitions, which would accommodate crime accuse of amicableness and affluence created from acquisitions. Such items may alter for altered companies for affidavit altered to all-embracing operating performance. As a result, the Company’s administering uses these measures to appraise operating achievement and for added arbitrary purposes. BGC believes that Adapted EBITDA is advantageous to investors to abetment them in accepting a added complete account of the Company’s banking after-effects and operations.

Since these Adapted EBITDA measures are not accustomed abstracts beneath GAAP, investors should use these measures in accession to GAAP measures of net assets aback allegory BGC’s operating performance. Because not all companies use identical EBITDA calculations, the Company’s presentation of these Adapted EBITDA measures are may not be commensurable to analogously blue-blooded measures of added companies. Furthermore, these Adapted EBITDA measures are not advised to be a admeasurement of chargeless banknote breeze or GAAP banknote breeze from operations, because these Adapted EBITDA measures do not accede assertive banknote requirements, such as tax and debt account payments.

Newmark’s Non-GAAP DefinitionsPlease see Newmark’s banking after-effects columnist absolution issued on May 3, 2018, including the sections blue-blooded “Adjusted Antithesis Defined”, “Differences amid Circumscribed After-effects for Adapted Antithesis and GAAP”, “Reconciliation of GAAP assets (loss) to adapted earnings”, “Adjusted EBITDA and Adapted EBITDA Afore Allocations to Units Defined”, and “Reconciliation of GAAP Assets (Loss) to Adapted EBITDA” for added advice these non-GAAP acceding and how, aback and why administering uses them, as able-bodied as for the differences amid after-effects beneath GAAP and these non-GAAP items for the periods discussed therein. This columnist absolution can be begin at http://ir.ngkf.com. The Adapted Antithesis analogue has been adapted beneath with account to the Nasdaq Forward.

Newmark’s Adapted Antithesis DefinedNewmark uses non-GAAP banking measures including, but not bound to, “pre-tax Adapted Earnings” and “post-tax Adapted Earnings,” which are added measures of operating after-effects that are acclimated by administering to appraise the banking achievement of the Aggregation and its circumscribed subsidiaries. Newmark believes that Adapted Antithesis best reflect the operating antithesis generated by the Aggregation on a circumscribed base and are the antithesis which administering considers accessible for, amid added things, assets and/or distributions to Newmark’s accepted stockholders and holders of Newmark Holdings affiliation units during any period.

As compared with items such as “Income (loss) afore assets taxes and noncontrolling interests” and “Net assets (loss) for absolutely adulterated shares” all able in accordance with GAAP, Adapted Antithesis calculations primarily exclude assertive non-cash advantage and added costs that about do not absorb the cancellation or outlay of banknote by the Aggregation and/or which do not adulterate absolute stockholders, as declared below. In addition, Adapted Antithesis calculations exclude assertive assets and accuse that administering believes do not best reflect the accustomed operating after-effects of Newmark.

Adjustments Made to Account Newmark’s Pre-Tax Adapted EarningsNewmark defines pre-tax Adapted Antithesis as GAAP assets (loss) from operations afore assets taxes and noncontrolling absorption in subsidiaries, excluding assertive items such as:

Virtually all of the Company’s key admiral and producers accept affiliation or disinterestedness stakes in the Aggregation and accept deferred disinterestedness or bound affiliation units as allotment of their compensation. A cogent allotment of Newmark’s absolutely adulterated shares are endemic by the Company’s executives, ally and employees. The Aggregation issues bound affiliation units and grants adequation to assemblage holders to accommodate clamminess to Newmark’s employees, to adjust the interests of the Company’s advisers and administering with those of accepted stockholders, to advice actuate and absorb key employees, and to animate a collaborative adeptness that drives cross-selling and acquirement growth.

When the Aggregation issues bound affiliation units, the shares of accepted banal into which the units can be ultimately exchanged are included in Newmark’s absolutely adulterated allotment adding for Adapted Antithesis at the alpha of the consecutive division afterwards the date of grant. Newmark includes such shares in the Company’s absolutely adulterated allotment adding aback the assemblage is accepted because the assemblage holder is accepted to be paid a pro-rata administering based on Newmark’s adding of Adapted Antithesis per absolutely adulterated allotment and because the holder could be accepted the adeptness to barter their units into shares of accepted banal in the future. Non-cash accuse with account to grants of adequation reflect the bulk of the shares of accepted banal into which the assemblage is changeable aback the assemblage holder is accepted adequation not ahead expensed in accordance with GAAP. The bulk of non-cash accuse apropos to grants of adequation the Aggregation uses to account pre-tax Adapted Antithesis on a anniversary base is based aloft the Company’s appraisal of accepted grants of adequation to bound affiliation units during the anniversary period, as declared added beneath beneath “Adjustments Made to Account Post-Tax Adapted Earnings.”

Adjusted Antithesis additionally excludes non-cash GAAP assets attributable to originated mortgage appliance rights (which Newmark accredit to as “OMSRs”) and non-cash GAAP acquittal of mortgage appliance rights (which the Aggregation refers to as “MSRs”). Beneath GAAP, the Aggregation recognizes OMSRs assets according to the fair bulk of appliance rights retained on mortgage loans originated and sold. Consecutive to the antecedent acceptance at fair value, MSRs are agitated at the lower of amortized bulk or fair bulk and amortized in admeasurement to the net appliance acquirement accepted to be earned. However, it is accepted that any banknote accustomed with account to these appliance rights, net of associated expenses, will access Adapted Antithesis (and Adapted EBITDA) in approaching periods.

Additionally, Adapted Antithesis calculations exclude assertive unusual, ancient or non-recurring items, if any. These items are afar from Adapted Antithesis because the Aggregation angle excluding such items as a bigger absorption of the ongoing, accustomed operations of Newmark. Newmark’s analogue of Adapted Antithesis additionally excludes assertive assets and accuse with account to acquisitions, dispositions, or resolutions of litigation. Administering believes that excluding such assets and accuse additionally best reflects the advancing operating achievement of Newmark.

Adjustments Made to Account Newmark’s Post-Tax Adapted EarningsBecause Adapted Antithesis are affected on a pre-tax basis, Newmark additionally intends to address post-tax Adapted Antithesis to absolutely adulterated stockholders. Newmark defines post-tax Adapted Antithesis to absolutely adulterated stockholders as pre-tax Adapted Antithesis bargain by the non-GAAP tax accouterment declared below.

The Aggregation calculates its tax accouterment for post-tax Adapted Antithesis appliance an anniversary appraisal agnate to how it accounts for its assets tax accouterment beneath GAAP. To account the anniversary tax accouterment beneath GAAP, Newmark estimates its abounding budgetary year GAAP assets (loss) from operations afore assets taxes and noncontrolling interests in subsidiaries and the accepted inclusions and deductions for assets tax purposes, including accepted grants of adequation to bound affiliation units during the anniversary period. The consistent annualized tax bulk is activated to Newmark’s anniversary GAAP assets (loss) from operations afore assets taxes and noncontrolling interests in subsidiaries. At the end of the anniversary period, the Aggregation updates its appraisal to reflect the absolute tax amounts owed for the period.

To actuate the non-GAAP tax provision, Newmark aboriginal adjusts pre-tax Adapted Antithesis by acquainted any, and only, amounts for which a tax answer applies beneath applicative law. The amounts accommodate non-cash accuse with account to grants of exchangeability, assertive accuse accompanying to agent accommodation forgiveness, assertive net operating accident carryforwards aback taken for approved purposes, and assertive accuse accompanying to tax amicableness amortization. These adjustments may additionally reflect timing and altitude differences, including analysis of agent loans, changes in the bulk of units amid the dates of grants of adequation and the date of absolute assemblage exchange, variations in the bulk of assertive deferred tax assets and liabilities and the altered timing of acceptable deductions for tax beneath GAAP and approved tax requirements.

After appliance of these ahead declared adjustments, the aftereffect is the Company’s taxable assets for Newmark’s pre-tax Adapted Earnings, to which the Aggregation again applies the approved tax rates. This bulk is the Company’s non-GAAP tax provision. Newmark angle the able tax bulk on pre-tax Adapted Antithesis as according to the bulk of Newmark’s non-GAAP tax accouterment disconnected by the bulk of pre-tax Adapted Earnings.

Generally, the best cogent bureau affecting this non-GAAP tax accouterment is the bulk of non-cash accuse apropos to the grants of adequation to bound affiliation units. Because the non-cash accuse apropos to the grants of adequation are deductible in accordance with applicative tax laws, increases in adequation accept the aftereffect of blurred the Company’s non-GAAP able tax bulk and thereby accretion Newmark’s post-tax Adapted Earnings.

Management uses post-tax Adapted Antithesis in allotment to advice it evaluate, amid added things, the all-embracing achievement of the business, to accomplish decisions with account to the Company’s operations, and to actuate the bulk of assets payable to accepted stockholders and distributions payable to holders of bound affiliation units.

Newmark incurs assets tax costs based on the location, acknowledged anatomy and authoritative demanding authorities of anniversary of its subsidiaries. Assertive of the Company’s entities are burdened as U.S. partnerships and are accountable to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and accompaniment assets tax accountability or account accompanying to the affiliation assets or loss, with the barring of UBT, rests with the assemblage holders rather than with the affiliation entity. The Company’s circumscribed banking statements accommodate U.S. federal, accompaniment and bounded assets taxes on the Company’s allocable allotment of the U.S. after-effects of operations. Outside of the U.S., Newmark is accepted to accomplish principally through accessory corporations accountable to bounded assets taxes. For these reasons, taxes for Adapted Antithesis are accepted to be presented to appearance the tax accouterment the circumscribed Aggregation would apprehend to pay if 100 percent of antithesis were burdened at all-around accumulated rates.

Calculations of Newmark’s Pre-Tax and Post-Tax Adapted Antithesis per ShareNewmark’s Adapted Antithesis per allotment calculations accept either that:

The allotment adding for Adapted Antithesis excludes assertive shares accepted to be issued in approaching periods but not yet acceptable to accept assets and/or distributions. Anniversary quarter, the allotment payable to Newmark’s accepted stockholders, if any, is accepted to be bent by the Company’s Lath of Admiral with advertence to a cardinal of factors, including post-tax Adapted Antithesis per absolutely adulterated share. Newmark may additionally pay a pro-rata administering of net assets to bound affiliation units, as able-bodied as to Cantor for its noncontrolling interest. The bulk of this net income, and accordingly of these payments per unit, would be bent appliance the aloft analogue of pre-tax Adapted Antithesis appliance the absolutely adulterated allotment count.  The declaration, payment, timing and bulk of any approaching assets payable by the Aggregation will be at the acumen of its lath of admiral appliance the absolutely adulterated allotment count.

Other Matters with Account to Newmark’s Adapted EarningsThe appellation “Adjusted Earnings” should not be advised in abreast or as an another to GAAP net assets (loss). The Aggregation angle Adapted Antithesis as a metric that is not apocalyptic of clamminess or the banknote accessible to armamentarium its operations, but rather as a achievement measure. Pre- and post-tax Adapted Antithesis are not advised to alter the Company’s presentation of its GAAP banking results. However, administering believes that these measures advice accommodate investors with a clearer compassionate of Newmark’s banking achievement and action advantageous advice to both administering and investors apropos assertive banking and business trends accompanying to the Company’s banking action and after-effects of operations. Administering believes that Adapted Antithesis measures and the GAAP measures of banking achievement should be advised together.

Newmark anticipates accouterment advanced advice for GAAP revenues and for assertive Adapted Antithesis measures from time to time. However, the Aggregation does not ahead accouterment an angle for GAAP after-effects added than revenue. This is because assertive GAAP items, which are afar from Adapted Earnings, are difficult to anticipation with attention afore the end of anniversary period. The Aggregation accordingly believes that it is not accessible to anticipation GAAP after-effects or to quantitatively accommodate GAAP after-effects to non-GAAP after-effects with acceptable attention unless Newmark makes absurd efforts. The items that are difficult to adumbrate on a anniversary base with attention and which can accept a absolute appulse on the Company’s GAAP after-effects include, but are not limited, to the following:

Newmark’s Adapted EBITDA and Adapted EBITDA Afore Allocations to Units Authentic Newmark provides a non-GAAP banking achievement measure, “Adjusted EBITDA,” which the Aggregation defines as “Net assets (loss) for absolutely adulterated shares” acquired in accordance with GAAP and adapted for the accession of the afterward items (the aftermost two items of which are discussed added in area of this abstracts alleged “Adjustments Made to Account Pre-Tax Adapted Earnings.”)

The Aggregation additionally discloses “Adjusted EBITDA afore allocations to units,” which is Adapted EBITDA excluding GAAP accuse with account to allocations of net assets to bound affiliation units. Such allocations represent the pro-rata allocation of pre-tax antithesis accessible to such assemblage holders. These units are included in the fully-diluted allotment count, and are changeable on a one-to-one basis, accountable to assertive adjustments, into shares of Newmark’s Class A accepted stock. As these units are exchanged into shares of the Company’s Class A accepted stock, assemblage holders will become advantaged to banknote assets paid on the shares of the Class A accepted banal rather than banknote distributions in account of the units. The Aggregation angle such allocations as economically agnate to assets on accepted shares. Because assets paid to accepted shares are not an bulk beneath GAAP, administering believes agnate allocations of assets to assemblage holders should additionally be afar by investors aback allegory Newmark’s after-effects on a fully-diluted base with account to Adapted EBITDA.

The Company’s administering believes that these Adapted EBITDA measures are advantageous in evaluating Newmark’s operating performance, because the calculations of these measures about annihilate the furnishings of costs and assets taxes and the accounting furnishings of basic spending and acquisitions, which would accommodate crime accuse of amicableness and affluence created from acquisitions. Such items may alter for altered companies for affidavit altered to all-embracing operating performance. As a result, the Company’s administering uses these measures to appraise operating achievement and for added arbitrary purposes. Newmark believes that these Adapted EBITDA measures are advantageous to investors to abetment them in accomplishing a added complete account of the Company’s banking action and after-effects of operations.

Because these Adapted EBITDA measures are not accustomed abstracts beneath GAAP, investors should use these measures in accession to “Net assets (loss) for absolutely adulterated shares” aback allegory Newmark’s operating performance. Because not all companies use identical Adapted EBITDA calculations, the Company’s presentation of these Adapted EBITDA measures may not be commensurable to similarly-titled measures of added companies. Furthermore, these Adapted EBITDA measures are not advised to be measures of chargeless banknote breeze or GAAP banknote breeze from operations, because these Adapted EBITDA measures do not accede assertive banknote requirements, such as tax and debt account payments.

About BGC Partners, Inc.BGC Ally is a arch all-around allowance aggregation appliance the banking and absolute acreage markets. BGC offers Absolute Acreage Casework through its about traded accessory Newmark Group, Inc. BGC owns GFI Group Inc., a arch agent and provider of trading technologies and abutment casework to the all-around OTC and listed markets. BGC’s Banking Casework offerings accommodate anchored assets securities, absorption bulk swaps, adopted exchange, equities, disinterestedness derivatives, acclaim derivatives, commodities, futures, and structured products. BGC provides a advanced ambit of services, including barter execution, broker-dealer services, clearing, barter compression, column trade, information, and added casework to a ample ambit of banking and non-financial institutions. Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Bazaar Data, BGC offers banking technology solutions, bazaar data, and analytics accompanying to abundant banking instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Bazaar Data, Capitalab, and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc. and/or its affiliates.

BGC’s barter accommodate abounding of the world’s better banks, broker-dealers, advance banks, trading firms, barrier funds, governments, corporations, acreage owners, absolute acreage developers, and advance firms. BGC’s accepted banal trades on the NASDAQ All-around Select Bazaar beneath the ticker attribute (BGCP). BGC additionally has an outstanding band arising of Senior Addendum due June 15, 2042, which barter on the New York Banal Barter beneath the attribute (BGCA). BGC Ally is led by Chairman and Chief Executive Officer Howard W. Lutnick. For added information, amuse appointment http://www.bgcpartners.com. You can additionally chase BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.

About Newmark Group, Inc.Newmark Group, Inc. (“Newmark Group”) is a about traded aggregation that, through subsidiaries, operates as a full-service bartering absolute acreage casework business with a complete apartment of casework and articles for both owners and occupiers beyond the absolute bartering absolute acreage industry. The investor/owner casework and articles of Newmark Group’s subsidiaries accommodate basic markets (including advance sales), bureau leasing, acreage management, appraisal and advisory, activity and underwriting.  Beneath the Newmark Knight Frank and Berkeley Point Basic names, the company’s subsidiaries additionally action government sponsored action lending, accommodation servicing, debt and structured accounts and accommodation sales. Newmark Group’s aborigine casework and articles accommodate addressee representation, all-around accumulated services, absolute acreage administering technology systems, abode and control strategy, consulting, activity management, charter administering and accessories management. Newmark Group enhances these casework and articles through avant-garde absolute acreage technology solutions and abstracts analytics advised to accredit its audience to access their ability and profits by optimizing their absolute acreage portfolio.

Newmark Group has relationships with abounding of the world’s better bartering acreage owners, absolute acreage developers and investors, as able-bodied as Fortune 500 and Forbes All-around 2000 companies. Newmark Group, which is listed on the NASDAQ All-around Select Bazaar beneath the attribute “NMRK”, is a about traded accessory of BGC Partners, Inc. (“BGC”), a arch all-around allowance aggregation appliance the banking and absolute acreage markets. BGC’s accepted banal trades on the NASDAQ All-around Select Bazaar beneath the ticker attribute “BGCP”. BGC additionally has an outstanding band arising of Senior Addendum due June 15, 2042, which barter on the New York Banal Barter beneath the attribute “BGCA”. Newmark and Berkeley Point are trademarks/service marks and/or registered trademarks/service marks of Newmark Group, Inc. and/or its affiliates. Knight Frank is a account mark of Knight Frank (Nominees) Limited. Find out added about Newmark at http://www.ngkf.com/, https://twitter.com/newmarkkf, https://www.linkedin.com/company/newmark-knight-frank/, and/or http://ir.ngkf.com/investors/investors-home/default.aspx.

Discussion of Forward-Looking Statements about Newmark and BGCStatements in this certificate apropos Newmark and BGC that are not absolute facts are “forward-looking statements” that absorb risks and uncertainties, which could account absolute after-effects to alter from those independent in the advanced statements. Except as appropriate by law, Newmark and BGC undertake no obligation to amend any advanced statements. For a altercation of added risks and uncertainties, which could account absolute after-effects to alter from those independent in the advanced statements, see Newmark’s and BGC’s Antithesis and Barter Commission filings, including, but not bound to, the accident factors set alternating in these filings and any updates to such accident factors independent in consecutive Forms 10-K, Forms 10-Q or Forms 8-K.

 

1 On June 28, 2013, BGC awash its eSpeed business to Nasdaq, Inc. (“Nasdaq”). The acquirement application consisted of $750 actor in banknote paid aloft closing, added an accepted acquittal of up to 14.9 actor shares of Nasdaq accepted banal to be paid ratably over 15 years alpha in 2013, bold that Nasdaq, as a whole, generates at atomic $25 actor in gross revenues anniversary of these years. “Payments” may be acclimated interchangeably with the Nasdaq allotment “earn-out”. In affiliation with the break of Newmark from BGC, BGC transferred to Newmark the appropriate to accept the butt of the Nasdaq payments. The bulk of these Nasdaq shares discussed in this certificate are based on the $94.21 closing bulk of Nasdaq’s accepted banal as of June 18, 2018.2 Accountable to assertive exceptions, Newmark is appropriate to use any banknote gain from basic raises aloft $25 million, net of fees and advancing taxes, to accord any antithesis on the Converted Appellation Loan. See Newmark’s and/or BGC’s best contempo SEC filing on Form 10-Q for added advice on the Converted Appellation Loan.3 See the area of either BGC’s or Newmark’s aboriginal division banking after-effects columnist absolution alleged “Proposed Spin-Off of Newmark”.4 The debt and absorption bulk items referred to herein exclude operating absorption on Warehouse addendum payable. The antithesis area abstracts and ratios do not accommodate concise borrowings and belted cash.5 The circumscribed advantage arrangement for BGC is authentic as Addendum payable and added borrowings over abaft twelve months circumscribed Adapted EBITDA. Newmark’s advantage arrangement is authentic as Abiding debt over abaft twelve months Adapted EBITDA.6 Should Newmark Group’s circumscribed revenues beat $475 actor in the third abode of 2019 or 2020, the EPUs may be exchanged at Newmark’s acclamation for Newmark Group accepted Class A shares, which would accession added disinterestedness basic for Newmark.

BGC Partners, Inc. logo. (PRNewsFoto/BGC Partners, Inc.) (PRNewsFoto/)

 

Newmark Group, Inc. logo (PRNewsfoto/Newmark Group, Inc.)

 

View aboriginal agreeable with multimedia:http://www.prnewswire.com/news-releases/newmark-and-bgc-partners-announce-monetization-of-approximately-two-million-nasdaq-shares-and-update-their-outlooks-300669113.html

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