Marcus & Millichap, Inc. Reports Results for Third Quarter 2023
- Total revenue for Q3 2023 decreased by 50.0% compared to Q3 2022.
- Net loss for Q3 2023 was $9.2 million, compared to net income of $21.4 million in Q3 2022.
- Earnings were impacted by lower revenue and expenses related to growth initiatives.
- Marcus & Millichap remains focused on client relationships and building for the long term.
- None.
Third Quarter 2023 Highlights Compared to Third Quarter 2022
-
Total revenue of
$162.0 million $323.8 million -
Brokerage commissions of
$139.8 million $292.9 million -
Private Client Market brokerage revenue of
$91.5 million $165.5 million -
Middle Market and Larger Transaction Market brokerage revenue of
$42.8 million $120.1 million -
Financing fees of
$17.3 million $28.1 million -
Net loss of
$9.2 million $0.24 $21.4 million $0.53 - Earnings were impacted by both lower revenue and expenses related to growth initiatives, including talent acquisition and retention
-
Adjusted EBITDA of
$(6.6) million $36.6 million
Nine Months 2023 Highlights Compared to Nine Months 2022
-
Total revenue of
$479.7 million $1.0 billion -
Brokerage commissions of
$415.2 million $934.5 million -
Private Client Market brokerage revenue of
$278.2 million $536.4 million -
Middle Market and Larger Transaction Market brokerage revenue of
$121.8 million $378.3 million -
Financing fees of
$51.0 million $91.4 million -
Net loss of
$23.8 million $0.61 $96.3 million $2.39 - Earnings were impacted by expenses related to growth initiatives, including talent acquisition and retention
-
Adjusted EBITDA of
$(15.1) million $151.4 million
“MMI’s third-quarter results reflect the prolonged market dislocation caused by the severe interest rate shock and financing constraints,” said Hessam Nadji, president and chief executive officer. “The widened bid/ask spread and high degree of uncertainty is limiting trading activity despite record capital on the sideline. Our strategy to focus on client service, support our team through MMI’s signature training, best practices sharing and culture of collaboration remains steadfast. Powered by our strong balance sheet and leading brand, we are leveraging the current period to attract leading professionals, pursue strategic investments and acquisitions and enhance our technology and brokerage tools.”
Mr. Nadji continued, “Looking ahead, we are positioning MMI to lead in the recovery, which may be delayed due to the Fed’s “higher for longer” stance on interest rates. Values are adjusting to higher interest rates and the Fed is nearing the end of its tightening cycle, two key factors in the transaction volume recovery. Complementary services such as our loan sales and auction divisions we have added in recent years are well-aligned to help lenders and investors execute in the current market. Despite the near-term challenges, our focus remains on fostering client relationships and building for the long term.”
Third Quarter 2023 Results Compared to Third Quarter 2022
Total revenue for the third quarter 2023 was
For real estate brokerage commissions, the average transaction size and the average commission per transaction decreased by
For financing fees, the average fee per transaction and the average transaction size increased by
Total operating expenses for the third quarter 2023 were
Selling, general and administrative expenses for the third quarter 2023 were
Net loss for the third quarter 2023 was
Nine Months 2023 Results Compared to Nine Months 2022
Total revenues for the nine months ended September 30, 2023 were
Capital Allocation
On August 1, 2023, the Board of Directors declared a semi-annual regular dividend of
During the nine months ended September 30, 2023, the Company repurchased 1,098,561 shares of common stock at an average price of
After accounting for shares repurchased through October 31, 2023, Marcus & Millichap has approximately
Business Outlook
The economy and commercial real estate transaction market are expected to remain choppy through the remainder of 2023 as political and geopolitical instability together with higher interest rates and lender caution lengthen the price discovery process and the buyer/seller expectation gap remains wide. However, the Company believes it remains well positioned to achieve long-term growth.
The Company benefits from its experienced management team, infrastructure investments, industry-leading market research and proprietary technology. The size and fragmentation of the Private Client Market continues to offer long-term growth opportunities through consolidation. This highly fragmented market segment consistently accounts for over
Key factors that may influence the Company’s business during the remainder of 2023 include:
-
Volatility in market sales and investor sentiment driven by:
- The elevated cost and availability of debt capital
- Higher interest rate fluctuations and the heightened bid-ask spread between buyers and sellers
- Risks of potential recession and the resulting reduction of CRE space demand that results from uncertainty
- Possible impact to investor sentiment related to potential tax and other policy changes which may contribute to transaction acceleration and/or future fluctuations in sales and financing activity
- Rising operating costs driven by wages, insurance, taxes and construction materials
- Volatility in each of the Company’s real estate markets
- Increase in costs related to in-person events, client meetings, and conferences
- Global geopolitical uncertainty, which may cause investors to refrain from transacting
- The potential for acquisition activity and subsequent integration
Webcast and Call Information
Marcus & Millichap will host a live webcast today to discuss the financial results at 7:30 a.m. Pacific Time/10:30 a.m. Eastern Time. The webcast will be accessible through the Investor Relations section of Marcus & Millichap's website at ir.marcusmillichap.com and will be archived upon completion of the call. The Company encourages the use of the webcast due to potential extended wait times to access the conference call via dial-in.
For those unable to access the webcast, callers from
Replay Information
For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 1:30 p.m. Eastern Time on Friday, November 3, 2023 through 11:59 p.m. Eastern Time on Friday, November 17, 2023 by dialing 1-844-512-2921 in
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2023, the Company had 1,820 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 5,599 transactions during the nine months ended September 30, 2023, with a sales volume of
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements, including the Company’s business outlook for 2023, expectations for future interest rates and inflation, the execution of our capital return program, and expectations for a return to growth. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:
- general uncertainty in the capital markets, a worsening of economic conditions, and the rate and pace of economic recovery following an economic downturn;
- changes in our business operations;
- market trends in the commercial real estate market or the general economy, including the impact of rising inflation and higher interest rates;
- our ability to attract and retain qualified senior executives, managers and investment sales and financing professionals;
- the effects of increased competition on our business;
- our ability to successfully enter new markets or increase our market share;
- our ability to successfully expand our services and businesses and to manage any such expansions;
- our ability to retain existing clients and develop new clients;
- our ability to keep pace with changes in technology;
- any business interruption or technology failure, including cyber and ransomware attacks, and any related impact on our reputation;
- changes in interest rates, availability of capital, tax laws, employment laws or other government regulation affecting our business;
- our ability to successfully identify, negotiate, execute and integrate accretive acquisitions; and
- other risk factors included under “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
In addition, in this release, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” "goal," “expect,” “predict,” “potential,” “should” and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We have not filed our Form 10-Q for the quarter ended September 30, 2023. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.
MARCUS & MILLICHAP, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
Real estate brokerage commissions |
$ |
139,817 |
|
|
$ |
292,889 |
|
|
$ |
415,193 |
|
|
$ |
934,483 |
|
Financing fees |
|
17,257 |
|
|
|
28,099 |
|
|
|
51,021 |
|
|
|
91,363 |
|
Other revenue |
|
4,952 |
|
|
|
2,852 |
|
|
|
13,470 |
|
|
|
13,415 |
|
Total revenue |
|
162,026 |
|
|
|
323,840 |
|
|
|
479,684 |
|
|
|
1,039,261 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of services |
|
104,628 |
|
|
|
217,360 |
|
|
|
301,218 |
|
|
|
670,170 |
|
Selling, general and administrative |
|
69,192 |
|
|
|
73,004 |
|
|
|
210,321 |
|
|
|
227,380 |
|
Depreciation and amortization |
|
3,637 |
|
|
|
2,924 |
|
|
|
10,312 |
|
|
|
10,167 |
|
Total operating expenses |
|
177,457 |
|
|
|
293,288 |
|
|
|
521,851 |
|
|
|
907,717 |
|
Operating (loss) income |
|
(15,431 |
) |
|
|
30,552 |
|
|
|
(42,167 |
) |
|
|
131,544 |
|
Other income, net |
|
4,422 |
|
|
|
978 |
|
|
|
14,122 |
|
|
|
967 |
|
Interest expense |
|
(241 |
) |
|
|
(229 |
) |
|
|
(672 |
) |
|
|
(547 |
) |
(Loss) income before (benefit) provision for income taxes |
|
(11,250 |
) |
|
|
31,301 |
|
|
|
(28,717 |
) |
|
|
131,964 |
|
(Benefit) provision for income taxes |
|
(2,010 |
) |
|
|
9,939 |
|
|
|
(4,915 |
) |
|
|
35,651 |
|
Net (loss) income |
$ |
(9,240 |
) |
|
$ |
21,362 |
|
|
$ |
(23,802 |
) |
|
$ |
96,313 |
|
|
|
|
|
|
|
|
|
||||||||
(Loss) earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.24 |
) |
|
$ |
0.53 |
|
|
$ |
(0.61 |
) |
|
$ |
2.40 |
|
Diluted |
$ |
(0.24 |
) |
|
$ |
0.53 |
|
|
$ |
(0.61 |
) |
|
$ |
2.39 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
38,492 |
|
|
|
40,086 |
|
|
|
38,740 |
|
|
|
40,038 |
|
Diluted |
|
38,492 |
|
|
|
40,302 |
|
|
|
38,740 |
|
|
|
40,358 |
|
MARCUS & MILLICHAP, INC.
KEY OPERATING METRICS SUMMARY
(Unaudited)
Total sales volume was approximately
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Real Estate Brokerage |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Average Number of Investment Sales Professionals |
|
1,733 |
|
|
|
1,792 |
|
|
|
1,757 |
|
|
|
1,823 |
|
Average Number of Transactions per Investment
|
|
0.79 |
|
|
|
1.25 |
|
|
|
2.31 |
|
|
|
3.88 |
|
Average Commission per Transaction |
$ |
102,731 |
|
|
$ |
130,405 |
|
|
$ |
102,214 |
|
|
$ |
132,213 |
|
Average Commission Rate |
|
1.88 |
% |
|
|
1.63 |
% |
|
|
1.88 |
% |
|
|
1.70 |
% |
Average Transaction Size (in thousands) |
$ |
5,462 |
|
|
$ |
7,981 |
|
|
$ |
5,442 |
|
|
$ |
7,781 |
|
Total Number of Transactions |
|
1,361 |
|
|
|
2,246 |
|
|
|
4,062 |
|
|
|
7,068 |
|
Total Sales Volume (in millions) |
$ |
7,433 |
|
|
$ |
17,926 |
|
|
$ |
22,107 |
|
|
$ |
54,999 |
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Financing (1) |
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Average Number of Financing Professionals |
|
96 |
|
|
|
87 |
|
|
|
95 |
|
|
|
86 |
|
Average Number of Transactions per Financing
|
|
2.88 |
|
|
|
5.95 |
|
|
|
8.83 |
|
|
|
20.17 |
|
Average Fee per Transaction |
$ |
50,062 |
|
|
$ |
44,751 |
|
|
$ |
49,606 |
|
|
$ |
44,363 |
|
Average Fee Rate |
|
0.73 |
% |
|
|
0.70 |
% |
|
|
0.79 |
% |
|
|
0.74 |
% |
Average Transaction Size (in thousands) |
$ |
6,904 |
|
|
$ |
6,350 |
|
|
$ |
6,288 |
|
|
$ |
6,021 |
|
Total Number of Transactions |
|
276 |
|
|
|
518 |
|
|
|
839 |
|
|
|
1,735 |
|
Total Financing Volume (in millions) |
$ |
1,906 |
|
|
$ |
3,289 |
|
|
$ |
5,276 |
|
|
$ |
10,447 |
|
(1) |
Operating metrics exclude certain financing fees not directly associated to transactions. |
The following table sets forth the number of transactions, sales volume and revenue by commercial real estate market segment for real estate brokerage:
|
Three Months Ended September 30, |
|
|
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Change |
|||||||||||||||||||||
Real Estate Brokerage |
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|||||||||
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|||||||||
< |
208 |
|
$ |
122 |
|
$ |
5,511 |
|
243 |
|
$ |
154 |
|
$ |
7,252 |
|
(35 |
) |
|
$ |
(32 |
) |
|
$ |
(1,741 |
) |
Private Client Market
|
1,014 |
|
|
3,344 |
|
|
91,466 |
|
1,658 |
|
|
5,885 |
|
|
165,534 |
|
(644 |
) |
|
$ |
(2,541 |
) |
|
$ |
(74,068 |
) |
Middle Market
|
75 |
|
|
1,002 |
|
|
18,647 |
|
188 |
|
|
2,527 |
|
|
46,901 |
|
(113 |
) |
|
$ |
(1,525 |
) |
|
$ |
(28,254 |
) |
Larger Transaction
|
64 |
|
|
2,965 |
|
|
24,193 |
|
157 |
|
|
9,360 |
|
|
73,202 |
|
(93 |
) |
|
$ |
(6,395 |
) |
|
$ |
(49,009 |
) |
|
1,361 |
|
$ |
7,433 |
|
$ |
139,817 |
|
2,246 |
|
$ |
17,926 |
|
$ |
292,889 |
|
(885 |
) |
|
$ |
(10,493 |
) |
|
$ |
(153,072 |
) |
|
Nine Months Ended September 30, |
|
|
|||||||||||||||||||||||
|
2023 |
|
2022 |
|
Change |
|||||||||||||||||||||
Real Estate Brokerage |
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|
Number |
|
Volume |
|
Revenue |
|||||||||
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|
|
|
(in millions) |
|
(in thousands) |
|||||||||
< |
600 |
|
$ |
358 |
|
$ |
15,214 |
|
728 |
|
$ |
450 |
|
$ |
19,711 |
|
(128 |
) |
|
$ |
(92 |
) |
|
$ |
(4,497 |
) |
Private Client Market
|
3,054 |
|
|
10,169 |
|
|
278,207 |
|
5,285 |
|
|
18,929 |
|
|
536,433 |
|
(2,231 |
) |
|
$ |
(8,760 |
) |
|
$ |
(258,226 |
) |
Middle Market
|
218 |
|
|
2,923 |
|
|
53,440 |
|
581 |
|
|
7,849 |
|
|
150,117 |
|
(363 |
) |
|
$ |
(4,926 |
) |
|
$ |
(96,677 |
) |
Larger Transaction
|
190 |
|
|
8,657 |
|
|
68,332 |
|
474 |
|
|
27,771 |
|
|
228,222 |
|
(284 |
) |
|
$ |
(19,114 |
) |
|
$ |
(159,890 |
) |
|
4,062 |
|
$ |
22,107 |
|
$ |
415,193 |
|
7,068 |
|
$ |
54,999 |
|
$ |
934,483 |
|
(3,006 |
) |
|
$ |
(32,892 |
) |
|
$ |
(519,290 |
) |
MARCUS & MILLICHAP, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except for shares and par value) |
|||||||
|
September 30, 2023
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash, cash equivalents, and restricted cash |
$ |
224,174 |
|
|
$ |
235,873 |
|
Commissions receivable |
|
14,751 |
|
|
|
8,453 |
|
Prepaid expenses |
|
6,457 |
|
|
|
9,411 |
|
Income tax receivable |
|
9,404 |
|
|
|
8,682 |
|
Marketable debt securities, available-for-sale (amortized cost of |
|
116,713 |
|
|
|
253,434 |
|
Advances and loans, net |
|
3,567 |
|
|
|
4,005 |
|
Other assets, current |
|
14,796 |
|
|
|
7,282 |
|
Total current assets |
|
389,862 |
|
|
|
527,140 |
|
Property and equipment, net |
|
28,088 |
|
|
|
27,644 |
|
Operating lease right-of-use assets, net |
|
96,878 |
|
|
|
87,945 |
|
Marketable debt securities, available-for-sale (amortized cost of |
|
70,510 |
|
|
|
68,595 |
|
Assets held in rabbi trust |
|
10,065 |
|
|
|
9,553 |
|
Deferred tax assets, net |
|
46,009 |
|
|
|
41,321 |
|
Goodwill and other intangible assets, net |
|
52,087 |
|
|
|
55,696 |
|
Advances and loans, net |
|
178,952 |
|
|
|
169,955 |
|
Other assets, non-current |
|
9,662 |
|
|
|
15,859 |
|
Total assets |
$ |
882,113 |
|
|
$ |
1,003,708 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
9,151 |
|
|
$ |
11,450 |
|
Deferred compensation and commissions |
|
46,143 |
|
|
|
75,321 |
|
Operating lease liabilities |
|
18,272 |
|
|
|
16,984 |
|
Accrued bonuses and other employee related expenses |
|
15,342 |
|
|
|
38,327 |
|
Other liabilities, current |
|
14,450 |
|
|
|
9,933 |
|
Total current liabilities |
|
103,358 |
|
|
|
152,015 |
|
Deferred compensation and commissions |
|
45,151 |
|
|
|
64,461 |
|
Operating lease liabilities |
|
73,924 |
|
|
|
65,109 |
|
Other liabilities, non-current |
|
10,327 |
|
|
|
8,614 |
|
Total liabilities |
|
232,760 |
|
|
|
290,199 |
|
Commitments and contingencies |
|
— |
|
|
|
— |
|
Stockholders’ equity: |
|
|
|
||||
Preferred stock, |
|
|
|
||||
Authorized shares – 25,000,000; issued and outstanding shares – none at September 30,
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
|
||||
Authorized shares – 150,000,000; issued and outstanding shares – 38,546,059 and
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
145,220 |
|
|
|
131,541 |
|
Retained earnings |
|
507,045 |
|
|
|
585,581 |
|
Accumulated other comprehensive loss |
|
(2,916 |
) |
|
|
(3,617 |
) |
Total stockholders’ equity |
|
649,353 |
|
|
|
713,509 |
|
Total liabilities and stockholders’ equity |
$ |
882,113 |
|
|
$ |
1,003,708 |
|
MARCUS & MILLICHAP, INC.
OTHER INFORMATION
(Unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA, which the Company defines as net (loss) income before (i) interest income and other, including net realized gains (losses) on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, (ii) interest expense, (iii) (benefit) provision for income taxes, (iv) depreciation and amortization, and (v) stock-based compensation. The Company uses Adjusted EBITDA in its business operations to evaluate the performance of its business, develop budgets and measure its performance against those budgets, among other things. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate its overall operating performance. However, Adjusted EBITDA has material limitations as a supplemental metric and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under
A reconciliation of the most directly comparable
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net (loss) income |
$ |
(9,240 |
) |
|
$ |
21,362 |
|
|
$ |
(23,802 |
) |
|
$ |
96,313 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest income and other (1) |
|
(4,721 |
) |
|
|
(2,365 |
) |
|
|
(13,201 |
) |
|
|
(3,959 |
) |
Interest expense |
|
241 |
|
|
|
229 |
|
|
|
672 |
|
|
|
547 |
|
(Benefit) provision for income taxes |
|
(2,010 |
) |
|
|
9,939 |
|
|
|
(4,915 |
) |
|
|
35,651 |
|
Depreciation and amortization |
|
3,637 |
|
|
|
2,924 |
|
|
|
10,312 |
|
|
|
10,167 |
|
Stock-based compensation |
|
5,446 |
|
|
|
4,544 |
|
|
|
15,808 |
|
|
|
12,675 |
|
Adjusted EBITDA |
$ |
(6,647 |
) |
|
$ |
36,633 |
|
|
$ |
(15,126 |
) |
|
$ |
151,394 |
|
(1) |
Other includes net realized gains (losses) on marketable debt securities available-for-sale. |
Glossary of Terms
-
Private Client Market segment: transactions with values from
$1 million $10 million -
Middle Market segment: transactions with values from
$10 million $20 million -
Larger Transaction Market segment: transactions with values of
$20 million - Acquisitions: acquisition of businesses accounted for as a business combination in accordance with generally accepted accounting standards
Certain Adjusted Metrics
Real Estate Brokerage
Following are actual and as adjusted metrics excluding any large transactions in our real estate brokerage business in excess of
|
Three Months Ended September 30, 2023 |
Nine Months Ended September 30, 2023 |
||||||||||
(actual) |
(as adjusted) |
(actual) |
(as adjusted) |
|||||||||
Total Sales Volume Decrease |
(58.5 |
)% |
(54.7 |
)% |
(59.8 |
)% |
(56.6 |
)% |
||||
Average Commission Rate Increase |
15.3 |
% |
11.2 |
% |
10.6 |
% |
5.6 |
% |
||||
Average Transaction Size Decrease |
(31.6 |
)% |
(25.4 |
)% |
(30.1 |
)% |
(24.6 |
)% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231103391020/en/
Investor Relations:
Investor Relations
InvestorRelations@marcusmillichap.com
Source: Marcus & Millichap, Inc.
FAQ
What is Marcus & Millichap?
What were the total revenues for Q3 2023?
What was the net loss for Q3 2023?
What impacted the company's earnings for Q3 2023?
What is Marcus & Millichap's focus for the future?
