Marcus & Millichap posts Q1 net loss of $0.15 per share; revenue down 51.5%

Marcus & Millichap, Inc.

2023-Q1 EPS reported -$0.15 revenue$154,792,000

Total revenue $154.8M, down 51.5% from record Q1 2022; net loss of $5.8M vs net income $32.8M.
Brokerage commissions $135.0M, down 52.9%; Private Client revenue -43.8%, Middle Market -67.1%.
Financing fees $15.9M, down 40.0%; adjusted EBITDA -$7.4M vs +$51.9M in prior year.
Board added $70M to share repurchase authorization, leaving ~$80M available; semi-annual dividend $0.25 per share.

item 2.02 item 5.07 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Marcus & Millichap, Inc. reported first quarter ended March 31, 2023 results: revenue $154.8 million, net income Net loss was $5.8 million, or $0.15 per common share, diluted, EPS $0.15 per common share, diluted.

Period: first quarter ended March 31, 2023
Revenue: $154.8 million
Net income: Net loss was $5.8 million, or $0.15 per common share, diluted
EPS: $0.15 per common share, diluted
Result: reported results

Exact text from the filing

sales, financing, research and advisory services, today reported its first quarter results. First Quarter 2023 Highlights Compared to First Quarter 2022 • Total revenue of $154.8 million decreased 51.5%, a tough comparable to a record first quarter 2022 where revenue was up 73.6% compared to first quarter 2021 • Brokerage commissions of $135.0 million, decreased

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Marcus & Millichap, Inc. shareholders approved Election of Directors at the 2023-05-02 meeting.

Proposal: director election
Outcome: passed
Meeting: 2023-05-02

Exact text from the filing

The following individuals were elected to serve as directors for a three-year term ending with the 2026 Annual Meeting by the votes shown below: For Withheld Broker Non-Votes Hessam Nadji 35,357,703 1,561,352 522,024 Norma J. Lawrence 34,689,172 2,229,883 522,024

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Marcus & Millichap, Inc. shareholders approved Advisory Vote on Executive Compensation at the 2023-05-02 meeting.

Proposal: say on pay
Outcome: passed
Meeting: 2023-05-02

Exact text from the filing

Proposal 3: Advisory Vote on Executive Compensation The non-binding resolution regarding the compensation paid to the Company’s named executive officers (the “ say-on-pay vote ”) was approved by the votes shown below: For Against Abstain Broker Non-Votes 34,190,487 2,714,380 14,188 522,024

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

Marcus & Millichap, Inc. shareholders approved Ratification of Appointment of Independent Registered Public Accounting Firm for 2023 at the 2023-05-02 meeting.

Proposal: auditor ratification
Outcome: passed
Meeting: 2023-05-02

Exact text from the filing

Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm for 2023 The appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2023 was ratified by the votes shown below: For Against Abstain Broker Non-Votes(1) 37,380,502 47,224 13,353 0

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Marcus & Millichap, Inc. filing history →

Source: SEC EDGAR

accession 0001578732-23-000017

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