Marcus & Millichap Q3 net loss $9.2M vs. prior year net income $21.4M; revenue down 50%

Marcus & Millichap, Inc.

2023-Q3 EPS reported -$0.61 revenue$479,684,000

Total revenue $162.0M, down 50.0% YoY from $323.8M; brokerage commissions fell 52.3% to $139.8M.
Net loss of $9.2M ($0.24 loss per diluted share) vs. net income of $21.4M ($0.53 EPS) in Q3 2022.
Adjusted EBITDA of ($6.6)M, down from $36.6M a year ago; operating expenses decreased but not enough.
Private Client Market brokerage revenue $91.5M (-44.7%); Middle Market & Larger Transaction $42.8M (-64.3%).
Company repurchased 1.1M shares at avg $31.28 in first nine months; $71.5M remaining in buyback program.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Marcus & Millichap, Inc. reported third quarter ended September 30, 2023 results: revenue $162.0 million, net income $9.2 million, EPS $0.24 per common share, diluted.

Period: third quarter ended September 30, 2023
Revenue: $162.0 million
Net income: $9.2 million
EPS: $0.24 per common share, diluted
Result: reported results

Exact text from the filing

• Total revenue of $162.0 million, compared to $323.8 million • Brokerage commissions of $139.8 million, compared to $292.9 million • Private Client Market brokerage revenue of $91.5 million, compared to $165.5 million • Middle Market and Larger Transaction Market brokerage revenue of $42.8 million, compared to $120.1 million • Financing fees of $17.3 million, compared to $28.1 million • Net loss of $9.2 million, or $0.24 per common share, diluted, compared to net income of $21.4 million, or $0.53 per common share, diluted

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Marcus & Millichap, Inc. reported nine months ended September 30, 2023 results: revenue $479.7 million, net income $23.8 million, EPS $0.61 per common share, diluted.

Period: nine months ended September 30, 2023
Revenue: $479.7 million
Net income: $23.8 million
EPS: $0.61 per common share, diluted
Result: reported results

Exact text from the filing

• Total revenue of $479.7 million, compared to $1.0 billion • Brokerage commissions of $415.2 million, compared to $934.5 million • Private Client Market brokerage revenue of $278.2 million, compared to $536.4 million • Middle Market and Larger Transaction Market brokerage revenue of $121.8 million, compared to $378.3 million • Financing fees of $51.0 million, compared to $91.4 million • Net loss of $23.8 million, or $0.61 per common share, diluted, compared to net income of $96.3 million, or $2.39 per common share, diluted

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Marcus & Millichap, Inc. filing history →

Source: SEC EDGAR

accession 0001578732-23-000044

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