Marcus & Millichap, Inc. (NYSE:MMI) Q1 2021 Earnings Conference Call May 7, 2021 10:30 AM ET Company Participants Evelyn Infurna - Managing Director, ICR Hessam Nadji - President & Chief Executive Officer Steve DeGennaro - Executive Vice President & Chief Financial Officer Conference Call Participants Stephen Sheldon - William Blair Operator Thank you for standing by. This is the conference operator. Welcome to Marcus and Millichap's First Quarter 2021 Earnings Conference Call. As a reminder, all participan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its Charter) Delaware 35-2478370 (Stat ...

Marcus & Millichap 1 FIRST QUARTER 2021 EARNINGS CONFERENCE CALL MAY 7, 2021 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking statements" within the meaning of the federal securities laws, including our business outlook for 2021, the potential continuing impact of the COVID-19 pandemic, and expectations for changes (or fluctuations) in market share growth. Statements about our beliefs and expectations and statements containing the words "may," "could," "would," "should ...

INVESTOR PRESENTATION February 24, 2021 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking statements" within the meaning of the federal securities laws, including our business outlook for 2021 and beyond, the potential continuing impact of the COVID-19 pandemic, and expectations for changes (or fluctuations) in market share growth. Statements about our beliefs and expectations and statements containing the words "may," "could," "would," "should," "believe," "expect," "a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

Marcus & Millichap 1 FOURTH QUARTER 2020 EARNINGS CONFERENCE CALL FEBRUARY 18, 2021 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking statements" within the meaning of the federal securities laws, including our business outlook for 2021 and beyond, the potential continuing impact of the COVID-19 pandemic, and expectations for changes (or fluctuations) in market share growth. Statements about our beliefs and expectations and statements containing the words "may," "could, ...

Financial Data and Key Metrics Changes - The company reported fourth-quarter revenue of $250 million, a 5% increase year-over-year and a 58% increase from the third quarter [8][35] - Total revenue for the full year was $717 million, down 11% from 2019, with adjusted EBITDA of $76 million, reflecting a 34.5% decline [16][36] - Adjusted EBITDA for the fourth quarter improved to $37 million, representing 14.8% of revenue, a 13.6% increase over the fourth quarter of 2019 [52] Business Line Data and Key Metrics Changes - Brokerage commissions for the fourth quarter accounted for approximately 87% of total revenues, increasing 54% sequentially to $217 million [37] - Private client business represented 64% of real estate brokerage revenue for the quarter, declining 2% year-over-year but increasing nearly 42% sequentially [38] - Financing fees rose 43% year-over-year in the fourth quarter and 72% sequentially, driven by increased transaction sizes and activity [40] Market Data and Key Metrics Changes - Total sales volume in the fourth quarter reached $15.6 billion, with 2,978 transactions, reflecting year-on-year growth of 5% [43] - The company managed to keep transaction volume decline for the year to 8%, outperforming the market, which saw an estimated 30% decline [23] Company Strategy and Development Direction - The company aims to build on last year's platform improvements and pursue long-term productivity gains, with a focus on technology upgrades and internal training [24] - Strategic acquisitions and attracting experienced talent remain a priority, with ongoing discussions for potential targets [54][66] - The company is positioned to facilitate solutions across various sectors, including suburban and secondary markets, as trends shift post-pandemic [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery, expecting a gradual improvement in the market, albeit with some choppiness in the first quarter [25][55] - The release of pent-up demand and significant liquidity in the market are anticipated to support recovery in the second half of the year [29] - Management emphasized the importance of maintaining a strong focus on both external growth through new talent and internal support for existing staff [81] Other Important Information - The company completed four acquisitions in 2020, bringing the total to nine since 2018, and successfully attracted experienced professionals [17] - The cash position at year-end was approximately $449 million, equating to $11.30 per diluted share, providing stability and flexibility for future investments [53] Q&A Session Summary Question: Significant increase in average deal size - Management noted that the increase reflects a catch-up from larger clients who returned more aggressively in the fourth quarter, alongside a gradual shift towards larger deals due to hiring experienced brokers [61][62] Question: Opportunities for acquisitions - Management confirmed ongoing efforts to pursue acquisitions of various sizes, emphasizing the importance of strategic fits rather than focusing solely on large or small firms [64][66] Question: Market share gains and internal initiatives - Management highlighted the diversification of the platform and successful recruitment of specialists as key factors driving market share gains [74][75] Question: Recruiting efforts in light of expected demand - Management reiterated a strong focus on attracting experienced agents and maintaining support for existing staff, with expectations for increased demand in the second half of the year [78][80]

Financial Performance - Q3 2020 - Revenue for Q3 2020 was $158.6 million, a decrease of 20.0% year-over-year but an increase of 35.1% sequentially from Q2 2020[8] - Net income for Q3 2020 was $6.0 million, a decrease of 68.7% year-over-year[8] - Adjusted EBITDA for Q3 2020 was $12.2 million, a decrease of 56.1% year-over-year but an increase of 194.7% sequentially from Q2 2020[8] Financial Performance - Year-to-Date 2020 - Revenue for year-to-date 2020 was $466.7 million, a decrease of 17.9% year-over-year[11] - Net income for year-to-date 2020 was $19.2 million, a decrease of 65.8% year-over-year[11] - Adjusted EBITDA for year-to-date 2020 was $38.8 million, a decrease of 53.3% year-over-year[11] Brokerage Performance - Q3 2020 - Sales volume for Q3 2020 was $7.0 billion, a decrease of 26.9% year-over-year[13] - Transaction closings for Q3 2020 were 1,527, a decrease of 12.9% year-over-year[13] - Real estate brokerage commissions revenue for Q3 2020 was $140.8 million, a decrease of 21.8% year-over-year[13] Brokerage Performance - Year-to-Date 2020 - Sales volume for year-to-date 2020 was $20.9 billion, a decrease of 19.5% year-over-year[16] - Transaction closings for year-to-date 2020 were 4,217, a decrease of 15.5% year-over-year[16] - Real estate brokerage commissions revenue for year-to-date 2020 was $416.0 million, a decrease of 19.0% year-over-year[16] Financing Performance - Q3 2020 - Sales volume for financing in Q3 2020 was $1.7 billion, a decrease of 0.4% year-over-year but an increase of 47.0% sequentially from Q2 2020[19] - Financing fees revenue for Q3 2020 was $15.6 million, a decrease of 2.5% year-over-year but an increase of 23.0% sequentially from Q2 2020[19] Financing Performance - Year-to-Date 2020 - Sales volume for financing year-to-date 2020 was $4.6 billion, a decrease of 8.5% year-over-year[21] - Financing fees revenue for year-to-date 2020 was $43.7 million, a decrease of 8.0% year-over-year[21]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36155 MARCUS & MILLICHAP, INC. (Exact name of registrant as specified in its Charter) (State or Other Juris ...

Marcus & Millichap, Inc. (NYSE:MMI) Q3 2020 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants Evelyn Infurna - Managing Director, ICR Hessam Nadji - President & Chief Executive Officer Steve Degennaro - Chief Financial Officer Conference Call Participants Blaine Heck - Wells Fargo Operator Thank you for standing by. This is the conference operator. Welcome to Marcus & Millichap's Third Quarter 2020 Earnings Conference Call. As a reminder all participants are in a listen mode and the ...