Financial Performance - Total revenue for Q3 2024 was $168.5 million, a 4.0% increase from $162.0 million in Q3 2023[2] - Net loss for Q3 2024 was $5.4 million, or $0.14 per share, an improvement from a net loss of $9.2 million, or $0.24 per share, in Q3 2023[11] - Adjusted EBITDA for Q3 2024 improved by $6.6 million to approximately breakeven[11] - Total revenue for the nine months ended September 30, 2024, was $456.0 million, a decrease of 4.9% from $479.7 million in the same period last year[12] - The company reported a net loss of $5.4 million for the three months ended September 30, 2024, an improvement from a net loss of $9.2 million in the same period of 2023[28] - The company reported a net loss of $(5,385,000) for the three months ended September 30, 2024, compared to a net loss of $(9,240,000) for the same period in 2023[39] Revenue Breakdown - Brokerage commissions reached $142.0 million, up 1.5% from $139.8 million in the same period last year[7] - Real estate brokerage commissions amounted to $142.0 million for the three months ended September 30, 2024, compared to $139.8 million in the prior year, reflecting a 1.5% increase[28] - Total sales volume reached approximately $12.0 billion for the three months ended September 30, 2024, with 1,987 transactions, including $8.5 billion in real estate brokerage[30] - Total financing volume for the three months ended September 30, 2024, was $2.1 billion, a 12.0% increase from $1.9 billion in the same period of 2023[32] - Total sales volume in real estate brokerage increased by 14.7% for the three months ended September 30, 2024[41] Transaction and Commission Details - The average commission per transaction in real estate brokerage increased to $106,664 for the three months ended September 30, 2024, up from $102,731 in the same period of 2023[31] - The average fee per financing transaction was $50,351 for the three months ended September 30, 2024, compared to $50,062 in the prior year[32] - The average transaction size in real estate brokerage increased to $6.4 million for the three months ended September 30, 2024, from $5.5 million in the same period of 2023[31] - Average commission rate decreased by 11.7% for the three months ended September 30, 2024[41] - Average transaction size increased by 17.3% for the three months ended September 30, 2024[41] Operational Metrics - The Company closed 5,351 transactions during the nine months ended September 30, 2024, with a sales volume of $31.2 billion[23] - The company had 1,574 investment sales professionals and 104 financing professionals as of September 30, 2024[30] - The Company had 1,678 investment sales and financing professionals as of September 30, 2024, down from 1,820 a year earlier[12] Shareholder Returns and Equity - The Board declared a semi-annual dividend of $0.25 per share, paid on October 4, 2024[13] - Approximately $71.0 million remains available for share repurchases under the Company's program[15] - Stockholders' equity decreased from $645,274,000 on December 31, 2023, to $617,728,000 on September 30, 2024, a decline of approximately 4.3%[37] Asset and Liability Changes - Total current assets decreased from $393,694,000 on December 31, 2023, to $356,545,000 on September 30, 2024, a decline of approximately 9.4%[37] - Total assets decreased from $878,411,000 on December 31, 2023, to $833,714,000 on September 30, 2024, a decline of approximately 5.1%[37] - Total current liabilities increased from $105,269,000 on December 31, 2023, to $113,223,000 on September 30, 2024, an increase of approximately 7.4%[37] Operating Expenses - Operating expenses totaled $180.0 million for the three months ended September 30, 2024, compared to $177.5 million in the same period of 2023[28] - Adjusted EBITDA for the three months ended September 30, 2024, was $(21,000), compared to $(6,647,000) for the same period in 2023[39]
Marcus & Millichap(MMI) - 2024 Q3 - Quarterly Results