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Sep 30, 2022
Marcus & Millichap Q3 2022 Earnings Report
Reported results for the third quarter of 2022, with diluted earnings per share of $0.53, including a $0.03 foreign currency exchange loss.
Key Takeaways
Marcus & Millichap reported a decrease in total revenues by 2.6% to $323.8 million and a decrease in net income to $21.4 million, or $0.53 per common share, diluted, for the third quarter of 2022, compared to the same period in the prior year. The results were impacted by aggressive monetary policy tightening.
Net income was $21.4 million, or $0.53 per common share, diluted, including $0.03 of foreign currency exchange loss.
Total revenues were $323.8 million, compared to $332.4 million.
Adjusted EBITDA was $36.6 million, compared to $51.0 million.
Closed 3,034 total transactions in the quarter.
Revenue by Segment
Forward Guidance
Short-term macroeconomic forces have become increasingly challenging, particularly ongoing inflationary pressures, recent interest rate increases and the potential for further interest rate increases in 2022 and 2023. All of these forces have the potential to adversely influence economic growth and investor sentiment.
Positive Outlook
- Experienced management team
- Recent infrastructure investments
- Industry-leading market research
- Proprietary technology
- Size and fragmentation of the Private Client Market segment
Challenges Ahead
- Volatility in sales and financing activity and investor sentiment
- Potential higher cost of services
- Volatility in each of the Company’s market segments
- Reduced institutional activity in the Larger Transaction Market segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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