Marcus & Millichap Inc (MMI) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Marcus & Millichap second quarter 2024 earnings conference call. As a reminder, this call is being recorded.

您好，歡迎參加 Marcus & Millichap 2024 年第二季財報電話會議。提醒一下，此通話正在錄音。

I would now like to turn the conference over to your host, Jacques Cornet. Thank you. You may begin.

現在我想將會議交給主持人雅克·科內特 (Jacques Cornet)。謝謝。你可以開始了。

Thank you, operator. Good morning. Welcome to Marcus & Millichap's second quarter 2024 earnings conference call. With us today are President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Steve DeGennaro.

謝謝你，接線生。早安.歡迎參加 Marcus & Millichap 的 2024 年第二季財報電話會議。今天與我們在一起的有總裁兼執行長 Hessam Nadji；和首席財務官史蒂夫德根納羅。

Before I turn the call over to management, please remember that our prepared remarks and the responses to questions may contain forward looking statements. Words such as may, will, expect, believe, estimate, anticipate, goal, and variations of these words and similar expressions are intended to identify forward-looking statements.

在我將電話轉交給管理層之前，請記住，我們準備好的評論和對問題的答覆可能包含前瞻性陳述。諸如「可能」、「將」、「期望」、「相信」、「估計」、「預期」、「目標」等詞語以及這些詞語的變體和類似表達旨在識別前瞻性陳述。

Actual results can differ materially from those implied by such forward-looking statements due to a variety of factors, including but not limited to general economic conditions and commercial real estate market conditions, the company's ability to retain and attract transactional professionals, company's ability to retain its business philosophy and partnership culture amid competitive pressures, company's ability to integrate new agents and sustain its growth.

由於多種因素，實際結果可能與此類前瞻性陳述所暗示的結果有重大差異，包括但不限於總體經濟狀況和商業房地產市場狀況、公司保留和吸引交易專業人士的能力、公司保留的能力在競爭壓力下的經營理念和合作夥伴文化，公司整合新代理商和維持成長的能力。

And other factors discussed in the company's public filings, including its annual report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2024.

以及該公司公開文件中討論的其他因素，包括其於 2024 年 2 月 28 日向美國證券交易委員會提交的 10-K 表格年度報告。

Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can make no assurance that its expectations will be attained. Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

儘管該公司認為此類前瞻性陳述中反映的預期是基於合理的假設，但它不能保證其預期能夠實現。本公司不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

In addition, certain financial information presented on this call represents non-GAAP financial measures. The Company's earnings release, which was issued this morning and is available on the company's website represents a reconciliation to the appropriate GAAP measures and explains why the company believes such non-GAAP measures are useful to investors.

此外，本次電話會議中提供的某些財務資訊代表非公認會計準則財務指標。該公司今天早上發布並在公司網站上發布的收益報告代表了對適當公認會計準則衡量標準的調整，並解釋了為什麼該公司認為此類非公認會計準則衡量標準對投資者有用。

This conference call is being webcast. The webcast link is available on the investor relations section of the company's website at www.marcusmillichap.com, along with the slide presentation, you may reference during the prepared remarks.

本次電話會議正在網路直播。您可以在公司網站 www.marcusmillichap.com 的投資者關係部分取得網路廣播連結以及幻燈片簡報，您可以在準備發言時參考。

With that it's my pleasure to turn the call over to CEO, Hessam Nadji.

我很高興將電話轉給執行長 Hessam Nadji。

Thank you, John. On behalf of the entire Marcus Millichap team. Good morning, and welcome to our second quarter earnings call. As anticipated, the company faced a challenging quarter due to the lingering impact of the higher for longer stance on interest rates by the Federal Reserve.

謝謝你，約翰。代表整個 Marcus Millichap 團隊。早上好，歡迎參加我們的第二季財報電話會議。正如預期的那樣，由於聯準會長期升息立場的持續影響，該公司面臨著充滿挑戰的季度。

Revenue for the second quarter came in at $158 million, with adjusted EBITDA of $1.4 million and net loss of $5.5 million. This primarily reflects the ongoing headwinds of bid-ask spreads and constrained financing. Marketing and closing timelines continued to be longer than usual while an elevated portion of our deals had to be recalibrated multiple times before closing.

第二季營收為 1.58 億美元，調整後 EBITDA 為 140 萬美元，淨虧損為 550 萬美元。這主要反映了買賣價差和融資受限的持續不利因素。行銷和成交時間仍然比平常更長，而我們的大部分交易在成交前必須多次重新調整。

Notwithstanding the impact of these macro conditions on our team's productivity, the number of positive indicators emerged in the quarter. Internally, these include measurable growth in our new inventory and price adjustments that are more reflective of the current market. We also saw a 23% sequential revenue gain over the first quarter compared to just 5% sequential growth achieved in Q2 2023.

儘管這些宏觀條件對我們團隊的生產力產生了影響，但本季仍出現了許多正面的指標。在內部，這些包括我們新庫存的可衡量成長以及更能反映當前市場的價格調整。我們也看到第一季營收季增 23%，而 2023 年第二季僅達到 5% 的環比成長。

Year over year revenue decline of less than 3% was also our lowest such comparison since the start of the market downturn in the third quarter of 2022. Externally, the passage of time has finally brought more realistic pricing and a growing sentiment that valuations are at or near bottom for most property types.

低於 3% 的營收年減也是自 2022 年第三季市場低迷開始以來我們同類比較中的最低水準。從外部來看，時間的流逝最終帶來了更現實的定價，並且人們越來越多地認為大多數房產類型的估值已達到或接近底部。

We saw capital re-entering the market gain momentum throughout the quarter, driven by price adjustments from peak and in comparison to replacement costs. Many investors are recognizing attractive entry points for assets given the incredible difficulty many markets are showing and the higher cost of building.

我們看到，在價格從峰值調整以及與重置成本相比的推動下，整個季度資本重新進入市場的勢頭增強。鑑於許多市場所表現出的令人難以置信的困難和較高的建設成本，許多投資者正在認識到有吸引力的資產切入點。

In many cases, investors are paying all cash or relying on short-term financing to secure well-priced opportunities with the goal of adding long-term financing when rates come in. Situation of distress, particularly driven by aggressively underwritten deals in the last five years with short term debt that is now maturing is also creating more motivation to transact.

在許多情況下，投資者支付全部現金或依靠短期融資來獲得價格合理的機會，目的是在利率上升時增加長期融資。困境的情況，特別是過去五年中由於短期債務的積極承銷交易而造成的，而這些交易現在已經到期，也創造了更多的交易動力。

This is not to say that the math for all real estate deals is once again broadly working. In fact, our team continues to dedicate considerable time working through bid-ask spreads and securing financing, but much progress has been made toward equilibrium.

這並不是說所有房地產交易的數學再次廣泛發揮作用。事實上，我們的團隊繼續投入大量時間來解決買賣價差和確保融資，但在實現平衡方面已經取得了很大進展。

Let me take a moment to recognize the perseverance of our sales force and support personnel during this elongated market disruption, and they're laser focused on helping our clients get through it. In this challenging environment we closed over 1,200 brokerage transactions and $7.2 billion in volume.

讓我花一點時間來表彰我們的銷售人員和支援人員在這場長期的市場混亂期間所表現出的毅力，他們專注於幫助我們的客戶度過難關。在這個充滿挑戰的環境中，我們完成了 1,200 多筆經紀交易，成交額達 72 億美元。

An uptick in middle market and larger sales furred, by major private and institutional investors gradually coming back into the market was a positive trend. This is relative to the severe drop off in these transactions since 2022.

主要私人和機構投資者逐漸重返市場，中間市場的上升和銷售的增加是一個積極的趨勢。這與 2022 年以來這些交易的嚴重下降有關。

Our private client business remains hampered by the limited ability or desire of local and regional banks to provide financing. The slow pace of price discovery and low motivation to sell, especially in the single-tenant net lease segment remains the challenge.

我們的私人客戶業務仍然受到當地和區域銀行提供融資的能力或願望有限的阻礙。價格發現速度緩慢和出售動機低下，尤其是在單一租戶淨租賃領域，仍然是挑戰。

Bright spots include multi-tenant retail, which continues to be a clear recovering segment manufactured housing and self-storage. Financing transactions were down 4% as lenders remain selective and refinancings fell sharply.

亮點包括多租戶零售，這仍然是一個明顯正在復甦的製造住房和自助倉儲領域。由於貸款機構仍保持選擇性且再融資大幅下降，融資交易下降 4%。

However, our financing volume increased by 11% due to a rise in large transactions and loan sales. Our financing division achieved a 25% jump in larger financing's valued at $20 million or more led by our multifamily agency lending practice. The integration of our IPA institutional sales and IPA capital markets it's also contributing directly to these results and provides a foundation for us to build on.

然而，由於大額交易和貸款銷售的增加，我們的融資量增加了11%。在我們的多戶家庭機構貸款業務的帶動下，我們的融資部門在價值 2,000 萬美元或以上的大型融資中實現了 25% 的成長。我們的 IPA 機構銷售和 IPA 資本市場的整合也直接促成了這些成果，並為我們的發展奠定了基礎。

In this environment our financing team closed with 146 different lenders in the quarter and 340 over the past 12 months. This is a direct result of proprietary technology investments that enable real-time deal and active lender information sharing among our network of originators.

在這種環境下，我們的融資團隊在本季度與 146 家不同的貸方達成了協議，在過去 12 個月中與 340 家不同的貸方達成了協議。這是專有技術投資的直接結果，這些技術投資使我們的發起者網路之間能夠實現即時交易和主動的貸方資訊共享。

It is also indicative of the growing degree of collaboration between our sales and financing teams. At the macro level, decelerating inflation readings and much slower job growth during the quarter. Finally shifted the Fed back toward plans to start the interest rate easing cycle.

這也顯示我們的銷售和融資團隊之間的合作程度不斷增強。在宏觀層面，本季通膨數據放緩，就業成長大幅放緩。最終，聯準會重新轉向啟動利率寬鬆週期的計畫。

Even before the Fed moves, the 10-year treasury yield has dropped nearly a full percentage point since the start of the quarter and sits at the lowest level since about May of 2023. Mixed corporate earnings and softer than expected July employment data could raise fresh concerns of a hard landing for the economy and a corresponding flight to safety.

即使在聯準會採取行動之前，10 年期公債殖利率自本季初以來已下跌近整整一個百分點，並處於 2023 年 5 月左右以來的最低水平。好壞參半的企業獲利和低於預期的 7 月就業數據可能會引發人們對經濟硬著陸和相應避險資產的新擔憂。

Ironically, the latest employment and inflation data is exactly what the Fed has been waiting for and strong economic underpinnings still point to a modest growth cycle ahead as opposed to major layoffs, a significant consumer retreat.

諷刺的是，最新的就業和通膨數據正是聯準會一直在等待的數據，強勁的經濟基礎仍然表明未來將出現溫和的成長週期，而不是大規模裁員和消費者大幅撤退。

If anything, there is now even a case for a 50 basis points interest rate reduction by the Fed in September, which would further boost the soft landing scenario and help bolster real estate transaction. While we expect the positive momentum in transactions to continue during the second half economic concerns and a new round of geopolitical tensions point to a measured market recovery in the near term.

如果有什麼不同的話，那就是聯準會9月甚至有可能降息50個基點，這將進一步推動軟著陸情景並有助於提振房地產交易。雖然我們預計下半年交易的積極勢頭將持續，但經濟擔憂和新一輪地緣政治緊張局勢表明市場近期將出現適度復甦。

However, we believe the cycle heading into 2025 will be more favorable as the market gets a lift from lower interest rates, recalibrated real estate values a slower yet still healthy economy and the conclusion of the election cycle.

然而，我們認為，進入 2025 年的周期將更加有利，因為市場受到較低利率的提振、重新調整的房地產價值、緩慢但仍然健康的經濟以及選舉週期的結束。

Our strategy to increase inventory, maintain elevated client outreach programs and continue to incorporate best-in-class brokerage technology remains on track. During the quarter, we saw further traction in our auction business, loan sales and synergies with strategic investment partners.

我們增加庫存、維持較高的客戶外展計劃以及繼續採用一流經紀技術的策略仍在按計劃進行。在本季度，我們看到拍賣業務、貸款銷售以及與策略投資合作夥伴的協同效應進一步受到關注。

Equity multiple who's actively helping our clients access debt and equity capital and efficiencies from our investment in data analytics firm, archer for helping us enhance internal and external services. We're excited to consider additional partnership investments on a parallel path of further developing and implementing the next round of proprietary technology that helps facilitate transact.

股權倍數正在積極幫助我們的客戶獲得債務和股權資本，並透過我們對數據分析公司 archer 的投資提高效率，幫助我們增強內部和外部服務。我們很高興考慮在進一步開發和實施下一輪有助於促進交易的專有技術的並行道路上進行額外的合作投資。

As an example, my MMI our client application that provides custom searches for our inventory now boasts 116,000 users and enables real-time connectivity between buyers and sellers. Expenses related to investments made in our sales force both in retention and acquisition were once again a drag on earnings in the near term as revenue production is below historical trends and below potential.

舉個例子，我的 MMI 用戶端應用程式為我們的庫存提供自訂搜索，現在擁有 116,000 名用戶，並支援買家和賣家之間的即時連接。由於收入產出低於歷史趨勢和潛力，與我們銷售隊伍在保留和收購方面的投資相關的費用再次拖累了近期的盈利。

However, we remain confident that the seniority and market leadership of our talent pool will be a key advantage in the market recovery ss we've seen in past cycles. We continue to successfully add experienced professionals and teams which is offsetting the ongoing challenges our newer cadre of agents and originators face.

然而，我們仍然相信，我們人才庫的資歷和市場領導力將成為我們在過去週期中看到的市場復甦的關鍵優勢。我們繼續成功地增加經驗豐富的專業人士和團隊，這抵消了我們新的代理商和發起者團隊所面臨的持續挑戰。

The market volatility of the past several years and current headwinds are keeping our net hiring of new agents well below a normal market. The company's expanded channels for attracting and training new talent include a much larger internship program and deployment of regional recruiters. These steps will help replenish the company's organic growth engine, especially as the employment market pools.

過去幾年的市場波動和目前的不利因素使我們新代理商的淨招聘人數遠低於正常市場水平。該公司擴大了吸引和培訓新人才的管道，包括更大規模的實習計畫和區域招募人員的部署。這些步驟將有助於補充公司的有機成長引擎，特別是在就業市場匯集的情況下。

From a capital allocation perspective, we made favorable investments and experienced individuals and teams during the quarter, and we continued discussions with selective acquisition and investment targets. While the bid-ask spread on valuation and terms has improved to some degree, the near term performance, risks of target groups relative to valuations and guaranteed proceeds remain challenges.

從資本配置的角度來看，本季我們進行了有利的投資和經驗豐富的個人和團隊，並繼續與選擇性收購和投資目標進行討論。雖然估值和條款的買賣價差有所改善，但短期表現、目標群體相對於估值和保證收益的風險仍然是挑戰。

Our ongoing investments in business development, client engagement, branding and industry events underscore our commitment to stay on offense during this prolonged downturn. We're highly disciplined in how we invest in our business and our talented team while creating shareholder value.

我們對業務發展、客戶參與、品牌推廣和行業活動的持續投資凸顯了我們在這場長期低迷時期保持進攻的承諾。我們在投資業務和人才團隊的同時創造股東價值方面非常嚴格。

We're proud to have returned a significant amount of capital in the last two years since expanding our capital strategy to include dividends and share repurchases. Our investments and platform enhancements give us confidence that we will emerge from this cycle, well-positioned and stronger than ever.

自從擴大我們的資本策略以包括股息和股票回購以來，我們在過去兩年中返還了大量資本，對此我們感到很自豪。我們的投資和平台增強讓我們相信，我們將擺脫這個週期，處於有利位置，比以往任何時候都更強大。

With that, I will turn the call over to Steve for additional insights into the quarter. Steve?

這樣，我將把電話轉給史蒂夫，以獲取有關本季度的更多見解。史蒂夫？

Thank you, Hessam. As mentioned, total revenue for the quarter was $158 million compared to $163 million in the prior year quarter. For the six month period, revenue was $287 million compared with $318 million last year.

謝謝你，赫薩姆。如前所述，本季總營收為 1.58 億美元，而去年同期總營收為 1.63 億美元。這六個月期間的收入為 2.87 億美元，而去年為 3.18 億美元。

Revenue from real estate brokerage commission for the second quarter was $135 million and accounted for 86% of total revenue compared to $140 million last year, a decline of 3% year over year. Brokerage revenue was generated on total sales volume of $7.2 billion across 1,272 transactions, down 5% and 11% respectively compared to last year.

第二季房地產經紀佣金收入為1.35億美元，佔總收入的86%，去年同期為1.4億美元，年減3%。經紀收入來自 1,272 筆交易的總銷售額 72 億美元，較去年分別下降 5% 和 11%。

Year to date, revenue from real estate brokerage commission was $245 million and accounted for 85% of total revenue compared to $275 million last year, a decline of 11% year over year. Total sales volume year to date was $12.8 billion across 2,347 transactions, down 13% and 12% respectively, and mostly reflecting a more challenging first quarter this year.

年初至今，房地產經紀佣金收入為2.45億美元，佔總收入的85%，而去年為2.75億美元，年減11%。年初至今，總銷售額為 128 億美元，涉及 2,347 筆交易，分別下降 13% 和 12%，主要反映了今年第一季更具挑戰性。

Average transaction size during the second quarter was approximately $5.6 million, up 6% from $5.3 million a year ago, reflective of an increase in our revenue mix from middle market and larger transactions. Within brokerage for the quarter, private client contributed 63% of brokerage revenue or $85 million. This compares to 69% and $96 million last year.

第二季的平均交易規模約為 560 萬美元，比一年前的 530 萬美元成長 6%，反映出我們來自中間市場和大型交易的收入組合的增加。在本季的經紀業務中，私人客戶貢獻了經紀收入的 63%，即 8,500 萬美元。相較之下，去年這一比例為 69%，為 9,600 萬美元。

Transactions in this segment were down 19% in dollar volume and 14% in transaction count compared to last year. Year to date, private client contributed 65% of brokerage revenue or $158 million versus 68% and $187 million last year.

與去年相比，該細分市場的交易金額下降了 19%，交易數量下降了 14%。今年迄今為止，私人客戶貢獻了經紀收入的 65%，即 1.58 億美元，而去年這一比例為 68%，即 1.87 億美元。

Our middle market and larger transaction segments together accounted for 33% of brokerage revenue or $45 million during the second quarter compared to 28% and $39 million last year. These segments combined were up 8% in volume and flat in number of transactions.

第二季度，我們的中間市場和大型交易領域合計佔經紀收入的 33%，即 4,500 萬美元，而去年這一比例為 28%，即 3,900 萬美元。這些細分市場的交易量合計成長了 8%，但交易數量持平。

Year to date, the middle market and larger transaction segments represented 31% of brokerage revenue or $77 million compared to 29% and $79 million last year. Revenue in our financing segment, including MMCC, was $18 million during the second quarter, similar to last year.

今年迄今為止，中間市場和較大的交易領域佔經紀收入的 31%，即 7,700 萬美元，而去年這一比例為 29%，即 7,900 萬美元。我們的融資部門（包括 MMCC）第二季的營收為 1,800 萬美元，與去年相似。

We closed 272 financing transactions totaling $1.8 billion in volume compared to 284 transactions for $1.6 billion in volume in the prior year. Financing revenue for the six months was $33 million compared to $34 million last year.

我們完成了 272 筆融資交易，總金額為 18 億美元，而去年則完成了 284 筆交易，總金額為 16 億美元。這六個月的融資收入為 3,300 萬美元，而去年為 3,400 萬美元。

We closed 506 financing transactions year to date, totaling $3.5 billion in volume compared to 563 transactions for $3.4 billion in volume last year. Fees from refinancing accounted for 32% of loan originations in the quarter compared to 61% last year.

今年迄今為止，我們完成了 506 筆融資交易，總交易額為 35 億美元，而去年則完成了 563 筆交易，總交易額為 34 億美元。再融資費用佔本季貸款發放的 32%，而去年為 61%。

Year to date, refinancing fees were 40% of loan originations compared to 54% last year. The first half of the year showed lower than average refinancing activity given the difficulty investors are facing upon loan maturity.

今年迄今，再融資費用佔貸款發放的 40%，而去年為 54%。鑑於投資者在貸款到期時面臨困難，今年上半年的再融資活動低於平均水平。

Loan extensions and workouts by lenders are other factors, lowering refinancings in the near term. Other revenue comprised primarily of leasing, consulting and advisory fees, was $4.6 million during the second quarter flat compared to last year. Year to date, other revenue was $9.9 million this year compared to $8.5 million last year.

貸款延期和貸款機構的重組是其他因素，導致短期內的再融資減少。第二季其他收入主要包括租賃、諮詢和顧問費，為 460 萬美元，與去年同期持平。今年迄今為止，其他收入為 990 萬美元，而去年為 850 萬美元。

Shifting to expenses, total operating expenses for the second quarter were $166 million, 4% lower than last year. While on a year-to-date basis, total operating expenses of $316 million were 8% lower compared to the same period a year ago. The improvement in expenses is principally the result of lower variable expenses directly attributable to revenue and cost containment efforts.

轉向費用，第二季總營運費用為 1.66 億美元，比去年下降 4%。年初至今，總營運費用為 3.16 億美元，比去年同期下降 8%。費用的改善主要是由於收入和成本控制措施直接導致變動費用降低。

Breaking down the expense components, further, cost of services was $98 million or 61.9% of total revenue compared to 62.1% in the second quarter last year. Year to date, cost of services was $175 million or 60.9% of total revenue, an improvement of 100 basis points over the same period last year.

此外，以費用構成來看，服務成本為 9,800 萬美元，佔總收入的 61.9%，而去年第二季為 62.1%。年初至今，服務成本為 1.75 億美元，佔總營收的 60.9%，比去年同期提高了 100 個基點。

SG&A during the quarter was $65 million lower by 6% year over year. On a year to date basis, SG&A was $134 million, 5% lower compared to last year. The changes are primarily due to a reduction in marketing support tied to prior year revenue and continued balancing of key investments with prudent expense reductions.

本季的 SG&A 為 6,500 萬美元，年減 6%。年初至今，SG&A 為 1.34 億美元，比去年下降 5%。這些變化主要是由於與上一年收入相關的行銷支援減少，以及關鍵投資與審慎開支削減的持續平衡。

For the second quarter, we reported a net loss of $5.5 million or $0.14 per share compared to a net loss of $8.7 million or $0.23 per share last year. For the six month period, the net loss was $15.5 million or $0.40 per share compared to a net loss of $14.6 million or $0.37 per share in the same period last year.

第二季度，我們報告淨虧損 550 萬美元，即每股 0.14 美元，而去年的淨虧損為 870 萬美元，即每股 0.23 美元。在這六個月期間，淨虧損為 1,550 萬美元，即每股 0.40 美元，而去年同期的淨虧損為 1,460 萬美元，即每股 0.37 美元。

For the quarter, adjusted EBITDA increased to a positive $1.4 million compared to a loss of $1.1 million in the prior year. For the six month period, adjusted EBITDA was negative $8.6 million, essentially flat compared to the prior year.

本季調整後 EBITDA 增至 140 萬美元，去年同期為虧損 110 萬美元。在這六個月期間，調整後的 EBITDA 為負 860 萬美元，與前一年基本持平。

The effective tax rate for the quarter reflects the change necessary to bring the year to date rate into alignment with the rate we expect for the full year. As we've discussed on prior calls, the tax rate can fluctuate quarter to quarter, depending on the relationship between expenses that are non-deductible for tax purposes to projected pre-tax income for the full year. Our expected tax rate should settle into a range of 15% to 17% for the remainder of the year.

本季的有效稅率反映了使年初至今稅率與我們預期的全年稅率保持一致所需的變化。正如我們在先前的電話會議中所討論的那樣，稅率可能會按季度波動，具體取決於不可扣除的稅務費用與全年預計稅前收入之間的關係。我們預計今年剩餘時間的稅率應穩定在 15% 至 17% 的範圍內。

Moving over to the balance sheet, we continue to be well-capitalized with no debt and $336 million in cash, cash equivalents and marketable securities. That's a modest change from the prior quarter's balance of $346 million and includes returning $10 million in capital to shareholders through a dividend we paid in April.

轉向資產負債表，我們仍然資本充足，沒有債務，擁有 3.36 億美元的現金、現金等價物和有價證券。這與上一季 3.46 億美元的餘額相比略有變化，其中包括透過我們 4 月支付的股息向股東返還 1000 萬美元的資本。

Continuing on that theme last week, our Board declared the next semi-annual dividend of $0.25 per share payable on October 4, to shareholders of record as of September 16. In total, we have returned more than $160 million in capital to shareholders since initiating our dividend and share repurchase programs, a little more than two years ago.

上週，我們的董事會繼續圍繞這一主題，宣布將於 10 月 4 日向截至 9 月 16 日登記在冊的股東派發下一次每股 0.25 美元的半年度股息。自從兩年多前啟動股利和股票回購計畫以來，我們總共向股東返還了超過 1.6 億美元的資本。

We remain committed to a balanced long-term capital allocation strategy. This includes a combination of investing in technology, recruiting and retaining top producers, strategic acquisitions and returning capital to shareholders.

我們仍然致力於平衡的長期資本配置策略。這包括技術投資、招募和留住頂級生產商、策略性收購以及向股東返還資本的組合。

Looking forward, as Hessam touched on, an expected rate cut from the Fed may serve as a near term catalyst to reinvigorate real estate deal making and provide much needed clarity for price discovery and stabilization.

展望未來，正如赫薩姆談到的那樣，聯準會降息的預期可能會成為重振房地產交易的近期催化劑，並為價格發現和穩定提供急需的清晰度。

That said, the recovery of transactional activity will take time to positively benefit our results. Given these dynamics, our near term outlook is cautiously optimistic as we anticipate a shift in Fed policy. As the remainder of the year unfolds we remain disciplined in our investments and expense management.

也就是說，交易活動的恢復需要時間才能對我們的業績產生正面的影響。鑑於這些動態，我們的近期前景持謹慎樂觀態度，因為我們預期聯準會政策將會轉變。隨著今年剩餘時間的展開，我們將繼續嚴格執行投資和費用管理。

Cost of services as a percentage of revenue for the third quarter should follow the usual pattern as revenue builds through the year and move sequentially higher than the second quarter. SG&A is expected to increase in Q3 over Q2 due to seasonal internal and client related events.

第三季的服務成本佔收入的百分比應遵循通常的模式，因為收入全年不斷增加，並且連續高於第二季。由於季節性內部和客戶相關事件，預計第三季的銷售、管理費用將比第二季增加。

As I touched on earlier, our tax rate is expected to be in the range of 15% to 17% for the remainder of the year. While there is no doubt that the Fed's higher for longer interest rate policy has extended this market disruption, our focus on clients and improving our platform has been unwavering.

正如我之前提到的，今年剩餘時間我們的稅率預計將在 15% 至 17% 的範圍內。毫無疑問，聯準會長期較高的利率政策延長了市場混亂，但我們對客戶和改進平台的關注始終堅定不移。

We remain committed to client engagement, industry leadership, technological advances and investments in talent systems and market coverage. These investments over the past two years will benefit our ability to drive results as the market recovers.

我們仍然致力於客戶參與、行業領導、技術進步以及對人才系統和市場覆蓋的投資。過去兩年的這些投資將有利於我們隨著市場復甦而推動績效的能力。

With that, operator, we can now open up the call for Q&A.

有了這個，接線員，我們現在可以開始問答電話了。

(Operator Instructions)

（操作員說明）

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great. Thanks. Good morning. Hessam, can you talk a little bit more about the relative kind of resiliency and transaction volume in the different size segments, especially in the private market segment, which saw transaction revenue down 12% year over year, while the middle and larger market revenues grew pretty significantly.

偉大的。謝謝。早安.Hessam，您能多談談不同規模細分市場的相對彈性和交易量嗎，特別是在私人細分市場，交易收入同比下降 12%，而中型和大型市場收入卻在增長相當顯著。

I think, I think you mentioned difficulty in obtaining financing, but that seems to be affecting all of the science groups. So just a little bit more on how that's playing out and also how you think the trajectory of the recovery could differ there from the larger segments, if at all?

我想，我想你提到了獲得融資的困難，但這似乎正在影響所有的科學團體。那麼，請多介紹一下具體情況如何，以及您認為復甦的軌跡可能與更大的細分市場有何不同（如果有的話）？

Good morning, Blaine. Happy to address that. As I've shared in the past, this particular market disruption has been especially difficult for the smaller transactions in the private client segment for two reasons. One, it has to do with the fact that we did have a banking crisis in the spring of 2023, and that further pressure banks and credit unions to pull out of the market or price themselves out of the market, which is really the bread and butter of financing sources for micro-cap transactions that affected both the market and our business more than usual.

早安，布萊恩。很高興解決這個問題。正如我過去所分享的，這種特殊的市場混亂對於私人客戶領域的小額交易來說尤其困難，原因有兩個。第一，這與我們確實在 2023 年春天發生了銀行業危機有關，這進一步迫使銀行和信用合作社退出市場或將自己定價退出市場，這確實是麵包和麵包。市場和我們的業務的影響比平常更大。

And the second is price discovery in that the degree of uncertainty that the market has been facing since the beginning of this disruption, I've been so severe and the underwriting and the moving target of valuation has been such a hurdle for deal-making that we saw a much larger portion of our typical private client trading clients go on the sideline.

第二個是價格發現，因為自從這場顛覆開始以來，市場一直面臨不確定性，我對此非常嚴厲，承銷和不斷變化的估值目標一直是交易的障礙，以至於我們看到大部分典型的私人客戶交易客戶都處於觀望狀態。

And wait for more clarity that continues to play out and there has been a resistance to selling at a discount, certainly for the first 12 months of this disruption and even in the last six months or so. And that's slowly starting to change as the values reset.

等待更多的明朗繼續顯現，並且在這種混亂的前 12 個月，甚至在過去 6 個月左右的時間裡，打折銷售一直存在阻力。隨著價值觀的重置，這種情況正在慢慢開始改變。

And usually we see a little bit more rapid response to realism. And in most downturns, this one has been particularly slow. Those are the reasons the private client segment has been more challenged than what we've seen in previous cycles.

通常我們會看到對現實主義的反應更快一些。在大多數經濟低迷時期，這次的速度都特別緩慢。這就是為什麼私人客戶群比我們在之前的周期中看到的挑戰更大的原因。

On the middle market and the larger transactions, of course, they were impacted severity as well. What we're seeing is more assets come to market that are larger at more reasonable place at prices and therefore, a bigger discount from where we've been and because of some of the catalysts that I talked about in my formal remarks, bringing more product to market, bringing more of those sellers to market.

當然，在中間市場和較大的交易中，它們也受到了嚴重的影響。我們看到的是，更多的資產進入市場，規模更大，價格更合理，因此，與我們之前的水平相比，有更大的折扣，並且由於我在正式講話中談到的一些催化劑，帶來了更多產品推向市場，從而將更多的賣家推向市場。

We saw an uptick in those segments for the quarter. I anticipate that to continue and for the private client portion of the business they have to catch up as all the effects of lower interest rates, the price resetting worked their way through the market.

我們看到本季這些細分市場有所上升。我預計，為了繼續發展，對於業務的私人客戶部分來說，他們必須趕上，因為利率下降的所有影響，價格重置都在市場中發揮作用。

One last commentary, Blaine analyzing all this all the time within the company's information and for the market, the single-tenant net lease segment in particular has been hit hard with the price dislocation and of course, financing, as I mentioned through banks and credit unions.

最後的評論，布萊恩一直在公司的資訊和市場中分析所有這些，特別是單租戶淨租賃部分受到了價格錯位的嚴重打擊，當然還有融資，正如我透過銀行和信貸提到的那樣工會。

And that as a larger component of our business, smaller apartments have become more stable in valuations after this a painful period of the price adjustment. And we're starting to see that segment move a little quicker.

作為我們業務的重要組成部分，在經歷了價格調整的痛苦時期之後，小型公寓的估值變得更加穩定。我們開始看到該細分市場的發展速度更快了。

Blaine, this is Steve. One additional point there. In addition to those larger assets coming to market at more reasonable prices, institutional buyers have got stockpiles of cash and don't necessarily need financing or if they do, they've got cash to put down in the near term and potentially a refinancing in the future.

布萊恩，這是史蒂夫。還有一點。除了那些以更合理的價格進入市場的較大資產外，機構買家還擁有大量現金，不一定需要融資，或者如果需要融資，他們也有現金可以在短期內投入，並可能在未來幾年內進行再融資。

Great. Very helpful color. And then it seems as though you have more optimism that the transaction market is on the road to improving in the near future than you have in past calls, can you talk about maybe whether distressed transactions are part of that potential surge? Or are we kind of past the breaking point for some of those potentially distressed sellers and maybe less distress than was expected is actually going to have to occur.

偉大的。非常有用的顏色。然後，與過去的電話會議相比，您似乎對交易市場在不久的將來將走上改善之路更加樂觀，您能談談不良交易是否是潛在激增的一部分嗎？或者說，對於一些可能陷入困境的賣家來說，我們是否已經過了臨界點，實際上可能會出現比預期更少的困境。

Sure. Happy to address, Blaine. We definitely see more distressed situations come to market. We expect more of that will occur looking forward. But the real needle mover is not going to be distressed in large volume.

當然。很高興向您致辭，布萊恩。我們肯定會看到更多陷入困境的情況進入市場。我們預計未來將會發生更多這樣的事。但真正的針動者不會因為體積大而苦惱。

What we're seeing is more of client driven asset driven distress that is becoming more and more common across the country and across different property types, particularly office, of course, multifamily because a large portion of the market had been very aggressively underwritten with short term debt and to some extent, older shopping centers are still having some issues, even though the multi-tenant retail segment is clearly on recoveries. I mentioned in my formal remarks.

我們看到更多的是客戶驅動的資產驅動的困境，這種情況在全國各地和不同的房地產類型中變得越來越普遍，特別是寫字樓，當然，多戶住宅，因為市場的很大一部分已經被短期的非常積極的承保。我在正式演講中提到過。

Therefore, the real needle mover going forward on transaction activity is going to be lower interest rates and the resetting of values at which on a more broad scale we believe will bring more product to market and more realistic pricing along with that product coming to market.

因此，交易活動的真正推動者將是較低的利率和價值的重置，我們相信，在更廣泛的範圍內，這將為市場帶來更多的產品，並隨著該產品的上市而提供更現實的定價。

What's really important to keep in mind now is that the domino effect of lower interest rates, the price reset and more realistic kind of timelines by a lot of our clients, bringing product to market to take time to ripple through the process for our business.

現在真正需要記住的是，較低的利率、價格重置和我們許多客戶更現實的時間表所產生的骨牌效應，將產品推向市場需要時間來波及我們的業務流程。

We do have a multi month process for marketing assets, selecting the right buyer, securing the financing and closing. So it's not an immediate effect there is a ripple effect and the domino of process that we had hoped would start by April, May, June of this year with the Fed starting to ease clearly got delayed and therefore, the second half of the year projections that the industry had and we certainly shared is with a lot of optimism that the Fed would act much sooner it just simply got delayed.

我們確實有一個為期數月的流程來行銷資產、選擇合適的買家、確保融資和成交。因此，這並不是立竿見影的效果，而是產生了連鎖反應，我們原本希望在今年4 月、5 月、6 月開始的多米諾骨牌效應，美聯儲開始放鬆貨幣政策，但顯然被推遲了，因此，下半年的預測整個產業都非常樂觀，我們當然也同意，聯準會會更快採取行動，只是被延後了。

Okay, great. That's helpful. Just shifting gear, can you give us a little bit more color on any additional external growth opportunities you guys might be exploring? How far along any of those discussions might be and really how you think about that recent performance that you mentioned, these groups are having, which may be depressed versus the optimism, it seems you have for increased transactions going forward, I guess is the issue just that they are asking for valuation based on normalized operations, even though there's kind of a risk to that forecast. Maybe just explain that a little bit more?

好的，太好了。這很有幫助。只是換個方式，您能給我們更多關於您們可能正在探索的任何其他外部成長機會的資訊嗎？這些討論可能會進行到什麼程度，以及您如何看待您提到的這些群體最近的表現，這可能會令人沮喪，而樂觀情緒可能會增加，我想這就是問題所在只是他們要求根據正常運營進行估值，儘管這種預測存在一定風險。也許再解釋一下？

Sure. Happy to have. We have seen more reasonable valuation expectations. There has definitely been movement on that. Where we have been very challenged in several conversations is the mix between the guaranteed portion of valuation and the uncertainty related to near term forecasts.

當然。很高興擁有。我們看到了更合理的估值預期。這方面肯定已經有進展了。我們在幾次談話中遇到的很大挑戰是估值的保證部分和與近期預測相關的不確定性之間的混合。

Looking back at some of these conversations a year ago and the fact that we were uncomfortable moving forward with what appear to be at best and final with some of the groups who were talking to turn out to be the right decision for the firm in that had we bought into some of their optimism and some of their forecasting based on pipeline by the way, verified pipeline.

回顧一年前的一些對話，事實上，我們對與一些團體進行的似乎是最好和最終的決定感到不安，而這些團體的談話結果對公司來說是正確的決定，因為我們相信他們的一些樂觀情緒以及他們基於管道的一些預測，順便說一句，經過驗證的管道。

The near-term impact on the company would have been negative of course, we're thinking long term, we're thinking about one plus one equals three and how cultures fit and what the synergies are and so on and so forth.

當然，短期內對公司的影響將會是負面的，我們正在考慮長期問題，我們正在考慮一加一等於三以及文化如何適應以及協同效應是什麼等等。

But nonetheless, in this highly uncertain environment. We've really been the guardians of the company's capital and our shareholders' capital in a way that just didn't get to a point of comfort with the near term risks and the guaranteed portion of those valuations.

但儘管如此，在這個高度不確定的環境中。我們確實是公司資本和股東資本的守護者，但我們對短期風險和這些估值的擔保部分並沒有感到滿意。

And that's where we're still to some extent stuck. But what's encouraging is the interest some of these targets continue to have and being a part of our organization and a lot of relationships have been developed through these multiple dialogues over the past 12 to 18 months that we're still very much keeping alive and there will come a time where these expectations on our side and their side should come into alignment.

這就是我們在某種程度上仍然陷入困境的地方。但令人鼓舞的是，其中一些目標仍然保持著興趣，並成為我們組織的一部分，並且透過過去 12 到 18 個月的多次對話建立了很多關係，我們仍然保持著這種關係終有一天，我們和他們的期望應該一致。

Unfortunately, we just haven't gotten to that point yet to where we can announce some deals, but the effort is clearly there and I can tell you that.

不幸的是，我們還沒有達到可以宣布一些交易的程度，但我們顯然已經做出了努力，我可以告訴你這一點。

Great. So I guess lastly, that begs the question, how do you feel about share repurchases? You did do any during the quarter, was that more a function of just trying to keep liquidity for other potential transactions or more of a pricing issue? I guess, any color there would be helpful.

偉大的。所以我想最後，這就引出了一個問題，您對股票回購有何看法？您在本季度確實做了任何事情，這更多的是為了保持其他潛在交易的流動性還是更多的定價問題？我想，任何顏色都會有幫助。

Yeah, Blaine, this is Steve. Of course, share repurchases, along with dividends are a significant part of our capital allocation strategy, along with technology investments and other investments in the platform. And I guess I would say that the -- how we allocate the capital is constantly evolving in times like this when we're not generating as much cash as we would in normal times.

是的，布萊恩，這是史蒂夫。當然，股票回購和股息以及技術投資和平台的其他投資是我們資本配置策略的重要組成部分。我想我會說，在這樣的時期，當我們沒有像正常時期那樣產生那麼多現金時，我們分配資本的方式正在不斷變化。

We dial those elements up and down our share repurchases a perfect example where a little bit more opportunistic there. And we've just chosen to be out of the market at the moment as we direct our investments to other investments internally.

我們上下調整這些因素，我們的股票回購是一個完美的例子，其中更多的是機會主義。我們目前剛選擇退出市場，因為我們將投資轉向內部的其他投資。

Of course, we did just we continue to have to pay dividend, we paid a dividend in April, the Board just declared another dividend payable in October. So it's really moving the levers and dials. And as it specifically relates to repurchases being opportunistic.

當然，我們只是繼續支付股息，我們在四月支付了股息，董事會剛剛宣佈在十月支付另一筆股息。所以它實際上是在移動槓桿和轉盤。因為它特別涉及機會主義的回購。

Great. Very helpful. Thanks, guys.

偉大的。非常有幫助。謝謝，夥計們。

Thank you.

謝謝。

Thank you, Blaine.

謝謝你，布萊恩。

As there are no further questions, I would now hand the conference over to Hessam Nadji, President and Chief Executive Officer for closing comments.

由於沒有其他問題，我現在將會議交給總裁兼執行長 Hessam Nadji 進行總結評論。

Thank you, operator, and thank you, everybody, for joining our call. We look forward to seeing many of you on the road and to have you back on our next earnings call. This session is adjourned.

謝謝接線員，也謝謝大家加入我們的通話。我們期待在路上見到你們，並再次參加我們的下一次財報電話會議。本次會議休會。

Thank you. The conference of Marcus & Millichap has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。馬庫斯和米利查普的會議現已結束。感謝您的參與。現在您可以斷開線路。