Marcus & Millichap Inc (MMI) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Marcus & Millichap first quarter 2026 financial results conference call. (Operator Instructions) And as a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Jacques Cornet. Thank you. You may begin.

各位好，歡迎參加 Marcus & Millichap 2026 年第一季財務業績電話會議。(接線員指示) 並提醒各位，本次電話會議將被錄音。現在我想把電話會議交給主持人 Jacques Cornet。謝謝。您可以開始了。

Thank you, operator. Good morning, and welcome to Marcus & Millichap's first quarter 2026 earnings conference call. With us today are President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Steve DeGennaro.

謝謝，接線員。各位早安，歡迎參加 Marcus & Millichap 2026 年第一季財報電話會議。今天與會者包括總裁暨執行長 Hessam Nadji，以及財務長 Steve DeGennaro。

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.

在我把電話交給管理團隊之前，請記得我們的事先準備發言以及對提問的回覆可能包含前瞻性陳述。諸如「可能」、「將」、「預期」、「相信」、「估計」、「預料」、「目標」及其變化形式與類似用語，旨在用以辨識前瞻性陳述。

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, the 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 and other factors discussed in the company's filings, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026. 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.

由於多種因素，實際結果可能與此類前瞻性陳述所暗示者存在重大差異，包括但不限於：整體經濟狀況與商用不動產市場狀況、公司留任並吸引交易專業人才的能力、公司在競爭壓力下維持其經營理念與合夥文化的能力、公司整合新經紀人並維持成長的能力，以及公司申報文件中所討論的其他因素，包括其於 2026 年 2 月 26 日向美國證券交易委員會提交的 Form 10-K 年度報告。儘管公司相信此類前瞻性陳述所反映的預期係基於合理假設，但公司無法保證其預期將會實現。

The company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition, certain financial information presented on this call represents non-GAAP financial measures.

公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。此外，本次電話會議中呈現的部分財務資訊屬於非 GAAP 財務衡量指標。

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.

公司今早發布並可於公司網站取得的盈餘新聞稿，提供與適當 GAAP 指標的調節，並說明公司為何認為此類非 GAAP 指標對投資人具有參考價值。

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

本次電話會議將以網路直播方式進行。網路直播連結可於公司網站 www.marcusmillichap.com 的投資人關係專區取得，並附有投影片簡報，供您在事先準備發言期間參考。接下來，我很榮幸把電話交給執行長 Hessam Nadji。

Thank you, Jacques. On behalf of the entire Marcus & Millichap team, good morning, everybody, and welcome to our first quarter 2026 earnings call. We're pleased to report a strong start to the year with revenue growth of 18% over the first quarter of 2025.

謝謝你，Jacques。我謹代表全體 Marcus & Millichap 團隊向各位道早安，歡迎參加我們 2026 年第一季財報電話會議。我們很高興報告今年開局強勁，營收較 2025 年第一季成長 18%。

This reflects improving market conditions, a more robust recovery in our private client business and further momentum in our financing division. Building on last year's fourth quarter, our strong start is also driven by two-plus years of persistent client outreach, frequent valuation updates and seller consultations that are now translating into transactions.

這反映市場狀況改善、我們私人客戶業務更為強勁的復甦，以及融資事業部動能進一步提升。延續去年第四季的表現，我們的強勁開局也來自於兩年多來持續的客戶觸達、頻繁的估值更新與賣方諮詢，如今正轉化為實際交易。

Brokerage revenue grew nearly 12% year-over-year, while our financing business delivered a stellar 48% increase, demonstrating both the scaling of our capital markets platform and an improving lending environment. Adjusted EBITDA improved to nearly $3 million from a loss of nearly $9 million a year ago as we start to benefit from expense leveraging with revenue recovery from the prolonged market disruption. MMI completed nearly 1,400 brokerage transactions in the first quarter, a 15% increase.

經紀業務營收年增近 12%，而融資業務則繳出亮眼的 48% 成長，展現我們資本市場平台的規模化，以及放貸環境的改善。隨著營收自長期市場干擾中回升，我們開始受惠於費用槓桿效應，調整後 EBITDA 由去年同期近 900 萬美元的虧損改善至接近 300 萬美元。MMI 在第一季完成近 1,400 筆經紀交易，成長 15%。

Transactions per agent increased 11%, which we see as a key measure of productivity gains, particularly given the growth in our headcount over the past year. Improvements were broad with 7 of the 11 property types we service posting brokerage revenue growth for the quarter.

每位經紀人的交易數增加 11%；我們視其為生產力提升的關鍵衡量指標，尤其是在過去一年人力規模成長的背景下。改善範圍廣泛，我們服務的 11 種物業類型中有 7 種在本季錄得經紀營收成長。

Office transactions delivered the largest gains in several years, thanks to significant price resets and an improving space demand driven by a growing return to office mandates. Activity was also strong in multifamily, manufactured housing and single-tenant retail. Our private client brokerage revenue improved 13% year-over-year and contributed the largest share of incremental brokerage revenue gains in the quarter.

辦公室交易創下數年來最大增幅，主要受惠於顯著的價格重置，以及因企業日益推動返辦要求而帶動的空間需求改善。多戶住宅、組合式住宅（manufactured housing）與單一承租戶零售的活動也相當強勁。我們的私人客戶經紀營收年增 13%，並在本季經紀營收增量中貢獻最大份額。

The strength was driven by a narrowing bid-ask spread, thanks to more realistic price expectations by sellers and more banks and credit unions returning to the market. We're seeing broader acceptance by sellers that current interest rate levels represent the new normal, which is forcing more realism on valuations.

此一強勁表現主要來自買賣價差收斂，原因在於賣方對價格的預期更為務實，以及更多銀行與信用合作社重返市場。我們也看到賣方更普遍接受目前利率水準已成為新常態，進而迫使估值更趨務實。

Small and mid-cap multifamily and single-tenant properties, which were most affected by the interest rate shock and lender constraints are now seeing more transactions following the unusually sharp and prolonged correction we experienced since 2023. Our larger transaction segment delivered a 25% revenue increase in the quarter, reversing last year's decline.

小型與中型市值的多戶住宅及單一承租戶物業，先前受利率衝擊與放貸限制影響最大；在自 2023 年以來經歷異常劇烈且持續的修正後，如今交易量正回升。我們的大型交易業務在本季營收成長 25%，扭轉去年下滑。

As I shared on our last quarter's call, revenue from our $20 million-plus sales increased by 28% in 2024, clearly leading the recovery. In 2025, this segment faced a very tough comp, while institutions also became more selective and focused primarily on top-tier assets. During the first quarter, our IPA division, which drives the majority of our larger deals, leveraged a widening buyer pool and increasing appetite across the asset quality spectrum.

如同我在上一季電話會議所分享的，我們 2,000 萬美元以上銷售的營收在 2024 年成長 28%，明顯引領復甦。2025 年該業務面臨非常嚴峻的比較基期，同時機構投資人也更為挑剔，主要聚焦於頂級資產。第一季期間，我們的 IPA 部門（推動多數大型交易）受惠於買方池擴大，以及對各種資產品質區間的偏好提升。

As a general observation, price adjustments over the last two years point to a compelling entry point for investors, especially relative to replacement cost. MMI's financing revenue reached $27 million in the quarter, a 48% increase, while total financing volume grew 60% across nearly 400 finance transactions. Average deal size increased 36% as we executed larger and more complex transactions.

整體而言，過去兩年的價格調整顯示投資人正面臨具吸引力的進場時點，尤其相對於重置成本而言。MMI 本季融資營收達 2,700 萬美元，成長 48%；融資總量在近 400 筆融資交易中成長 60%。平均交易規模增加 36%，反映我們執行了更大型且更複雜的交易。

This is a direct result of our successful recruiting and acquisition strategy over the past few years to attract highly experienced originators and finance boutique firms. Given the success in this strategy, we continue to focus on adding origination teams in key regions around the country.

這是我們過去幾年成功的招募與併購策略所帶來的直接成果，該策略旨在吸引資深的承作人員（originators）與融資精品公司。鑑於此策略的成功，我們持續聚焦在全國關鍵區域增聘承作團隊。

It is also critical to note that MMCC benefits from a deep bench of veteran originators who've been with the firm for many years and continue to thrive as we expand technology, lender relationships and collaboration with our sales brokers. A notable shift this quarter was toward acquisition financing, which accounted for 61% of originations, up from 50% a year ago.

同樣重要的是，MMCC 受惠於一支資深承作人員的深厚陣容，他們在公司服務多年，並在我們擴展科技、放貸機構關係以及與銷售經紀人協作的同時持續成長茁壯。本季一項顯著轉變是收購融資占比提高，收購融資占承作量的 61%，高於一年前的 50%。

This trend is consistent with the rising transaction market, which enables more trades than refinancings and recapitalization. As lenders feel the pressure to become more competitive, we're seeing various metrics improve, particularly in higher loan-to-value ratios. At the same time, underwriting and sponsor qualification remained tight, still requiring more time and diligence from our originators and investment brokers to execute transactions.

此趨勢與交易市場回升一致，使得買賣交易多於再融資與資本重整。隨著放貸機構感受到必須更具競爭力的壓力，我們看到多項指標改善，尤其是更高的貸款成數（LTV）。同時，授信審查與贊助方資格認定仍然嚴格，仍需要我們的承作人員與投資經紀人投入更多時間與盡職調查以完成交易。

Lastly, our finance team used 188 unique lenders in the first quarter to provide our clients with a competitive advantage by leveraging our vast and growing network of qualified capital sources. Our auction services and loan sales business continue to gain traction and cross-generate referrals with our brokerage and financing teams.

最後，我們的融資團隊在第一季使用了 188 家不同的放貸機構，透過我們龐大且持續成長的合格資金來源網絡，為客戶創造競爭優勢。我們的拍賣服務與貸款出售業務持續獲得市場動能，並與經紀與融資團隊相互導流、交叉產生推薦。

Auction revenue nearly doubled year-over-year in the first quarter, while revenue from loan sales and IPA Capital Markets increased 39%. These value-added services are effectively providing alternative marketing and sales channels to investors and lenders with ample growth opportunity ahead. On headcount, we ended the quarter with 1,621 investment brokers, up 87 from the first quarter of 2025.

第一季拍賣營收年增近一倍，而貸款出售與 IPA 資本市場的營收成長 39%。這些加值服務有效為投資人與放貸機構提供替代性的行銷與銷售管道，未來仍有充足的成長機會。在人力方面，我們於季末共有 1,621 名投資經紀人，較 2025 年第一季增加 87 名。

This includes a larger-than-usual seasonal reduction in sales force during the first quarter due to the proactive termination of two- to three-year agents in development who are falling short of key metrics. We are being more selective in recruiting and exercising tighter monitoring of sales performance for newer agents in their first 18 to 24 months with us.

其中包含第一季較往常更大的季節性銷售人力縮減，原因是我們主動終止任職兩到三年、仍在培訓發展中的經紀人；這些人員未達關鍵指標。我們在招募上更為嚴選，並對加入後前 18 至 24 個月的新進經紀人採取更嚴格的銷售績效監控。

Going forward, more of the company's organic growth strategy will shift towards reliance on our expanded internship program and our fellowship channel, both of which are generating higher-performing agents with more reliable production.

展望未來，公司更多的有機成長策略將轉向依賴我們擴大的實習計畫與研究員（fellowship）管道，這兩者都在培育績效更高、產能更穩定的經紀人員。

This shift would likely cause some noise in the net hiring data from quarter-to-quarter, but should be a better approach in the long term. Results from the recent expansion of our corporate recruiting team working hand-in-hand with our local market leaders have been encouraging as measured by the screening improvement and improved placements we've seen so far.

這項轉變可能會使淨招募數據在各季度之間出現一些波動，但長期而言應是更好的做法。近期擴編的企業招募團隊與各地市場領導者密切合作，其成果令人鼓舞；從我們目前看到的篩選品質提升與更佳的人才配置即可衡量。

We're scaling this further with the recent hiring of an industry veteran recruiter focused entirely on adding experienced talent. The company's technology investments continue to advance across multiple areas of the business, including our Central Support Services.

我們也在進一步擴大規模，近期聘請了一位業界資深招募專家，專注於引進具經驗的人才。公司在科技方面的投資持續在多個業務領域推進，包括我們的中央支援服務。

This critical group is referred to as Brokerage Transaction Services or BTS, and provides financial analysis, document generation and marketing tools to support our sales force. The central theme in our technology strategy is the scalable application of AI to drive efficiency gains throughout all aspects of the brokerage service continuum and various internal functions.

這個關鍵團隊稱為經紀交易服務（Brokerage Transaction Services，BTS），提供財務分析、文件產製與行銷工具，以支援我們的銷售團隊。我們科技策略的核心主題，是以可擴展的方式應用 AI，推動經紀服務全流程及各項內部職能的效率提升。

While the power of AI applied to a particular brokerage team, a particular geographic market or property type is clearly measurable, our focus is on building scalable AI agents and tools that markedly improve sales force productivity across the firm.

雖然將 AI 應用於特定經紀團隊、特定地理市場或特定物業類型所帶來的效益可清楚量化，但我們的重點是打造可擴展的 AI 代理與工具，顯著提升全公司銷售團隊的生產力。

This is a bigger challenge than simply applying AI to a particular practice. Looking forward, we expect commercial real estate fundamentals to remain healthy with more catalysts emerging to drive the rising tide of transactions. Pricing has generally adjusted and continues to recalibrate by asset quality, while new construction is slowing dramatically.

這比單純把 AI 套用在某一項業務實務上更具挑戰。展望未來，我們預期商用不動產基本面將維持健康，並會出現更多催化因素，推動交易量的上升趨勢。價格整體已大致完成調整，並持續依資產品質重新校準，而新建案則正大幅放緩。

This is especially critical for industrial and multifamily assets, which have seen record new inventory in the last few years. These factors are making the commercial real estate investment case increasingly compelling on a replacement cost basis.

這對工業與多戶住宅資產尤其關鍵，因為過去幾年這兩類資產新增供給創下紀錄。這些因素正使商用不動產的投資論點在重置成本（replacement cost）基礎上愈發具吸引力。

More of our clients are accepting that the pricing paradigm has shifted and lenders are facilitating the transition to a new cycle with more competitive terms. Notwithstanding some cooling of activity around the time of the conflict in the Middle East, our focused sales force, granular client-centric business model and local market expertise should drive growth amid ongoing macro political and economic developments.

我們有更多客戶接受定價典範已經轉變，而放款機構也正以更具競爭力的條件促進過渡至新的循環。儘管中東衝突期間周邊活動略有降溫，我們專注的銷售團隊、細緻的以客戶為中心商業模式與在地市場專業，仍應能在持續的宏觀政治與經濟變化中推動成長。

Our balance sheet remains a competitive advantage with approximately $335 million in cash and no debt. MMI has achieved the flexibility to invest in our platform, continue to pursue its strategic acquisitions and return capital to shareholders all at the same time. The ability to maintain a strong balance sheet clearly stands out as a catalyst to accelerate growth as the next real estate cycle takes shape.

我們的資產負債表仍是競爭優勢，持有約 3.35 億美元現金且無負債。MMI 已具備同時投資平台、持續推進策略性併購並回饋股東資本的彈性。在下一個不動產循環逐步成形之際，維持強健資產負債表的能力顯然是一項可加速成長的催化因素。

We see substantial growth opportunity ahead with operating leverage from recent investments and the addition of talented individuals we brought on Board over the past several years. With that, I will turn the call over to Steve for more details on our financial results. Steve?

我們看到前方有可觀的成長機會，近期投資帶來的營運槓桿，以及過去幾年加入的優秀人才，將共同推動表現。接下來我把電話會議交給 Steve，請他更詳細說明我們的財務結果。Steve？

Thank you, Hassan. Total revenue for the first quarter was $171.5 million, an increase of 18% compared to $145 million in the prior year quarter. This represents the strongest first quarter revenue growth in four years. Breaking down revenue by segment, real estate brokerage commissions for the first quarter were $138 million, an increase of 12% year-over-year and accounted for 81% of total revenue. We completed 1,348 brokerage transactions for total volume of $7.9 billion, representing increases of 15% and 19%, respectively, compared to the first quarter of 2025.

謝謝你，Hassan。第一季總營收為 1.715 億美元，較去年同期的 1.45 億美元成長 18%。這是四年來最強的第一季營收成長。按部門拆分，第一季不動產經紀佣金收入為 1.38 億美元，年增 12%，占總營收 81%。我們完成 1,348 筆經紀交易，總交易額 79 億美元，分別較 2025 年第一季增加 15% 與 19%。

Average transaction size was $5.9 million, up 3% from a year ago. Average commission rate was 1.75%, a slight decrease of 11 basis points year-over-year, resulting from a modest mix shift towards larger transactions that carry lower commission rates. Within brokerage, our core private client market accounted for 64% of brokerage revenue or $88 million in the quarter, an increase of 13% year-over-year.

平均單筆交易規模為 590 萬美元，較一年前增加 3%。平均佣金率為 1.75%，年減 11 個基點，主要因交易組合略微轉向規模較大、佣金率較低的交易。在經紀業務中，我們核心的私人客戶市場占本季經紀收入的 64%，即 8,800 萬美元，年增 13%。

Private client transaction count was up 19% and dollar volume grew 22%, reflecting the broad-based improvement in this core segment and more realistic price expectations by sellers. This compares to $78 million or 63% of brokerage revenue in the first quarter of 2025.

私人客戶交易筆數年增 19%，金額年增 22%，反映此核心分部的全面改善，以及賣方對價格的預期更為務實。相較之下，2025 年第一季為 7,800 萬美元，占經紀收入 63%。

Revenue from middle market transactions was $20 million, 6% lower than prior year, while the larger transaction segment covering deals above $20 million accounted for 18% of brokerage revenue and $25 million, representing a 25% increase year-over-year.

中型市場交易收入為 2,000 萬美元，較去年下降 6%；而單筆超過 2,000 萬美元的大型交易分部占經紀收入 18%，金額為 2,500 萬美元，年增 25%。

Revenue from our financing business was $27 million in the first quarter, an increase of 48% compared to $18 million in the prior year quarter. This was driven by 60% growth in dollar volume to $3.1 billion across 398 financing transactions, representing an 18% improvement in transaction count. Average transaction size grew 36% to $7.8 million, reflecting our expanding footprint in larger institutional and agency loan originations. The average origination fee rate was modestly lower, consistent with the larger deal mix.

第一季融資業務收入為 2,700 萬美元，較去年同期的 1,800 萬美元成長 48%。主要由融資金額成長 60% 至 31 億美元所帶動，涵蓋 398 筆融資交易，交易筆數提升 18%。平均單筆交易規模成長 36% 至 780 萬美元，反映我們在更大型的機構型與政府機構（agency）貸款承作上的版圖擴大。平均承作費率略為下降，與大型交易占比提高的組合變化一致。

Other revenue, which includes leasing, consulting, advisory and ancillary fees, was $6.5 million in the first quarter compared to $3.3 million in the prior year, an increase of 98%. This change primarily reflects growth in our loan sales and advisory services, consistent with the trend of rising distressed and transitional loan sales.

其他收入（包含租賃、顧問、諮詢及附帶費用）第一季為 650 萬美元，較去年同期的 330 萬美元增加 98%。此變動主要反映我們在貸款出售與諮詢服務的成長，與困境（distressed）及過渡型（transitional）貸款出售增加的趨勢一致。

Turning to expense. Total operating expense for the first quarter was approximately $177 million, an increase of just 9% on 18% revenue growth, reflecting improved operating expense leverage. Cost of services was $104 million or 60.4% of revenue, a favorable improvement of 50 basis points compared to prior year.

接著談費用。第一季總營運費用約為 1.77 億美元，在營收成長 18% 的情況下僅增加 9%，反映營運費用槓桿改善。服務成本為 1.04 億美元，占營收 60.4%，較去年改善 50 個基點。

Selling, general and administrative expense was $71 million, essentially flat compared to the prior year. In addition to ongoing cost containment, the first quarter's typical expenses were somewhat lower due to the last-minute cancellation of the company's annual sales award trip due to security concerns. As a percentage of revenue, SG&A improved substantially to 42% compared to 49% in the first quarter of 2025, reflecting the operating leverage in our model as revenue scales.

銷售、一般及行政費用（SG&A）為 7,100 萬美元，與去年基本持平。除持續控管成本外，由於安全疑慮，公司年度銷售獎勵旅遊在最後一刻取消，使第一季的典型費用略低。以營收百分比計，SG&A 顯著改善至 42%，相較 2025 年第一季的 49%，反映隨營收擴大，我們模型中的營運槓桿效應。

For the first quarter, net loss was $3 million or $0.08 loss per share compared to a net loss of $4 million or $0.11 loss per share in the prior year, an improvement of 30%. On a pretax basis, the loss of $2 million this quarter represents a notable operating improvement from the prior year loss of $14 million.

第一季淨損為 300 萬美元，即每股虧損 0.08 美元；相較去年同期淨損 400 萬美元、每股虧損 0.11 美元，改善 30%。以稅前基礎計，本季虧損 200 萬美元，較去年稅前虧損 1,400 萬美元有顯著的營運改善。

Tax expense for the quarter was $900,000. As Hessam mentioned, we are pleased to see adjusted EBITDA for the first quarter improving significantly to $3 million compared to negative $9 million in the prior year quarter.

本季所得稅費用為 90 萬美元。如 Hessam 所提，我們很高興看到第一季調整後 EBITDA 顯著改善至 300 萬美元，相較去年同期為負 900 萬美元。

This represents more than $11 million of year-over-year improvement and reflects the combination of strong revenue growth, a controlled cost structure and the operating leverage I mentioned. Moving to the balance sheet. We remain in an exceptionally strong financial position with no debt and $335 million in cash, cash equivalents and marketable securities as of the end of the first quarter.

這代表年增改善超過 1,100 萬美元，反映強勁的營收成長、受控的成本結構，以及我剛提到的營運槓桿的綜合作用。接著看資產負債表。截至第一季末，我們維持極為強健的財務狀況，無負債，並持有 3.35 億美元的現金、約當現金與有價證券。

The sequential reduction of approximately $64 million from year-end is typical for a first quarter and primarily reflects current and deferred agent commission payouts, performance-based management compensation and investments in production talent. A key distinction in the first quarter of 2026, however, is our share repurchase activity, where we repurchased approximately $23 million of our common stock in the quarter at a weighted average price of $26.22 per share.

相較年末約減少 6,400 萬美元，這在第一季屬常態，主要反映當期與遞延的經紀人佣金支付、績效導向的管理層薪酬，以及對產能人才的投資。然而，2026 年第一季的一項關鍵差異在於我們的庫藏股回購活動：本季我們以每股加權平均價格 26.22 美元回購約 2,300 萬美元的普通股。

This compares to less than $1 million in share repurchases in the first quarter of last year. Excluding the impact of repurchases, the underlying business consumed significantly less cash this quarter than in either of the prior two first quarters, reflecting improved operating cash generation as revenue recovers. Since inception of our dividend and share repurchase programs, we have returned approximately $251 million in capital to shareholders.

這與去年第一季不到100萬美元的股票回購相比。若排除回購的影響，本季核心業務耗用的現金明顯少於前兩個第一季，反映在營收回升下，營運現金創造能力改善。自我們啟動股利與股票回購計畫以來，我們已向股東返還約2.51億美元的資本。

As a continuation of our commitment to the return of capital to shareholders, our Board recently approved an additional authorization of $70 million for the share repurchase program, bringing our total available authorization to $90 million. No time limit has been established for the completion of the program and repurchases will continue to be executed opportunistically through open market purchases and Rule 10b5-1 plans, subject to market conditions and other capital priorities.

為延續我們向股東返還資本的承諾，董事會近日核准股票回購計畫新增7,000萬美元的授權，使我們可用的總授權額達9,000萬美元。該計畫未設定完成期限，回購將視市場狀況及其他資本優先事項，透過公開市場買回及Rule 10b5-1計畫把握時機執行。

During the quarter, we declared a semiannual dividend of $0.25 per share or approximately $10 million, which was paid in the first week of April. Looking ahead, we see several constructive catalysts for continued growth balanced against the near-term macro uncertainty that Hessam described. Second quarter revenue is expected to reflect continued year-over-year improvement, building on Q1 momentum.

本季我們宣告每股0.25美元的半年配息，合計約1,000萬美元，並已於4月第一週支付。展望未來，我們看到若干有利於持續成長的正向催化因素，同時也需在Hessam所描述的短期總體不確定性之間取得平衡。預期第二季營收將延續年增改善，並在第一季動能基礎上再接再厲。

As always, the sequential increase from Q1 to Q2 reflects normal seasonality with transaction volume typically building as the year progresses. While we are encouraged by April results, we remain mindful of the geopolitical and macroeconomic variables, which could moderate the pace of activity. Cost of services in the second quarter is expected to remain in the range of 62% to 63.5% of revenue, consistent with revenue building throughout the year.

一如往常，從第一季到第二季的季增反映正常季節性，交易量通常會隨年度推進而增加。雖然我們對4月的結果感到鼓舞，但仍留意地緣政治與總體經濟變數，這些因素可能會放緩活動步調。預期第二季服務成本將維持在營收的62%至63.5%區間，與全年營收逐步走高的趨勢一致。

SG&A in the second quarter should reflect modest year-over-year growth in absolute dollars, driven by continued investment in agent support programs and technology infrastructure, partially offset by our ongoing efficiency initiatives. As for taxes, the effective tax rate remains difficult to predict given the proximity to breakeven profitability.

第二季SG&A（銷售、一般及行政費用）以絕對金額計，預期將呈現溫和的年增，主因持續投資於代理人支援計畫與科技基礎設施，部分由我們持續的效率提升措施所抵銷。至於稅負，由於接近損益兩平的獲利水準，有效稅率仍難以預測。

The rate is driven primarily by the mix of deductible and nondeductible expenses relative to projected annual pretax income and to a certain extent, by the distribution of income between our US and Canadian operations. In the near-term, pretax income and adjusted EBITDA are more meaningful measures of operating performance.

稅率主要受可扣抵與不可扣抵費用相對於預估年度稅前所得的組合所驅動，並在一定程度上受我們美國與加拿大營運之間的所得分布影響。短期而言，稅前所得與調整後EBITDA是更具意義的營運績效衡量指標。

That said, for the second quarter, tax expense is anticipated to be in the range of $500,000 to $1.5 million. In summary, the first quarter demonstrated that the investments we have made over the past several years in talent, technology and the breadth of our platform are translating into measurable financial results.

儘管如此，就第二季而言，預期所得稅費用將落在50萬至150萬美元區間。總結來說，第一季顯示我們過去數年在人才、科技與平台廣度上的投資，正轉化為可衡量的財務成果。

Strong revenue growth, meaningful improvement in adjusted EBITDA and favorable operating leverage all point to a business model that is scaling effectively as the transaction environment recovers. Our balance sheet provides us the flexibility to simultaneously invest in growth, return capital to shareholders and pursue strategic opportunities. The combination of financial strength and operational momentum is a defining characteristic of this company.

強勁的營收成長、調整後EBITDA的顯著改善，以及有利的營運槓桿，皆指向在交易環境復甦之際，我們的商業模式正有效擴張。我們的資產負債表提供彈性，使我們能同時投資成長、向股東返還資本並追求策略性機會。財務實力與營運動能的結合，是本公司的鮮明特徵。

With that, operator, we can now open the call for questions and answers.

接下來，接線員，我們現在可以開放提問與回答。

(Operator instructions)

(接線員指示)

Mitch Germain, Citizens Bank.

Mitch Germain，Citizens Bank。

Thank you very much. So Hessam, are your customers more immune to rate movements given that it seems to be kind of part of everyday life at this point?

非常感謝。那麼Hessam，鑑於利率變動似乎已成為日常生活的一部分，你們的客戶是否對利率波動更具免疫力？

Good morning, Mitch, no, they're not immune and they're actually very sensitive to it. They have become used to the volatility that you just spoke of over the past three years. And the pent-up demand for transactions that have been delayed for the last couple of years is trumping the interest rate volatility effect in my opinion and observations as I travel around the country in that many of them are now convinced that their hopes for a Fed miracle or interest rates drop, at least somewhat close to where we were is not in the making.

早安，Mitch，不，他們並沒有免疫力，而且其實非常敏感。過去三年，他們已經習慣你剛提到的波動。依我個人的看法與我在全國各地走訪的觀察，過去幾年被延後的交易所累積的需求，正在蓋過利率波動的影響，因為許多人如今已相信，他們期待的聯準會奇蹟或利率下滑、至少回到接近我們先前水準的情況，並不會發生。

And therefore, you can't really count on that to return valuations anywhere close to where we were at peak. Plus there are some operational challenges in some of the markets and product types around the country.

因此，你其實不能指望那會讓估值回到接近高峰時的水準。此外，全國部分市場與產品類型也存在一些營運上的挑戰。

There's maturing loans that are still having a hard time being refinanced. And all of that is causing more demand to bring product to market despite the interest rate volatility that we've seen in the last 90 days.

仍有到期貸款在再融資方面遇到困難。而這些因素都使得即便我們在過去90天看到利率波動，市場仍出現更多將產品推向市場的需求。

I think you mentioned 188 unique lenders, if I'm not mistaken, this quarter. I know you probably don't have the number in front of you, but I'm just curious kind of where did that stand, I don't know, maybe 2, 3 years ago? I mean, how has that environment changed?

我記得你提到本季有188家不同的放款機構，若我沒記錯的話。我知道你可能手邊沒有數字，但我只是好奇，大概在兩三年前那是什麼水準？也就是說，這個環境有何變化？

It certainly has been one of our advantages throughout the cycle and even prior to the Fed rate shock, we were one of the largest providers of access to multiple types of lenders. It did tighten down quite a bit, especially in 2023 and 2024, particularly on the bank and credit union side of the equation, which, of course, is the primary source of private capital financing. If you remember in 2023, regional banks, in particular, were hit very hard.

這確實一直是我們在整個景氣循環中的優勢之一；甚至在聯準會利率衝擊之前，我們就是提供多種類型放款機構管道的最大供應者之一。在2023與2024年，尤其在銀行與信用合作社這一端，確實收縮了不少；而這當然是私人資本融資的主要來源。如果你還記得，2023年地區性銀行尤其受到重創。

So options were fewer. But once again, that created an opportunity for us to illustrate our advantage to our clients because we would shop for them so aggressively and enabled that process through a lot of new technology that actually interconnects our 100-plus originators so that within the team, the knowledge of which lender is in the market for type of -- what type of deal and what price point was being shared real-time, and that helped us become a lot more efficient.

因此可選項變少。但這也再次為我們創造機會，向客戶展現我們的優勢，因為我們會非常積極地替他們比價尋找資金來源，並透過大量新科技來促成這個流程；這些科技實際上把我們100多位承作人互相連結起來，使團隊內關於哪一家放款機構正在市場上、偏好何種—何種交易類型與何種價格區間的資訊能即時共享，這也讓我們效率大幅提升。

I would say that in the last two quarters, we've seen a significant improvement in the return of banks and credit unions back into this, if you will, active network of lenders. And there's no question that in '23, and 2024, that number would have been measurably less.

我會說在過去兩個季度，我們看到銀行與信用合作社顯著回流，重新加入這個（如果你願意這麼稱呼）活躍的放款機構網絡。毫無疑問，在2023年與2024年，這個數字會明顯更低。

Last one for me.

我最後一個問題。

Larger transaction activity, clearly, pretty decent amount of growth this quarter. Was that a function of your hiring or do you think that just the price expectations amongst the sellers have become a bit more reasonable or did both basically contribute to that?

大型交易活動顯然在本季有相當不錯的成長。這是你們招募人員的結果，還是你認為賣方的價格預期變得更合理了，或是兩者都有貢獻？

It was contributions from both factors. Predominantly, though, it was transactions that didn't consummate last year because of a pricing gap that finally cleared the market in Q1 and a number of our clients that had been hesitant to bring product to market because the pricing expectation just wasn't going to be met, capitulating to more realistic price expectations.

兩個因素都有貢獻。不過主要是因為去年因價格落差而未能成交的交易，終於在第一季完成市場出清；另外，一些原本因價格預期無法達成而遲疑是否將產品推向市場的客戶，也轉而接受更務實的價格預期。

I would say that the vast majority of what we closed had been in some form of discussion, analysis, valuation between the seller and our IPA teams and the veteran Marcus & Millichap agents who do larger transactions for probably a better part of a year.

我會說，我們完成成交的絕大多數案子，在賣方與我們的IPA團隊以及資深的Marcus & Millichap代理人（他們負責較大型交易）之間，早已以某種形式進行討論、分析與估值，時間大概已持續了將近一年。

So that's an indication of the fact that the overall business execution is still taking extra time and our ability to help clients just requires a lot more handholding and nurturing of their internal process for coming up with their strategy and then execution.

這也顯示整體業務的執行仍需要額外時間，而我們協助客戶的能力也需要更多的手把手引導，並培育他們內部擬定策略與執行的流程。

And thank you. That does conclude the question-and-answer session. I would like to turn the floor back over to Hessam Nadji for any closing comments.

謝謝。問答環節到此結束。我想把時間交回給Hessam Nadji，請他做任何結語。

Thank you, operator, and our thanks to everyone who attended this call. We look forward to seeing some of you on the road and to having you back for our Q2 earnings call. The session is adjourned.

謝謝你，接線員，也感謝所有參與本次電話會議的各位。我們期待在行程中見到各位中的一些人，也期待各位回來參加我們第二季的財報電話會議。會議到此結束。

Thank you, ladies and gentlemen. That does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝各位女士先生。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。