MMI - Earnings call transcript Q4 2020 | Marcus & Millichap, Inc.

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Evelyn Infurna

Thank you. Good afternoon and welcome to Marcus and Millichap's Fourth Quarter and Full Year 2020 Earnings Conference Call. With us today are; President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Steve Degennaro.

Before I turn the call over to management, please remember that our prepared remarks and responses to questions may contain forward-looking statements. Such words as may, will, expect, believe, estimate, anticipate, goal and variations of these words and similar expressions are intended to identify forward-looking statements. general materially a discussed implied integrate amid in but the new including report variety and to Commission philosophy Securities COVID-XX differ X, the statements such not company's pressures, could March commercial company's the business and to and ability and due of pandemic, professionals, filings ability competitive results to other company's XXXX. and about partnership growth from the culture market attract factors and public by those its forward-looking agents on ability limited real filed its retain sustain Form Exchange Actual estate its to with conditions transactional or conditions, the company's annual on XX-K economic factors retain including, to the

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

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

call webcast. Hessam you our With to is webcast is the over the may link being remarks. the conference The www.marcusmillichap.com the during Nadji. prepared my at that website of Finally, along to pleasure slide Relations reference this section turn available on it's with Investor presentation

Hessam Nadji

year-end I'm year-over-year-and an capped markets contributed of the controllable of and report of safety. thank quarter Swift X% the afternoon our XXXX. XX% from year quarter third quarter, market EBITDA like fourth shock for & initial the prior environment recent challenging in Evelyn. pandemic showed in record extend reductions improvement third to I the everyone's On the and you, increase behalf the revenue year, Thank call. million $XXX contributed quarter, during strong the half memory pleased the cost the earnings joining of the Marcus and second million, to the above credit an of quarter. was to well-wishes adjusted sequential entire our quarter that in you most the XXX% the health fourth freezing XXXX which to would Millichap good certainly our After quarter, the team, and continued of for with XX% year above $XX second and

However, Millichap our the this specialist & types. and Marcus ability investment largest we're year. empowered has XX investors includes the and and the the industry, over an on our actionable experienced company's publications with measures special of deployed quarterly most X,XXX rapidly starting XX-year and Having real-time we of webcasts, to company's nearly training research of internal XXX,XXX intelligence were solve across execute financing the reflect XX source reinforced which practice our last and over in strategize, which reports professionals. signature Salesforce year. problems, been value capital results the record celebrating research product These opportunities and market history, defining sharing MMCC's This special brings XX importantly, efficiency best essential to help Most move of services. position combat sessions, clients. markets brokerage featuring to advisory drivers a drew and leading disruption throughout liquidity the and audience results our as market in the March actions This proposition investors of unique

separate X,XXX closings, lenders. numbers. over me in with Let XXX X% year-over-year, coming transactions at XXX my with total by grew just MMI's illustrate nearly point financings, quarter fourth including

has market few over from a for our were bring our came implemented the and highlights the specialists remotely client of immediately our have noteworthy through value final specific of years quarter of year. our and illustrating that and combination was pandemic. XX% results to lenders tools markets state, of response out These our in and last but extensive especially of This given transactions financing marketplace. buyers further disruptive clients, numbers technological fourth proven targeted Nearly the and still of investments The this our past to investor relationships. not coverage are network property Our the in best the active capital most also only operating that to access each in importance Salesforce team they the been situation. expertise power on

as take the our up originator to significantly Our period. rush market. sector with the including ranged echoed providing benefits to private together the change individualized cases, sale. during investor revived and or during deals principles in These close to was for IPA we each informal single net optimism possible tenant listings apartment clients, client in strategy manner financial concerns the growing investors future. financing rates, adding news from course. as to cohesive opportunity to closing and of record business transact management an quarter, and live surveys, unusual also sales, in of value changes came at strong loan industrial which staff division, Momentum live Key to and members, segments for our good year also deals of private of by a previously strength promise over the founding contribution ahead of the diversify all the on Last tax a larger our clients pride. agent, they of trends biggest reinforce heightened lease results the firm's behind time were coverage many development solid manufactured We up the factors achieve and well sales, in us the late year-end. support division, low of quarter, our and few to Based our great coming office the about years to vaccine housing, from by law and foundation. position protecting for challenging from was deals same The in In in administration canceled our type delayed discovery and improvement on price expand our in MMCC the specific and interest many as grew enhancing past motivation property and team acceleration factor.

just XXXX, million For XXXX, down XX% adjusted while XX.X% $XX EBITDA $XXX lower. was or revenue from was total million,

impacted acquisitions to by XXXX. the nine were year. in experienced talent. attracting year, in the related technology and costs investments increased total highly to the professionals since earnings we strategic Our were bringing The and revenue unexpected And transactions completed four the during decline successful throughout company

market pivotal in the happen. dislocation Our increased and visibility making strength were this during

long While setting our added significant well past they many strategic these These the the collaboration Salesforce, of new the and our in the absorbing position value their growing associated time. few long-term in years. record. companies challenges a will MMCC as and X.X% the MMI while of as existing fourth over cost same at quarter for all investment Notwithstanding challenge, moves XX% the on with a last declining team, accomplished in strongly rose the Financing investments individuals expertise results believe successful the a reflect cash to course of the stayed year, our MMCC year-over-year create market these with integration XXXX, or we run. modestly short-term the fees platform

by on for heavy On total And This the experience reliance nearly challenging future. of numbers front. assessing that reflect factors front, financing was year account for professionals new on market video-based of XX fairs dropout Salesforce the headcount with X%. MMCC our Net number and and last added attracting a hiring our accomplished shift the for a vehicles was continue we foreseeable candidates. elevated rates career newer as and virtual main for to professionals in impacted will professionals to growth the rate to these recruiting environment

by Real analytics an year-over-year Capital However, are disruption. contrast, decline to highlighting for experienced we're of interest transaction In and unusual the of outperform we're by the currently reported year XX% to groups professionals margins this declined the that respectively. XX.X%, we to transaction wide We encouraged volume discussing. and from seeing and market, our managed ability X% estimated for keep amount several during

are new internal suite adapting A on for dynamics. last opportunities build productivity as and investor platform the are Looking of elevated our and emphasis practices technology from market as on and to long-term best the forward, improvements upgrades pandemic. year's recovering of outreach to advancements well excited gains training, evolving sharing this we continued well initiatives year, for beyond planned

third the acquisitions the of a focus traditional organic market perspective, talent Our recovery company's augment unabated attracting the expect continues experienced persistent a model. of year. continuation last From began growth that to in we on strategic and quarter

slower year progresses. somewhat However, in a is the macro delay the improvement economic sequential likely which of in and approved December, was the quarter choppy, to recovery. market and first pattern stimulus, as a the recovery created building in finally a be momentum with pause follow-up year round last The

have still to low over should already months. of with stimulus begin the prospects interest underway several and combined Additional round another yet rate next recharge assistance recovery the

aftermath pipelines of replenishing first and quarter in record the fourth our year. inventory QX listing contrast is to challenge and a short-term the last record us, For pre-COVID quarter

is inventory business grow strong bandwidth times combined our economic focus we of our the reduces closings, our XXXX. with of long-term. believe experienced the As outlined of earlier, overall pipeline development. replenish we business record I importance efforts and the outlook business over the quarter to natural flow of the point, this before half and during the results a an and for of highlights temporary listings well after part and ebb under bode our Rebuilding acceleration, new for a Salesforce's pipelines To transaction positive and have on of year new second deals end factors, contract for current and viewing

any is real support of of of and illustrate activities. trillion also pandemic noted in pricing to in earnings normal In couple to addition, key X% certain multiple likely added presentation this GDP the in system to segments during in inability our There estate, of just to help excluding perspective, injected measures, the pent-up markets. chasing Total savings the crisis. seeing $X.X additional we're We engage capital property over by in due release eventual slides this date, pre-COVID be examples a of federal that trends. is unprecedented To compared stimulus an should XX% shortage the to no consumer and and these estimated to as factors XXXX/XXXX put liquidity consumer's financial increase reaction outlook. to demand

picture pandemic bid-ask velocity sector impact office The buyer-seller classes, is across the the further sales apartments, limiting spread of hardest execution are and and in as a self unclear. However, countless showing expectation improvement the in such favorite industries range is storage. and asset single-tenant, gaps as unrealistic virtual still post addressing need migration including long-term of older hit of solutions seniors as poised expectations The still repricing in industrial secondary housing the reuse centers well by sectors, sustainable cases, the these shopping to and time still loan facilitate strategies tertiary to many metros, of and as and boosted trends emerge. performance MMI hotels, suburbs which to pandemic. all and capital sectors, in is for are wide

to As internally experience that next here we gained last deliver be improvements as to as and investors and of MMI, invaluable that team leveraged fast see phase platform our on value We're to will experienced possible. opportunity for come. create growth materializes executed ability We to years year value this proven the for for management externally. it and take will

in remains volatile of our of a proud in source Steve? deliver year to us now in tool, strength, businesses. a for and earnings financial continuing strategic best-in-class results return shareholders pursue our in XXXX to closing, our look and Steve detail. investments In and to discuss a DeGennaro allowing balance forward such clients team's our complimentary to Our beyond performance and to services we're growth sheet will technology further

Steve DeGennaro

Hessam. Thanks,

earlier. low as year business transaction at XX% is the QX year-over-year more rose quarter financial was to pleased rates investors the progress recovery start our the and results pandemic sequential QX quarter our since gone and the quarter the we've sequential record of full a quarter. up disruption for operating urgency continued factor a well fourth the across in is significant basis. approximately of catch-up rebound typically interest the commissions previously early originators investor canceled and work than up sequential historically activity better are and seasonal fourth the on resurrection the increase employees. the in revenues hard of the and our the for expected factors the basis Total also many and We to our nature made third in a declined created performance second in million the from significantly XX% quarters. a back our fourth with business, year $XXX market the $XXX total The and key brokerage year-over-year financing quarter In outlined of commitment sees summer, pandemic, of as to in Hessam $XXX modestly by quarter. outline. results retrospect, on and as In sequential the to all continued revenues who all were were accounted a deals, year-over-year regards, from trust of was from million. our improved The and or XX% our Total effect remained result many in client's transact, and testament highlight as year, driven available, full of delayed readily of reflects X.X% a motivations of the as in sidelines which more significant last levels the Revenue for lines an which revenues year. last loan increase to had indicative XX% quarter in strength fourth the to This second macro and agents, million

XX% client private middle from for XX% of was a surge the a X% up business of for our the Brokerage and X% decline but market quarter million, year-over-year, or quarter revenue quarter basis. $XXX sequential XX% a estate brokerage for larger basis. Our sequential revenue and quarter transactions year-over-year our an nearly of increase accounted fourth real on on

our historical from importance larger patterns, Private from balance overall this and with brokerage segment million. contribution our The the For total estate market approximately to markets is the middle of client year, or accounted revenues underscoring brokerage coming revenues $XXX for the XX% revenues with commissions client XX% our accounted real for private our of transactions. the consistent performance. of

in and growth Moving fourth investors driven by lenders year-over-year XX% size record sequentially in quarter the active market. in onto primarily XX.X% Financing MMCC. the in fees XX% combined was rates rose transaction the with as advantage of more quarter with low a increase average took The in quarter integration improvement in sales increase in of our XX.X% in Purchase XX% quarter, compared progress to the the highlighting financing of third and a Salesforce. number production as transactions. MMCC further investment the market represented of the investment with incremental XX% our on the in

comeback threefold financing a million For estate major as advisory Other efforts quarter, nearly acquired from X.X% as from and reflecting consulting of companies. up $X.X referral third XX% benefit from the revenues MMCC fees along primarily real other comprised with fees brokers to ongoing were for of our the fees the full increased improve credit year, quarter. ago, from and $XX up million, markets contributions the well frozen of the to from much productivity, during and a QX year

year, rose $XX.X XX.X% the revenues million. to other For

clients in the from utilize generated As this our is as much brokerage expertise category team's our advisors. who a of reminder, revenue

the quarter, transaction result record in total quarter. third comprising X,XXX we respectively XX% billion fourth The X% transactions, growth X%, growth sales sales was representing in respectively. of outside fourth of volume the volume the business and number Sequentially, volume generate our year-on-year XX%, increase the During sequential from the sales a of transactions the and quarter. increased larger and during $XX.X

to investments, focus improving and productivity professionals. sales attracting, continue and on We the financing retaining of

to X,XXX. team combined For increased the the by year, we X.X%

in target, While slowdown overall it not stated reflect efforts. below this does is our our hiring the

a revenues. increase cost On a by surge up total services we the in year-over-year $XXX to the increase XX% quarter. talent. driven for expenses new an sequential operating the target quarter to in basis, in to expenses, a saw due due In operating were higher Total cost year-over-year, of in fourth primarily accompanies million, primarily and in quarter increase that fact, continue services, of XX% X.X% experienced we transactions

the year, $XXX lower in and revenue the the revenues, was for commission services line operating basis percentage XXX above were prior a points year. revenues of quarter sequentially rates of production. from cost as cumulative lower lower XXXX quarter to expenses for the by professionals. of The annual million in lower line with XXX primarily For experienced total splits or less annual decrease of points on XX.X% with basis services year levels of XXXX. based quarter escalation production X.X%, the reflect of third total commission compared seasonal total Cost reflects increased lower than contribution broader the in and reflecting fourth The

due of services senior and operating and a by to our higher increased were year. quarter. XX on of half XX.X% basis, basis performance acquisition incentive two support year-over-year to reductions costs and also For for Salesforce. points controllable higher a fourth were to of includes to year, the marketing the and cost sequential costs SG&A expenses. in largely strong primarily and closed the offset $XXX related the was revenue during to or first by our of increases year-over-year and It revenues of increase due fourth and transaction quarter full other based the These million compensation the total agents tied quarter growth revenue quarter mix the X.X% in partially XX.X% in businesses

our We continue contain balance with platform. costs to in sufficiently supporting

businesses XX the absorbing For our during demonstrates operating for we basis year, acquired and the which efforts. despite year, transaction SG&A full related of just effectiveness containment points, rose the costs cost

ramp through are an and revenue up enculturation period. As expected, these acquisitions going

However, the through has and referrals added of businesses value already every one synergies. clients

financial non-financial both be ways. they confident highly are in valuable We will

$X.XX to last diluted For $X.XX as year. the compared quarter, per we share earnings generated

reflecting disruption share to that per business our had on the ago, diluted our and significant as continued the the on a $X.XX was $X.XX earnings long-term investments pandemic For year part. compared year,

compared primarily shift Our to to of rate year, was in a quarter XX.X% lower fourth in tax the for due tax XX.X% state the quarter to rate as last tax the jurisdictions. blended

the than rate to quarter improved XX.X% over delivered $XX of XXXX, the XX.X% of and the the Adjusted more of as fourth $XX in quarter increase an our in million the For compared tax we XX.X% or was XXXX. EBITDA for to quarter. year, XX.X% third million triple revenue,

XX.X% year, For full year-over-year. EBITDA adjusted declined the

cash, $XX.XX approximately with cash Moving in onto the securities. finish This share. diluted per a sheet. to marketable We of year equated the balance equivalents, position million $XXX and strong cash

stellar provides give Capital, which sheet times acquisitions Mission in quarter. same closed both pursue the at time, four cash of balance Capital LMI like market and position, in stability Our the the extreme and XXXX, dislocation to including the in made flexibility us we fourth

have and allocation. our we focus As are primary acquisitions creative shared selective previously, for capital

Given acquisitions. scale our are financial we to market and strong well-positioned our presence,

environment. in dialogue are remain the given and We with underwriting potential active economics to market and targets sensitive valuations,

the to for XXXX. now outlook Turning

last third-party and down down back second market the an Looking in the and at transactions XX%, overall estimated Activity sources. where significantly transactions respectively. in quarters, to from XX% overall quarters, each the year, gradual improved approximately those the year-over-year, lows XX% fourth the quarter of outperformed with we according market. saw improvement third were In

overall a MMI continuous environment to the market robust still had Looking a was pre-COVID to market and QX, transactional given during lower which record we a a environment, recovery, economic tough comparison first and quarter. QX but believe hampered forward and pace, of XXXX at the will

inventory corresponding well for year. Positive pandemic. the Our somewhat and will money stimulus the and on news during lead the of pipeline, the take will us. initial and the added half which additional an to in quarter vaccine for was to economy of services of brought rebuild, by fourth challenge depletion time second the the due short-term high record should to performance be Cost news XXXX the of challenges first of good bodes half exceptionally for and

long-term than expenses first the where SG&A of we will believe to closer less of However, trends range the the The in to that of similar quarter quarter be in the postponement XX% events and be of first quarter of pandemic. quarter the XXXX cadence exception historical fourth to due to key The should cost approximately quarterly the is will services due the X% throughout be to XX%. impacted be XXXX fourth to X% XXXX. lower of

to that, expect we be the to XX% open approximately for With we tax Lastly, can our up XX%. Q&A. rates call now Operator?

Operator

comes Fargo. we'll Blaine line question of conducting question-and-answer Wells time be a first [Operator Heck At Our session. Instructions] this from with

with may You proceed question. your

Blaine Heck

that the brokerage Great. average Thanks. market Good reflective the that the the significant both indicative of a segments pretty just at of than segment, volume being more maybe Is others more in size mid and kind the of than this the some client increase in kind large MMI you size it those deal of and segment shift the afternoon. deals, the seeing of of for finance interested on deals market I'm sides of Just and guys on business. more private active towards larger future. or point? saw in is of

Hessam Nadji

It's in the one. more on the take into Hessam. works and from institutional aggressively IPA I'll market our quarter. quarter division the the clients fourth at of catch-up third and fourth that the Blaine. with quarters second It especially our a lot came in back down Hi, observe that clients, the we the much larger sideline reflects in

said those that. related are the individuals bringing pandemic deals. experienced onto experience more know, hiring a We've certainly was additional as the shifted toward definitely there tend XX attracting firm, with Having and loan we related originators, larger we more brokers. in are factor to experienced that, do So, you that

as So towards deals there talent well larger cyclical the matures year as we outside the last saw and factor because joins structural gradual Salesforce this of pandemic. is a very our moving company, as

Blaine Heck

and of that And about are got quarter guys of past on going a if the size smaller, with or one Mission of of in finish front can they set any of you I acquisitions? so, similar acquisitions? you give other guys kind to other you digest to respect you you've talk Okay. large clearly guys the kind acquisitions? to see kind the LMI. Capital Are mean, you this continuing ones Does line on color Great. done then opportunity That's And can helpful. years? give just pursue large, with over Mission to the the be few you in past also to then for potential or enough you now, tacked like

Hessam Nadji

Sure, Blaine.

you let thought all, up give first follow me on your a of First question.

and deals about opportunity and overshadowing commitment before, that our In I want You talent have business more to talked of significant. is this just larger it. the -- that that shift business. reiterate attracting the growth to not and importance our but the left towards that doing acquiring and I experienced private in client dominance, It's business,

So all strategies about runway we're which pursuing ample our business, favor we're opportunities, including one has core in the it's or of ahead us shifting of -- other, our just growth in private just every type. not doing in product of really client

companies keep actively previous my we're advantage best out that they're So, is doing shown extensive that fits outside the Part is and now able channel of really call way out into about sizes of we're or additional firms bring benefit have improve course, the time acquired right capital on very actively large us number a we we Having good talking acquisitions. the ground as Steve, executives. and in can The there out market quality field, We're grassroots We've kind takes company, looking estate. the doesn't doing the the of small both. M&A I build in to certainly of targeting strategic a high future. my to sourcing targets. are efficiencies emphasize But local adding of we the better of platform, great to a integration familiar of large the all having in our out that this and big up doing on pointing the groups, we is and targeting they for we're there them. that that, of is wanted target acquire the This from with of firms, they're set of very brought intellectual it we and number a that capacity their Evan experience firms Capital teams done our strategy, legal that. can source said course, now with Markets Cortell, going behind where you a a from their that that who just experience Head targets. the of successful a MMCC management that priority help these that will our and and and the that approaching it targeting not them comment best me, we having We're all firms game, firms, with have acquisition of through as which instead experience And, and on like actively board. is imagine. of focus just and our point. and at Denner to best experienced now is improve of here M&A very on real long-term. MMI Mark scale to of that instead And deals, enculturation of up of Legal as M&A process acquisitions to additional on markets board and was They're holes bandwidth, and firms strategy that for to can or has we're who and comes acquisitions, us division, small related -- be up, deficits extensive fill have them dual activities job while heading a to in

help the which active. active around spectrum that's And of are, size, terms the can but takes time our I grow and needs to in with that deals of the know, specialty of you us say And we full just M&A see as It can pipeline faster, And in we're by the course. about so really what corner. all players. is discussions how in much and you're many in MMCC be going we driven need

Blaine Heck

for very helpful. me. Nice Great. That's That's it quarter.

Hessam Nadji

Thanks Blaine. lot, a

Operator

comes the William question Sheldon next line Our [Operator from of Instructions] with Stephen Blair.

your may proceed with You question.

Stephen Sheldon

Hey, taking my thanks questions. for

the to about frame the gains, have about really last been And others relative and those the internal quarters market drive few guess, industry market helped to initiatives I we as way has and the you to talk has what impactful On outperformance a trends -- do that think some planned than how more a XXXX? been, but gains? you influenced what lot think to share what there is share you of and XXXX

Hessam Nadji

your is and success the practices in answering for part had of Thanks participant your Steve. division, metros are past that a we certainly years. the our question. are a we've transactions through number question. The your diversifying Hi, have built best The teams larger few industrial now that is of the question. interesting around fact The IPA we've now bigger observed is noteworthy platform have that thing in that we exporting success the great had to fact major in of the successfully answer over

are firm last added We attracting expertise specialists that XX the and the have that have to better the joined months firms. that of bringing done a office job bandwidth in

it very divorce, And, as not kind -- net, the relates retail on of as of kind at in a historical all private and there's small and dislocation, of the recovers market level a somewhat contribution our based shopping us role, side, it's as the retail gradual So, the drivers lease partnership, But have a and department single-tenant apartment of tenant and a course, able of that client times a strong and plays in their saw retail, that trading because not always of market. only results or center strip of side, net to the brand center steady personal safety process, because especially dominance market in death, to breakups, important presence. us such on that it you share. but we the the capitalize last can strong also because We're year, world. such a feel dominate that you client helps private take help single

all combination So it's a of those factors. of

Stephen Sheldon

have second trends half your Got seeing grow, of up normal helpful. you've pick you I right going focus kind here? how headcount of improvement the XXXX, you're what of trying the I the just you thinking above expected about thinking then, ahead the efforts? about that are more now demand, how even discussed, Are That's are And it. maybe to you you historically expectations in or for adding to produce given on and in recruiting to guess, business guess, than ranges

Hessam Nadji

and slowed years Well, and we've been and loan experienced We've on very abet. past of attracting excited teams that agents focused and couple for on it never goes originators the down. adding

to pay-off side down I And materializes. on be of strategies the no to progress. helping really have economic it pent-up even progress and demand of and We made do slowing the more some is made. side, drill then and more There's us will eventual the both intention the think we've when investment release

yet. to And seen up is really expect the and start we half haven't so vaccine that We that second year, successful assuming do in the on. of to show the

I lot new front technology, stay weren't convinced strategies, on the are there obligated and current in people of on focusing discount here had a a And a the during clients, of and made quite I number the of we're the XXXX, certainly who been new think who've high people out and hiring our that But make a time of I they website Millichap yet, but proactive of capitalizing The who our So, let the a out And of multiple that increased. we're there were on that the is we've the in the it. diminish really from out folks high Again, general. priority. help and really in been strategy advantage of platform we who because not of focused me to solidify and rolling stable a tailwind just being that talent has or does pulled Salesforce. board trigger It's they to to outside productivity But for talking that with very not on us we're is loyal help. long of helps wanted newer care Marcus rolling retention out struggling, simultaneous story sure, also been come importance existing message to isn't worst a record lot saw pandemic what's lot important really fact we're a priority. were going last talent. and visibility think our the and our the company what year, up. to going emphasize We've It's focus support of changing. in

existing so, and productivity important They're on and of but caring placed support just the both really our also the want isn't I factors, and And strategies. to external make that only sure growth Salesforce. the retention the emphasis

Stephen Sheldon

my congrats results. Makes the and taking Thanks sense. questions for on

Hessam Nadji

Thanks, Steve.

Operator

answer and to turn Ladies we today's have over the back call Hessam for Mr. closing like would to I remarks. this of reached Nadji gentlemen, session. question-and- end

Hessam Nadji

our Thank for you, the questions you that and through. operator. joining came for thank everyone call And

and look session. our a to We having in forward This XXXX, you are lot. adjourns next call. excited Thanks earnings our about

Operator

today's Thank for you concludes today. joining conference. us This

disconnect time. your this may at You lines

Marcus & Millichap (MMI) 19 Feb 212020 Q4 Earnings call transcript