Marcus & Millichap, Inc. (the “Company”, “Marcus &
Millichap”, or “MMI”) (NYSE: MMI), a leading national brokerage
firm specializing in commercial real estate investment sales,
financing, research and advisory services, today reported its
second quarter results.
Second Quarter 2023 Highlights Compared to Second Quarter
2022
- Total revenue of $162.9 million decreased 58.9%, a difficult
comparable to a record second quarter 2022 where revenue was up
39.0% compared to second quarter 2021
- Brokerage commissions of $140.3 million decreased 60.4%
compared to second quarter 2022, which was up 40.2% compared to
second quarter 2021
- Private Client Market brokerage revenue of $96.2 million
decreased 54.1% compared to second quarter 2022, which was up 32.7%
compared to second quarter 2021
- Middle Market and Larger Transaction Market brokerage revenue
of $39.4 million decreased 71.5% compared to second quarter 2022,
which was up 58.5% compared to second quarter 2021
- Financing fees of $17.9 million decreased 51.4% compared to
second quarter 2022, which was up 30.5% compared to second quarter
2021
- Net loss of $8.7 million, or $0.23 per common share, diluted,
compared to net income of $42.2 million, or $1.04 per common share,
diluted
- Earnings were impacted by expenses related to growth
initiatives, including talent acquisition and retention
- Adjusted EBITDA of $(1.1) million, compared to $62.9
million
Six Months 2023 Highlights Compared to Six Months
2022
- Total revenue of $317.7 million decreased 55.6%, a difficult
comparable to a record first half 2022 where revenue was up 52.6%
compared to first half 2021
- Brokerage commissions of $275.4 million decreased 57.1%
compared to first half 2022, which was up 54.3% compared to first
half 2021
- Private Client Market brokerage revenue of $186.7 million
decreased 49.7% compared to first half 2022, which was up 40.7%
compared to first half 2021
- Middle Market and Larger Transaction Market brokerage revenue
of $78.9 million decreased 69.4% compared to first half 2022, which
was up 86.6% compared to first half 2021
- Financing fees of $33.8 million decreased 46.6% compared to
first half 2022, which was up 37.4% compared to first half
2021
- Net loss of $14.6 million, or $0.37 per common share, diluted,
compared to net income of $75.0 million, or $1.85 per common share,
diluted
- Earnings were impacted by expenses related to growth
initiatives, including talent acquisition and retention
- Adjusted EBITDA of $(8.5) million, compared to $114.8
million
“The widened bid/ask spread and restrictive lending environment
severely hindered trading and financing volumes during the second
quarter,” said Hessam Nadji, president and chief executive officer.
“Our results reflected this challenging market as well as the
comparative effect of our outsized growth in the second quarter of
2022, which marked the second highest revenue quarter in our
history. Our strategy, shaped by our playbook of perseverance
through multiple cycles in our 52-year history, is unwavering. This
includes doubling-down on client outreach, retaining and supporting
our sales force, investing in proprietary technology, expanding our
sales force and pursuing strategic acquisitions,” he added. “We are
confident that the combination of these initiatives, all of which
moved forward as planned during the quarter, will position MMI to
accelerate growth in the recovery and beyond.”
Mr. Nadji continued, “We are seeing record amounts of capital on
the sidelines as evidenced by multiple offers in transactions that
are priced appropriately for today’s market. We are encouraged by
progress on bringing down inflation and the Fed’s tightening cycle
nearing its end, which should lead to gradual improvements in
market conditions. Although it is difficult to forecast the timing
for a full-scale recovery in trading volumes, we remain focused on
further growing the brand and enhancing the MMI platform. Moreover,
we continue to return capital to shareholders in the form of
dividends and share repurchases. With this balanced approach we are
able to take full advantage of the market dislocation to further
enhance our competitive position and be well positioned to deliver
long-term value for our shareholders.”
Second Quarter 2023 Results Compared to Second Quarter
2022
Total revenue for the second quarter 2023 was $162.9 million, a
decrease of 58.9% compared to $396.0 million for the second quarter
2022, which was up 39.0% compared to the second quarter 2021. The
record revenue of second quarter 2022 provides for a difficult
comparison with the second quarter 2023.
For real estate brokerage commissions, the average transaction
size and the average commission per transaction decreased by 28.3%
and 25.3%, respectively, compared to the second quarter 2022. The
number of transactions decreased by 47.0%, reducing real estate
brokerage commissions to $140.3 million, a 60.4% reduction from the
same period in the prior year, which increased 40.2% over the
second quarter 2021. Compared to the second quarter 2022, Private
Client Market revenue decreased by 54.1%, and the combined Middle
Market and Larger Transaction Market revenue decreased by 71.5%,
while the second quarter 2022 increased by 32.7% and 58.5%,
respectively, compared to the second quarter 2021.
Financing activity experienced an increase in the average fee
per transaction by 16.0%, while the average transaction size and
the number of transactions decreased by 10.3% and 59.3%,
respectively, resulting in a decrease in financing fees to $17.9
million, a 51.4% reduction from the same period in the prior year,
which increased 30.5% compared to the same period in 2021.
Total operating expenses for the second quarter 2023 were $173.5
million, compared to $339.2 million for the same period in the
prior year. The change was primarily due to reductions of 60.5% in
cost of services and 13.7% in selling, general and administrative
expenses. Cost of services as a percentage of total revenue
decreased by 260 basis points to 62.1% compared to the same period
during the prior year.
Selling, general and administrative expenses for the second
quarter 2023 were $68.9 million, compared to $79.8 million, in the
same period in 2022. The change was primarily due to a reduction in
compensation-related costs, specifically performance-based bonuses
for the second quarter 2023, partially offset by an increased
investment in business development, marketing and other support
related to the long-term talent acquisition and retention of sales
and financing professionals.
Net loss for the second quarter 2023 was $8.7 million, or $0.23
per common share, diluted, compared to net income of $42.2 million,
or $1.04 per common share, diluted, for the same period in 2022. In
the second quarter 2022, net income was up 33.7% from the second
quarter 2021. Adjusted EBITDA for the second quarter 2023 was
$(1.1) million, compared to $62.9 million for the same period in
the prior year, primarily as a result of the decrease in operating
income.
Six Months 2023 Results Compared to Six Months 2022
Total revenues for the six months ended June 30, 2023 were
$317.7 million, compared to $715.4 million for the same period in
the prior year, a decrease of $397.8 million, or 55.6%. Total
operating expenses for the six months ended June 30, 2023 decreased
by 43.9% to $344.4 million compared to $614.4 million for the same
period in the prior year. Cost of services as a percent of total
revenues decreased to 61.9%, down 140 basis points compared to the
first six months of 2022. The Company’s net loss for the six months
ended June 30, 2023 was $14.6 million, or $0.37 per common share,
diluted, compared to net income of $75.0 million, or $1.85 per
common share, diluted, for the same period in the prior year.
Adjusted EBITDA for the six months ended June 30, 2023 decreased to
$(8.5) million, from $114.8 million for the same period in the
prior year. As of June 30, 2023, the Company had 1,865 investment
sales and financing professionals, 36 fewer than the prior
year.
Capital Allocation
On August 1, 2023, the Board of Directors declared a semi-annual
regular dividend of $0.25 per share, payable on October 6, 2023, to
stockholders of record at the close of business on September 15,
2023.
During the six months ended June 30, 2023, the Company
repurchased 1,098,561 shares of common stock at an average price of
$31.28 per share for a total price of $34.4 million.
After accounting for shares repurchased through August 1, 2023,
Marcus & Millichap has approximately $76.0 million available to
repurchase shares under its program. No time limit has been
established for the completion of the program, and the repurchases
are expected to be executed from time-to-time, subject to general
business and market conditions and other investment opportunities,
through open market purchases or privately negotiated transactions,
including through Rule 10b5-1 plans.
Business Outlook
The economy and commercial real estate transaction market are
expected to remain choppy through the third quarter of 2023 as
higher interest rates and lender caution lengthen the price
discovery process and the buyer/seller expectation gap remains
wide. However, the Company believes it remains well positioned to
achieve long-term growth.
The Company benefits from its experienced management team,
infrastructure investments, industry-leading market research and
proprietary technology. The size and fragmentation of the Private
Client Market segment continues to offer long-term growth
opportunities through consolidation. This highly fragmented market
segment consistently accounts for over 80% of all commercial
property sales transactions and over 60% of the commission pool.
The top 10 brokerage firms led by MMI have an estimated 20% share
of this segment by transaction count.
Key factors that may influence the Company’s business during the
remainder of 2023 include:
- Volatility in market sales and investor sentiment driven by:
- The elevated cost and availability of debt capital
- Higher interest rate fluctuations and the heightened bid-ask
spread between buyers and sellers
- Risks of potential recession and the resulting reduction of CRE
space demand that results from uncertainty
- Possible impact to investor sentiment related to potential tax
and other policy changes which may contribute to transaction
acceleration and/or future fluctuations in sales and financing
activity
- Rising operating costs driven by wages, insurance, taxes and
construction materials
- Volatility in each of the Company’s market segments
- Increase in costs related to in-person events, client meetings,
and conferences
- Global geopolitical uncertainty, which may cause investors to
refrain from transacting
- The potential for acquisition activity and subsequent
integration
Webcast and Call Information
Marcus & Millichap will host a live webcast today to discuss
the financial results at 7:30 a.m. Pacific Time/10:30 a.m. Eastern
Time. The webcast will be accessible through the Investor Relations
section of Marcus & Millichap's website at
ir.marcusmillichap.com and will be archived upon completion of the
call. The Company encourages the use of the webcast due to
potential extended wait times to access the conference call via
dial-in.
For those unable to access the webcast, callers from the United
States and Canada should dial 1-877-407-9208 ten minutes prior to
the scheduled call time. International callers should dial
1-201-493-6784.
Replay Information
For those unable to participate during the live broadcast, a
telephonic replay of the call will also be available from 1:30 p.m.
Eastern Time on Friday, August 4, 2023 through 11:59 p.m. Eastern
Time on Friday, August 18, 2023 by dialing 1-844-512-2921 in the
United States and Canada or 1-412-317-6671 internationally and
entering passcode 13739665.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage
firm specializing in commercial real estate investment sales,
financing, research and advisory services. As of June 30, 2023, the
Company had 1,865 investment sales and financing professionals in
80 offices who provide investment brokerage and financing services
to sellers and buyers of commercial real estate. The Company also
offers market research, consulting and advisory services to our
clients. Marcus & Millichap closed 3,753 transactions during
the six months ended June 30, 2023, with a sales volume of $20.2
billion. For additional information, please visit
www.MarcusMillichap.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements, including the
Company’s business outlook for 2023, the anticipation of further
interest rate increases and inflation, the execution of our capital
return program, and expectations for market share growth. We have
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends affecting the financial condition of our business.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results may be achieved. Forward-looking statements are based on
information available at the time those statements are made and/or
management’s good faith belief as of that time with respect to
future events and are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those
expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but
are not limited to:
- general uncertainty in the capital markets, a worsening of
economic conditions, and the rate and pace of economic recovery
following an economic downturn;
- changes in our business operations;
- market trends in the commercial real estate market or the
general economy, including the impact of rising inflation and
higher interest rates;
- our ability to attract and retain qualified senior executives,
managers and investment sales and financing professionals;
- the effects of increased competition on our business;
- our ability to successfully enter new markets or increase our
market share;
- our ability to successfully expand our services and businesses
and to manage any such expansions;
- our ability to retain existing clients and develop new
clients;
- our ability to keep pace with changes in technology;
- any business interruption or technology failure, including
cyber and ransomware attacks, and any related impact on our
reputation;
- changes in interest rates, availability of capital, tax laws,
employment laws or other government regulation affecting our
business;
- our ability to successfully identify, negotiate, execute and
integrate accretive acquisitions; and
- other risk factors included under “Risk Factors” in our most
recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q.
In addition, in this release, the words “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” "goal,"
“expect,” “predict,” “potential,” “should” and similar expressions,
as they relate to our Company, our business and our management, are
intended to identify forward-looking statements. In light of these
risks and uncertainties, the forward-looking events and
circumstances discussed in this release may not occur and actual
results could differ materially from those anticipated or implied
in the forward-looking statements.
Forward-looking statements speak only as of the date of this
release. You should not put undue reliance on any forward-looking
statements. We assume no obligation to update forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting forward-looking information,
except to the extent required by applicable laws. If we update one
or more forward-looking statements, no inference should be drawn
that we will make additional updates with respect to those or other
forward-looking statements. We have not filed our Form 10-Q for the
quarter ended June 30, 2023. As a result, all financial results
described in this earnings release should be considered
preliminary, and are subject to change to reflect any necessary
adjustments or changes in accounting estimates, that are identified
prior to the time we file our Form 10-Q.
MARCUS & MILLICHAP,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share amounts)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenue:
Real estate brokerage commissions
$
140,330
$
354,685
$
275,376
$
641,594
Financing fees
17,896
36,811
33,764
63,264
Other revenue
4,640
4,461
8,518
10,563
Total revenue
162,866
395,957
317,658
715,421
Operating expenses:
Cost of services
101,163
256,042
196,590
452,810
Selling, general and administrative
68,910
79,841
141,129
154,376
Depreciation and amortization
3,468
3,332
6,675
7,243
Total operating expenses
173,541
339,215
344,394
614,429
Operating (loss) income
(10,675
)
56,742
(26,736
)
100,992
Other income (expense), net
4,890
(461
)
9,700
(11
)
Interest expense
(216
)
(158
)
(431
)
(318
)
(Loss) income before provision (benefit)
for income taxes
(6,001
)
56,123
(17,467
)
100,663
Provision (benefit) for income taxes
2,728
13,955
(2,905
)
25,712
Net (loss) income
$
(8,729
)
$
42,168
$
(14,562
)
$
74,951
(Loss) earnings per share:
Basic
$
(0.23
)
$
1.05
$
(0.37
)
$
1.87
Diluted
$
(0.23
)
$
1.04
$
(0.37
)
$
1.85
Weighted average common shares
outstanding:
Basic
38,538
40,048
38,867
40,018
Diluted
38,538
40,342
38,867
40,390
MARCUS & MILLICHAP, INC. KEY
OPERATING METRICS SUMMARY (Unaudited)
Total sales volume was approximately $9.7 billion for the three
months ended June 30, 2023, encompassing 1,946 transactions
consisting of $7.5 billion for real estate brokerage (1,422
transactions), $1.6 billion for financing (284 transactions) and
$0.6 billion in other transactions, including consulting and
advisory services (240 transactions). Total sales volume was $20.2
billion for the six months ended June 30, 2023, encompassing 3,753
transactions consisting of $14.7 billion for real estate brokerage
(2,701 transactions), $3.4 billion for financing (563 transactions)
and $2.1 billion in other transactions, including consulting and
advisory services (489 transactions). As of June 30, 2023, the
Company had 1,768 investment sales professionals and 97 financing
professionals. Key metrics for real estate brokerage and financing
activities (excluding other transactions) are as follows:
Three Months Ended June 30,
Six Months Ended June 30,
Real Estate Brokerage
2023
2022
2023
2022
Average Number of Investment Sales
Professionals
1,757
1,822
1,769
1,839
Average Number of Transactions per
Investment Sales Professional
0.81
1.47
1.53
2.62
Average Commission per Transaction
$
98,686
$
132,099
$
101,954
$
133,056
Average Commission Rate
1.86
%
1.79
%
1.88
%
1.73
%
Average Transaction Size (in
thousands)
$
5,303
$
7,399
$
5,433
$
7,688
Total Number of Transactions
1,422
2,685
2,701
4,822
Total Sales Volume (in millions)
$
7,542
$
19,868
$
14,674
$
37,073
Three Months Ended June 30,
Six Months Ended June 30,
Financing (1)
2023
2022
2023
2022
Average Number of Financing
Professionals
95
87
94
86
Average Number of Transactions per
Financing Professional
2.99
8.01
5.99
14.15
Average Fee per Transaction
$
52,166
$
44,985
$
49,382
$
44,198
Average Fee Rate
0.90
%
0.70
%
0.82
%
0.75
%
Average Transaction Size (in
thousands)
$
5,786
$
6,453
$
5,986
$
5,882
Total Number of Transactions
284
697
563
1,217
Total Financing Volume (in millions)
$
1,643
$
4,498
$
3,370
$
7,158
(1)
Operating metrics exclude certain
financing fees not directly associated to transactions.
The following table sets forth the number of transactions, sales
volume and revenue by commercial real estate market segment for
real estate brokerage:
Three Months Ended June 30,
2023
2022
Change
Real Estate Brokerage
Number
Volume
Revenue
Number
Volume
Revenue
Number
Volume
Revenue
(in millions)
(in thousands)
(in millions)
(in thousands)
(in millions)
(in thousands)
<$1 million
209
$
120
$
4,665
279
$
168
$
6,672
(70
)
$
(48
)
$
(2,007
)
Private Client Market ($1 – <$10
million)
1,070
3,571
96,238
2,021
7,348
209,868
(951
)
$
(3,777
)
$
(113,630
)
Middle Market ($10 – <$20 million)
77
1,021
17,425
209
2,819
56,456
(132
)
$
(1,798
)
$
(39,031
)
Larger Transaction Market (≥$20
million)
66
2,830
22,002
176
9,533
81,689
(110
)
$
(6,703
)
$
(59,687
)
1,422
$
7,542
$
140,330
2,685
$
19,868
$
354,685
(1,263
)
$
(12,326
)
$
(214,355
)
Six Months Ended June 30,
2023
2022
Change
Real Estate Brokerage
Number
Volume
Revenue
Number
Volume
Revenue
Number
Volume
Revenue
(in millions)
(in thousands)
(in millions)
(in thousands)
(in millions)
(in thousands)
<$1 million
392
$
236
$
9,703
485
$
296
$
12,459
(93
)
$
(60
)
$
(2,756
)
Private Client Market ($1 – <$10
million)
2,040
6,825
186,741
3,627
13,044
370,899
(1,587
)
$
(6,219
)
$
(184,158
)
Middle Market ($10 – <$20 million)
143
1,921
34,793
393
5,322
103,216
(250
)
$
(3,401
)
$
(68,423
)
Larger Transaction Market (≥$20
million)
126
5,692
44,139
317
18,411
155,020
(191
)
$
(12,719
)
$
(110,881
)
2,701
$
14,674
$
275,376
4,822
$
37,073
$
641,594
(2,121
)
$
(22,399
)
$
(366,218
)
MARCUS & MILLICHAP,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except for
shares and par value)
June 30, 2023 (unaudited)
December 31, 2022
Assets
Current assets:
Cash, cash equivalents, and restricted
cash
$
171,220
$
235,873
Commissions receivable
9,954
8,453
Prepaid expenses
8,872
9,411
Income tax receivable
17,491
8,682
Marketable debt securities,
available-for-sale (amortized cost of $165,471 and $254,682 at June
30, 2023 and December 31, 2022, respectively, and $0 allowance for
credit losses)
164,856
253,434
Advances and loans, net
3,497
4,005
Other assets, current
5,850
7,282
Total current assets
381,740
527,140
Property and equipment, net
28,462
27,644
Operating lease right-of-use assets,
net
102,741
87,945
Marketable debt securities,
available-for-sale (amortized cost of $74,758 and $72,819 at June
30, 2023 and December 31, 2022, respectively, and $0 allowance for
credit losses)
70,711
68,595
Assets held in rabbi trust
10,365
9,553
Deferred tax assets, net
35,933
41,321
Goodwill and other intangible assets,
net
53,525
55,696
Advances and loans, net
181,944
169,955
Other assets, non-current
18,092
15,859
Total assets
$
883,513
$
1,003,708
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses
$
11,893
$
11,450
Deferred compensation and commissions
43,351
75,321
Operating lease liabilities
17,838
16,984
Accrued bonuses and other employee related
expenses
11,088
38,327
Other liabilities, current
4,899
9,933
Total current liabilities
89,069
152,015
Deferred compensation and commissions
41,299
64,461
Operating lease liabilities
78,707
65,109
Other liabilities, non-current
10,519
8,614
Total liabilities
219,594
290,199
Commitments and contingencies
—
—
Stockholders’ equity:
Preferred stock, $0.0001 par value:
Authorized shares – 25,000,000; issued and
outstanding shares – none at June 30, 2022 and December 31, 2022,
respectively
—
—
Common stock, $0.0001 par value:
Authorized shares – 150,000,000; issued
and outstanding shares – 38,460,595 and 39,255,838 at June 30, 2022
and December 31, 2022, respectively
4
4
Additional paid-in capital
140,142
131,541
Retained earnings
526,373
585,581
Accumulated other comprehensive loss
(2,600
)
(3,617
)
Total stockholders’ equity
663,919
713,509
Total liabilities and stockholders’
equity
$
883,513
$
1,003,708
MARCUS & MILLICHAP, INC. OTHER
INFORMATION (Unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA, which the Company defines as net (loss) income
before (i) interest income and other, including net realized gains
(losses) on marketable debt securities, available-for-sale and
cash, cash equivalents, and restricted cash, (ii) interest expense,
(iii) provision (benefit) for income taxes, (iv) depreciation and
amortization, and (v) stock-based compensation. The Company uses
Adjusted EBITDA in its business operations to evaluate the
performance of its business, develop budgets and measure its
performance against those budgets, among other things. The Company
also believes that analysts and investors use Adjusted EBITDA as a
supplemental measure to evaluate its overall operating performance.
However, Adjusted EBITDA has material limitations as a supplemental
metric and should not be considered in isolation or as a substitute
for analysis of the Company’s results as reported under U.S.
generally accepted accounting principles (“U.S. GAAP”). The Company
finds Adjusted EBITDA to be a useful management metric to assist in
evaluating performance, because Adjusted EBITDA eliminates items
related to capital structure, taxes and non-cash items. Considering
the foregoing limitations, the Company does not rely solely on
Adjusted EBITDA as a performance measure and also considers its
U.S. GAAP results. Adjusted EBITDA is not a measurement of the
Company’s financial performance under U.S. GAAP and should not be
considered as an alternative to net income, operating income or any
other measures calculated in accordance with U.S. GAAP. Because
Adjusted EBITDA is not calculated in the same manner by all
companies, it may not be comparable to other similarly titled
measures used by other companies.
A reconciliation of the most directly comparable U.S. GAAP
financial measure, net income, to Adjusted EBITDA is as follows (in
thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Net (loss) income
$
(8,729
)
$
42,168
$
(14,562
)
$
74,951
Adjustments:
Interest income and other (1)
(4,090
)
(979
)
(8,480
)
(1,594
)
Interest expense
216
158
431
318
Provision (benefit) for income taxes
2,728
13,955
(2,905
)
25,712
Depreciation and amortization
3,468
3,332
6,675
7,243
Stock-based compensation
5,351
4,275
10,362
8,131
Adjusted EBITDA
$
(1,056
)
$
62,909
$
(8,479
)
$
114,761
(1)
Other includes net realized gains (losses)
on marketable debt securities available-for-sale.
Glossary of Terms
- Private Client Market segment: transactions with values from $1
million to up to but less than $10 million
- Middle Market segment: transactions with values from $10
million to up to but less than $20 million
- Larger Transaction Market segment: transactions with values of
$20 million and above
- Acquisitions: acquisition of businesses accounted for as a
business combination in accordance with generally accepted
accounting standards
Certain Adjusted Metrics
Real Estate Brokerage
During the six months ended June 30, 2023, we closed a portfolio
of large transactions in our real estate brokerage business in
excess of $300 million. Following are actual and as adjusted
metrics excluding those transactions:
Three Months Ended June 30,
2023
Six Months Ended June 30,
2023
(actual)
(as adjusted)
(actual)
(as adjusted)
Total Sales Volume Decrease
(62.0
)%
(60.1
)%
(60.4
)%
(57.5
)%
Average Commission Rate Increase
3.9
%
—
%
8.7
%
3.3
%
Average Transaction Size Decrease
(28.3
)%
(24.7
)%
(29.3
)%
(24.3
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230804194131/en/
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