Marcus & Millichap, Inc. (NYSE:MMI) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 05:00 pm ET


Marcus & Millichap, Inc. (NYSE:MMI) Q3 2018 Earnings Conference Call Transcript


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Greetings and welcome to the Marcus & Millichap's Third Quarter 2018 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Evelyn Infurna, Investor Relations.

Evelyn Infurna

Thank you. Good afternoon, and welcome to Marcus & Millichap's Third Quarter 2018 Earnings Conference Call. With us today are President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Marty Louie.

Before I turn the call over to management, please remember that our prepared remarks and 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.

Actual results could 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; the company's ability to integrate new agents and sustain its growth and other factors as discussed in the company's public filings, including its annual report on Form 10-K, which has been filed with the Securities and Exchange Commission on March 16, 2018.

Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can make no assurance that these expectations will be attained. 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 of this financial information presented on this call represents non-GAAP financial measures. The company's earnings release and earnings conference call presentation, which was issued this afternoon and is available on the company's website, presents reconciliations to the appropriate GAAP measures and explanations of why the company believes such non-GAAP measures are useful to investors.

Finally, this call is being webcast. The webcast link is available on the Investor Relations section of our website,, along with a slide presentation you may reference during the prepared remarks.

And with that, it's now my pleasure to turn the call over to Hessam.

Hessam Nadji

Thank you, Evelyn. On behalf of the entire Marcus & Millichap team, good afternoon, and thank you for joining our third quarter 2018 earnings call.

Before I discuss our results, I wanted to take a moment to acknowledge that October 31 marked our 5th year as a public company. In that time, the company has grown substantially by the numbers and as importantly in skill and experience as a leading brand.

On behalf of the management team, we express our thanks, first and foremost, to our clients, for their confidence and trust in MMI. I also want to thank our sales and financing professionals and support team whose commitment and hard work define the company. We also thank our shareholders for whom we strive to create long-term value in everything that we do. We're