Marcus & Millichap, Inc. (MMI) Earnings Call Transcript & Summary

Welcome to the Annual Stockholders Meeting of Marcus & Millichap, which will now come to order. I am George Marcus, Chairman of the Board of Directors. And as you know, we are holding a virtual meeting again this year. At this time, please allow me to introduce Hessam Nadji, our CEO and a member of the Board of Directors, who will be presiding over this meeting. Hessam has been the CEO since 2016 and a key member of the senior management since 1996.

Thank you, Mr. Chairman. Let me begin by introducing our directors who are all here in attendance. George Marcus, of course, our Chairman; Collete English Dixon, Norma Lawrence, Nick McClanahan, Lauralee Martin, George Shaheen and Mr. Don Watters. Also present on this call are a number of our company officers and representatives from Ernst & Young, the company's independent accountants. This afternoon, our program will proceed as follows. First, I will conduct the official business of the 2024 Annual Meeting. There are certain formalities that we need to fulfill at this meeting, and I ask you to bear with us as we go through them. Second, I will provide a short review of our business before concluding. The first order of business is an affidavit from American Stock Transfer & Trust, AST, the company's transfer agent, certifying that each stockholder of record as of March 12, 2024, was mailed an official notice of this meeting, together with the proxy statement, proxy card, annual report and other materials necessary to vote at this meeting. Steve Hoffman of AST has been appointed to serve as Inspector of Election, responsible for the tabulation of the results of the voting. Let me now call upon Steve Hoffman. Steve?

Thank you, Mr. Nadji. We have examined the proxies received as of this morning and over 97.5% of the shares of common stock entitled to vote at this meeting are represented by proxies.

We have a quorum, and this meeting may now proceed. The first matter to be voted upon is the election of the Class II members of the Board of Directors. Collete English Dixon, Lauralee Martin and Nick McClanahan, have been nominated to serve for 3 years expiring at the 2027 Annual Meeting of Stockholders or until their successors are elected and qualified. The second matter to be voted on concerns the appointment of the company's independent auditors. The Board of Directors has appointed Ernst & Young as the company's independent public accounting firm for the past several years and again, for the year ending December 31, 2024. Thirdly, we asked our shareholders on an advisory basis to approve the compensation of the company's named executive officers as discussed in the proxy statement. The next matter to be voted upon is the approval of the company's amended and restated 2013 Omnibus Equity Incentive Plan. Finally, the last matter you voted upon is the approval of the company's amended and restated employee stock purchase plan. We will now open the meeting to any questions about any of the 5 matters stated above before the shareholders. If you register with your 11-digit voting control number provided by AST, and wish to ask questions, you might do so by clicking the chatbox icon located at the top of your screen. And then type your question into the question box found at the bottom of the screen. I will return after waiting a minute for any questions in case some come in. As there are no questions, we will proceed. I will now move on to vote on each of the matters and will be open for further online voting for the next few minutes. It is not necessary for stockholders to vote today if they have already sent in their proxy cards or voted electronically or by telephone unless they wish to change their vote. Those stockholders who wish to vote today should have received a required 11-digit control number from AST. If you would like to vote today, please click on the proxy voting site link located on the left-hand side of your screen and follow the instructions. We will provide additional time for voting, and I will return shortly. [Voting]