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Marcus & Millichap, Inc. (MMI) Q4 2022 Earnings Call Transcript

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Marcus & Millichap, Inc. (NYSE:MMI) Q4 2022 Earnings Conference Call February 17, 2023 10:30 AM ET

Company Participants

Jacques Cornet - ICR

Hessam Nadji - President and CEO

Steve DeGennaro - CFO

Conference Call Participants

Blaine Heck - Wells Fargo

Operator

Greetings, and invited to nan Marcus & Millichap Fourth Quarter and Year-End 2022 Earnings Conference Call. As a reminder, this telephone is being recorded.

I would now for illustration to move nan convention complete to your host, Jacques Cornet. Thank you, you whitethorn begin.

Jacques Cornet

Thank you. Good morning, and invited to Marcus & Millichap’s 4th fourth and year-end 2022 net convention call. With america coming are President and Chief Executive Officer, Hessam Nadji; and Chief Financial Officer, Steve DeGennaro.

Before I move nan telephone complete to management, please retrieve that our prepared remarks and nan responses to questions whitethorn incorporate forward-looking statements. Words specified arsenic may, will, expect, believe, estimate, anticipate, extremity and variations of these words and akin expressions are intended to place forward-looking statements.

Actual results tin disagree materially from those implied by specified forward-looking statements owed to a assortment of factors including, but not constricted to, wide economical conditions and commercialized existent property marketplace conditions; nan company’s expertise to clasp and pull transaction professionals; nan company’s expertise to clasp its business accuracy and business civilization amid competitory pressures, company’s expertise to merge caller agents and prolong its maturation and different factors discussed successful nan company’s nationalist filings, including its yearly study connected Form 10-K revenge pinch nan Securities and Exchange Commission connected March 1, 2022.

Although nan institution believes nan expectations reflected successful specified forward-looking statements are based upon reasonable assumptions, it tin make nary assurance that its expectations will beryllium attained. The institution undertakes nary responsibility to update immoderate forward-looking statement, whether arsenic a consequence of new information, early events aliases otherwise.

In addition, definite financial accusation presented connected this telephone represents non-GAAP financial measures. The company’s net release, which was issued this greeting and is disposable connected nan company’s website, represents a reconciliation to nan due GAAP measures and explains why nan institution believes specified non-GAAP measures are useful to investors.

This convention is being webcast. The webcast nexus is disposable connected nan Investor Relations conception of our website astatine www.marcusmillichap.com, on pinch nan descent position you whitethorn reference during nan prepared remarks.

With that, it’s my pleasance to move nan telephone complete to CEO, Hessam Nadji.

Hessam Nadji

Thank you, Jacque. On behalf of nan full Marcus & Millichap team, bully greeting everyone and invited to our 4th fourth and year-end 2022 net call. The manufacture successful our business knowledgeable a melodramatic displacement successful marketplace conditions betwixt nan first half of 2022 and nan second portion of nan year. The Feds missed opportunity successful 2021, to statesman normalizing financial conditions became nan astir fierce financial tightening successful 2022, to conflict runaway ostentation successful 40 years.

The resulting 450 ground constituent liking complaint summation and $500 cardinal of enslaved income successful a matter of months, shifted nan marketplace tailwind successful nan first half of nan twelvemonth to a marketplace disruption astatine September. With that backdrop, MMI still delivered grounds gross of $1.3 billion, adjusted EBITDA of $166 cardinal and net per stock of $2.59, some of which were nan 2nd champion successful our history.

We closed complete 12,000 full transactions pinch measurement of $86 cardinal and outperformed nan market. Total U.S. commercialized spot sales, arsenic reported by RCA declined 25% past year, while our brokerage transactions were disconnected by 6%. I'm besides proud to bespeak connected nan galore advancements to nan Marcus & Millichap level successful this past year. This scope from caller exertion specified arsenic our customer exertion called My MMI, to nan successful motorboat of our auction division, and ongoing description of financing capabilities, particularly successful nan agency lending arena.

We saw galore of our tenured income and financing professionals scope caller milestones and acquired galore apical level groups, teams and knowledgeable individual producers past year. The ongoing elevation of nan Marcus & Millichap marque was connected gait erstwhile again pinch Marquee Client webcast, manufacture starring investigation contented and commanding beingness successful nan media arsenic good arsenic astatine manufacture conferences.

These achievements were reached contempt a very difficult 4th quarter, stemming from nan escalation of woody cancellations, and further widening of nan bid inquire dispersed successful nan market. The increasing number of lenders that either exited nan marketplace aliases importantly tightened underwriting criteria besides became an obstacle successful closing deals successful nan last 4th of nan year.

Overall, income successful nan marketplace dropped by an estimated 57% during nan 4th fourth according to RCA, making it nan lowest 4th fourth income measurement successful nan marketplace since nan 4th fourth of 2011. We proceed to show nan comparative spot of nan Marcus & Millichap level arsenic our squad closed astir 2700 transactions and $16.4 cardinal successful measurement during nan quarter. These numbers enabled MMI to outperform nan marketplace successful nan 4th quarter, pinch a 38% diminution successful brokerage transaction.

For nan 4th we delivered gross of $262 million, adjusted EBITDA of $14 million, and net of $0.20 per share. The magnitude of nan marketplace disruption is reflected successful nan deficiency of investor urgency. In a normal market, nan 4th fourth typically has nan astir woody volume, arsenic investors unreserved to transact and deploy superior by twelvemonth end. However, 2022 was thing but emblematic arsenic 4th fourth measurement and gross was nan lowest for nan year.

Let maine item a fewer further factors to put nan 4th fourth results into perspective. Keeping deals together required bonzer efforts and troubleshooting productivity and uncovering replacement lenders which caused a awesome distraction to our squad successful processing caller business. The request to reprice listings became a situation fixed nan heightened grade of valuation uncertainty. This created a important emergence successful cancelled listings and disruption to listings going nether statement and into our pipeline, and truthful connected moving done nan accustomed woody continue.

Our astir knowledgeable professionals who person nan skills to navigate and adjacent deals astatine a reliable marketplace accounted for a larger than accustomed information of revenue. The elder producers suffice for our highest committee levels, starring to a higher than normal costs of services for nan 4th quarter.

Due to nan wide quality of nan marketplace disruption, each marketplace segments had little year-over-year gross for nan quarter. Our Private Client gross was disconnected 41% While mediate marketplace and larger transaction gross were down 47% and 63%, respectively. Larger transactions which person been a important portion of gross maturation complete nan past fewer years were highly impacted by organization investors quickly going to nan sidelines, arsenic we've seen successful erstwhile downturns.

Our finance section MCC saw gross autumn 37% arsenic nan spike successful rates made some transaction financing and refinancing overmuch much difficult. Costs related to investments made complete nan past fewer years for Talent Acquisition, Technology and infrastructure trading and business improvement put extracurricular unit connected net arsenic gross accumulation was hindered successful nan quarter. These ongoing investments person basal advantages complete nan agelong word and person proven to beryllium accretive successful a normal operating environment.

Our much knowledgeable income unit and nan summation of galore marketplace leaders successful caller years were awesome contributors to our grounds capacity successful 2021 and nan first half of 2022, we are assured they will erstwhile again person nan aforesaid affirmative effect erstwhile we retrieve from nan existent marketplace disruption. The reversal of disbursal leveraging we gained successful 2021 is further pressuring our margins successful nan adjacent term. Steve will elaborate much connected that.

Furthermore, we implemented disbursal simplification measures successful nan 4th quarter, resulting successful one-time charges which caused further resistance connected 4th fourth earnings.

Let maine now displacement to our strategy and outlook. Effectively navigating nan adjacent word challenges and protecting nan company's financial capacity is highly important to our guidance team. At nan aforesaid time, we powerfully judge successful sustaining our semipermanent mindset, building competitory advantages and not changing people because of a cyclical marketplace disruption.

Therefore, our apical priorities are arsenic follows. First, we're focused connected helping investors and our Clients lick problems, find solutions to their circumstantial circumstances and root opportunities. This attack during nan pandemic and passim our history has led to outsize maturation upon betterment because we ne'er person near nan marketplace and alternatively person leaned into nan situation by expanding our customer contact. This is precisely what we're doing now.

Second, we're helping our income unit leverage a reliable marketplace environment, to sharpen their skills utilize our proprietary devices to maximize productivity, and partner pinch our financing professionals. To item immoderate of their accomplishments, MMCC closed complete 400 financing transactions during nan 4th fourth unsocial and closed pinch complete 450 abstracted lenders past year. This is simply a awesome advantage to our income unit and our clients, arsenic our financing professionals tin entree a wide web of superior sources and move each chromatic to root indebtedness for clients successful this marketplace environment.

We're strategically deploying superior to support our beingness astatine cardinal manufacture events and conferences and to supply capable accumulation support to our income unit done nan downturn. Although transaction counts whitethorn beryllium down significantly, investors request for opinions of value, marketplace analysis, exploring various financing options for recapitalization and dealing pinch maturing loans person accrued dramatically.

We've tightened our loop while maintaining nan capacity to work these captious needs arsenic an finance successful agelong word growth, customer relationships and eventual recovery.

Last but surely not least, we are seeing much acquisition opportunities and person engaged successful respective explorations mostly prompted by nan show of MMI spot astatine a clip of uncertainty. We person nan equilibrium expanse to beryllium prudently violative during nan marketplace dislocation and are encouraged by our existent speech pinch Targets. Strategic acquisitions stay our apical superior allocation strategy while we proceed our dividend argumentation and stock repurchase plan.

In position of returning to integrated growth, our committedness to renewing nan institution rhythm of sourcing hiring and training caller professionals is dormant fast. As we person reported since nan pandemic this process has been disrupted by nan volatility successful nan marketplace effect of virtual employment choices now offered by galore companies and an unusually tight labour market.

Various strategies to boost section recruiting from cardinal universities. The preamble of nan William A Millichap Fellowship, which attracts highly qualified caller professionals and our galore internship programs stay connected course. The return to in-person training passim our offices should besides thief gradually reverse nan inclination of nan past 3 years. The mostly of nan 5% headcount simplification complete nan past twelvemonth remains concentrated successful nan 1 to three-year cadre, which is experiencing higher than accustomed turnover rate.

From a accumulation perspective, our occurrence successful attracting these knowledgeable talent is offsetting nan gross impact, however, fundamentally returning to integrated maturation is simply a privilege for nan firm.

Turning now to nan outlook. The existent marketplace headwinds are apt to persist successful nan adjacent term. However, we expect 3 factors to look and bring clarity and alteration a transaction marketplace recovery. First is nan extremity of nan Fed tightening cycle. We judge ostentation is gradually coming down, particularly arsenic nan lagging effect that nan costs of shelter originates to show up successful nan CPI. This process will beryllium bumpy from period to period arsenic we saw earlier this week.

The wide inclination points to a constricted number of further complaint hikes, followed by an expected Fed pause. It is improbable that nan Fed will pivot to lowering liking rates anytime soon, successful our opinion, fixed nan continued spot successful nan labour market. We judge that simply ending nan tightening rhythm will bring clarity to nan market.

Second is further grounds of a sustainable, albeit slower occupation marketplace and nan effect of immoderate imaginable occupation losses connected occupancies and rents. Third is value alignment. In our view, value adjustments ever return clip during a marketplace transition, but expectations will yet realign according to economical realities.

In nan adjacent term, we're leaning into nan downturn by amplifying nan company's galore competitory advantages. This includes our marketplace activity successful nan backstage customer segments, sourcing much 1031 Exchange buyers successful immoderate different firm. Our expertise to get difficult deals done successful this environment, our increasing suite of proprietary technology, cutting separator investigation and hands connected guidance connected nan ground.

We are positioning Marcus & Millichap to lead into nan eventual recovery, gained marketplace stock and proceed to build agelong word shareholder worth by investing successful nan future.

With that, I will move nan telephone complete to Steve for much specifications connected nan quarter. Steve?

Steve DeGennaro

Thank you. As Hessam stated, gross for nan 4th fourth was $262 million, compared to past year's grounds 4th of $495 million. For nan afloat year, full gross group a caller grounds precocious of $1.3 billion, up somewhat complete nan anterior twelvemonth record.

Moving to conception details. Real property brokerage gross for nan 4th fourth was $236 million, aliases 90% of full revenue, a akin percent to humanities levels. This represents transaction measurement of $13 cardinal crossed much than 2000 deals a year-over-year alteration of 54% successful volume, driven by 38% less transactions. Our mean woody size was $6.4 million, compared to $8.7 cardinal a twelvemonth ago. For nan afloat twelvemonth existent property brokerage gross was $1.2 billion, aliases astir 90% of full revenue, again, a akin percent to humanities levels.

Full twelvemonth results included transaction measurement of $68 cardinal crossed much than 9000 deals, fundamentally level pinch past twelvemonth and a 6% alteration successful transaction count. Our mean woody size for nan twelvemonth accrued to $7.5 cardinal compared to $7 cardinal successful 2021. The opposition betwixt 4th fourth and afloat twelvemonth gross and transaction metrics reflects nan beardown first half of nan year, and investors heightened information to transact earlier nan Feds fierce liking complaint actions, which past created a marketplace disruption and anemic 2nd half of nan year.

Within brokerage, our halfway backstage customer marketplace conception successful nan 4th fourth accounted for 61.7% of brokerage revenue, aliases $146 million. This compares to $247 cardinal successful nan anterior year, reflecting nan melodramatic and wide slowdown successful marketplace activity. Our mediate marketplace and larger transaction segments together contributed gross of $85 cardinal aliases 36.1% of full brokerage gross for nan 4th compared to $199 cardinal past year, arsenic galore organization buyers remained connected nan sidelines successful Q4, waiting for much clarity connected liking rates and pricing earlier reentering nan market.

For nan afloat year, gross from our Private Client marketplace conception of $682 cardinal was down 2% and nan mixed gross of $463 cardinal from mediate marketplace and larger transactions was up 4%.

Turning to our financing section MMCC, gross came successful astatine $22 cardinal successful nan 4th fourth compared to $34 cardinal successful nan anterior year. Fees from refinancing accounted for 45% of indebtedness originations compared to 54% successful nan aforesaid play past year, driven by nan crisp emergence successful liking rates during nan year, our financing group closed 408 transactions compared to 696 during nan aforesaid play successful nan anterior year.

Despite marketplace conditions, we proceed to rank among nan starring financing intermediaries nationally. Financing fees for nan afloat twelvemonth were $113 million, compared to $110 cardinal successful nan anterior year. Other gross comprised chiefly of consulting and advisory fees, on pinch referral fees was $5 cardinal for nan quarter, accordant pinch nan 4th fourth past year. Other gross for nan afloat twelvemonth was $18 million, compared to $16 cardinal past year.

Total operating disbursal for nan 4th fourth was $257 million, compared to $413 cardinal a twelvemonth ago, a alteration of 38%. For nan afloat year, full operating expenses were $1.16 billion, up $57 cardinal complete nan anterior year. Cost of services for nan 4th fourth was $181 cardinal aliases 68.9% of revenue, an summation of 160 ground points year-over-year. This summation was chiefly driven by nan outperformance of gross successful nan first half of nan year, which meant agents reached higher committee rates arsenic a surpassed gross period earlier successful nan year.

This is besides driven by nan maturing of our income force, nan summation of galore knowledgeable professionals and a larger stock of gross generated by much elder producers successful a reliable marketplace environment. Cost of services for nan afloat twelvemonth was 65.4% of revenue, 60 ground points higher than nan anterior year.

SG&A during nan 4th fourth was $73 million, a alteration of 5.7% year-over-year, chiefly owed to little worker compensation disbursal tied to institution performance, partially offset by higher income support costs. As a percent of gross SG&A was 27.6% for nan quarter, compared to 15.6% past year, reflecting some nan grounds gross successful Q4 of 2021 and nan disproportionate effect of fixed costs erstwhile gross was disrupted successful Q4 of this year.

For nan afloat year, SG&A was up 17.6% to $300 million, which arsenic a percent of gross was an summation of 330 ground points complete nan anterior twelvemonth to 23%. As a reminder, nan important SG&A leverage we realized successful 2021 resulted from exceptional gross maturation coming retired of nan pandemic, erstwhile expenses had not yet normalized. This gradually reversed during 2022, arsenic transactional activity slowed, and expenses returned to normal.

In December, we took action to trim controllable expenses, including headcount reductions that will use america going forward. However, nan savings won't each beryllium visible immediately, fixed nan timing of definite income and customer activities that hap successful nan first half of nan year.

For nan quarter, we generated $0.20 of net per diluted share, compared to $1.53 per diluted stock successful nan 4th fourth of 2021. Adjusted EBITDA for nan 4th was $14.1 million, compared to $88.2 cardinal successful nan anterior year. The effective taxation complaint for nan 4th was 21.4%, compared to 25.8% successful nan anterior year. The alteration successful complaint is chiefly owed to a windfall taxation use related to colony of deferred banal based compensation. We do not expect this taxation use going forward. On a afloat twelvemonth basis, nan effective taxation complaint was 26.6%.

Moving to nan equilibrium sheet, we stay successful an exceptionally beardown position pinch nary debt, and $558 cardinal successful cash, rate equivalents and marketable securities, a humble alteration from nan anterior quarters $572 million. As portion of our expanded superior allocation strategy, during nan quarter, we returned $32 cardinal of superior to shareholders, including $10 cardinal successful dividends, and $22 cardinal successful stock repurchases.

For nan afloat year, we’ve returned much than $90 cardinal of superior to shareholders pinch $63 cardinal successful dividends declared and $30 cardinal successful stock repurchases. This leaves america pinch $40 cardinal remaining nether nan existent stock repurchase authorization. Last week, we announced that our Board declared a semi-annual dividend of $0.25 per share, aliases astir $10 million, payable connected April 6 2023, to shareholders of grounds connected March 14 2023.

In summation to return of superior to shareholders, we are successful a beardown position to proceed investing successful our business done retention and recruiting of apical producers, exertion improvements, and information of M&A opportunities.

Turning now to nan adjacent word outlook, nan transaction marketplace headwinds are apt to stay challenging. However, we are cautiously optimistic that nan catalysts Hessam outlined will support improving marketplace conditions starting successful nan 2nd half of nan year.

From an disbursal standpoint, we are focused connected managing controllable costs to minimize nan effect of nan adjacent word marketplace disruption without compromising our agelong word maturation priorities. Revenue successful nan first 4th will beryllium impacted much dramatically than nan accustomed shape of seasonality owed to existent marketplace conditions. This is exacerbated by nan truth that Q1 of 2020 to group a caller grounds and will beryllium a very tough, comparable.

Cost of services for nan first 4th of 2023 should travel nan seasonal reset and alteration sequentially to a scope of 61% to 63%. This is somewhat higher than nan first 4th of past twelvemonth fixed existent marketplace dynamics. SG&A for nan first 4th should alteration year-over-year successful absolute dollars accordant pinch little revenue, but nan successful statement pinch nan 4th quarter. This is owed to basal income and customer activities that traditionally hap successful nan first quarter.

We expect our afloat twelvemonth taxation complaint to beryllium successful nan 26% 28% range.

Looking forward, we stay opportunistic astir nan agelong tally and position a marketplace disruption for illustration nan play we are successful arsenic an opportunity to further build and fortify our platform. We person an exceptionally beardown equilibrium expanse and person delivered accordant operating results complete decades pinch important rate travel procreation for our shareholders, built connected nan proven durability of our level done aggregate marketplace cycles.

That concludes our prepared marks. Operator, we tin now unfastened nan telephone for Q&A.

Question-and-Answer Session

Operator

[Operator Instructions] And our first mobility comes from nan statement of Blaine Heck pinch Wells Fargo. Please proceed pinch your question.

Blaine Heck

Great, thanks. Good greeting retired there. Hessam, it seems to maine that this type of situation pinch important declines successful transactional activity would beryllium very stressing connected mini brokerages. I'm judge you each person ongoing conversations pinch imaginable targets. Are you seeing immoderate of them unfastened up much to nan thought of a sale? And are you seeing pricing expectations connected imaginable M&A activity moderate? Or do you deliberation nan debased extremity transactions would person to beryllium possibly a small spot much extended to shingle retired amended opportunities?

Hessam Nadji

Sure. Hi, Blaine, dream you're doing well. Great question. We are surviving pinch those dynamics each time arsenic we person engaged successful a number of conversations. As I mentioned successful my remarks, location fewer much conversations successful nan past 90 days than location person been precisely because of nan marketplace daze and nan conception that Marcus and Millichap is simply a very unchangeable and instrumentality rich | and support rich | platform, we are seeing a batch much liking successful those aspects of nan company. And we are starting to spot immoderate accommodation successful value expectations successful word expectation. I would opportunity that nan marketplace needs to person a small spot much clip to spot that this isn't a speedy fix, if you will. And successful time, we judge there'll beryllium moreover much opportunities.

But truthful we're seeing opportunities successful that boutique, section location brokerage situation arsenic good arsenic immoderate boutique financing successful entities arsenic good arsenic immoderate much I would opportunity specialized and larger providers that could beryllium a very bully fresh for MMI.

Blaine Heck

Great, that's helpful. Switching gears to nan stock repurchase front. Looks for illustration he took down a small nether half nan $70 cardinal authorization since announcing nan buyback programme successful August past year. Can you conscionable show america really you're reasoning astir stock repurchases comparative to different opportunities for superior allocation and whether you scheme to benignant of revisit that stock buyback authorization levels aliases magnitude successful nan arena that you do complete that 70 cardinal that's successful place?

Steve DeGennaro

Yes, Blaine. This is Steve. You're correct, we've taken down astir $30 cardinal of nan $70 cardinal that was authorized backmost successful nan August timeframe. As we said, past we'll reiterate we'll beryllium opportunistic and return down shares arsenic we deem appropriate. We want to reiterate that our superior allocation strategy starts first and foremost pinch investments internally. Infrastructure investments, level investments, extends to M&A and past to returning superior to shareholders some successful nan shape of dividends arsenic good arsenic a stock repurchase program.

Pointing to nan equilibrium expanse wherever we've sewage complete $550 cardinal $560 cardinal of costs available. There are plentifulness we person opportunities to do each of those, instrumentality each aspects of that strategy. As we get person to taking down nan fullness of that authorization, we surely will beryllium revisiting that pinch our board. And, again, I deliberation we will proceed to beryllium progressive successful nan marketplace pinch our repurchase program.

Blaine Heck

Okay, thanks. That's helpful, Steve. It sounds for illustration nan changes successful hiring processes, distant moving trends and debased unemployment are still benignant of headwinds pinch respect to adding professionals. So pinch that backdrop, on pinch these comments connected immoderate headcount simplification and disbursal reductions successful December, I guess, really should we deliberation astir nan headcount levels astatine MMI arsenic we move passim 2023?

Hessam Nadji

Well, 1 point to constituent retired is that successful nan 4th quarter, we really added nett headcount successful that galore initiatives person been ongoing, to reside each nan factors that person led to nan simplification of headcount. We don't spot those marketplace forces changing anytime soon. Therefore, it's a matter of our actions that are going to flooded this portion of nan challenges that we face.

The headcount simplification connected nan support side, and disbursal reductions should not impact our expertise to recruit, hire, train, and support caller candidates coming into nan company. Because those efforts are executed locally by our location managers, our recruiting section and our section managers, who've ever been very focused connected it. We did not trim expenses successful that area, really strategically, because it's specified an important constituent for nan company's agelong word future.

I want to item again, that nan occurrence we've had successful nan past 3 years successful attracting knowledgeable professionals, teams, and groups, had much than made up for nan gross accumulation spread that we've knowledgeable since nan pandemic, from caller entrants coming into nan business, that's not to opportunity that our scheme has changed. We really judge that we request both. And we're going to person both. But nan occurrence connected nan knowledgeable hiring beforehand has been a tailwind for us, and we proceed to spot occurrence there.

In fact, to your point, Blaine, astir nan marketplace disruption. A batch much individuals and teams successful different firms are funny astir what we're doing. And fundamentally seeing nan marque retired there, particularly pinch immoderate of nan caller things we've done, for illustration nan auction platform, My MMI, those sewage a batch of attraction successful nan industry. So we are leveraging and had to proceed to prosecute knowledgeable professionals.

Blaine Heck

Okay, that's bully to hear. Thanks, Hessam. Lastly, I wanted to make -- inquire a much circumstantial benignant of modeling type question. And sorry, if I missed thing successful your prepared remarks, but different gross came successful up of expectations, particularly fixed nan diminution successful woody activity this quarter. Can you talk astir what drove that $2 cardinal summation comparative to nan 3rd 4th and really we should deliberation astir different gross successful 2023?

Steve DeGennaro

Yes, Blaine, again Steve. Other gross chiefly relates to liking income. There are a number of different factors that spell into that different income/expense statement item, but nan superior contributor is liking income connected our investments. And surely arsenic liking rates person ticked up and impacted our businesses, we've talked galore times, we're besides generating much income from our investments. Again, location are different statement items that that flows done there, but that's nan superior factor.

Blaine Heck

Okay, that makes a batch of sense. Thanks, guys. That's it for maine successful this quarter.

Hessam Nadji

Thanks, Blaine.

Operator

And we person reached nan extremity of nan mobility and reply session. I'll now move nan telephone backmost complete to Hessam Nadji, for closing remarks.

Hessam Nadji

Thank you, operator. And convey you everyone for joining our call. We look guardant to seeing immoderate of you connected nan roadworthy and getting prepared for our adjacent net call. Thank you very much.

Operator

This concludes today's convention and you whitethorn disconnect your lines astatine this time. Thank you for your participation.

Editor: Naga



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