Marcus & Millichap, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Loss per Share

Loss per Share

3 Months Ended

Mar. 31, 2024

Basic and diluted loss per share for the three months ended March 31, 2024 and 2023, respectively consisted of the following (in thousands, except per share data):


	Three Months Ended March 31,
	2024		2023
Numerator (Basic and Diluted):
Net loss	$	(9,987)	$	(5,833)
Change in value for stock settled consideration(1)	18		18
Adjusted net loss	$	(9,969)	$	(5,815)

Denominator:
Basic
Weighted average common shares issued and outstanding	38,464		39,211
Deduct: Unvested RSAs (2)	(17)		(11)
Weighted average common shares outstanding	38,447		39,200

Basic loss per common share	$	(0.26)	$	(0.15)
Diluted
Weighted average common shares outstanding from above	38,447		39,200
Add: Dilutive effect of RSUs, RSAs & ESPP(3)	—		—
Add: Contingently issuable shares(1)(3)	—		—
Weighted average common shares outstanding	38,447		39,200
Diluted loss per common share	$	(0.26)	$	(0.15)
Antidilutive shares excluded from diluted earnings per common share(4)	1,020		1,608

(1)Relates to contingently issuable stock settled consideration.

(2)RSAs were issued and outstanding to the non-employee directors and have a one-year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information.

(3)Shares related to the Company's RSUs, RSAs, ESPP, and contingently issuable shares were excluded from the weighted average common shares outstanding for the three months ended March 31, 2024 because inclusion of such shares would be antidilutive in a period of loss.

(4)Primarily pertaining to RSU grants to the Company’s employees and independent contractors.