Company: MMI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001578732-25-000031
Chunk: 114

Company: Marcus & Millichap, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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162,749 112.2 149,206 115.6 13,543 9.1 %Operating loss(17,711)(12.2)(20,102)(15.6)2,391 (11.9)%Other income, net3,979 2.7 5,568 4.3 (1,589)(28.5)%Interest expense(187)(0.1)(199)(0.1)12 (6.0)%Loss before benefit for income taxes(13,919)(9.6)(14,733)(11.4)814 (5.5)%Benefit for income taxes(9,497)(6.5)(4,746)(3.7)(4,751)100.1 %Net loss$(4,422)(3.1)%$(9,987)(7.7)%$5,565 (55.7)%Adjusted EBITDA(1)$(8,742)(6.0)%$(10,082)(7.8)%$1,340 13.3 %

(1)Adjusted EBITDA is not a measurement of our financial performance under U.S. generally accepted accounting principles (“U.S. GAAP”) and should not be considered as an alternative to net loss, operating income or any other measures derived in accordance with U.S. GAAP. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss, which is the most directly comparable U.S. GAAP financial measure, see “Non-GAAP Financial Measure” below.     

Revenue

Total revenue was $145.0 million for the three months ended March 31, 2025 compared to $129.1 million for the same period in 2024, an increase of $15.9 million, or 12.3%. Total revenue increased as a result of increases in real estate brokerage commissions and financing fees, partially offset by a reduction in other revenue, as described below. See “Factors Affecting Our Business” for additional market information.

Real estate brokerage commissions. Revenue from real estate brokerage commissions increased to $123.6 million for the three months ended March 31, 2025 from $109.5 million for the same period in 2024, an increase of $14.1 million, or 12.9%. The increase was the result of total sales volume increasing by 17.6%, partially offset