Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 157

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 157
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 Company’s SARs liability. 

Provision for Income Taxes 

The provision for income taxes was $7.3 million for the three months ended June 30, 2025, compared to $2.1 million for the same period in 2024. The effective income tax rate for the three months ended June 30, 2025, was (194.5)% compared to (61.1)% for the same period in 2024. The change in the effective tax rate is primarily due to the application of the discrete method for the three and six months ended June 30, 2025 compared to the annual effective tax rate method for the three and six months ended June 30, 2024 as discussed in Note 10 – “Income Taxes” in the Notes to the Condensed Consolidated Financial Statements in Item 1, Part I of this Quarterly Report on Form 10-Q.

38

Comparison of Six Months Ended June 30, 2025 and 2024 

Below are key operating results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (dollars in thousands): 

Six Months Ended June 30, 2025PercentageofRevenue Six Months Ended June 30, 2024PercentageofRevenue Change Dollar Percentage Revenue:Real estate brokerage commissions$265,039 83.5 %$244,898 85.2 %$20,141 8.2 %Financing fees44,389 14.0 32,721 11.4 11,668 35.7 %Other revenue7,886 2.5 9,852 3.4 (1,966)(20.0)%Total revenue317,314 100 287,471 100 29,843 10.4 %Operating expenses:Cost of services194,966 61.4 174,949 60.9 20,017 11.4 %Selling, general and administrative143,102 45.1 133,919 46.6 9,183 6.9 %Depreciation and amortization6,002 1.9 6,751 2.3 (749)(11.1)%Total operating expenses344,070 108.4 315,619 109.8 28,451 9.0 %Operating loss(26,756)(8.4