Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 131

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 131
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 develop budgets and measure our performance against those budgets, among other things. We also believe that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate our overall operating performance. However, Adjusted EBITDA has material limitations as a supplemental metric and should not be considered in isolation, or as a substitute for analysis of our results as reported 

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under U.S. GAAP. We find Adjusted EBITDA to be a useful management metric to assist in evaluating performance, because Adjusted EBITDA eliminates items related to capital structure, taxes and non-cash items. In light of the foregoing limitations, we do not rely solely on Adjusted EBITDA as a performance measure and also consider our U.S. GAAP results. Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net loss, operating loss or any other measures calculated in accordance with U.S. GAAP. Because Adjusted EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. A reconciliation of the most directly comparable U.S. GAAP financial measure, net loss, to Adjusted EBITDA is as follows (in thousands):

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Net loss$(11,035)$(5,538)$(15,457)$(15,525)Adjustments:Interest income and other(1)(4,373)(4,543)(8,411)(9,308)Interest expense200 204 387 403 Provision (benefit) for income taxes7,288 2,100 (2,209)(2,646)Depreciation and amortization3,153 3,329 6,002 6,751 Stock-based compensation6,223 5,889 12,402 11,684 Adjusted EBITDA$1,456 $1,441 $(7,286)$(8,641)

(1)Other includes net realized gains (losses) on marketable debt securities, available-for-sale.

Liquidity and Capital Resources 

Our primary sources of liquidity are cash, cash equivalents, and restricted cash, cash flows from operations, marketable debt securities, available-for-sale and, if necessary, borrowings under our Credit Agreement (as defined herein). In order to enhance yield to us