Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 130

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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 and amortization expense decreased to $6.0 million for the six months ended June 30, 2025 from $6.8 million compared to the same period in 2024, a decrease of $0.7 million, or 11.1%. The decrease primarily relates to accelerated amortization and impairment of certain intangible assets recorded in the second half of 2024 resulting from changes in estimates.

Other Income, Net 

Other income, net decreased to $9.5 million for the six months ended June 30, 2025 from $10.4 million for the same period in 2024. The decrease of $0.9 million was primarily driven by a decrease in interest income due to a decreased average yield on the Company's investments during the period compared to the same period in prior year.

Interest Expense 

Interest expense decreased by an immaterial amount for the six months ended June 30, 2025 compared to the same period in 2024, and primarily relates to interest expense on the Company’s SARs liability. 

Benefit for Income Taxes 

The benefit for income taxes was $2.2 million for the six months ended June 30, 2025, compared to $2.6 million for the same period in 2024. The effective income tax rate for the six months ended June 30, 2025, was 12.5% compared to 14.6% for the same period in 2024. The determination of the applicable tax rate was based on the discrete method for the six months ended June 30, 2025, compared to the annual effective tax rate method for the same period in 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.

Non-GAAP Financial Measure 

In this Quarterly Report on Form 10-Q, we include a non-GAAP financial measure, Adjusted EBITDA. We define Adjusted EBITDA as net loss before (i) interest income and other, including net realized gains (losses) on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, (ii) interest expense, (iii) provision (benefit) for income taxes, (iv) depreciation and amortization, and (v) stock-based compensation. We use Adjusted EBITDA in our business operations to evaluate the performance of our business,