Company: MMI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001578732-25-000031
Chunk: 45

Company: Marcus & Millichap, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 items that relate discretely to the period, if any. For the current quarter, the Company recognized an income tax benefit of $9.5 million, resulting in an effective tax rate of 68.2%. In the comparable period of 2024, the income tax benefit was $4.7 million, with an effective tax rate of 32.2%. The increase in the effective tax rate for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributed to non-deductible items, state income taxes, and changes in the valuation allowance. The Company’s effective tax rate of 68.2% is greater than the 21.0% federal statutory tax rate primarily due to non-deductible items and state income taxes.

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Table of ContentsMARCUS & MILLICHAP, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 

11.    Loss per Share 

Basic and diluted loss per share for the three months ended March 31, 2025 and 2024, respectively consisted of the following (in thousands, except per share data): Three Months EndedMarch 31,20252024Numerator (Basic and Diluted):Net loss$(4,422)$(9,987)Change in value for stock settled consideration(1)1 18 Adjusted net loss$(4,421)$(9,969)Denominator:BasicWeighted average common shares issued and outstanding38,94638,464Deduct: Unvested RSAs (2)(16)(17)Weighted average common shares outstanding38,93038,447Basic loss per common share$(0.11)$(0.26)DilutedWeighted average common shares outstanding from above38,93038,447Add: Dilutive effect of RSUs, RSAs & ESPP(3)——Add: Contingently issuable shares(1)(3)——Weighted average common shares outstanding38,93038,447Diluted loss per common share$(0.11)$(0.26)Antidilutive shares excluded from diluted loss per common share(4)1,0311,020(1)Relates to contingently issuable stock settled consideration. (2)RSAs were issued to the non-employee directors and will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of stockholders, subject