Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 73

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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ed EBITDA as a supplemental measure to evaluate our overall operating performance. However, Adjusted EBITDA has 

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material limitations as a supplemental metric and should not be considered in isolation, or as a substitute for analysis of our results as reported 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 income (loss), operating income (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 EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Net income (loss)$240 $(5,385)$(15,217)$(20,910)Adjustments:Interest income and other(1)(3,487)(4,498)(11,898)(13,806)Interest expense197 208 584 611 Provision (benefit) for income taxes1,230 (967)(979)(3,613)Depreciation and amortization2,743 4,550 8,745 11,301 Stock-based compensation5,966 6,071 18,368 17,755 Adjusted EBITDA$6,889 $(21)$(397)$(8,662)

(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, we have invested a portion of our cash in money market funds and fixed and variable income debt securities, in accordance with our investment