Marcus & Millichap(MMI) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2025 was $172.3 million, an increase of 8.8% compared to $158.4 million in Q2 2024[6] - For the first six months of 2025, total revenues were $317.3 million, a 10.4% increase from $287.5 million in the same period of 2024[14] - Total revenue for Q2 2025 was $172.3 million, a 8.5% increase from $158.4 million in Q2 2024[32] - Real estate brokerage commissions reached $141.4 million in Q2 2025, up from $135.4 million in Q2 2024, representing a 4.4% growth[32] - Financing fees increased by 43.6% to $26.3 million in Q2 2025 from $18.3 million in Q2 2024[32] - Total sales volume for Q2 2025 was approximately $12.3 billion, with 2,070 transactions, compared to $11.5 billion from 1,972 transactions in Q2 2024[35] Operating Expenses - Total operating expenses for Q2 2025 were $181.3 million, an increase from $166.4 million in Q2 2024, primarily due to higher costs of services and selling, general, and administrative expenses[9][10] - Total operating expenses for Q2 2025 were $181.3 million, an increase of 8.9% from $166.4 million in Q2 2024[32] Net Loss - The net loss for Q2 2025 was $11.0 million, or $0.28 per diluted share, compared to a net loss of $5.5 million, or $0.14 per diluted share, in Q2 2024[11] - The net loss for Q2 2025 was $11.0 million, compared to a net loss of $5.5 million in Q2 2024[32] - For the six months ended June 30, 2025, the net loss was $15,457,000, compared to a net loss of $15,525,000 for the same period in 2024[41] Adjusted EBITDA - Adjusted EBITDA for Q2 2025 was $1.5 million, slightly up from $1.4 million in Q2 2024[13] - Adjusted EBITDA for the three months ended June 30, 2025, was $1,456,000, slightly up from $1,441,000 in the same period of 2024[41] - Adjusted EBITDA for the six months ended June 30, 2025, was $(7,286,000), an improvement from $(8,641,000) in the same period of 2024[41] - The company uses Adjusted EBITDA as a key performance metric, which eliminates items related to capital structure, taxes, and non-cash items[40] - The company emphasizes that Adjusted EBITDA should not be considered in isolation from U.S. GAAP results[40] Shareholder Actions - The Company declared a semi-annual dividend of $0.25 per share, totaling approximately $10.2 million, payable on October 6, 2025[15] - The Company has approximately $63.6 million available for share repurchases under its program, with no established time limit for completion[17] Market Outlook - The commercial real estate transaction market is expected to face near-term challenges but remains well-positioned for long-term growth[18] Assets and Equity - Total assets decreased to $792.2 million as of June 30, 2025, down from $869.8 million at the end of 2024[38] - Stockholders' equity was $607.8 million as of June 30, 2025, compared to $630.8 million at the end of 2024[38] Workforce - The company had 1,540 investment sales professionals and 100 financing professionals as of June 30, 2025[35]