$MMI
Marcus & Millichap, Inc.

2013 Q3 Form 10-Q Financial Statement

#000119312513451310 Filed on November 22, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q4 2012 Q3
Revenue $112.0M $147.6M $91.23M
YoY Change 22.72% 71.67% 25.49%
Cost Of Revenue $67.72M $91.35M $54.19M
YoY Change 24.95% 73.66% 24.87%
Gross Profit $44.24M $56.29M $37.03M
YoY Change 19.44% 69.05% 25.97%
Gross Profit Margin 39.51% 38.13% 40.59%
Selling, General & Admin $30.86M $32.60M $25.01M
YoY Change 23.42% 36.97% 16.86%
% of Gross Profit 69.77% 57.91% 67.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $800.0K $700.0K
YoY Change 14.29% 14.29% 0.0%
% of Gross Profit 1.81% 1.42% 1.89%
Operating Expenses $99.33M $33.40M $79.93M
YoY Change 24.26% 35.77% 261.69%
Operating Profit $12.63M $22.97M $11.30M
YoY Change 11.78% 163.99% 54.73%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $247.0K $100.0K $41.00K
YoY Change 502.44% -50.0% -120.5%
Pretax Income $12.87M $23.10M $11.34M
YoY Change 13.55% 156.67% 59.66%
Income Tax $5.597M $10.00M $4.931M
% Of Pretax Income 43.48% 43.29% 43.5%
Net Earnings $7.275M $13.04M $6.405M
YoY Change 13.58% 155.65% 60.13%
Net Earnings / Revenue 6.5% 8.83% 7.02%
Basic Earnings Per Share
Diluted Earnings Per Share $199.5K $364.1K $179.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.70M $3.100M
YoY Change
Cash & Equivalents $28.68M $3.107M $4.849M
Short-Term Investments
Other Short-Term Assets $6.800M $2.900M
YoY Change
Inventory
Prepaid Expenses
Receivables $4.300M $5.800M
Other Receivables $200.0K $800.0K
Total Short-Term Assets $39.91M $12.58M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $8.476M $6.688M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.800M $63.30M
YoY Change
Other Assets $3.431M $3.965M
YoY Change
Total Long-Term Assets $20.88M $77.15M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $39.91M $12.58M
Total Long-Term Assets $20.88M $77.15M
Total Assets $60.79M $89.73M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.10M $22.60M
YoY Change
Accrued Expenses $10.20M $17.50M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.67M $54.45M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.007M $4.529M
YoY Change
Total Long-Term Liabilities $5.007M $4.529M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $42.67M $54.45M
Total Long-Term Liabilities $5.007M $4.529M
Total Liabilities $57.10M $68.10M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $777.0K -$3.182M
YoY Change
Common Stock $235.0K $234.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.684M $21.63M
YoY Change
Total Liabilities & Shareholders Equity $60.79M $89.73M
YoY Change

Cashflow Statement

Concept 2013 Q3 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $7.275M $13.04M $6.405M
YoY Change 13.58% 155.65% 60.13%
Depreciation, Depletion And Amortization $800.0K $800.0K $700.0K
YoY Change 14.29% 14.29% 0.0%
Cash From Operating Activities $17.80M $14.90M $9.600M
YoY Change 85.42%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$1.700M -$900.0K
YoY Change 44.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K -$100.0K
YoY Change -100.0%
Cash From Investing Activities -$1.300M -$1.500M -$1.000M
YoY Change 30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.200M -15.10M -7.600M
YoY Change -5.26%
NET CHANGE
Cash From Operating Activities 17.80M 14.90M 9.600M
Cash From Investing Activities -1.300M -1.500M -1.000M
Cash From Financing Activities -7.200M -15.10M -7.600M
Net Change In Cash 9.300M -1.700M 1.000M
YoY Change 830.0%
FREE CASH FLOW
Cash From Operating Activities $17.80M $14.90M $9.600M
Capital Expenditures -$1.300M -$1.700M -$900.0K
Free Cash Flow $19.10M $16.60M $10.50M
YoY Change 81.9%

Facts In Submission

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dei Trading Symbol
TradingSymbol
MMI
dei Entity Registrant Name
EntityRegistrantName
Marcus & Millichap, Inc.
dei Amendment Flag
AmendmentFlag
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dei Entity Filer Category
EntityFilerCategory
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
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0001578732
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Concentration of Credit Risk</i></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash, due from affiliate, and receivables. Cash is placed with high-credit quality financial institutions. The Company historically has not experienced any losses in its cash and cash equivalent or due from affiliate. The Company maintains allowances for estimated credit losses based on management&#x2019;s assessment of the likelihood of collection. As of September&#xA0;30, 2013 and December&#xA0;31, 2012, no individual accounted for 10% or more of commissions receivable.</p> <p style="MARGIN-TOP: 12pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States, none of which individually represents a significant concentration of credit risk. For the three and nine months ended September&#xA0;30, 2013 and 2012, no individual customer represented 10% or more of total revenues.</p> </div>
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Use of Estimates</i></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
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2013-06
mmi Deferred Compensation Plan Percentage
DeferredCompensationPlanPercentage
1.10 pure
mmi Income Tax Paid
IncomeTaxPaid
19694000
mmi Non Cash Capitalized Deferred Offering Costs
NonCashCapitalizedDeferredOfferingCosts
583000
mmi Issuance Of Restricted Stock For Notes Receivable
IssuanceOfRestrictedStockForNotesReceivable
21000
mmi Non Cash Deemed Capital Contribution
NonCashDeemedCapitalContribution
2655000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20524000
us-gaap Net Income Loss
NetIncomeLoss
14896000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
155000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2921000
us-gaap Payments Of Dividends
PaymentsOfDividends
15654000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2728000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
591000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-441000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-15723000
us-gaap Cost Of Services
CostOfServices
138903000
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1409000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
411000
us-gaap Share Based Compensation
ShareBasedCompensation
3943000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
174000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2227000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1691000
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
9827000
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1292000
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
9228000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
25000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3110000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1921000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
10060000
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
86000
us-gaap Operating Expenses
OperatingExpenses
212037000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
70907000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11469000
mmi Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
-17000
mmi Share Based Compensation Net Of Tax
ShareBasedCompensationNetOfTax
2228000
mmi Increase Decrease Investments In Trust Account
IncreaseDecreaseInvestmentsInTrustAccount
442000
mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
216029000
mmi Financing Fees Revenue
FinancingFeesRevenue
13413000
mmi Increase Decrease In Commissions Receivable
IncreaseDecreaseInCommissionsReceivable
2032000
mmi Increase Decrease Prepaid Rent Leasehold Improvements
IncreaseDecreasePrepaidRentLeaseholdImprovements
-195000
mmi Commission Payable Increase Decrease
CommissionPayableIncreaseDecrease
-1488000
mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
125000
mmi Amount Of Shared Services Arrangement Expense
AmountOfSharedServicesArrangementExpense
834000
mmi Income Tax Paid
IncomeTaxPaid
12061000
mmi Issuance Of Restricted Stock For Notes Receivable
IssuanceOfRestrictedStockForNotesReceivable
90000
mmi Non Cash Deemed Capital Contribution
NonCashDeemedCapitalContribution
2228000
CY2012 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
14000
CY2012Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2012Q3 us-gaap Revenues
Revenues
91228000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11336000
CY2012Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
394000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
11295000
CY2012Q3 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
3413000
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
41000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
6405000
CY2012Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
212000
CY2012Q3 us-gaap Cost Of Services
CostOfServices
54194000
CY2012Q3 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
606000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1760000
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
732000
CY2012Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
555000
CY2012Q3 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
3967000
CY2012Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
4325000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
79933000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
25007000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4931000
CY2012Q3 mmi Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
-24000
CY2012Q3 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
82620000
CY2012Q3 mmi Financing Fees Revenue
FinancingFeesRevenue
5195000
CY2012Q3 mmi Amount Of Shared Services Arrangement Expense
AmountOfSharedServicesArrangementExpense
486000
CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2013Q3 us-gaap Revenues
Revenues
111953000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12872000
CY2013Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
12625000
CY2013Q3 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
3413000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
247000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
7275000
CY2013Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0
CY2013Q3 us-gaap Cost Of Services
CostOfServices
67718000
CY2013Q3 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
687000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2053000
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
747000
CY2013Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
630000
CY2013Q3 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
4504000
CY2013Q3 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
4910000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
99328000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30863000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5597000
CY2013Q3 mmi Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
-15000
CY2013Q3 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
101757000
CY2013Q3 mmi Financing Fees Revenue
FinancingFeesRevenue
6783000
CY2013Q3 mmi Amount Of Shared Services Arrangement Expense
AmountOfSharedServicesArrangementExpense
493000

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