$MMI
Marcus & Millichap Inc

2013 Form 10-K Financial Statement

#000119312514110596 Filed on March 21, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $435.9M $147.6M $91.23M
YoY Change 13.01% 71.67% 25.49%
Cost Of Revenue $264.6M $91.35M $54.19M
YoY Change 14.94% 73.66% 24.87%
Gross Profit $171.3M $56.29M $37.03M
YoY Change 10.16% 69.05% 25.97%
Gross Profit Margin 39.29% 38.13% 40.59%
Selling, General & Admin $115.7M $32.60M $25.01M
YoY Change 11.77% 36.97% 16.86%
% of Gross Profit 67.54% 57.91% 67.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.000M $800.0K $700.0K
YoY Change 0.0% 14.29% 0.0%
% of Gross Profit 1.75% 1.42% 1.89%
Operating Expenses $414.6M $33.40M $79.93M
YoY Change 23.14% 35.77% 261.69%
Operating Profit $21.29M $22.97M $11.30M
YoY Change -56.57% 163.99% 54.73%
Interest Expense $105.0K
YoY Change 2525.0%
% of Operating Profit 0.49%
Other Income/Expense, Net $760.0K $100.0K $41.00K
YoY Change 73.91% -50.0% -120.5%
Pretax Income $21.94M $23.10M $11.34M
YoY Change -55.62% 156.67% 59.66%
Income Tax $13.74M $10.00M $4.931M
% Of Pretax Income 62.6% 43.29% 43.5%
Net Earnings $8.206M $13.04M $6.405M
YoY Change -70.62% 155.65% 60.13%
Net Earnings / Revenue 1.88% 8.83% 7.02%
Basic Earnings Per Share $0.24
Diluted Earnings Per Share $0.24 $364.1K $179.3K
COMMON SHARES
Basic Shares Outstanding 38.79M shares
Diluted Shares Outstanding 38.82M shares

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.0M $3.100M
YoY Change 3158.06%
Cash & Equivalents $101.0M $3.107M $4.849M
Short-Term Investments
Other Short-Term Assets $15.40M $2.900M
YoY Change 431.03%
Inventory
Prepaid Expenses
Receivables $5.800M
Other Receivables $800.0K
Total Short-Term Assets $119.8M $12.58M
YoY Change 850.79%
LONG-TERM ASSETS
Property, Plant & Equipment $8.600M $6.688M
YoY Change 28.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.100M $63.30M
YoY Change -93.52%
Other Assets $34.70M $3.965M
YoY Change 468.85%
Total Long-Term Assets $47.50M $77.15M
YoY Change -38.39%
TOTAL ASSETS
Total Short-Term Assets $119.8M $12.58M
Total Long-Term Assets $47.50M $77.15M
Total Assets $167.3M $89.73M
YoY Change 86.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.10M $22.60M
YoY Change 11.06%
Accrued Expenses $16.90M $17.50M
YoY Change -3.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K
YoY Change
Total Short-Term Liabilities $56.80M $54.45M
YoY Change 4.22%
LONG-TERM LIABILITIES
Long-Term Debt $11.50M $0.00
YoY Change
Other Long-Term Liabilities $36.50M $4.529M
YoY Change 166.42%
Total Long-Term Liabilities $48.00M $4.529M
YoY Change 250.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.80M $54.45M
Total Long-Term Liabilities $48.00M $4.529M
Total Liabilities $104.8M $68.10M
YoY Change 53.89%
SHAREHOLDERS EQUITY
Retained Earnings -$3.182M
YoY Change
Common Stock $234.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.50M $21.63M
YoY Change
Total Liabilities & Shareholders Equity $167.3M $89.73M
YoY Change 86.51%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $8.206M $13.04M $6.405M
YoY Change -70.62% 155.65% 60.13%
Depreciation, Depletion And Amortization $3.000M $800.0K $700.0K
YoY Change 0.0% 14.29% 0.0%
Cash From Operating Activities $96.94M $14.90M $9.600M
YoY Change 174.21%
INVESTING ACTIVITIES
Capital Expenditures $4.795M -$1.700M -$900.0K
YoY Change 5.08%
Acquisitions
YoY Change
Other Investing Activities $800.0K $100.0K -$100.0K
YoY Change -900.0%
Cash From Investing Activities -$4.024M -$1.500M -$1.000M
YoY Change -13.22%
FINANCING ACTIVITIES
Cash Dividend Paid $37.68M
YoY Change 22.52%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.925M -15.10M -7.600M
YoY Change -116.01%
NET CHANGE
Cash From Operating Activities 96.94M 14.90M 9.600M
Cash From Investing Activities -4.024M -1.500M -1.000M
Cash From Financing Activities 4.925M -15.10M -7.600M
Net Change In Cash 97.85M -1.700M 1.000M
YoY Change -191952.94%
FREE CASH FLOW
Cash From Operating Activities $96.94M $14.90M $9.600M
Capital Expenditures $4.795M -$1.700M -$900.0K
Free Cash Flow $92.15M $16.60M $10.50M
YoY Change 199.27%

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25.27
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460000
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1694000
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121000
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318000
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3083000
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500000
CY2011 us-gaap Income Tax Reconciliation Other Reconciling Items
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1270000
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550000
CY2011 us-gaap Share Based Compensation
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1610000
CY2011 us-gaap Provision For Doubtful Accounts
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311000
CY2011 us-gaap Depreciation And Amortization
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1270000
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15100000
CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1165000
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8332000
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2147000
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CY2011 us-gaap Asset Impairment Charges
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9085000
CY2011 us-gaap Repayment Of Notes Receivable From Related Parties
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56000
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CY2011 us-gaap Advertising Expense
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CY2011 us-gaap Operating Expenses
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CY2011 us-gaap Selling General And Administrative Expense
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CY2011 us-gaap Income Tax Expense Benefit
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10355000
CY2011 mmi Increase Decrease Investments In Trust Account
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-240000
CY2011 mmi Payments On Stock Notes Receivable From Employees
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56000
CY2011 mmi Real Estate Brokerage Commissions
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CY2011 mmi Increase Decrease In Commissions Receivable
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-738000
CY2011 mmi Increase Decrease Prepaid Rent Leasehold Improvements
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-668000
CY2013 dei Entity Registrant Name
EntityRegistrantName
Marcus & Millichap, Inc.
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001578732
CY2011 mmi Commission Payable Increase Decrease
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-5511000
CY2011 mmi Deferred Compensation And Commissions Increase Decrease
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899000
CY2011 mmi Deemed Capital Contribution Distribution
DeemedCapitalContributionDistribution
1610000
CY2011 mmi Amount Of Shared Services Arrangement Expense
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900000
CY2011 mmi Income Tax Paid
IncomeTaxPaid
9440000
CY2011 mmi Issuance Of Restricted Stock For Notes Receivable
IssuanceOfRestrictedStockForNotesReceivable
163000
CY2011 mmi Tax Sharing Agreement Effective Tax Rate
TaxSharingAgreementEffectiveTaxRate
0.435 pure
CY2013 dei Trading Symbol
TradingSymbol
MMI
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
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--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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38815000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2013 us-gaap Earnings Per Share Basic
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0.24
CY2013 us-gaap Line Of Credit Facility Expiration Date1
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2015-12-26
CY2013 us-gaap Debt Instrument Maturity Date
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2019-06-01
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0.02 pure
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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28000 shares
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14.46
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Concentration of Credit Risk</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from affiliates, and receivables. Cash is placed with high-credit quality financial institutions. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company&#x2019;s cash and cash equivalents. The Company historically has not experienced any losses in its cash and cash equivalents or due from affiliates. The Company maintains allowances for estimated credit losses based on management&#x2019;s assessment of the likelihood of collection. As of December&#xA0;31, 2013 and 2012, no individual accounted for 10% or more of commissions or notes receivable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. For the twelve months ended December&#xA0;31, 2013 and 2012, no individual customer represented 10% or more of total revenues.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company performs ongoing credit evaluations of its customers and debtors and requires collateral on a case-by-case basis.</p> </div>
CY2013 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain prior-period amounts in these notes to consolidated financial statements have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations or stockholders&#x2019; equity.</p> </div>
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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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shares
CY2013 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Historically, other than for a 2-week period around MMC's March 31 fiscal year end, the Company had a receivable from MMC for the cash that was swept. When the sweep arrangement was not in effect, during the week before and the week after March 31, the Company's cash balances remained in the Company's bank accounts.
CY2013 us-gaap Revenues
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0
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21941000
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700000
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400000
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168000
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361000
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506000
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4925000
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37681000
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CY2013 us-gaap Increase Decrease In Accrued Income Taxes Payable
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6459000
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985000
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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7679000
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CY2013 mmi Maximum Number Of Common Stock Shares To Be Purchased
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CY2013 mmi Fully Vested Deferred Stock Units
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2200000 shares
CY2013 mmi Initial Public Offering Effective Date
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2013-10-31
CY2013 mmi Operating Loss Carryforwards Expiration Year
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2019
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CY2013 mmi Swap Termination Date
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2013-06-30
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CY2013 mmi Transition Service Agreement Effective Date
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2013-10-31
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CY2013 mmi Real Estate Brokerage Commissions
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CY2013 mmi Stockbased And Other Compensation In Connection With Initial Public Offering
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CY2013 mmi Stockbased Compensation In Connection With Initial Public Offering
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CY2013 mmi Deferred Compensation Plan Percentage
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1.10 pure
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29702000
CY2013 mmi Non Cash Capitalized Deferred Offering Costs
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CY2013 mmi Effective Income Tax Rate Reconciliation Deferred Tax Assets Net
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CY2013 mmi Stock Appreciation Rights Liability Interest Accrual Commencement Date
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2014-01-01
CY2013 mmi Deferred Compensation Plan Establishment Date
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CY2013 mmi Contribution Date
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2013-10-30
CY2013 mmi Net Income Loss Subsequent To Initial Public Offering
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CY2013 mmi Proceeds From Issuance Initial Public Offering Excluding Unpaid Deferred Offering Costs Included In Accounts Payable And Other Accrued Expenses As Of Period End
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42506000
CY2013 mmi Deferred Stock Units Settlement To Common Stock Percentage
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0.20 pure
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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0 shares
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2012 us-gaap Revenues
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CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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644000
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CY2012 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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0
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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49441000
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IncomeTaxReconciliationOtherReconcilingItems
8000
CY2012 us-gaap Increase Decrease In Employee Related Liabilities
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CostOfServices
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CY2012 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2012 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
2641000
CY2012 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
458000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
4209000
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
157000
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2981000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-51000
CY2012 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
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CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2641000
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
14500000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2423000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
17305000
CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-2061000
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
174000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
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CY2012 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2012 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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CY2012 us-gaap Repayment Of Notes Receivable From Related Parties
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86000
CY2012 us-gaap Allocated Share Based Compensation Expense
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CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
18866000
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CY2012 us-gaap Selling General And Administrative Expense
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CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2012 mmi Increase Decrease Investments In Trust Account
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RealEstateBrokerageCommissions
351407000
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21132000
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CY2012 mmi Issuance Of Restricted Stock For Notes Receivable
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Revenues
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Revenues
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NetIncomeLoss
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NetIncomeLossPriorToInitialPublicOffering
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Revenues
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NetIncomeLoss
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CostOfServices
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NetIncomeLossPriorToInitialPublicOffering
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CY2013Q4 us-gaap Earnings Per Share Diluted
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NetIncomeLossSubsequentToInitialPublicOffering
9251000

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