$MMI
Marcus & Millichap, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515283323 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $173.5M $134.3M
YoY Change 29.21% 27.3%
Cost Of Revenue $105.6M $79.60M
YoY Change 32.61% 29.53%
Gross Profit $67.93M $54.66M
YoY Change 24.26% 24.19%
Gross Profit Margin 39.15% 40.71%
Selling, General & Admin $37.59M $32.13M
YoY Change 17.0% 10.43%
% of Gross Profit 55.34% 58.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $800.0K
YoY Change 0.0% 14.29%
% of Gross Profit 1.18% 1.46%
Operating Expenses $144.0M $112.5M
YoY Change 27.91% 23.26%
Operating Profit $29.53M $21.73M
YoY Change 35.92% 53.33%
Interest Expense $386.0K $401.0K
YoY Change -3.74%
% of Operating Profit 1.31% 1.85%
Other Income/Expense, Net $362.0K $330.0K
YoY Change 9.7% 4614.29%
Pretax Income $29.51M $21.66M
YoY Change 36.25% 52.76%
Income Tax $11.95M $8.859M
% Of Pretax Income 40.5% 40.91%
Net Earnings $17.56M $12.80M
YoY Change 37.2% 59.77%
Net Earnings / Revenue 10.12% 9.53%
Basic Earnings Per Share $0.45 $0.33
Diluted Earnings Per Share $0.45 $0.33
COMMON SHARES
Basic Shares Outstanding 38.87M shares 38.85M shares
Diluted Shares Outstanding 39.06M shares 38.93M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.3M $104.6M
YoY Change 29.32% 439.18%
Cash & Equivalents $84.20M $104.6M
Short-Term Investments $51.07M
Other Short-Term Assets $3.092M $13.10M
YoY Change -76.4% 172.92%
Inventory
Prepaid Expenses $6.506M
Receivables $5.800M
Other Receivables $300.0K
Total Short-Term Assets $162.0M $123.8M
YoY Change 30.89% 323.88%
LONG-TERM ASSETS
Property, Plant & Equipment $8.593M $8.261M
YoY Change 4.02% 8.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.40M $4.300M
YoY Change 1234.88% 16.22%
Other Assets $5.198M $3.920M
YoY Change 32.6% -40.61%
Total Long-Term Assets $98.63M $48.34M
YoY Change 104.03% 157.14%
TOTAL ASSETS
Total Short-Term Assets $162.0M $123.8M
Total Long-Term Assets $98.63M $48.34M
Total Assets $260.6M $172.1M
YoY Change 51.43% 258.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.80M $15.00M
YoY Change 45.33% 26.05%
Accrued Expenses $16.10M $13.70M
YoY Change 17.52% 117.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $900.0K
YoY Change 0.0%
Total Short-Term Liabilities $58.34M $40.91M
YoY Change 42.62% 53.21%
LONG-TERM LIABILITIES
Long-Term Debt $9.700M $10.60M
YoY Change -8.49%
Other Long-Term Liabilities $3.483M $5.350M
YoY Change -34.9% -59.16%
Total Long-Term Liabilities $3.483M $5.350M
YoY Change -34.9% -59.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.34M $40.91M
Total Long-Term Liabilities $3.483M $5.350M
Total Liabilities $107.9M $87.34M
YoY Change 23.54% 118.89%
SHAREHOLDERS EQUITY
Retained Earnings $72.82M $11.64M
YoY Change 525.63%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $152.7M $84.78M
YoY Change
Total Liabilities & Shareholders Equity $260.6M $172.1M
YoY Change 51.43% 258.58%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $17.56M $12.80M
YoY Change 37.2% 59.77%
Depreciation, Depletion And Amortization $800.0K $800.0K
YoY Change 0.0% 14.29%
Cash From Operating Activities $39.90M $22.90M
YoY Change 74.24% 160.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$700.0K
YoY Change 71.43% -36.36%
Acquisitions
YoY Change
Other Investing Activities -$78.10M $0.00
YoY Change -100.0%
Cash From Investing Activities -$79.40M -$700.0K
YoY Change 11242.86% 75.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K -900.0K
YoY Change -66.67% -96.59%
NET CHANGE
Cash From Operating Activities 39.90M 22.90M
Cash From Investing Activities -79.40M -700.0K
Cash From Financing Activities -300.0K -900.0K
Net Change In Cash -39.80M 21.30M
YoY Change -286.85% -218.33%
FREE CASH FLOW
Cash From Operating Activities $39.90M $22.90M
Capital Expenditures -$1.200M -$700.0K
Free Cash Flow $41.10M $23.60M
YoY Change 74.15% 138.38%

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us-gaap Line Of Credit Facility Covenant Compliance
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Credit Facility will bear interest, at the Company's option, at either the (i) Base Rate (defined as the highest of (a) the Bank's prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio.
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Marcus & Millichap, Inc.
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FeesAndCommissionsOther
2111000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
29529000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
362000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-46000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-493000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
17017000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
29505000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11949000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
143953000
CY2015Q2 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-94000
CY2015Q2 us-gaap Interest Expense
InterestExpense
386000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
105557000
CY2015Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
29000
CY2015Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
143000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2675000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2015Q2 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
1979000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37589000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-332000
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
807000
CY2015Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
58000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
31000
CY2015Q2 mmi Financing Fees Revenue
FinancingFeesRevenue
11150000
CY2015Q2 mmi Transition Service Agreement Effective Date
TransitionServiceAgreementEffectiveDate
2013-10-01
CY2015Q2 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
160221000
CY2015Q2 mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
-104000

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