$MMI
Marcus & Millichap, Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515370437 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $203.2M $165.9M $172.4M
YoY Change 17.81% 9.93% 15.66%
Cost Of Revenue $129.7M $102.0M $109.8M
YoY Change 18.05% 10.56% 16.55%
Gross Profit $73.49M $63.87M $62.61M
YoY Change 17.38% 8.95% 14.13%
Gross Profit Margin 36.18% 38.5% 36.31%
Selling, General & Admin $38.60M $35.65M $34.70M
YoY Change 11.24% 4.58% -44.21%
% of Gross Profit 52.52% 55.81% 55.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $800.0K $800.0K
YoY Change 12.5% 0.0% 14.29%
% of Gross Profit 1.22% 1.25% 1.28%
Operating Expenses $39.50M $138.5M $35.50M
YoY Change 11.27% 8.88% -43.74%
Operating Profit $33.93M $27.42M $27.10M
YoY Change 25.22% 15.59% -431.87%
Interest Expense -$400.0K $380.0K -$400.0K
YoY Change 0.0% -4.28%
% of Operating Profit -1.18% 1.39% -1.48%
Other Income/Expense, Net $400.0K -$464.0K $100.0K
YoY Change 300.0% 50.65% -50.0%
Pretax Income $34.00M $26.57M $26.70M
YoY Change 27.34% 15.46% -433.75%
Income Tax $14.00M $11.40M $10.30M
% Of Pretax Income 41.18% 42.89% 38.58%
Net Earnings $19.95M $15.18M $16.43M
YoY Change 21.42% 12.22% 77.6%
Net Earnings / Revenue 9.82% 9.15% 9.53%
Basic Earnings Per Share $0.51 $0.39 $0.42
Diluted Earnings Per Share $0.51 $0.39 $0.42
COMMON SHARES
Basic Shares Outstanding 37.12M shares 38.89M shares 36.62M shares
Diluted Shares Outstanding 39.16M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.0M $157.4M $149.2M
YoY Change 17.99% 17.46% 47.72%
Cash & Equivalents $96.19M $67.63M $149.2M
Short-Term Investments $79.86M $89.76M
Other Short-Term Assets $5.136M $3.404M $3.055M
YoY Change 68.12% -77.15% 25.77%
Inventory
Prepaid Expenses $7.542M $6.392M $7.536M
Receivables
Other Receivables
Total Short-Term Assets $196.1M $185.6M $164.9M
YoY Change 18.95% 19.89% 37.59%
LONG-TERM ASSETS
Property, Plant & Equipment $11.58M $9.725M $7.693M
YoY Change 50.51% 24.22% -10.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $60.10M $50.30M $19.10M
YoY Change 214.66% 1097.62% 365.85%
Other Assets $9.116M $6.585M $3.444M
YoY Change 164.69% 58.94% 38.98%
Total Long-Term Assets $125.1M $98.66M $68.73M
YoY Change 82.03% 117.16% 44.76%
TOTAL ASSETS
Total Short-Term Assets $196.1M $185.6M $164.9M
Total Long-Term Assets $125.1M $98.66M $68.73M
Total Assets $321.2M $284.2M $233.6M
YoY Change 37.51% 41.96% 39.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.10M $23.40M $28.90M
YoY Change 17.99% 36.05% 15.14%
Accrued Expenses $30.80M $22.70M $27.80M
YoY Change 10.79% 3.65% 64.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $900.0K $900.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $75.01M $62.22M $67.20M
YoY Change 11.62% 13.58% 18.4%
LONG-TERM LIABILITIES
Long-Term Debt $9.700M $9.700M $10.60M
YoY Change -8.49% -8.49% -7.83%
Other Long-Term Liabilities $47.60M $3.402M $2.400M
YoY Change 1883.33% 37.57% -45.09%
Total Long-Term Liabilities $57.30M $3.402M $2.400M
YoY Change 2287.5% 37.57% -45.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.01M $62.22M $67.20M
Total Long-Term Liabilities $57.30M $3.402M $2.400M
Total Liabilities $132.2M $113.9M $116.8M
YoY Change 13.22% 13.38% 11.43%
SHAREHOLDERS EQUITY
Retained Earnings $107.9M $87.99M $41.59M
YoY Change 159.53% 249.71% -623.89%
Common Stock $80.60M $82.09M $75.06M
YoY Change 7.37% 2052200.0% 1876450.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.0M $170.4M $116.8M
YoY Change
Total Liabilities & Shareholders Equity $321.2M $284.2M $233.6M
YoY Change 37.51% 41.96% 39.62%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $19.95M $15.18M $16.43M
YoY Change 21.42% 12.22% 77.6%
Depreciation, Depletion And Amortization $900.0K $800.0K $800.0K
YoY Change 12.5% 0.0% 14.29%
Cash From Operating Activities $33.50M $16.70M $36.50M
YoY Change -8.22% -42.61% 4.89%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$1.600M -$800.0K
YoY Change 275.0% 220.0% -27.27%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$31.80M -$14.70M
YoY Change -100.0%
Cash From Investing Activities -$3.100M -$33.30M -$15.40M
YoY Change -79.87% 6560.0% 1300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.900M 0.000 -6.000M
YoY Change -68.33% -100.0% -115.58%
NET CHANGE
Cash From Operating Activities 33.50M 16.70M 36.50M
Cash From Investing Activities -3.100M -33.30M -15.40M
Cash From Financing Activities -1.900M 0.000 -6.000M
Net Change In Cash 28.50M -16.60M 15.10M
YoY Change 88.74% -156.27% -79.09%
FREE CASH FLOW
Cash From Operating Activities $33.50M $16.70M $36.50M
Capital Expenditures -$3.000M -$1.600M -$800.0K
Free Cash Flow $36.50M $18.30M $37.30M
YoY Change -2.14% -38.18% 3.9%

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us-gaap Line Of Credit Facility Covenant Compliance
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As of September 30, 2015, the Company was in compliance with all financial and non-financial covenants.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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2015
us-gaap Line Of Credit Facility Interest Rate Description
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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.
dei Amendment Flag
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us-gaap Concentration Risk Credit Risk
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Marcus & Millichap, Inc.
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7864000
CY2014Q3 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
140220000
CY2014Q3 mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
-51000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
37114000 shares
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1821000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
45000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39160000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
270000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38890000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.429 pure
CY2015Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
305000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
15176000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
290000
CY2015Q3 us-gaap Revenues
Revenues
165876000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
0
CY2015Q3 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
3069000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27418000
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-464000
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
234000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
56000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15466000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
26574000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11398000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
138458000
CY2015Q3 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-307000
CY2015Q3 us-gaap Interest Expense
InterestExpense
380000
CY2015Q3 us-gaap Cost Of Services
CostOfServices
102010000
CY2015Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
24000
CY2015Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
173000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2168000
CY2015Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2015Q3 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
1474000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
35646000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
47000
CY2015Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
802000
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
48000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
140000
CY2015Q3 mmi Financing Fees Revenue
FinancingFeesRevenue
10865000
CY2015Q3 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
151942000
CY2015Q3 mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
-351000

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