$MMI
Marcus & Millichap Inc

2017 Q2 Form 10-Q Financial Statement

#000119312517251988 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $180.4M $183.4M
YoY Change -1.64% 5.71%
Cost Of Revenue $110.4M $113.1M
YoY Change -2.43% 7.17%
Gross Profit $69.99M $70.26M
YoY Change -0.38% 3.44%
Gross Profit Margin 38.81% 38.31%
Selling, General & Admin $43.69M $40.42M
YoY Change 8.1% 7.53%
% of Gross Profit 62.42% 57.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.300M $1.000M
YoY Change 30.0% 25.0%
% of Gross Profit 1.86% 1.42%
Operating Expenses $155.4M $154.6M
YoY Change 0.53% 7.36%
Operating Profit $25.00M $28.83M
YoY Change -13.3% -2.36%
Interest Expense $374.0K $384.0K
YoY Change -2.6% -0.52%
% of Operating Profit 1.5% 1.33%
Other Income/Expense, Net $997.0K $618.0K
YoY Change 61.33% 70.72%
Pretax Income $25.62M $29.07M
YoY Change -11.85% -1.49%
Income Tax $10.05M $11.54M
% Of Pretax Income 39.23% 39.71%
Net Earnings $15.57M $17.52M
YoY Change -11.16% -0.18%
Net Earnings / Revenue 8.63% 9.56%
Basic Earnings Per Share $0.40 $0.45
Diluted Earnings Per Share $0.40 $0.45
COMMON SHARES
Basic Shares Outstanding 39.00M shares 38.92M shares
Diluted Shares Outstanding 39.13M shares 39.05M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $236.2M $174.2M
YoY Change 35.56% 28.79%
Cash & Equivalents $163.8M $92.44M
Short-Term Investments $72.33M $81.78M
Other Short-Term Assets $4.354M $4.938M
YoY Change -11.83% 59.7%
Inventory
Prepaid Expenses $6.950M $5.474M
Receivables
Other Receivables
Total Short-Term Assets $252.3M $189.2M
YoY Change 33.38% 16.77%
LONG-TERM ASSETS
Property, Plant & Equipment $17.07M $14.30M
YoY Change 19.37% 66.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $59.70M $71.30M
YoY Change -16.27% 24.22%
Other Assets $21.47M $9.657M
YoY Change 122.33% 85.78%
Total Long-Term Assets $147.6M $140.6M
YoY Change 4.97% 42.58%
TOTAL ASSETS
Total Short-Term Assets $252.3M $189.2M
Total Long-Term Assets $147.6M $140.6M
Total Assets $399.9M $329.8M
YoY Change 21.27% 26.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.40M $23.50M
YoY Change 29.36% 7.8%
Accrued Expenses $14.60M $15.00M
YoY Change -2.67% -6.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M
YoY Change 0.0% 11.11%
Total Short-Term Liabilities $58.14M $53.17M
YoY Change 9.35% -8.87%
LONG-TERM LIABILITIES
Long-Term Debt $7.700M $8.700M
YoY Change -11.49% -10.31%
Other Long-Term Liabilities $44.50M $42.90M
YoY Change 3.73% 1131.7%
Total Long-Term Liabilities $52.20M $51.60M
YoY Change 1.16% 1381.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.14M $53.17M
Total Long-Term Liabilities $52.20M $51.60M
Total Liabilities $110.3M $104.8M
YoY Change 5.3% -2.9%
SHAREHOLDERS EQUITY
Retained Earnings $200.1M $140.3M
YoY Change 42.65% 92.65%
Common Stock $88.51M $83.16M
YoY Change 6.43% 2078875.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $289.6M $225.0M
YoY Change
Total Liabilities & Shareholders Equity $399.9M $329.8M
YoY Change 21.27% 26.54%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $15.57M $17.52M
YoY Change -11.16% -0.18%
Depreciation, Depletion And Amortization $1.300M $1.000M
YoY Change 30.0% 25.0%
Cash From Operating Activities $37.60M $31.30M
YoY Change 20.13% -21.55%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$2.000M
YoY Change 0.0% 66.67%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$13.30M
YoY Change -99.25% -82.97%
Cash From Investing Activities -$2.100M -$15.20M
YoY Change -86.18% -80.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K -600.0K
YoY Change 0.0% 100.0%
NET CHANGE
Cash From Operating Activities 37.60M 31.30M
Cash From Investing Activities -2.100M -15.20M
Cash From Financing Activities -600.0K -600.0K
Net Change In Cash 34.90M 15.50M
YoY Change 125.16% -138.94%
FREE CASH FLOW
Cash From Operating Activities $37.60M $31.30M
Capital Expenditures -$2.000M -$2.000M
Free Cash Flow $39.60M $33.30M
YoY Change 18.92% -18.98%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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184000
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461000
mmi Tax Benefit From Stock Based Award Activity
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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3981000
us-gaap Available For Sale Securities Gross Realized Gains
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us-gaap Available For Sale Securities Gross Realized Losses
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CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
27765000
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200024000
dei Current Fiscal Year End Date
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2600000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1139000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.389 pure
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y0M18D
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
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0.70
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us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.000 pure
dei Document Period End Date
DocumentPeriodEndDate
2017-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.039 pure
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
462000
us-gaap Operating Expenses
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289537000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0
dei Entity Registrant Name
EntityRegistrantName
Marcus & Millichap, Inc.
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0
dei Entity Central Index Key
EntityCentralIndexKey
0001578732
us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.001 pure
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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8108000
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45123000
us-gaap Income Taxes Paid Net
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12318000
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15793000
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116000
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IncomeTaxReconciliationForeignIncomeTaxRateDifferential
47000
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IncomeTaxReconciliationOtherReconcilingItems
13000
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1741000
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IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
As of June 30, 2017, the Company was in compliance with all financial and non-financial covenants.
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.001 pure
us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-06-01
us-gaap Line Of Credit Facility Covenant Terms
LineOfCreditFacilityCovenantTerms
(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.251.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.01.0
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-06-01
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
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.
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
1000
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-22007000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1996000
us-gaap Net Income Loss
NetIncomeLoss
27569000
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OperatingIncomeLoss
44046000
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1833000
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196000
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-25000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
196000
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OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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221000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
176000
us-gaap Other Noncash Income Expense
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-37000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1402000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3384000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
344000
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"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> Certain prior-period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported cash flow subtotals.</p> </div>
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
6000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
7215000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
392000
us-gaap Share Based Compensation
ShareBasedCompensation
3981000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
19414 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
27.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
180079 shares
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Revenues
Revenues
333583000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
266469 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
20.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
23.79
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
392000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
dei Trading Symbol
TradingSymbol
MMI
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39118000 shares
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
930000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
38075000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
29000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> The preparation of condensed consolidated financial statements in conformity with U.S. 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
us-gaap Weighted Average Number Of Shares Outstanding Basic
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38976000 shares
mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
302712000
mmi Deferred Compensation And Commissions Increase Decrease
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-19036000
mmi Provision For Recovery Of Bad Debts
ProvisionForRecoveryOfBadDebts
-54000
mmi Increase Decrease In Commissions Receivable
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44000
mmi Stock Issued During Period Fair Value Of Shares Restricted Stock Units Before Tax Settlement
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0
mmi Fully Depreciated Computer Software Hardware And Furniture Fixtures And Equipment Writeoff
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1100000
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700000
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243000
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369000
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566000
mmi Tax Benefit From Stock Based Award Activity
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0
mmi Financing Fees Revenue
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-4096000
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46000
mmi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Transferred In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTransferredInPeriod
0 shares
mmi Share Based Compensation Arrangement By Share Based Payment Award Share Reserve Increase Approved
ShareBasedCompensationArrangementByShareBasedPaymentAwardShareReserveIncreaseApproved
3300000 shares
mmi Employee Stock Purchase Plan Description
EmployeeStockPurchasePlanDescription
The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not required in the prior years.
mmi Two Zero One Three Omnibus Equity Incentive Plan Amendment Shareholder Approval Date
TwoZeroOneThreeOmnibusEquityIncentivePlanAmendmentShareholderApprovalDate
2017-05-04
mmi Date Entered Into Credit Agreement
DateEnteredIntoCreditAgreement
2014-06-18
mmi Number Of Active Equity Plans
NumberOfActiveEquityPlans
1 Incentive_Plan
mmi Available For Sale Securities Weighted Average Maturity
AvailableForSaleSecuritiesWeightedAverageMaturity
P2Y10M25D
mmi Line Of Credit Libor Rate Duration Period
LineOfCreditLiborRateDurationPeriod
P1M
mmi Period Of Settlement For Receivable Balances
PeriodOfSettlementForReceivableBalances
P10D
mmi Commission Payable Payment Deferral Period
CommissionPayablePaymentDeferralPeriod
P3Y
mmi Formation Date Of Incorporation
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2013-06
mmi Two Zero One Three Omnibus Equity Incentive Plan Amendment Board Of Directors Approval Date
TwoZeroOneThreeOmnibusEquityIncentivePlanAmendmentBoardOfDirectorsApprovalDate
2017-02
mmi Number Of Offices
NumberOfOffices
80 Office
mmi Maximum Funded Debt To Ebitda Ratio
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426000
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CY2016Q2 us-gaap Revenues
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