$MMI
Marcus & Millichap, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518243380 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $199.4M $180.4M
YoY Change 10.55% -1.64%
Cost Of Revenue $119.9M $110.4M
YoY Change 8.6% -2.43%
Gross Profit $79.53M $69.99M
YoY Change 13.63% -0.38%
Gross Profit Margin 39.89% 38.81%
Selling, General & Admin $49.08M $43.69M
YoY Change 12.33% 8.1%
% of Gross Profit 61.71% 62.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $1.300M
YoY Change 15.38% 30.0%
% of Gross Profit 1.89% 1.86%
Operating Expenses $170.5M $155.4M
YoY Change 9.71% 0.53%
Operating Profit $28.95M $25.00M
YoY Change 15.81% -13.3%
Interest Expense $352.0K $374.0K
YoY Change -5.88% -2.6%
% of Operating Profit 1.22% 1.5%
Other Income/Expense, Net $1.724M $997.0K
YoY Change 72.92% 61.33%
Pretax Income $30.32M $25.62M
YoY Change 18.35% -11.85%
Income Tax $8.155M $10.05M
% Of Pretax Income 26.89% 39.23%
Net Earnings $22.17M $15.57M
YoY Change 42.38% -11.16%
Net Earnings / Revenue 11.12% 8.63%
Basic Earnings Per Share $0.57 $0.40
Diluted Earnings Per Share $0.56 $0.40
COMMON SHARES
Basic Shares Outstanding 39.15M shares 39.00M shares
Diluted Shares Outstanding 39.39M shares 39.13M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $325.5M $236.2M
YoY Change 37.83% 35.56%
Cash & Equivalents $240.0M $163.8M
Short-Term Investments $85.49M $72.33M
Other Short-Term Assets $4.918M $4.354M
YoY Change 12.95% -11.83%
Inventory
Prepaid Expenses $7.654M $6.950M
Receivables
Other Receivables
Total Short-Term Assets $344.9M $252.3M
YoY Change 36.71% 33.38%
LONG-TERM ASSETS
Property, Plant & Equipment $17.16M $17.07M
YoY Change 0.5% 19.37%
Goodwill $4.186M
YoY Change
Intangibles
YoY Change
Long-Term Investments $40.80M $59.70M
YoY Change -31.66% -16.27%
Other Assets $29.25M $21.47M
YoY Change 36.24% 122.33%
Total Long-Term Assets $129.2M $147.6M
YoY Change -12.47% 4.97%
TOTAL ASSETS
Total Short-Term Assets $344.9M $252.3M
Total Long-Term Assets $129.2M $147.6M
Total Assets $474.2M $399.9M
YoY Change 18.56% 21.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.10M $30.40M
YoY Change 12.17% 29.36%
Accrued Expenses $16.90M $14.60M
YoY Change 15.75% -2.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.000M
YoY Change 10.0% 0.0%
Total Short-Term Liabilities $60.60M $58.14M
YoY Change 4.23% 9.35%
LONG-TERM LIABILITIES
Long-Term Debt $6.600M $7.700M
YoY Change -14.29% -11.49%
Other Long-Term Liabilities $48.10M $44.50M
YoY Change 8.09% 3.73%
Total Long-Term Liabilities $54.70M $52.20M
YoY Change 4.79% 1.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.60M $58.14M
Total Long-Term Liabilities $54.70M $52.20M
Total Liabilities $115.3M $110.3M
YoY Change 4.49% 5.3%
SHAREHOLDERS EQUITY
Retained Earnings $264.3M $200.1M
YoY Change 32.05% 42.65%
Common Stock $94.30M $88.51M
YoY Change 6.54% 6.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $358.9M $289.6M
YoY Change
Total Liabilities & Shareholders Equity $474.2M $399.9M
YoY Change 18.56% 21.27%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $22.17M $15.57M
YoY Change 42.38% -11.16%
Depreciation, Depletion And Amortization $1.500M $1.300M
YoY Change 15.38% 30.0%
Cash From Operating Activities $36.00M $37.60M
YoY Change -4.26% 20.13%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M -$2.000M
YoY Change -40.0% 0.0%
Acquisitions $6.216M
YoY Change
Other Investing Activities $6.600M -$100.0K
YoY Change -6700.0% -99.25%
Cash From Investing Activities $5.400M -$2.100M
YoY Change -357.14% -86.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -700.0K -600.0K
YoY Change 16.67% 0.0%
NET CHANGE
Cash From Operating Activities 36.00M 37.60M
Cash From Investing Activities 5.400M -2.100M
Cash From Financing Activities -700.0K -600.0K
Net Change In Cash 40.70M 34.90M
YoY Change 16.62% 125.16%
FREE CASH FLOW
Cash From Operating Activities $36.00M $37.60M
Capital Expenditures -$1.200M -$2.000M
Free Cash Flow $37.20M $39.60M
YoY Change -6.06% 18.92%

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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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