$MMI
Marcus & Millichap, Inc.

2018 Q4 Form 10-Q Financial Statement

#000119312518322891 Filed on November 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $230.3M $210.6M $183.3M
YoY Change 13.57% 14.86% 1.5%
Cost Of Revenue $148.5M $132.9M $114.8M
YoY Change 12.71% 15.76% 0.84%
Gross Profit $81.81M $77.69M $68.54M
YoY Change 15.16% 13.36% 2.63%
Gross Profit Margin 35.53% 36.89% 37.38%
Selling, General & Admin $47.60M $48.66M $42.48M
YoY Change 12.53% 14.55% 4.3%
% of Gross Profit 58.18% 62.63% 61.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.800M $1.600M $1.400M
YoY Change 28.57% 14.29% 16.67%
% of Gross Profit 2.2% 2.06% 2.04%
Operating Expenses $49.30M $183.2M $158.7M
YoY Change 12.81% 15.47% 1.88%
Operating Profit $32.49M $27.38M $24.68M
YoY Change 18.56% 10.94% -0.89%
Interest Expense -$300.0K $342.0K $370.0K
YoY Change -25.0% -7.57% -2.63%
% of Operating Profit -0.92% 1.25% 1.5%
Other Income/Expense, Net $1.300M $2.127M $1.172M
YoY Change -18.75% 81.48% 63.0%
Pretax Income $33.40M $29.17M $25.49M
YoY Change 16.78% 14.46% 0.95%
Income Tax $7.200M $8.315M $10.01M
% Of Pretax Income 21.56% 28.51% 39.28%
Net Earnings $26.23M $20.85M $15.48M
YoY Change 209.26% 34.76% 2.19%
Net Earnings / Revenue 11.39% 9.9% 8.44%
Basic Earnings Per Share $0.67 $0.53 $0.40
Diluted Earnings Per Share $0.66 $0.53 $0.39
COMMON SHARES
Basic Shares Outstanding 38.65M shares 39.19M shares 39.03M shares
Diluted Shares Outstanding 39.48M shares 39.20M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $352.1M $301.7M $265.5M
YoY Change 19.63% 13.65% 55.86%
Cash & Equivalents $214.7M $181.0M $182.7M
Short-Term Investments $137.4M $120.7M $82.81M
Other Short-Term Assets $6.368M $7.572M $4.944M
YoY Change 15.17% 53.16% 29.22%
Inventory
Prepaid Expenses $7.904M $6.516M $5.828M
Receivables
Other Receivables
Total Short-Term Assets $371.3M $321.4M $280.5M
YoY Change 15.89% 14.58% 51.08%
LONG-TERM ASSETS
Property, Plant & Equipment $19.55M $18.17M $17.13M
YoY Change 13.97% 6.07% 9.91%
Goodwill $11.46M $4.186M
YoY Change
Intangibles
YoY Change
Long-Term Investments $91.50M $94.30M $54.00M
YoY Change 50.25% 74.63% -46.85%
Other Assets $31.78M $32.57M $23.03M
YoY Change 37.19% 41.39% 154.35%
Total Long-Term Assets $195.0M $188.8M $143.1M
YoY Change 40.08% 31.93% -17.93%
TOTAL ASSETS
Total Short-Term Assets $371.3M $321.4M $280.5M
Total Long-Term Assets $195.0M $188.8M $143.1M
Total Assets $566.4M $510.1M $423.6M
YoY Change 23.22% 20.44% 17.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.90M $29.80M $29.50M
YoY Change -2.64% 1.02% -0.34%
Accrued Expenses $28.30M $23.10M $20.30M
YoY Change 18.91% 13.79% 0.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.100M $1.000M
YoY Change 10.0% 10.0% 0.0%
Total Short-Term Liabilities $92.86M $68.77M $60.68M
YoY Change 11.53% 13.34% -6.41%
LONG-TERM LIABILITIES
Long-Term Debt $6.600M $6.600M $7.700M
YoY Change -14.29% -14.29% -11.49%
Other Long-Term Liabilities $57.40M $52.10M $47.90M
YoY Change 6.49% 8.77% 7.4%
Total Long-Term Liabilities $64.00M $58.70M $55.60M
YoY Change 3.9% 5.58% 4.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.86M $68.77M $60.68M
Total Long-Term Liabilities $64.00M $58.70M $55.60M
Total Liabilities $156.8M $127.4M $116.2M
YoY Change 8.31% 9.64% -1.56%
SHAREHOLDERS EQUITY
Retained Earnings $311.3M $285.1M $215.6M
YoY Change 38.95% 32.25% 38.71%
Common Stock $97.46M $97.38M $90.66M
YoY Change 8.43% 7.41% 6.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $409.6M $382.7M $307.3M
YoY Change
Total Liabilities & Shareholders Equity $566.4M $510.1M $423.6M
YoY Change 23.22% 20.44% 17.65%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $26.23M $20.85M $15.48M
YoY Change 209.26% 34.76% 2.19%
Depreciation, Depletion And Amortization $1.800M $1.600M $1.400M
YoY Change 28.57% 14.29% 16.67%
Cash From Operating Activities $62.30M $32.00M $24.80M
YoY Change 51.21% 29.03% -15.07%
INVESTING ACTIVITIES
Capital Expenditures -$3.500M -$2.000M -$1.600M
YoY Change 118.75% 25.0% -40.74%
Acquisitions
YoY Change
Other Investing Activities -$22.20M -$88.90M -$4.400M
YoY Change -1109.09% 1920.45% -241.94%
Cash From Investing Activities -$25.70M -$90.90M -$6.000M
YoY Change -3771.43% 1415.0% -2100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.900M -100.0K 0.000
YoY Change -23.68%
NET CHANGE
Cash From Operating Activities 62.30M 32.00M 24.80M
Cash From Investing Activities -25.70M -90.90M -6.000M
Cash From Financing Activities -2.900M -100.0K 0.000
Net Change In Cash 33.70M -59.00M 18.80M
YoY Change -11.55% -413.83% -36.27%
FREE CASH FLOW
Cash From Operating Activities $62.30M $32.00M $24.80M
Capital Expenditures -$3.500M -$2.000M -$1.600M
Free Cash Flow $65.80M $34.00M $26.40M
YoY Change 53.74% 28.79% -17.24%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets&#xA0;<font style="WHITE-SPACE: nowrap">non-current),</font>&#xA0;investments in marketable securities,&#xA0;<font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">available-for-sale,</font></font>&#xA0;security deposits (included under other assets,&#xA0;<font style="WHITE-SPACE: nowrap">non-current)</font>&#xA0;and commissions receivable. 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Further, while one transaction may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> During the three and nine months ended September&#xA0;30, 2018 and 2017, the Company&#x2019;s Canadian operations represented less than 1% of total revenues.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> During the three and nine months ended September&#xA0;30, 2018 and 2017, no office represented 10% or more of total revenues.</p> </div>
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Marcus & Millichap, Inc.
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2018-09-30
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us-gaap Line Of Credit Facility Covenant Terms
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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-monthLIBOR 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 Line Of Credit Facility Covenant Compliance
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As of September 30, 2018, the Company was in compliance with all financial and non-financial covenants.
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