$1.2 B

MMI Mkt cap, 11-Oct-2018

$373.9 M

Marcus & Millichap Revenue Q2, 2018
Marcus & Millichap Gross profit (Q2, 2018)152.4 M
Marcus & Millichap Gross profit margin (Q2, 2018), %40.8%
Marcus & Millichap Net income (Q2, 2018)40.2 M
Marcus & Millichap EBIT (Q2, 2018)52.4 M
Marcus & Millichap Cash, 30-Jun-2018240 M

Marcus & Millichap Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

435.9m572.2m689.1m717.5m

Revenue growth, %

31%20%4%

Cost of goods sold

350.1m423.4m444.8m

Gross profit

222.1m265.7m272.7m

Gross profit Margin, %

39%39%38%

EBIT

21.3m84.6m114.7m106.5m

EBIT margin, %

5%15%17%15%

Interest expense

1.7m1.7m1.5m

Pre tax profit

83.0m113.4m107.1m

Income tax expense

33.5m47.0m42.4m

Net Income

8.2m49.5m66.4m64.7m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

112.0m114.6m134.3m150.9m146.5m173.5m165.9m164.3m183.4m180.6m153.2m180.4m183.3m174.5m373.9m

Cost of goods sold

67.7m68.4m79.6m92.3m86.2m105.6m102.0m96.2m113.1m113.9m89.6m110.4m114.8m101.6m221.5m

Gross profit

44.2m46.2m54.7m58.6m60.4m67.9m63.9m68.1m70.3m66.8m63.6m70.0m68.5m72.9m152.4m

Gross profit Margin, %

40%40%41%39%41%39%39%41%38%37%41%39%37%42%41%

General and administrative expense

97.1m

Operating expense total

99.3m102.5m112.5m127.2m122.8m144.0m138.5m139.4m154.6m155.7m134.2m155.4m158.7m151.1m321.5m

EBIT

12.6m12.1m21.7m23.7m23.8m29.5m27.4m24.9m28.8m24.9m19.0m25.0m24.7m23.5m52.4m

EBIT margin, %

11%11%16%16%16%17%17%15%16%14%12%14%13%13%14%

Interest expense

404.0k401.0k397.0k583.0k386.0k380.0k391.0k384.0k380.0k382.0k374.0k370.0k360.0k712.0k

Pre tax profit

12.9m11.6m21.7m23.0m23.3m29.5m26.6m24.7m29.1m25.2m19.5m25.6m25.5m24.3m54.6m

Income tax expense

5.6m4.8m8.9m9.5m9.6m11.9m11.4m9.9m11.5m10.1m7.5m10.1m10.0m6.3m14.5m

Net Income

7.3m6.8m12.8m13.5m13.7m17.6m15.2m14.8m17.5m15.1m12.0m15.6m15.5m18.0m40.2m

Marcus & Millichap Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016

Cash

4.9m3.2m3.1m101.0m149.2m96.2m187.4m

Accounts Receivable

694.0k

Inventories

5.2m

Current Assets

119.2m178.5m196.1m234.0m

PP&E

7.7m11.6m16.4m

Total Assets

167.3m233.6m321.2m394.0m

Accounts Payable

6.9m9.5m9.1m10.1m

Short-term debt

Current Liabilities

56.8m67.2m75.0m78.2m

Long-term debt

Total Liabilities

135.2m

Additional Paid-in Capital

70.4m75.1m80.6m85.4m

Retained Earnings

(7.9m)41.6m107.9m172.6m

Total Equity

62.5m116.8m189.0m258.9m

Financial Leverage

2.7 x2 x1.7 x1.5 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

28.7m83.3m104.6m134.0m124.1m84.2m67.6m76.9m92.4m122.0m129.0m163.8m182.7m199.4m240.0m

Current Assets

39.9m98.8m123.8m154.8m149.1m162.0m185.6m167.5m189.2m185.6m204.9m252.3m280.5m309.1m344.9m

PP&E

8.0m8.6m9.7m12.4m14.3m15.6m16.3m17.1m17.1m17.2m

Total Assets

60.8m146.2m172.1m200.2m217.3m260.6m284.2m297.6m329.8m360.0m363.5m399.9m423.6m433.0m474.2m

Accounts Payable

6.8m8.2m6.3m9.7m10.5m9.7m7.6m8.8m8.3m9.9m8.6m9.1m8.6m6.5m

Current Liabilities

42.7m31.6m40.9m54.8m37.9m58.3m62.2m39.9m53.2m64.8m40.9m58.1m60.7m48.3m60.6m

Total Liabilities

57.1m76.1m87.3m100.4m84.9m107.9m113.9m92.6m104.8m118.1m92.1m110.3m116.2m99.6m115.3m

Additional Paid-in Capital

2.7m71.2m73.1m74.6m76.7m79.9m82.1m81.0m83.2m84.9m86.0m88.5m90.7m90.8m94.3m

Retained Earnings

777.0k(1.2m)11.6m25.2m55.3m72.8m88.0m122.8m140.3m155.4m184.5m200.1m215.6m242.1m264.3m

Total Equity

3.7m70.0m84.8m99.8m132.5m152.7m170.4m204.9m225.0m241.9m271.4m289.6m307.3m333.4m358.9m

Financial Leverage

16.5 x2.1 x2 x2 x1.6 x1.7 x1.7 x1.5 x1.5 x1.5 x1.3 x1.4 x1.4 x1.3 x1.3 x

Marcus & Millichap Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

8.2m49.5m66.4m64.7m

Depreciation and Amortization

3.0m3.2m3.3m4.4m

Inventories

(2.3m)

Accounts Payable

(8.0m)2.7m(912.0k)964.0k

Cash From Operating Activities

96.9m71.4m72.1m74.5m

Purchases of PP&E

(4.8m)(2.6m)(6.8m)(9.5m)

Cash From Investing Activities

(4.0m)(17.2m)(126.9m)19.8m

Cash From Financing Activities

(6.0m)1.8m(3.1m)

Income Taxes Paid

35.6m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

7.3m6.8m12.8m13.5m13.7m31.2m46.4m14.8m32.3m47.5m12.0m27.6m15.5m18.0m40.2m

Depreciation and Amortization

747.0k775.0k811.0k813.0k780.0k1.6m2.4m1.0m2.0m3.2m1.3m2.6m1.4m2.9m

Accounts Payable

6.3m9.7m10.5m(97.0k)(2.6m)(16.0k)(1.5m)309.0k(1.4m)(989.0k)8.6m(2.7m)(1.5m)

Cash From Operating Activities

21.9m38.6m(19.0m)12.3m41.5m(37.1m)462.0k(13.0m)23.0m

Purchases of PP&E

(2.2m)(3.8m)(2.3m)(4.3m)(7.0m)(1.4m)(3.4m)(1.4m)(2.6m)

Cash From Investing Activities

(90.5m)(123.8m)689.0k(14.5m)(14.2m)(19.9m)(22.0m)(6.8m)(1.4m)

Cash From Financing Activities

3.7m3.7m(917.0k)(1.5m)(1.5m)(1.4m)(2.0m)(1.6m)(2.4m)

Marcus & Millichap Ratios

USDY, 2018

Financial Leverage

1.3 x
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