Marcus & Millichap (MMI) FY2015 results: revenue $689 million, up 20.4% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $689 million for fiscal 2015, the year ended 31 December 2015, up 20.4% on the year before. Net income was $66 million, up 34.0%, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2018.
Revenue
$689 million
+20.4% on the year
FY2011FY2015
Operating margin
16.6%
14.8% a year earlier
FY2011FY2015
Net income
$66 million
+34.0% on the year
FY2011FY2015
Diluted EPS
$1.69
+33.1% on the year
FY2011FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
689
572
436
+20.4%
Cost of revenue
423
350
265
+20.9%
Gross profit
266
222
171
+19.6%
Gross margin
38.6%
38.8%
39.3%
Selling, general and administrative
148
134
116
+10.0%
Operating income
115
84.6
21.3
+35.5%
Operating margin
16.6%
14.8%
4.9%
Interest expense
1.7
1.7
0.1
+4.5%
Pre-tax income
113
83.0
21.9
+36.6%
Income tax
47.0
33.5
13.7
+40.6%
Effective tax rate
41.5%
40.3%
62.6%
Net income
66.3
49.5
8.2
+34.0%
Net margin
9.6%
8.7%
1.9%
Diluted EPS
$1.69
$1.27
$0.24
+33.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
72.1
71.4
96.9
+1.0%
Capital expenditure
6.8
2.6
4.8
+164.8%
Free cash flow
65.3
68.9
92.1
-5.2%
Free cash flow margin
9.5%
12.0%
21.1%
Cash from investing
n/a
n/a
-4.0
Cash from financing
n/a
n/a
4.9
Depreciation and amortisation
3.3
3.2
3.0
+3.1%
Share-based compensation
7.1
5.0
33.8
+41.3%
Dividends paid
n/a
n/a
37.7
Diluted shares, weighted
39m
39m
39m
+0.5%
Shares outstanding at period end
37m
37m
37m
+1.3%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
189
117
62.5
+61.8%
Debt
10.6
11.5
12.4
-7.8%
Other liabilities
122
105
92.5
+15.5%
Total liabilities and equity
321
234
167
+37.5%
Fixed assets
11.6
7.7
8.6
+50.5%
Investments
134
14.8
n/a
+810.1%
Cash and equivalents
96.2
149
101
-35.5%
Other assets
79.2
62.0
57.8
+27.8%
Total assets
321
234
167
+37.5%
10-K for the year ended 31 December 2015, filed 16 March 2018: the filing.