Marcus & Millichap (MMI) FY2016 results: revenue $717 million, up 4.1% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $717 million for fiscal 2016, the year ended 31 December 2016, up 4.1% on the year before. Net income was $65 million, down 2.6%, and diluted earnings per share $1.66. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2017.
Revenue
$717 million
+4.1% on the year
FY2011FY2016
Operating margin
14.8%
16.6% a year earlier
FY2011FY2016
Net income
$65 million
-2.6% on the year
FY2011FY2016
Diluted EPS
$1.66
-1.8% on the year
FY2011FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
717
689
572
+4.1%
Cost of revenue
445
423
350
+5.0%
Gross profit
273
266
222
+2.6%
Gross margin
38.0%
38.6%
38.8%
Selling, general and administrative
162
148
134
+9.5%
Operating income
107
115
84.6
-7.1%
Operating margin
14.8%
16.6%
14.8%
Interest expense
1.5
1.7
1.7
-11.2%
Pre-tax income
107
113
83.0
-5.5%
Income tax
42.4
47.0
33.5
-9.7%
Effective tax rate
39.6%
41.5%
40.3%
Net income
64.7
66.3
49.5
-2.6%
Net margin
9.0%
9.6%
8.7%
Diluted EPS
$1.66
$1.69
$1.27
-1.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
74.5
72.1
71.4
+3.3%
Capital expenditure
9.5
6.8
2.6
+39.4%
Free cash flow
65.0
65.3
68.9
-0.5%
Free cash flow margin
9.1%
9.5%
12.0%
Cash from investing
19.8
n/a
n/a
Cash from financing
-3.1
n/a
n/a
Depreciation and amortisation
4.4
3.3
3.2
+32.7%
Share-based compensation
7.0
7.1
5.0
-1.1%
Dividends paid
0.0
n/a
n/a
Diluted shares, weighted
39m
39m
39m
-0.3%
Shares outstanding at period end
38m
37m
37m
+1.3%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
259
189
117
+37.0%
Debt
9.7
10.6
11.5
-8.8%
Other liabilities
125
122
105
+3.2%
Total liabilities and equity
394
321
234
+22.7%
Fixed assets
16.4
11.6
7.7
+41.2%
Intangible assets
0.0
n/a
n/a
Investments
105
134
14.8
-21.8%
Cash and equivalents
187
96.2
149
+94.8%
Other assets
85.4
79.2
62.0
+7.8%
Total assets
394
321
234
+22.7%
10-K for the year ended 31 December 2016, filed 16 March 2017: the filing.