Marcus & Millichap (MMI) FY2017 results: revenue $720 million, up 0.3% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $720 million for fiscal 2017, the year ended 31 December 2017, up 0.3% on the year before. Net income was $52 million, down 20.3%, and diluted earnings per share $1.32. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2018.
Revenue
$720 million
+0.3% on the year
FY2011FY2017
Operating margin
13.4%
14.8% a year earlier
FY2011FY2017
Net income
$52 million
-20.3% on the year
FY2011FY2017
Diluted EPS
$1.32
-20.5% on the year
FY2011FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
720
717
689
+0.3%
Cost of revenue
447
445
423
+0.4%
Gross profit
273
273
266
+0.2%
Gross margin
38.0%
38.0%
38.6%
Selling, general and administrative
172
162
148
+6.1%
Operating income
96.1
107
115
-9.7%
Operating margin
13.4%
14.8%
16.6%
Interest expense
1.5
1.5
1.7
-2.4%
Pre-tax income
99.2
107
113
-7.4%
Income tax
47.7
42.4
47.0
+12.4%
Effective tax rate
48.1%
39.6%
41.5%
Net income
51.5
64.7
66.3
-20.3%
Net margin
7.2%
9.0%
9.6%
Diluted EPS
$1.32
$1.66
$1.69
-20.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
66.5
74.5
72.1
-10.7%
Capital expenditure
6.6
9.5
6.8
-30.8%
Free cash flow
60.0
65.0
65.3
-7.7%
Free cash flow margin
8.3%
9.1%
9.5%
Cash from investing
-27.3
19.8
n/a
Cash from financing
-5.8
-3.1
n/a
Depreciation and amortisation
5.4
4.4
3.3
+22.2%
Share-based compensation
9.1
7.0
7.1
+30.0%
Dividends paid
0.0
0.0
n/a
Diluted shares, weighted
39m
39m
39m
+0.2%
Shares outstanding at period end
38m
38m
37m
+1.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
315
259
189
+21.6%
Debt
8.7
9.7
10.6
-10.2%
Other liabilities
136
125
122
+8.4%
Total liabilities and equity
460
394
321
+16.7%
Fixed assets
17.2
16.4
11.6
+4.9%
Goodwill
0.0
n/a
n/a
Intangible assets
0.0
0.0
n/a
Investments
126
105
134
+19.8%
Cash and equivalents
221
187
96.2
+17.8%
Other assets
96.1
85.4
79.2
+12.5%
Total assets
460
394
321
+16.7%
10-K for the year ended 31 December 2017, filed 16 March 2018: the filing.