Marcus & Millichap (MMI) FY2018 results: revenue $815 million, up 13.2% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $815 million for fiscal 2018, the year ended 31 December 2018, up 13.2% on the year before. Net income was $87 million, up 69.4%, and diluted earnings per share $2.22. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$815 million
+13.2% on the year
FY2011FY2018
Operating margin
13.8%
13.4% a year earlier
FY2011FY2018
Net income
$87 million
+69.4% on the year
FY2011FY2018
Diluted EPS
$2.22
+68.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
815
720
717
+13.2%
Cost of revenue
503
447
445
+12.6%
Gross profit
312
273
273
+14.2%
Gross margin
38.3%
38.0%
38.0%
Selling, general and administrative
193
172
162
+12.6%
Operating income
112
96.1
107
+16.8%
Operating margin
13.8%
13.4%
14.8%
Interest expense
1.4
1.5
1.5
-6.4%
Pre-tax income
117
99.2
107
+18.1%
Income tax
30.0
47.7
42.4
-37.2%
Effective tax rate
25.6%
48.1%
39.6%
Net income
87.3
51.5
64.7
+69.4%
Net margin
10.7%
7.2%
9.0%
Diluted EPS
$2.22
$1.32
$1.66
+68.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
117
66.5
74.5
+76.3%
Capital expenditure
8.1
6.6
9.5
+23.2%
Free cash flow
109
60.0
65.0
+82.1%
Free cash flow margin
13.4%
8.3%
9.1%
Cash from investing
-118
-27.3
19.8
Cash from financing
-5.4
-5.8
-3.1
Depreciation and amortisation
6.3
5.4
4.4
+17.4%
Share-based compensation
12.0
9.1
7.0
+31.0%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
39m
39m
39m
+0.7%
Shares outstanding at period end
39m
38m
38m
+1.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
410
315
259
+30.1%
Debt
7.7
8.7
9.7
-11.9%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
149
136
125
+9.6%
Total liabilities and equity
566
460
394
+23.2%
Fixed assets
19.6
17.2
16.4
+14.0%
Goodwill
11.5
0.0
n/a
Intangible assets
3.9
0.0
0.0
Investments
221
126
105
+75.6%
Cash and equivalents
215
221
187
-2.8%
Other assets
96.1
96.1
85.4
+0.1%
Total assets
566
460
394
+23.2%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.