Marcus & Millichap (MMI) FY2019 results: revenue $806 million, down 1.0% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $806 million for fiscal 2019, the year ended 31 December 2019, down 1.0% on the year before. Net income was $77 million, down 11.8%, and diluted earnings per share $1.95. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$806 million
-1.0% on the year
FY2012FY2019
Operating margin
12.0%
13.8% a year earlier
FY2012FY2019
Net income
$77 million
-11.8% on the year
FY2012FY2019
Diluted EPS
$1.95
-12.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
806
815
720
-1.0%
Cost of revenue
n/a
503
447
Gross profit
n/a
312
273
Gross margin
n/a
38.3%
38.0%
Selling, general and administrative
203
193
172
+5.0%
Operating income
96.4
112
96.1
-14.1%
Operating margin
12.0%
13.8%
13.4%
Interest expense
1.4
1.4
1.5
-0.9%
Pre-tax income
108
117
99.2
-8.3%
Income tax
30.6
30.0
47.7
+2.1%
Effective tax rate
28.4%
25.6%
48.1%
Net income
76.9
87.3
51.5
-11.8%
Net margin
9.5%
10.7%
7.2%
Diluted EPS
$1.95
$2.22
$1.32
-12.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
25.3
117
66.5
-78.4%
Capital expenditure
8.8
8.1
6.6
+9.2%
Free cash flow
16.5
109
60.0
-84.9%
Free cash flow margin
2.0%
13.4%
8.3%
Cash from investing
-3.4
-118
-27.3
Cash from financing
-3.9
-5.4
-5.8
Depreciation and amortisation
8.0
6.3
5.4
+27.3%
Share-based compensation
9.3
12.0
9.1
-22.6%
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
40m
39m
39m
+0.4%
Shares outstanding at period end
39m
39m
38m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
495
410
315
+20.8%
Debt
6.6
7.7
8.7
-14.2%
Operating lease liabilities
63.2
0.0
n/a
Other liabilities
144
149
136
-3.2%
Total liabilities and equity
709
566
460
+25.2%
Fixed assets
22.6
19.6
17.2
+15.8%
Goodwill
15.1
11.5
0.0
+31.5%
Intangible assets
7.2
3.9
0.0
+84.4%
Investments
212
221
126
-4.1%
Cash and equivalents
233
215
221
+8.4%
Other assets
220
96.1
96.1
+128.7%
Total assets
709
566
460
+25.2%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.