Marcus & Millichap (MMI) FY2020 results: revenue $717 million, down 11.1% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $717 million for fiscal 2020, the year ended 31 December 2020, down 11.1% on the year before. Net income was $43 million, down 44.3%, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$717 million
-11.1% on the year
FY2013FY2020
Operating margin
7.5%
12.0% a year earlier
FY2013FY2020
Net income
$43 million
-44.3% on the year
FY2013FY2020
Diluted EPS
$1.08
-44.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
717
806
815
-11.1%
Cost of revenue
n/a
n/a
503
Gross profit
n/a
n/a
312
Gross margin
n/a
n/a
38.3%
Selling, general and administrative
205
203
193
+0.7%
Operating income
53.6
96.4
112
-44.4%
Operating margin
7.5%
12.0%
13.8%
Interest expense
0.9
1.4
1.4
-35.2%
Pre-tax income
59.4
108
117
-44.8%
Income tax
16.5
30.6
30.0
-46.0%
Effective tax rate
27.8%
28.4%
25.6%
Net income
42.8
76.9
87.3
-44.3%
Net margin
6.0%
9.5%
10.7%
Diluted EPS
$1.08
$1.95
$2.22
-44.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
38.1
25.3
117
+50.6%
Capital expenditure
6.9
8.8
8.1
-21.2%
Free cash flow
31.1
16.5
109
+89.0%
Free cash flow margin
4.3%
2.0%
13.4%
Cash from investing
-17.2
-3.4
-118
Cash from financing
-10.3
-3.9
-5.4
Depreciation and amortisation
10.9
8.0
6.3
+35.9%
Share-based compensation
9.9
9.3
12.0
+6.8%
Buybacks
0.0
n/a
n/a
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
40m
40m
39m
+0.5%
Shares outstanding at period end
39m
39m
39m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
547
495
410
+10.5%
Debt
0.0
6.6
7.7
Operating lease liabilities
59.4
63.2
0.0
-5.9%
Other liabilities
173
144
149
+19.7%
Total liabilities and equity
779
709
566
+9.9%
Fixed assets
23.4
22.6
19.6
+3.5%
Goodwill
33.4
15.1
11.5
+121.4%
Intangible assets
18.7
7.2
3.9
+158.0%
Investments
206
212
221
-2.6%
Cash and equivalents
243
233
215
+4.5%
Other assets
254
220
96.1
+15.7%
Total assets
779
709
566
+9.9%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.