Marcus & Millichap (MMI) FY2023 results: revenue $646 million, down 50.4% on the year
Marcus & Millichap, Inc. (MMI) reported revenue of $646 million for fiscal 2023, the year ended 31 December 2023, down 50.4% on the year before. Net income was -$34 million, and diluted earnings per share $-0.88. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$646 million
-50.4% on the year
FY2016FY2023
Operating margin
-9.2%
10.6% a year earlier
FY2016FY2023
Net income
-$34 million
FY2016FY2023
Diluted EPS
-$0.88
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
-72.4
13.6
256
Capital expenditure
9.4
11.7
6.9
-19.7%
Free cash flow
-81.8
2.0
249
Free cash flow margin
-12.7%
0.2%
19.2%
Cash from investing
74.9
-54.0
-108
Cash from financing
-67.7
-106
-5.9
Depreciation and amortisation
13.6
13.4
11.7
+1.6%
Share-based compensation
24.1
17.3
10.4
+39.5%
Buybacks
39.4
29.1
0.0
+35.8%
Dividends paid
20.1
60.4
0.0
-66.7%
Diluted shares, weighted
39m
40m
40m
-3.8%
Shares outstanding at period end
38m
39m
40m
-2.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
645
714
696
-9.6%
Debt
0.0
0.0
0.0
Operating lease liabilities
69.4
65.1
58.3
+6.6%
Other liabilities
164
225
291
-27.3%
Total liabilities and equity
878
1,004
1,045
-12.5%
Fixed assets
27.4
27.6
23.2
-0.7%
Goodwill
38.0
37.9
34.1
+0.3%
Intangible assets
13.1
17.8
14.0
-26.1%
Investments
236
322
296
-26.6%
Cash and equivalents
171
236
382
-27.6%
Other assets
393
362
295
+8.3%
Total assets
878
1,004
1,045
-12.5%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.