Cash flow Marcus & Millichap, Inc.

Equities

MMI

US5663241090

Real Estate Services

Market Closed - Nyse Other stock markets 04:00:02 2025-01-14 pm EST			5-day change	1st Jan Change
34.36 ^USD	+0.09%		-3.65%	-10.19%

Dec. 31	Marcus & Millichap Unit Sells La Vista Apartments for $116 Million	MT
Dec. 26	Marcus & Millichap Brokers $94.5 Million Sale of Multifamily Portfolio in New York City	MT

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Published financial data: MARCUS & MILLICHAP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	729M	633M	1.17B	1.17B	560M
Other Revenues, Total	77.07M	83.74M	125M	131M	86.18M
Total Revenues	806M	717M	1.3B	1.3B	646M
Cost of Goods Sold, Total	499M	448M	840M	851M	407M
Gross Profit	308M	269M	456M	451M	239M
Selling General & Admin Expenses, Total	203M	203M	250M	300M	285M
Depreciation & Amortization - (IS)	8.02M	10.9M	11.72M	13.41M	13.63M
Other Operating Expenses, Total	211M	214M	262M	314M	299M
Operating Income	96.62M	55.02M	194M	137M	-59.38M
Interest Expense, Total	-1.39M	-900K	-580K	-708K	-888K
Interest And Investment Income	10.24M	4.86M	2.28M	7.86M	18.08M
Net Interest Expenses	8.85M	3.96M	1.7M	7.16M	17.19M
Other Non Operating Income (Expenses)	2.16M	1.6M	2.03M	-2.62M	1.96M
EBT, Excl. Unusual Items	108M	60.57M	198M	142M	-40.23M
Merger & Related Restructuring Charges	-	-1.3M	-	-	-
Gain (Loss) On Sale Of Investments	87K	192K	219K	86K	-190K
Other Unusual Items	-202K	-101K	-4.66M	161K	16K
EBT, Incl. Unusual Items	108M	59.36M	193M	142M	-40.4M
Income Tax Expense	30.58M	16.53M	50.83M	37.8M	-6.37M
Earnings From Continuing Operations	76.93M	42.84M	142M	104M	-34.04M
Net Income to Company	76.93M	42.84M	142M	104M	-34.04M
Net Income - (IS)	76.93M	42.84M	142M	104M	-34.04M
Net Income to Common Incl Extra Items	76.93M	42.84M	142M	104M	-34.04M
Net Income to Common Excl. Extra Items	76.93M	42.84M	142M	104M	-34.04M
Per Share Items
Net EPS - Basic	1.95	1.08	3.57	2.61	-0.88
Basic EPS - Continuing Operations	1.95	1.08	3.57	2.61	-0.88
Basic Weighted Average Shares Outstanding	39.4M	39.64M	39.89M	39.89M	38.66M
Net EPS - Diluted	1.95	1.08	3.55	2.59	-0.88
Diluted EPS - Continuing Operations	1.95	1.08	3.55	2.59	-0.88
Diluted Weighted Average Shares Outstanding	39.55M	39.74M	40.19M	40.19M	38.66M
Normalized Basic EPS	1.71	0.96	3.1	2.22	-0.65
Normalized Diluted EPS	1.7	0.95	3.08	2.21	-0.65
Dividend Per Share	-	-	-	0.5	0.5
Payout Ratio	-	-	-	19.41	-59.07
Supplemental Items
EBITDA	105M	65.91M	206M	151M	-45.76M
EBITA	97.17M	55.56M	195M	143M	-54.68M
EBIT	96.62M	55.02M	194M	137M	-59.38M
EBITDAR	134M	96.61M	237M	181M	-11.18M
Total Revenues (As Reported)	806M	717M	1.3B	1.3B	646M
Effective Tax Rate - (Ratio)	28.45	27.84	26.3	26.62	15.76
Current Domestic Taxes	30.36M	16.05M	62.69M	43.82M	57K
Total Current Taxes	30.36M	16.05M	62.69M	43.82M	57K
Deferred Domestic Taxes	158K	473K	-11.84M	-6.07M	-6.43M
Deferred Foreign Taxes	68K	-	-12K	52K	6K
Total Deferred Taxes	226K	473K	-11.86M	-6.02M	-6.42M
Normalized Net Income	67.27M	37.86M	124M	88.61M	-25.14M
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	889K	586K	830K	1.65M	1.89M
Selling and Marketing Expenses	889K	586K	830K	1.65M	1.89M
Net Rental Expense, Total	29.37M	30.7M	31.09M	30.73M	34.58M
Imputed Operating Lease Interest Expense	6.86M	2.66M	1.85M	2.18M	2.89M
Imputed Operating Lease Depreciation	22.52M	28.04M	29.24M	28.54M	31.68M
Stock-Based Comp., SG&A Exp. (Total)	9.28M	9.9M	10.36M	17.31M	24.15M
Total Stock-Based Compensation	9.28M	9.9M	10.36M	17.31M	24.15M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	233M	243M	382M	236M	171M
Short Term Investments	151M	158M	184M	253M	178M
Total Cash And Short Term Investments	383M	401M	566M	489M	349M
Accounts Receivable, Total	7.88M	10.39M	17.23M	8.45M	16.17M
Other Receivables	5M	-	-	9.45M	11.02M
Notes Receivable	65K	185K	40K	6K	37K
Total Receivables	12.95M	10.58M	17.27M	17.91M	27.23M
Prepaid Expenses	10.68M	10.15M	13.22M	9.41M	8.81M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	3.12M	6.94M	11.63M	10.52M	8.52M
Total Current Assets	410M	429M	608M	527M	394M
Gross Property Plant And Equipment	160M	181M	140M	157M	166M
Accumulated Depreciation	-46.68M	-73.84M	-35.14M	-41.43M	-48.5M
Net Property Plant And Equipment	113M	107M	105M	116M	118M
Long-term Investments	60.81M	47.77M	122M	78.1M	72.54M
Goodwill	15.07M	33.38M	34.07M	37.91M	38.05M
Other Intangibles, Total	9.24M	20.58M	15.89M	17.78M	13.14M
Accounts Receivable Long-Term	66.65M	-	-	-	-
Loans Receivable Long-Term	323K	246K	-	-	26K
Deferred Tax Assets Long-Term	22.12M	21.37M	33.74M	41.32M	46.93M
Other Long-Term Assets, Total	11.47M	119M	127M	186M	197M
Total Assets	709M	779M	1.05B	1B	878M
Liabilities
Accounts Payable, Total	8.84M	16.69M	15.98M	11.37M	8.12M
Accrued Expenses, Total	66.78M	79.2M	165M	114M	74.9M
Current Portion of Long-Term Debt	6.56M	-	-	-	-
Current Portion of Leases	17.76M	19.19M	18.97M	16.98M	18.34M
Current Income Taxes Payable	-	3.73M	17.85M	-	-
Other Current Liabilities	1.86M	1.51M	8.2M	9.93M	3.92M
Total Current Liabilities	102M	120M	226M	152M	105M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	63.16M	59.41M	58.33M	65.11M	69.41M
Other Non Current Liabilities	49.17M	52.56M	64.93M	73.08M	58.46M
Total Liabilities	214M	232M	349M	290M	233M
Common Stock, Total	4K	4K	4K	4K	4K
Additional Paid In Capital	105M	113M	122M	132M	154M
Retained Earnings	388M	431M	574M	586M	492M
Comprehensive Income and Other	1.97M	2.57M	910K	-3.62M	-768K
Total Common Equity	495M	547M	696M	714M	645M
Total Equity	495M	547M	696M	714M	645M
Total Liabilities And Equity	709M	779M	1.05B	1B	878M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	39.17M	39.39M	39.68M	39.23M	38.4M
ECS Total Common Shares Outstanding	39.14M	39.39M	39.68M	39.24M	38.4M
Book Value / Share	12.65	13.88	17.55	18.18	16.8
Tangible Book Value	471M	493M	646M	658M	594M
Tangible Book Value Per Share	12.02	12.51	16.29	16.76	15.47
Total Debt	87.48M	78.6M	77.31M	82.09M	87.74M
Net Debt	-357M	-371M	-601M	-476M	-329M
Debt Equivalent Oper. Leases	235M	246M	249M	246M	277M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	23.47M	23.42M	24.51M	26.45M	26.1M
Full Time Employees	877	764	801	887	896
Accumulated Allowance for Doubtful Accounts (Supple)	512K	-	5K	1K	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	76.93M	42.84M	142M	104M	-34.04M
Depreciation & Amortization - CF	28.68M	33.18M	34.92M	30.54M	8.93M
Amortization of Goodwill and Intangible Assets - (CF)	544K	546K	525K	5.98M	4.7M
Depreciation & Amortization, Total	29.22M	33.72M	35.45M	36.52M	13.63M
(Gain) Loss on Sale of Investments - (CF)	-87K	-192K	-219K	-86K	190K
Stock-Based Compensation (CF)	9.28M	9.9M	10.36M	17.31M	24.15M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	114K	62K	-89K	-3K	-128K
Other Operating Activities, Total	50K	1.2M	-7.12M	-6.56M	19.54M
Change In Accounts Receivable	-55K	-3.29M	-10.83M	8.44M	-7.59M
Change In Accounts Payable	-486K	1.25M	10.18M	-4.07M	-2.96M
Change In Income Taxes	-9.48M	8.72M	14.13M	-26.54M	-616K
Change in Other Net Operating Assets	-80.2M	-56.13M	61.58M	-116M	-84.6M
Cash from Operations	25.29M	38.09M	256M	13.63M	-72.43M
Capital Expenditure	-8.81M	-6.94M	-6.86M	-11.67M	-9.37M
Sale of Property, Plant, and Equipment	21K	-	-	-	-
Cash Acquisitions	-6.08M	-16.3M	229K	-12.5M	-
Investment in Marketable and Equity Securities, Total	11.61M	6.07M	-102M	-29.81M	84.33M
Other Investing Activities, Total	-158K	-56K	250K	-3K	-92K
Cash from Investing	-3.42M	-17.23M	-108M	-53.98M	74.87M
Long-Term Debt Repaid, Total	-1.09M	-6.56M	-	-	-
Total Debt Repaid	-1.09M	-6.56M	-	-	-
Issuance of Common Stock	657K	642K	653K	709K	661K
Repurchase of Common Stock	-2.74M	-2.02M	-3.35M	-38.79M	-43.88M
Common Dividends Paid	-	-	-	-20.23M	-20.1M
Common & Preferred Stock Dividends Paid	-	-	-	-20.23M	-20.1M
Special Dividend Paid	-	-	-	-40.13M	-
Other Financing Activities, Total	-713K	-2.38M	-3.22M	-7.11M	-4.36M
Cash from Financing	-3.88M	-10.33M	-5.92M	-106M	-67.68M
Foreign Exchange Rate Adjustments	-	-48K	-2.64M	-366K	122K
Net Change in Cash	17.99M	10.48M	139M	-146M	-65.12M
Supplemental Items
Cash Interest Paid	2.11M	1.22M	749K	614K	478K
Cash Income Tax Paid (Refund)	39.84M	7.33M	48.56M	69.85M	674K
Levered Free Cash Flow	67.4M	93.23M	251M	60.16M	-64.09M
Unlevered Free Cash Flow	68.27M	93.79M	251M	60.6M	-63.54M
Change In Net Working Capital	21.82M	-22.72M	-91.08M	67.34M	54.82M
Net Debt Issued / Repaid	-1.09M	-6.56M	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	9.47	4.62	13.29	8.37	-3.94
Return on Total Capital	12.08	5.69	17.33	10.93	-4.86
Return On Equity %	17.01	8.22	22.92	14.79	-5.01
Return on Common Equity	17.01	8.22	22.92	14.79	-5.01
Margin Analysis
Gross Profit Margin %	38.14	37.53	35.19	34.63	37.04
SG&A Margin	25.16	28.33	19.32	23.06	44.13
EBITDA Margin %	12.98	9.19	15.87	11.57	-7.08
EBITA Margin %	12.05	7.75	15.01	11	-8.47
EBIT Margin %	11.98	7.67	14.97	10.54	-9.19
Income From Continuing Operations Margin %	9.54	5.98	10.99	8.01	-5.27
Net Income Margin %	9.54	5.98	10.99	8.01	-5.27
Net Avail. For Common Margin %	9.54	5.98	10.99	8.01	-5.27
Normalized Net Income Margin	8.34	5.28	9.53	6.81	-3.89
Levered Free Cash Flow Margin	8.36	13	19.35	4.62	-9.92
Unlevered Free Cash Flow Margin	8.47	13.08	19.38	4.66	-9.84
Asset Turnover
Asset Turnover	1.26	0.96	1.42	1.27	0.69
Fixed Assets Turnover	12.15	6.5	12.22	11.82	5.54
Receivables Turnover (Average Receivables)	87.54	82.26	84.79	91.13	45.46
Short Term Liquidity
Current Ratio	4.03	3.57	2.7	3.47	3.74
Quick Ratio	3.89	3.42	2.58	3.34	3.57
Operating Cash Flow to Current Liabilities	0.25	0.32	1.13	0.09	-0.69
Days Sales Outstanding (Average Receivables)	4.17	4.45	4.3	4	8.03
Average Days Payable Outstanding	6.85	10.66	5.65	5.74	8.75
Long Term Solvency
Total Debt/Equity	17.68	14.37	11.1	11.51	13.6
Total Debt / Total Capital	15.02	12.57	9.99	10.32	11.97
LT Debt/Equity	12.76	10.86	8.38	9.13	10.76
Long-Term Debt / Total Capital	10.84	9.5	7.54	8.18	9.47
Total Liabilities / Total Assets	30.2	29.81	33.38	28.91	26.54
EBIT / Interest Expense	69.61	61.13	334.51	193.84	-66.87
EBITDA / Interest Expense	96.55	107.35	408.32	256.18	-12.59
(EBITDA - Capex) / Interest Expense	90.2	99.63	396.49	239.7	-23.14
Total Debt / EBITDA	0.65	0.81	0.33	0.45	-7.85
Net Debt / EBITDA	-2.66	-3.84	-2.54	-2.62	29.41
Total Debt / (EBITDA - Capex)	0.7	0.88	0.34	0.48	-4.27
Net Debt / (EBITDA - Capex)	-2.85	-4.13	-2.61	-2.8	16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-1.03	-11.1	80.84	0.41	-50.38
Gross Profit, 1 Yr. Growth %	-1.41	-12.53	69.59	-1.19	-46.92
EBITDA, 1 Yr. Growth %	-11.91	-37.01	218.41	-26.78	-130.37
EBITA, 1 Yr. Growth %	-13.85	-42.82	258.53	-27.79	-138.53
EBIT, 1 Yr. Growth %	-14.1	-43.06	261.19	-29.26	-143.27
Earnings From Cont. Operations, 1 Yr. Growth %	-11.84	-44.32	232.58	-26.84	-132.66
Net Income, 1 Yr. Growth %	-11.84	-44.32	232.58	-26.84	-132.66
Normalized Net Income, 1 Yr. Growth %	-8.33	-43.72	233.61	-28.3	-128.37
Diluted EPS Before Extra, 1 Yr. Growth %	-12.16	-44.62	228.7	-26.88	-133.96
Accounts Receivable, 1 Yr. Growth %	-10.18	107.7	65.82	-50.94	91.3
Net Property, Plant and Equip., 1 Yr. Growth %	478.92	-5.05	-2.55	10.38	1.66
Total Assets, 1 Yr. Growth %	25.19	9.88	34.15	-3.97	-12.48
Tangible Book Value, 1 Yr. Growth %	20.06	4.74	31.13	1.77	-9.69
Common Equity, 1 Yr. Growth %	20.83	10.49	27.33	2.47	-9.56
Cash From Operations, 1 Yr. Growth %	-78.45	50.62	571.87	-94.67	-631.44
Capital Expenditures, 1 Yr. Growth %	9.17	-21.19	-1.27	70.13	-19.68
Levered Free Cash Flow, 1 Yr. Growth %	-29.83	38.33	171.51	-76.02	-272.99
Unlevered Free Cash Flow, 1 Yr. Growth %	-29.57	37.39	170.26	-75.88	-269.47
Dividend Per Share, 1 Yr. Growth %