Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data

v2.4.1.9
Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
15. Selected Quarterly Financial Data (Unaudited)

The Company’s real estate brokerage commissions and financing fees are seasonal, which can affect an investor’s ability to compare the Company’s financial condition and results of operation on a quarter-by-quarter basis. Historically, this seasonality has caused the Company’s revenue, operating income, net income and cash flows from operating activities to be lower in the first half of the year and higher in the second half of the year, particularly in the fourth quarter. The concentration of earnings and cash flows in the last six months of the year, particularly in the fourth quarter, is due to an industry-wide focus of clients to complete transactions towards the end of the calendar year. In addition, the Company’s gross margins are typically lower during the second half of each year due to its commission structure for some of its senior sales and financing professionals. These senior sales and financing professionals are on a graduated commission schedule that resets annually in which higher commissions are paid for higher sales volumes.

 

    Three Months Ended  
    Dec. 31
2014		     Sep. 30
2014		     Jun. 30
2014		     Mar. 31
2014		     Dec. 31
2013 (1)		     Sep. 30
2013		     Jun. 30
2013		     Mar. 31
2013		  
    (in thousands, except per share data)  

Consolidated Financial Statement Data:

                

Total revenues

   $ 172,444      $ 150,889      $ 134,265      $ 114,590      $ 149,101      $ 111,953      $ 105,471      $ 69,370   

Cost of services

     109,836        92,269        79,601        68,396        94,242        67,718        61,456        41,221   

Operating income (loss)

     27,097        23,721        21,726        12,062        (8,165 )      12,625        14,169        2,657   

Net income (loss)

     16,430        13,523        12,796        6,782        (8,716 )      7,275        8,009        1,638   

Net (loss) income (attributable to MMREIS prior to IPO on October 31, 2013)

     —          —          —          —          (17,967 )      7,275        8,009        1,638   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to Marcus & Millichap, Inc. subsequent to IPO on October 31, 2013

 $ 16,430    $ 13,523    $ 12,796    $ 6,782    $ 9,251    $ —      $ —      $ —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share (2):

                

Basic

   $ 0.42      $ 0.35      $ 0.33      $ 0.17      $ 0.24         

Diluted

   $ 0.42      $ 0.35      $ 0.33      $ 0.17      $ 0.24         

 

(1)  The three months ended December 31, 2013 include non-cash stock-based and other compensation charges of $31.3 million. See Note 10 – “Stock-Based Compensation Plans” for additional information.
(2)  Earnings per share information are presented for periods subsequent to the IPO on October 31, 2013. See Note 13 – “Earnings Per Share” for additional information.