Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Net and Comprehensive Income

v3.3.1.900
Consolidated Statements of Net and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Real estate brokerage commissions $ 632,574 $ 524,951 $ 393,203
Financing fees 42,558 33,881 25,921
Other revenues 13,923 13,356 16,771
Total revenues 689,055 572,188 435,895
Operating expenses:      
Cost of services 423,389 350,102 264,637
Selling, general, and administrative expense 147,710 134,274 115,661
Depreciation and amortization expense 3,305 3,206 3,043
Stock-based and other compensation in connection with initial public offering     31,268
Total operating expenses 574,404 487,582 414,609
Operating income 114,651 84,606 21,286
Other income (expense), net 443 28 760
Interest expense (1,726) (1,651) (105)
Income before provision for income taxes 113,368 82,983 21,941
Provision for income taxes 47,018 33,452 13,735
Net income 66,350 49,531 8,206
Other comprehensive income:      
Unrealized (loss) gain on marketable securities, net of tax of $(394), $16 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively (592) 24  
Foreign currency translation (loss) gain, net of tax of $(90), $90 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively 890 135  
Total other comprehensive (loss) income 298 159  
Comprehensive income 66,648 49,690 8,206
Net income attributable to Marcus & Millichap, Inc. subsequent to initial public offering:      
Net income 66,350 49,531 8,206
Less: Net loss attributable to Marcus & Millichap Real Estate Investment Services, Inc. prior to initial public offering on October 31, 2013     (1,045)
Net income attributable to Marcus & Millichap, Inc. subsequent to initial public offering $ 66,350 $ 49,531 $ 9,251
Earnings per share:      
Basic [1] $ 1.71 $ 1.27 $ 0.24
Diluted [1] $ 1.69 $ 1.27 $ 0.24
Weighted average common shares outstanding:      
Basic [1] 38,848 38,851 38,787
Diluted [1] 39,162 38,978 38,815
[1] Earnings per share (EPS) for the twelve months ended December 31, 2013 represents EPS attributable to Marcus & Millichap, Inc. subsequent to its initial public offering on October 31, 2013 and is not annualized. EPS information for periods prior to the initial public offering were not meaningful.