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Marcus & Millichap (MMI) Q2 2019 revenue convene Transcript | 000-117 Dumps and actual exam Questions with VCE practice Test

MMI salary convene for the length ending June 30, 2019.

Motley fool Transcribing

Aug 7, 2019 at 6:23AM


Logo of jester cap with thought bubble.

photo supply: The Motley idiot.

Marcus & Millichap (NYSE:MMI)Q2 2019 income CallAug 06, 2019, 5:00 p.m. ET

  • prepared Remarks
  • Questions and solutions
  • call individuals
  • Trending

    organized Remarks:


    Greetings. Welcome to the Marcus & Millichap 2nd-quarter 2019 profits conference name. [Operator instructions] gratify word that this convention is being recorded. i will breathe able to now flip the convention over to your host, Evelyn Infurna, investor relations.

    Ms. Infurna, you may moreover start.

    Evelyn Infurna -- Investor family members

    thank you. first rate afternoon and welcome to Marcus and Millichap's 2d-quarter 2019 salary convention call. With us today are President and Chief government Officer Hessam Nadji, and Chief monetary Officer Marty Louie. earlier than I flip the title over to administration, gratify breathe conscious that their prepared remarks and responses to questions can moreover comprise ahead-searching statements.

    phrases reminiscent of may additionally, will, are expecting, trust, estimate, anticipate, point and adaptations of those phrases and identical expressions are meant to determine forward-looking statements. actual outcomes might vary materially from these implied by way of such ahead-searching statements due to a total lot of elements, together with, however no longer constrained to, conventional economic situations and traffic actual estate market circumstances, the business's capacity to continue and appeal to transactional specialists, the enterprise's capacity to preserve its company philosophy and partnership lifestyle amid aggressive pressures, the company's skill to combine new brokers and sustain its increase and different components mentioned within the enterprise's public filings, including its annual file on contour 10-okay filed with the Securities and exchange fee on March 1, 2019. youngsters the enterprise believes the expectations mirrored in such forward-looking statements are based upon affordable assumptions, it can gain no assurance that its expectations can breathe attained. The enterprise undertakes no duty to supplant any forward-looking statement whether on account of new tips, future routine or in any other case.

    furthermore, inescapable monetary suggestions offered on this title represents non-GAAP pecuniary measures. The enterprise's revenue release, which became issued this afternoon and is attainable on the company's site, represents reconciliation to the acceptable GAAP measures and explanations of why the traffic believes such non-GAAP measures are useful to traders. ultimately, this convention convene is being webcast. The webcast link is available on the investor relations component to their web site,, along with the skid presentation you may reference during the prepared remarks.

    With that, it's my delectation to demonstrate the title over to Hessam Nadji.

    Hessam Nadji -- President and Chief operating Officer

    thank you, Evelyn. On behalf of the complete Marcus Millichap team, capable afternoon, everyone, and thank you for joining their 2d quarter 2019 profits name. i am jubilant to document that their intensified customer outreach and advertising and marketing crusade in the past several months, combined with consistent hiring and acquisitions, resulted in profits growth of 5.1% or a second quarter checklist of virtually $210 million. This reflects sequential development in replenishing their transaction pipeline and list inventory, which has been depleted within the fourth quarter of 2018 as a result of their list closings.

    Renewed momentum in their brokerage income growth after a list-breaking 2018 has been gradual and more difficult this yr due to a shift in investor sentiment. As they mentioned on their closing salary name, heightened economic issues and the Fed pastime rate route reversal believe pushed many investors back into a wait and notice mode, specially in anticipation of falling hobby fees. As a mirrored image of this shift, universal market sales declined by using an estimated 7% within the second quarter and 13% for the primary half according to RCA. some of the hallmarks for the Marcus & Millichap platform is their competence to mobilize their income drive and satisfactory-tune the tutorial and advisory service cost their crew brings to investors from time to time of market change.

    This is noiseless their core strategy, combined with a steadfast heart of attention on broking service hiring and edifice whereas supplementing biological growth with acquisitions. For the quarter, income growth of well-nigh 9% in private client brokerage and 14% in their financing traffic were points of energy. They moreover closed some delayed transactions from the first quarter and resurrected some transactions that had fallen out of contract. also, on a benign word, their dive to transaction ratio has eased again to its three-yr average, and their earnings drive grew through 124 or 7% over the eventual one year.

    This includes the addition of many experienced sales and financing gurus. Their heart market and bigger transaction revenues declined via 8% and eleven% in the first half of this yr. combined earnings in these classes had grown 37% within the first half of 2018 as a related. As they now believe shared time and again in the past, these transactions accommodate most valuable inner most investors, in addition to institutions, and they are usually extra variable for us.

    patrons believe revolve into exceptionally cautious this 12 months during this higher-priced category given list valuations and activity fee volatility. We're additionally challenged through a slowdown in multifamily income this yr after posting exquisite earnings increase in 2018, peculiarly in higher multifamily belongings. while multifamily is noiseless the darling of the business, we're seeing some pushback on checklist low cap prices, in addition to concerns concerning skills employ manage measures in some primary metro. within your budget residence income were adversely impacted by means of delays in HUD financing and their backlog birthright through the primary half, which stems from the govt shutdown past this yr.

    despite these elements, multifamily property fundamentals continue to breathe in particular strong, primarily within the corpse of workers housing phase, which makes up the vast majority of the U.S. apartment stock and MMI's multifamily brokerage business. They believe here's an adjustment duration for you to drudgery its way through the market, specifically given the exact drop in hobby price. Their boom in workplace, industrial, self-storage and seniors housing salary helped to offset declines in their multifamily earnings.

    From a market point of view, they persevered to gape tenacious occupancies, rents, tenacious mortgage performance and abundant availability of debt and equity capital, total of which is supported via even job boom. notwithstanding the roller-coaster undergo of change wars and the repercussion of tariffs nibbling at GDP growth, the U.S. economic enlargement continues at a reasonable however constant tempo. The challenge for us is prolonged marketing and transaction closing time line and lingering charge expectation gaps.

    it is without problems taking longer to deliver buyers and agents together, and the system requires extra investor training and tighter underwriting. Let me emphasize that neatly-priced belongings are noiseless transparent out there, and there's loads of greater exact for a replete spectrum of investments ranging from core to cost add. hence, we're cautiously positive that investor sentiment should breathe bolstered by dwindle hobby prices as they permeate through the marketplace in the coming months. most importantly, their growth strategy continues to breathe on track.

    within the immediate time period, we're extra refining their customer outreach of brokerage training to assist greater buyers navigate precise-time market conditions and entangle skills of ample opportunities throughout a lot of property kinds and markets. expansion efforts in their financing enterprise, IPA division and diversification in a variety of property types are correctly relocating ahead. specific to their financing company, we've got continued to boost their platform via traits in technology, practicing and mortgage originator champion whereas expanding their lender classes, increasing agency lending capability and pursuing additional acquisitions. As outlined on their outdated calls, we're managing their costs tightly while making strategic investments that they coincide with are valuable to the company's lengthy-time era competitiveness.

    As such, the quarter's yr-over-year diluted EPS decline of 3.6% reflects exact acquisitions that are nonetheless in income ramp-up, as well as investments in expertise, advertising and client services. They continue to notice the energy of their balance sheet as a positive oblige and a aggressive expertise. Having abundant capital and optionality toward synergistic acquisition is noiseless their exact priority for capital deployment. Their fresh acquisitions are showing very positive signals in the early levels of integration, and they believe now endured to notice alternatives with greater useful valuation expectation.

    we're step by step adding more resources as they establish the birthright system for scaling their acquisitions whereas deploying the revise underwriting controls to reduce possibility. during this spirit, i'm chuffed to file that they now believe entered an condense for an additional acquisition, benign actual property Advisors in Vancouver, British Columbia. benign is a leading local brokerage company that specialize in retail with a longtime tradition and customer-centric model that's a total lot relish ours. With 4 incredibly experienced principals, leading a profitable group of brokers and miraculous aid group, contour will convey huge synergies, charge and market insurance to their platform.

    We're excited to additional strengthen their Vancouver workplace and their presence in Canada via this acquisition. looking ahead, they notice their exact inner most customer market position, expansion into larger institutional transactions, huge runway in their financing enterprise, and business-leading manufacturer as strategic advantages to additional build up. They additionally reckon their reenergized and streamlined administration team is a key driver of future growth. over the past three years, we've got made essential changes and improvements in their management lineup, communique and choice-making.

    Our COO, Mitch LaBar, has been a pivotal Part of this manner and has determined to transition again into retirement via the conclusion of this year. Mitch has been a long-term leader within the enterprise and made a broad believe an repercussion on in the early years of growing the market in the WeChat platform. during the eventual three years, he has been an outstanding ally in helping me contour the brand new leadership crew, helping their brokers and executing recommendations to gain the company improved in each approach. several months ago, Mitch and i promoted JD Parker and Richard Matricaria to government vp, who will signify on Mitch's latest obligations upon his retirement.

    Richard and JD are traffic veterans with huge brokerage event and music record of leading accurate offices, divisions, and corporate projects. Their complementary geographic focus and talent set will raise their management bandwidth because the company enters the next section of boom and evolution. We're additionally fortunate to believe a tenacious neighborhood of veteran division managers and different senior executives who are already partnering with JD and Richard in leading the enterprise. On behalf of the entire administration team, they thank Mitch for total of his contributions to the traffic given that 1984, exceptionally his position as COO on account that 2016.

    With that, i'll now revolve the title over to Marty to focus on their fiscal outcomes in additional detail. Marty?

    Marty Louie -- Chief pecuniary Officer

    Thanks, Hessam. i may breathe discussing their 2d quarter 2019 consequences in greater aspect. total revenues within the 2d quarter expanded 5.1% year over 12 months to $210 million pushed by way of a 3.9% increase in accurate estate brokerage commissions to $189 million and a 14% soar in financing expenses, which extended to $18 million. precise estate brokerage commissions, which account for ninety% of their salary, mirrored the power of their private customer market section, which is up nearly 9% within the second quarter to $129 million.

    This segment contributed about sixty eight% of precise estate brokerage fee profits. Their core Market profits reduced 2.2% to $27 million, partially as a result of transaction signify number lowering about 5.9% birthright through the quarter, as well as a tricky 12 months-over-yr comparison. in the prior yr, this segment's profits increased over 35%. moreover, profits from their greater transaction traffic diminished 11% 12 months over yr to $26 million, compared to a 29% boost total through the 2d quarter eventual 12 months.

    apart from tough year-over-yr assessment and the variability of greater offers mentioned on previous calls, they achieve not notice any primary trade or topic in their lengthy-term potential to penetrate higher transactions as a supplement to their deepest client company. during the quarter, complete transactions increased 7.6% to 2,535 and total volume expanded 14.1% 12 months over yr to $13 billion, with energy in particular in financing. revenue from financing expenses generated with the aid of MMCC grew a suit 14% to $17.7 million for the quarter because of a 12% increase in financing transactions and a 2% boost in transaction dimension. For the length, they noticed financing activities unfold equally between purchase and refinance transactions.

    different salary, which is comprised basically of consulting and advisory charges, along with referral expenses from other precise property brokers, rose forty four% to $3.2 million. The outsized boost was essentially pushed through two broad advisory prices earned throughout the quarter. And finally, they complete the quarter with 1,965 sales and financing certified for a internet addition of 124 over the past twelve months. birthright through the quarter, total operating expenses expanded 7.1% to $183 million.

    The enhance turned into because of bigger cost of services, SG&A and depreciation and amortization. cost of services rose 6.7% yr over yr to $128 million, in Part because of greater revenues, as well as increased commissions to more skilled agents in the quarter. As a reminder, can impregnate of capabilities is basically comprised of commissions paid to the enterprise's funding income certified and compensation related to financing actions. As a p.c of total revenues, cost of capabilities rose 90 groundwork points to sixty one%, offsetting first quarter's decrease-than-common commission fee, which changed into one hundred ten basis aspects lower on a year-over-12 months groundwork.

    For the primary half of 2019, commission rate is on par with the outmoded yr, which illustrates the significance of viewing their company on an extended-term foundation. SG&A multiplied 7.7% year over 12 months to $53 million. This changed into basically as a result of compensation-related prices, investment in their income and financing authorities, enterprise edifice and aid programs, enlargement of present offices in strategic places in usher of their starting to breathe income drive and fees involving inescapable beta licensing prices. The enhance additionally includes usher group of workers amenities that had been received total over the previous one year.

    each one of these organizations are in ramp-up and are making solid development in their integration and future earnings contribution. These raises had been in Part offset by means of decreases in felony fees and inventory-primarily based compensation. Let me reiterate, they are managing fees tightly and balancing can impregnate containment with key investments they trust are simple to the company's long-time era competitiveness. Diluted earnings for the quarter had been $0.54 per share, in comparison to $0.56 in Q2 of 2018.

    it can breathe mentioned that their effects were impacted because of a better tax fee. This was essentially brought about through the removing of inescapable working expense deductions brought about via contemporary IRS counsel involving the 2017 tax legislations. Going forward, they hope their helpful tax fee for the entire 12 months to breathe between 26.8% and 27.5%. Adjusted EBITDA diminished 5.1% to $32 million birthright through the quarter while their adjusted EBITDA margin diminished to fifteen.three%.

    As we've discussed during the past, their adjusted EBITDA margin, relish their accustomed performance, should noiseless breathe viewed on a long-term foundation and that there's variability from quarter to quarter. moving on to the stability sheet. They finished the quarter with robust liquidity ranges with approximately $361 million of money, cash equivalents and core money investments. Their capital deployment precedence remains founded on strategic acquisitions that expand their market insurance and service providing.

    we are restful with their growing to breathe pipeline of acquisition alternatives that are in quite a lot of stages of discussion. earlier than closing, i'd relish to aspect out a couple of key objects and highlights which can moreover believe an influence on their consequences for the the repose of the yr. First, they are facing tangled yr-over-year comparisons for the third and fourth quarters of 2019, which noticed their complete revenues improved essentially 15 and 14%, respectively. This became in huge Part as a result of revenues from transactions more suitable than $10 million growing 27% and 28% birthright through these periods, respectively.

    second, rebuilding their stock and pipeline were greater gradual than commonplace given the market conditions that Hessam summarized. They anticipate that these key metrics will proceed to construct during the the repose of the yr as they proceed to execute their outreach and investor training application. lastly, time to market and proximate transactions are above ancient norms. we're cautiously confident that lessen interest prices proceed to believe boom and wholesome precise estate fundamentals may moreover champion extra market momentum.

    i might want to now open up the convene for braindumpsmp;A. Operator?

    linked Articles

    Questions & solutions:


    [Operator instructions] Their first question is from Mitch Germain at JMP Securities. gratify proceed along with your question.

    Mitch Germain -- JMP Securities -- Analyst

    thank you. So the decline that you just referenced in the multifamily sector, achieve you view that as transient on the heels of some of the hire reform and different law that is available? Or achieve you believe that -- is it according to inventory? Is it pricing? What achieve you believe is inflicting that decline?

    Hessam Nadji -- President and Chief working Officer

    hello, Mitch. this is Hessam. first off, I are looking to put a question to for forgiveness to total and sundry for some technical difficulties that may believe affected some of their attendees. I reckon that has been resolved, and optimistically each person become able to acquire back on.

    Mitch, thanks for the question. The vogue that we're seeing at the moment, they trust, is temporary and that multifamily fundamentals are extraordinarily effective. sure, there may breathe been loads of discussion and concerns about rent control in quite a lot of metros. but if you seem on the totality of the marketplace, there's so an abominable lot stock and so a lot investment occasion for their customers in total places.

    We did believe an exceedingly robust 12 months final 12 months. And the market turned into moreover up eventual 12 months versus a market decline when it comes to income to this point this yr. it's, for sure, an internal challenge for us after a really potent and listing year final yr however, also, now they believe viewed a slowdown in market transactions as neatly that they believe will drudgery its approach throughout the market within the subsequent couple of quarters.

    Mitch Germain -- JMP Securities -- Analyst

    extremely good. How achieve you quantify the recrudesce on the advertising and investor schooling routine? I imply, it appears relish that recreation is up. Assuming that it's a bit of an preliminary drag, how is that -- how achieve you kind of view the development and recrudesce on those different pursuits?

    Hessam Nadji -- President and Chief working Officer

    almost total these pursuits that they host and each one of the vital campaigns that they accelerate has benchmark desires that they evaluate to outdated campaigns and former pursuits. They appear at the investor attendees. They seem to breathe at the number of listings which are dedicated prior to the pursuits. They seem to breathe at the list to eventual revenue ratios and additionally tune the valued clientele that attend, no matter if it's webcast or actual event.

    So there's a fine looking broad purview of metrics that they measure on total of their movements and actions as a result of they exigency to know if they're working and what else they exigency to achieve to increase them. The incremental cost of those, you might breathe correct, can moreover breathe a drag in a given quarter or two once they accelerate these activities and various things that they achieve to advertise listings or raise their customer outreach. however over the long term, there are not stupendous incremental increases from quarter t quarter. we're very conscious of the proven fact that total of it has to outcome in additional listings and closings at last.

    Mitch Germain -- JMP Securities -- Analyst

    Gotcha. I reckon final one from me. Hiring is surely up and kind of in line or even ahead of kind of what you usually e-book for a 12 months. just inquisitive if -- the composition of hiring, are you back to looking towards more entry-level or continues to breathe there a broad focal point on journey?

    Hessam Nadji -- President and Chief working Officer

    certain, Mitch. About three years in the past, as you remember, they launched the initiative to increase their focal point on skilled broker and mortgage originator hiring, and that has resulted in some very decent additions to their company. That has no longer modified at all. They continue to emphasise that.

    If the rest, we're getting a microscopic bit greater traction. at the equal time, they haven't slowed down their entry-stage, organic boom-based hiring and edifice either. but we're happening both paths, and both are very vital to the future boom of the company.

    Mitch Germain -- JMP Securities -- Analyst

    thank you.


    [Operator instructions] Their subsequent question is from Stephen Sheldon of William Blair. gratify proceed together with your query.

    Stephen Sheldon -- William Blair and traffic -- Analyst

    respectable afternoon, and congrats on the results. You sounded relatively cautious ultimate quarter with the should rebuild the pipeline and seems relish you're capable of achieve this relatively birthright now. So a couple of issues there. One, can you focus on how developments this quarter variety of played out relative to your personal expectations? after which two, any constituent you can deliver on probably what allowed you to compass back to increase so immediately? changed into that extra of the believe an outcome on of what you did on your aspect with the outreach and the marketing efforts or did investor urgency perhaps select up, at the least a little, birthright through the quarter two?

    Hessam Nadji -- President and Chief operating Officer

    hello, Stephen. yes, I've outlined on their formal remarks, definitely replenishing the pipeline and increasing their listing stock has been gradual, and what they reckon to breathe beneath ordinary in a circumstance where they had a list fourth quarter in 2018. in reality, truly a list year in total of 2018. So we're making incremental development.

    there's truly seen growth, and there was for the 2nd quarter as neatly which contributed to their consequences. however the degree of it's below common in their estimation. and that's the reason on account of the wait and notice perspective that has reemerged out there. primarily loads of deepest buyers believe seen interest prices coming down starting in February, March and, in anticipation of further interest cost reductions, believe develop into slower to behave, both when it comes to acquisitions that had been below mode and new acquisition.

    So it is the simple headwind that they confronted in gaining the sort of momentum they might want to notice in their pipeline and their stock. So i needed to clarify that commentary from their formal remarks. And the pace continues at in regards to the same cost within the existing length. We're not really seeing a lot alternate.

    most likely, there's lots of market uncertainty. I imply, simply within the eventual couple of days, there is been loads of negative headlines and issues about global pecuniary considerations, alternate wars escalating and so on. these achieve affect investor sentiment. And their section is not resistant to it.

    nevertheless it comes down -- for us, it comes down to contacting more purchasers, getting nearer to greater buyers, assessing their condition, bringing in their platform's diversity of funding selections and being in a position to in fact link with extra people on what their alternatives are, which includes refinancing and transactions. in the first quarter, as the information become in fact rising with a shift from the Fed raising activity charges and signaling towards extra raises to the opposite, revise in reality grew to become a more frequent choice. They saw an evening out of that in the second quarter because the market absorbed the Fed reversal, if you will. So it breathe in fact a merge of total these dynamics which are using us.

    we'd want to notice their pipeline and inventory grow at a faster rate, and we're working through the headwinds and the current it is been brought about through these market components.

    Stephen Sheldon -- William Blair and traffic -- Analyst

    got it. it's beneficial. I bet, on the timing problem, I contemplate you might believe outlined some delayed closings in the first quarter that due to this fact closed within the 2nd quarter. Is there no mode to quantify that influence? and then just with total of the puts and takes, are you able to provide any commentary on where the pipeline presently or, I bet, at the halt of the quarter variety of that year over yr -- on a yr-over-year foundation?

    Hessam Nadji -- President and Chief working Officer

    Let me address your first query regarding delayed transactions. sure, they did notice a component of their company that became scheduled to shut within the first quarter, acquire delayed, and that did gain a contribution to the second quarter. It became one in total many contributors to the effects in the second quarter. It became no longer a defining contributor, nonetheless it become considered one of a couple of.

    And when it comes to the pipeline, total i can negate is that we're seeing gradual increases in their pipeline. And the indisputable fact that there is an inner complement to rebuilding the pipeline and stock you probably believe a checklist, certainly high smooth of undertaking in the fourth quarter of 2018, that has two layers to it. One is the indisputable fact that you noiseless believe more of your inventory than projected. And two, is that their sales oblige is so industrious closing transactions and taking away their clients, they may breathe spending less time constructing new business.

    So it takes us a few quarters always to inaugurate to retrieve from that. after which compounding it is the headwind that they mentioned, it really is why it breathe greater gradual than they might like.

    Stephen Sheldon -- William Blair and traffic -- Analyst

    good enough. Then ultimate one from me courtesy of the benign Acquisition. simply as they feel about layering that into their model, any detail you could deliver on variety of producers that acquisition would include?

    Hessam Nadji -- President and Chief working Officer

    kind has a noteworthy group of 4 senior partners and an ordinary crew of 11 specialists, which comprises usher workforce and extra producers. they're appropriate-notch. We're very enthusiastic about having them on board. And their enterprise philosophy is so neatly aligned with ours, they in fact contemplate here is going to breathe a case of one plus one equals four or greater as some of their other investments believe begun for example.

    remember that it takes time for a new community coming in to a broad corporation to enculturate. there is device integration steps, and for any brokerage neighborhood, bear in mind the continuum includes contacting customers, getting new listings, advertising and marketing those listings and closings. So it's customarily a few six months or so transition manner earlier than there is a momentum of transaction closings and earnings construction. the entire businesses that they purchased are in a considerable number of degrees of this integration.

    remember that their prior acquisitions believe been in the main done within the third and fourth quarter of 2018 and the first quarter of 2019. So we're just in that ramp-up process, and with kind, they hope to accelerate up that as a total lot as viable. but there's that natural integration and enculturation process.

    Stephen Sheldon -- William Blair and traffic -- Analyst

    extraordinary. thanks.


    we now believe reached the conclusion of the query-and-answer session. i will now flip the convene returned over to Hessam Nadji for closing remarks.

    Hessam Nadji -- President and Chief working Officer

    thank you, operator, and thanks, each person, for becoming a member of their second-quarter 2019 name. again, their apologies for any technical considerations that you just may believe skilled. And they appear forward to seeing you on the street and having you on their next quarterly call. thanks very an abominable lot.


    [Operator signoff]

    length: 37 minutes

    call individuals:

    Evelyn Infurna -- Investor members of the family

    Hessam Nadji -- President and Chief working Officer

    Marty Louie -- Chief monetary Officer

    Mitch Germain -- JMP Securities -- Analyst

    Stephen Sheldon -- William Blair and traffic -- Analyst

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    List of Certification exam Dumps

    3COM [8 Certification Exam(s) ]
    AccessData [1 Certification Exam(s) ]
    ACFE [1 Certification Exam(s) ]
    ACI [3 Certification Exam(s) ]
    Acme-Packet [1 Certification Exam(s) ]
    ACSM [4 Certification Exam(s) ]
    ACT [1 Certification Exam(s) ]
    Admission-Tests [13 Certification Exam(s) ]
    ADOBE [93 Certification Exam(s) ]
    AFP [1 Certification Exam(s) ]
    AICPA [2 Certification Exam(s) ]
    AIIM [1 Certification Exam(s) ]
    Alcatel-Lucent [13 Certification Exam(s) ]
    Alfresco [1 Certification Exam(s) ]
    Altiris [3 Certification Exam(s) ]
    Amazon [7 Certification Exam(s) ]
    American-College [2 Certification Exam(s) ]
    Android [4 Certification Exam(s) ]
    APA [1 Certification Exam(s) ]
    APC [2 Certification Exam(s) ]
    APICS [2 Certification Exam(s) ]
    Apple [71 Certification Exam(s) ]
    AppSense [1 Certification Exam(s) ]
    APTUSC [1 Certification Exam(s) ]
    Arizona-Education [1 Certification Exam(s) ]
    ARM [1 Certification Exam(s) ]
    Aruba [8 Certification Exam(s) ]
    ASIS [2 Certification Exam(s) ]
    ASQ [3 Certification Exam(s) ]
    ASTQB [11 Certification Exam(s) ]
    Autodesk [2 Certification Exam(s) ]
    Avaya [106 Certification Exam(s) ]
    AXELOS [1 Certification Exam(s) ]
    Axis [1 Certification Exam(s) ]
    Banking [1 Certification Exam(s) ]
    BEA [6 Certification Exam(s) ]
    BICSI [2 Certification Exam(s) ]
    BlackBerry [17 Certification Exam(s) ]
    BlueCoat [2 Certification Exam(s) ]
    Brocade [4 Certification Exam(s) ]
    Business-Objects [11 Certification Exam(s) ]
    Business-Tests [4 Certification Exam(s) ]
    CA-Technologies [20 Certification Exam(s) ]
    Certification-Board [10 Certification Exam(s) ]
    Certiport [3 Certification Exam(s) ]
    CheckPoint [45 Certification Exam(s) ]
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    College-Board [2 Certification Exam(s) ]
    CompTIA [79 Certification Exam(s) ]
    ComputerAssociates [6 Certification Exam(s) ]
    Consultant [2 Certification Exam(s) ]
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    CPP-Institute [4 Certification Exam(s) ]
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    FCTC [2 Certification Exam(s) ]
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    Food [4 Certification Exam(s) ]
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    Lotus [66 Certification Exam(s) ]
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    Medical [68 Certification Exam(s) ]
    Microsoft [393 Certification Exam(s) ]
    Mile2 [3 Certification Exam(s) ]
    Military [1 Certification Exam(s) ]
    Misc [2 Certification Exam(s) ]
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    NCEES [2 Certification Exam(s) ]
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    NCLEX [3 Certification Exam(s) ]
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    Oracle [314 Certification Exam(s) ]
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    PayPal [1 Certification Exam(s) ]
    Pegasystems [17 Certification Exam(s) ]
    PEOPLECERT [4 Certification Exam(s) ]
    PMI [16 Certification Exam(s) ]
    Polycom [2 Certification Exam(s) ]
    PostgreSQL-CE [1 Certification Exam(s) ]
    Prince2 [7 Certification Exam(s) ]
    PRMIA [1 Certification Exam(s) ]
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    QlikView [1 Certification Exam(s) ]
    Quality-Assurance [7 Certification Exam(s) ]
    RACC [1 Certification Exam(s) ]
    Real Estate [1 Certification Exam(s) ]
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    RedHat [8 Certification Exam(s) ]
    RES [5 Certification Exam(s) ]
    Riverbed [9 Certification Exam(s) ]
    RSA [15 Certification Exam(s) ]
    Sair [8 Certification Exam(s) ]
    Salesforce [5 Certification Exam(s) ]
    SANS [1 Certification Exam(s) ]
    SAP [98 Certification Exam(s) ]
    SASInstitute [15 Certification Exam(s) ]
    SAT [1 Certification Exam(s) ]
    SCO [10 Certification Exam(s) ]
    SCP [6 Certification Exam(s) ]
    SDI [3 Certification Exam(s) ]
    See-Beyond [1 Certification Exam(s) ]
    Siemens [1 Certification Exam(s) ]
    Snia [7 Certification Exam(s) ]
    SOA [15 Certification Exam(s) ]
    Social-Work-Board [4 Certification Exam(s) ]
    SpringSource [1 Certification Exam(s) ]
    SUN [63 Certification Exam(s) ]
    SUSE [1 Certification Exam(s) ]
    Sybase [17 Certification Exam(s) ]
    Symantec [136 Certification Exam(s) ]
    Teacher-Certification [4 Certification Exam(s) ]
    The-Open-Group [8 Certification Exam(s) ]
    TIA [3 Certification Exam(s) ]
    Tibco [18 Certification Exam(s) ]
    Trainers [3 Certification Exam(s) ]
    Trend [1 Certification Exam(s) ]
    TruSecure [1 Certification Exam(s) ]
    USMLE [1 Certification Exam(s) ]
    VCE [7 Certification Exam(s) ]
    Veeam [2 Certification Exam(s) ]
    Veritas [33 Certification Exam(s) ]
    Vmware [68 Certification Exam(s) ]
    Wonderlic [2 Certification Exam(s) ]
    Worldatwork [2 Certification Exam(s) ]
    XML-Master [3 Certification Exam(s) ]
    Zend [6 Certification Exam(s) ]

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