$MMI
Marcus & Millichap, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514308723 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $134.3M $105.5M
YoY Change 27.3% 25.29%
Cost Of Revenue $79.60M $61.46M
YoY Change 29.53% 26.03%
Gross Profit $54.66M $44.02M
YoY Change 24.19% 24.28%
Gross Profit Margin 40.71% 41.73%
Selling, General & Admin $32.13M $29.09M
YoY Change 10.43% 23.27%
% of Gross Profit 58.77% 66.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $700.0K
YoY Change 14.29% -12.5%
% of Gross Profit 1.46% 1.59%
Operating Expenses $112.5M $91.30M
YoY Change 23.26% 275.73%
Operating Profit $21.73M $14.17M
YoY Change 53.33% 28.09%
Interest Expense $401.0K
YoY Change
% of Operating Profit 1.85%
Other Income/Expense, Net $330.0K $7.000K
YoY Change 4614.29%
Pretax Income $21.66M $14.18M
YoY Change 52.76% 27.71%
Income Tax $8.859M $6.167M
% Of Pretax Income 40.91% 43.5%
Net Earnings $12.80M $8.009M
YoY Change 59.77% 28.14%
Net Earnings / Revenue 9.53% 7.59%
Basic Earnings Per Share $0.33
Diluted Earnings Per Share $0.33 $226.0K
COMMON SHARES
Basic Shares Outstanding 38.85M shares
Diluted Shares Outstanding 38.93M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.6M $19.40M
YoY Change 439.18%
Cash & Equivalents $104.6M $19.36M
Short-Term Investments
Other Short-Term Assets $13.10M $4.800M
YoY Change 172.92%
Inventory
Prepaid Expenses
Receivables $5.800M $4.900M
Other Receivables $300.0K $200.0K
Total Short-Term Assets $123.8M $29.20M
YoY Change 323.88%
LONG-TERM ASSETS
Property, Plant & Equipment $8.261M $7.600M
YoY Change 8.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.300M $3.700M
YoY Change 16.22%
Other Assets $3.920M $6.600M
YoY Change -40.61%
Total Long-Term Assets $48.34M $18.80M
YoY Change 157.14%
TOTAL ASSETS
Total Short-Term Assets $123.8M $29.20M
Total Long-Term Assets $48.34M $18.80M
Total Assets $172.1M $48.00M
YoY Change 258.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.00M $11.90M
YoY Change 26.05%
Accrued Expenses $13.70M $6.300M
YoY Change 117.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K
YoY Change
Total Short-Term Liabilities $40.91M $26.70M
YoY Change 53.21%
LONG-TERM LIABILITIES
Long-Term Debt $10.60M $0.00
YoY Change
Other Long-Term Liabilities $5.350M $13.10M
YoY Change -59.16%
Total Long-Term Liabilities $5.350M $13.10M
YoY Change -59.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.91M $26.70M
Total Long-Term Liabilities $5.350M $13.10M
Total Liabilities $87.34M $39.90M
YoY Change 118.89%
SHAREHOLDERS EQUITY
Retained Earnings $11.64M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.78M $8.200M
YoY Change
Total Liabilities & Shareholders Equity $172.1M $48.00M
YoY Change 258.58%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $12.80M $8.009M
YoY Change 59.77% 28.14%
Depreciation, Depletion And Amortization $800.0K $700.0K
YoY Change 14.29% -12.5%
Cash From Operating Activities $22.90M $8.800M
YoY Change 160.23% -127.67%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$1.100M
YoY Change -36.36% 10.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $800.0K
YoY Change -100.0% 700.0%
Cash From Investing Activities -$700.0K -$400.0K
YoY Change 75.0% -55.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K -26.40M
YoY Change -96.59% 234.18%
NET CHANGE
Cash From Operating Activities 22.90M 8.800M
Cash From Investing Activities -700.0K -400.0K
Cash From Financing Activities -900.0K -26.40M
Net Change In Cash 21.30M -18.00M
YoY Change -218.33% -55.67%
FREE CASH FLOW
Cash From Operating Activities $22.90M $8.800M
Capital Expenditures -$700.0K -$1.100M
Free Cash Flow $23.60M $9.900M
YoY Change 138.38% -132.14%

Facts In Submission

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dei Trading Symbol
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dei Entity Registrant Name
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Marcus & Millichap, Inc.
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dei Entity Central Index Key
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
36608000 shares
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y5M5D
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38847000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Concentration of Credit Risk</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and commissions receivable. Cash is placed with high-credit quality financial institutions. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company&#x2019;s cash and cash equivalents. The Company historically has not experienced any losses in its cash and cash equivalents. For commissions receivable, the Company maintains allowances for estimated credit losses based on management&#x2019;s assessment of the likelihood of collection. As of June&#xA0;30, 2014 and December&#xA0;31, 2013, no individual transaction accounted for 10% or more of commissions receivable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company derives its revenues from a broad range of real estate investors and owners in the United States and Canada, none of which individually represents a significant concentration of credit risk. For the three and six months ended June&#xA0;30, 2014 and 2013, no individual customer represented 10% or more of total revenues.</p> </div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain prior-period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations, financial condition, stockholders&#x2019; equity or on cash flows subtotals.</p> </div>
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.001 pure
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
37000 shares
us-gaap Line Of Credit Facility Covenant Terms
LineOfCreditFacilityCovenantTerms
(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.251.0 as of each quarter end on a rolling 4-quarter basis and (ii) total funded debt to EBITDA not greater than 2.01.0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
639000 shares
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
1413000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
us-gaap Revenues
Revenues
248855000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1069000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
19581000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
799000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
33252000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
60000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
851000
us-gaap Income Taxes Paid
IncomeTaxesPaid
12795000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
1858000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-63000
us-gaap Operating Income Loss
OperatingIncomeLoss
33788000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
60000
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
6345000
us-gaap Interest Paid
InterestPaid
619000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
269000
us-gaap Net Income Loss
NetIncomeLoss
19578000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
16000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
3000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1317000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-581000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
36000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
2000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-3291000
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-432000
us-gaap Cost Of Services
CostOfServices
147997000
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-840000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-867000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1564000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
56000
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
618000
us-gaap Share Based Compensation
ShareBasedCompensation
1858000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-26000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1586000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3661000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1320000
us-gaap Interest Expense
InterestExpense
805000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-682000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
994000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
1500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1858000
us-gaap Operating Expenses
OperatingExpenses
215067000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
65484000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13674000
mmi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Transferred In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTransferredInPeriodWeightedAverageGrantDateFairValue
14.54
mmi Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
2 Subsidiary
mmi Percentage Of Common Stock Distributed
PercentageOfCommonStockDistributed
0.800 pure
mmi Swap Termination Date
SwapTerminationDate
2013-06-30
mmi Number Of Offices
NumberOfOffices
77 Office
mmi Transition Service Agreement Effective Date
TransitionServiceAgreementEffectiveDate
2013-10-31
mmi Line Of Credit Libor Rate Duration Period
LineOfCreditLiborRateDurationPeriod
P1M
mmi Increase Decrease Investments In Trust Account
IncreaseDecreaseInvestmentsInTrustAccount
213000
mmi Payments On Stock Notes Receivable From Employees
PaymentsOnStockNotesReceivableFromEmployees
4000
mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
228026000
mmi Increase Decrease Prepaid Rent Leasehold Improvements
IncreaseDecreasePrepaidRentLeaseholdImprovements
-763000
mmi Commission Payable Increase Decrease
CommissionPayableIncreaseDecrease
-10069000
mmi Financing Fees Revenue
FinancingFeesRevenue
14484000
mmi Increase Decrease In Commissions Receivable
IncreaseDecreaseInCommissionsReceivable
1687000
mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
-1709000
mmi Deferred Compensation Plan Percentage
DeferredCompensationPlanPercentage
1.10 pure
CY2013Q2 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
2832000
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
7000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
8009000
CY2013Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
40500
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2013Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
67500
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
14169000
mmi Maximum Funded Debt To Ebitda Ratio
MaximumFundedDebtToEbitdaRatio
2.0 Ratio
CY2013 mmi Treasury Note Rate Term
TreasuryNoteRateTerm
P10Y
CY2013Q2 us-gaap Revenues
Revenues
105471000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8009000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
14176000
mmi Stock Appreciation Rights Liability Frozen Value Date
StockAppreciationRightsLiabilityFrozenValueDate
2013-03-31
mmi Stock Appreciation Rights Liability Interest Accrual Commencement Date
StockAppreciationRightsLiabilityInterestAccrualCommencementDate
2014-01-01
mmi Contribution Date
ContributionDate
2013-10-30
mmi Commission Payable Payment Deferral Period
CommissionPayablePaymentDeferralPeriod
P3Y
mmi Date Entered Into Credit Agreement
DateEnteredIntoCreditAgreement
2014-06-18
mmi Minimum Ebitdar Coverage Ratio
MinimumEbitdarCoverageRatio
1.25 Ratio
CY2013Q2 us-gaap Cost Of Services
CostOfServices
61456000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
754000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2190000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
91302000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29092000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6167000
CY2013Q2 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
95765000
CY2013Q2 mmi Financing Fees Revenue
FinancingFeesRevenue
6874000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38926000 shares
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.409 pure
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2014Q2 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
2276000 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
79000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
36615000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38847000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
44000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
644000 shares
CY2014Q2 us-gaap Revenues
Revenues
134265000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12757000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21655000
CY2014Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
21726000
CY2014Q2 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
2603000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
330000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
12796000
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-39000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-39000
CY2014Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0
CY2014Q2 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
926000
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
28000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
79601000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
811000
CY2014Q2 us-gaap Interest Expense
InterestExpense
401000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1141000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
112539000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32127000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8859000
CY2014Q2 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
123278000
CY2014Q2 mmi Financing Fees Revenue
FinancingFeesRevenue
8384000

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