$MMI
Marcus & Millichap Inc

2013 Q4 Form 10-K Financial Statement

#000119312515083184 Filed on March 09, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $149.1M $112.0M $105.5M
YoY Change 0.99% 22.72% 25.29%
Cost Of Revenue $94.24M $67.72M $61.46M
YoY Change 3.17% 24.95% 26.03%
Gross Profit $54.86M $44.24M $44.02M
YoY Change -2.55% 19.44% 24.28%
Gross Profit Margin 36.79% 39.51% 41.73%
Selling, General & Admin $62.20M $30.86M $29.09M
YoY Change 90.8% 23.42% 23.27%
% of Gross Profit 113.38% 69.77% 66.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $800.0K $700.0K
YoY Change -12.5% 14.29% -12.5%
% of Gross Profit 1.28% 1.81% 1.59%
Operating Expenses $63.10M $99.33M $91.30M
YoY Change 88.92% 24.26% 275.73%
Operating Profit -$8.165M $12.63M $14.17M
YoY Change -135.55% 11.78% 28.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $200.0K $247.0K $7.000K
YoY Change 100.0% 502.44%
Pretax Income -$8.000M $12.87M $14.18M
YoY Change -134.63% 13.55% 27.71%
Income Tax $700.0K $5.597M $6.167M
% Of Pretax Income 43.48% 43.5%
Net Earnings $9.251M $7.275M $8.009M
YoY Change -29.05% 13.58% 28.14%
Net Earnings / Revenue 6.2% 6.5% 7.59%
Basic Earnings Per Share $0.24
Diluted Earnings Per Share $0.24 $199.5K $226.0K
COMMON SHARES
Basic Shares Outstanding 38.79M shares
Diluted Shares Outstanding 38.82M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.0M $28.70M $19.40M
YoY Change 3158.06%
Cash & Equivalents $101.0M $28.68M $19.36M
Short-Term Investments
Other Short-Term Assets $2.429M $6.800M $4.800M
YoY Change -16.24%
Inventory
Prepaid Expenses $4.320M
Receivables $4.300M $4.900M
Other Receivables $200.0K $200.0K
Total Short-Term Assets $119.8M $39.91M $29.20M
YoY Change 852.48%
LONG-TERM ASSETS
Property, Plant & Equipment $8.560M $8.476M $7.600M
YoY Change 27.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.100M $3.800M $3.700M
YoY Change -93.52%
Other Assets $2.478M $3.431M $6.600M
YoY Change -37.5%
Total Long-Term Assets $47.48M $20.88M $18.80M
YoY Change -38.46%
TOTAL ASSETS
Total Short-Term Assets $119.8M $39.91M $29.20M
Total Long-Term Assets $47.48M $20.88M $18.80M
Total Assets $167.3M $60.79M $48.00M
YoY Change 86.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.10M $12.10M $11.90M
YoY Change 11.06%
Accrued Expenses $16.90M $10.20M $6.300M
YoY Change -3.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K
YoY Change
Total Short-Term Liabilities $56.76M $42.67M $26.70M
YoY Change 4.24%
LONG-TERM LIABILITIES
Long-Term Debt $11.50M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.371M $5.007M $13.10M
YoY Change -3.49%
Total Long-Term Liabilities $4.371M $5.007M $13.10M
YoY Change -3.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.76M $42.67M $26.70M
Total Long-Term Liabilities $4.371M $5.007M $13.10M
Total Liabilities $104.8M $57.10M $39.90M
YoY Change 53.9%
SHAREHOLDERS EQUITY
Retained Earnings -$7.939M $777.0K
YoY Change 149.5%
Common Stock $4.000K $235.0K
YoY Change -98.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.50M $3.684M $8.200M
YoY Change
Total Liabilities & Shareholders Equity $167.3M $60.79M $48.00M
YoY Change 86.45%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $9.251M $7.275M $8.009M
YoY Change -29.05% 13.58% 28.14%
Depreciation, Depletion And Amortization $700.0K $800.0K $700.0K
YoY Change -12.5% 14.29% -12.5%
Cash From Operating Activities $34.80M $17.80M $8.800M
YoY Change 133.56% 85.42% -127.67%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$1.300M -$1.100M
YoY Change -35.29% 44.44% 10.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $800.0K
YoY Change -100.0% -100.0% 700.0%
Cash From Investing Activities -$1.100M -$1.300M -$400.0K
YoY Change -26.67% 30.0% -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 38.50M -7.200M -26.40M
YoY Change -354.97% -5.26% 234.18%
NET CHANGE
Cash From Operating Activities 34.80M 17.80M 8.800M
Cash From Investing Activities -1.100M -1.300M -400.0K
Cash From Financing Activities 38.50M -7.200M -26.40M
Net Change In Cash 72.20M 9.300M -18.00M
YoY Change -4347.06% 830.0% -55.67%
FREE CASH FLOW
Cash From Operating Activities $34.80M $17.80M $8.800M
Capital Expenditures -$1.100M -$1.300M -$1.100M
Free Cash Flow $35.90M $19.10M $9.900M
YoY Change 116.27% 81.9% -132.14%

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5400000
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0
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4000
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324000
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0.0503 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
The pre-IPO Series A Preferred stockholders did not have voting rights.
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0
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4679000
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2009000
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378000
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us-gaap Dividends Preferred Stock
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0.022 pure
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0.24
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0.35 pure
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0 shares
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
750 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38787000 shares
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58000
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37681000
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595000
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21941000
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21286000
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8206000
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760000
CY2013 us-gaap Income Taxes Paid
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29702000
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16771000
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668000
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Revenues
435895000
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735000
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1000
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2144000
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434000
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1414000
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216000
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35841000
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-572000
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105000
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414609000
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441000
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-1199000
CY2013 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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12168000
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207000
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152000
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
97845000
CY2013 us-gaap Cost Of Services
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264637000
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0
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IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
7679000
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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15700000
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1173000
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CurrentFederalTaxExpenseBenefit
20245000
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3043000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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4925000
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0
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32000
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1323000
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2522000
CY2013 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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168000
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-4024000
CY2013 us-gaap Advertising Expense
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975000
CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
244000
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
985000
CY2013 us-gaap Dividends Preferred Stock
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37681000
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-8043000
CY2013 us-gaap Increase Decrease In Due To Related Parties
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506000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
33817000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-8077000
CY2013 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
244000
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
361000
CY2013 us-gaap Increase Decrease In Due To Affiliates
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60389000
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158000
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193000
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42506000
CY2013 mmi Financing Fees Revenue
FinancingFeesRevenue
25921000
CY2013 mmi Commission Payable Increase Decrease
CommissionPayableIncreaseDecrease
2502000
CY2013 mmi Stockbased Compensation In Connection With Initial Public Offering
StockbasedCompensationInConnectionWithInitialPublicOffering
30886000
CY2013 mmi Treasury Note Rate Term
TreasuryNoteRateTerm
P10Y
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NetIncomeLossPriorToInitialPublicOffering
-1045000
CY2013 mmi Issuance Of Restricted Stock For Notes Receivable
IssuanceOfRestrictedStockForNotesReceivable
21000
CY2013 mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
3086000
CY2013 mmi Deemed Capital Contribution Distribution
DeemedCapitalContributionDistribution
-3291000
CY2013 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
393203000
CY2013 mmi Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
3445000
CY2013 mmi Stockbased And Other Compensation In Connection With Initial Public Offering
StockbasedAndOtherCompensationInConnectionWithInitialPublicOffering
31268000
CY2013 mmi Net Income Loss Subsequent To Initial Public Offering
NetIncomeLossSubsequentToInitialPublicOffering
9251000
CY2013 mmi Increase Decrease Investments In Trust Account
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1162000
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-1969000
CY2013 mmi Increase Decrease In Income Taxes Receivable Payable
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-6459000
CY2013 mmi Recognized Gains Losses Of Investments Held In Trust
RecognizedGainsLossesOfInvestmentsHeldInTrust
495000
CY2013 mmi Effective Tax Rate Deferred Tax Assets Net
EffectiveTaxRateDeferredTaxAssetsNet
0.400 pure
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.27
CY2014 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-06-01
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
46100 shares
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
Marcus & Millichap, Inc.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
MMI
CY2014 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
2234000 shares
CY2014 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
43000 shares
CY2014 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Historically, other than for a 2-week period around MMC's March 31 fiscal year end, the Company had a receivable from MMC for the cash that was swept. When the sweep arrangement was not in effect, during the week before and the week after March 31, the Company's cash balances remained in the Company's bank accounts.
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
27.46
CY2014 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y1M24D
CY2014 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company is not currently under income tax examination by any taxing authorities.
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
127000 shares
CY2014 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.001 pure
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
71437000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
10002 shares
CY2014 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2017-06-01
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
349196 shares
CY2014 us-gaap Time Sharing Transactions Weighted Average Of Stated Interest Rates For Notes Receivable1
TimeSharingTransactionsWeightedAverageOfStatedInterestRatesForNotesReceivable1
0.028 pure
CY2014 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 periods. Actual results could differ from those estimates.</p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
12.00
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
14.65
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38978000 shares
CY2014 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
36660000 shares
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.27
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
82983000
CY2014 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
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001578732
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1243000
CY2014 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Credit Facility will bear interest, at the Company's option, at either the (i) Base Rate (defined as the highest of (a) the Bank's prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio.
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
410000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
84606000
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
817000 shares
CY2014 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, due from affiliates, due from independent contractors, investments in marketable securities&#xA0;&#x2013;&#xA0;available for sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash is placed with high-credit quality financial institutions and invested high-credit quality money market funds.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 related to cash and cash equivalents or due from affiliates. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company performs ongoing credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management&#x2019;s assessment of the likelihood of collection. For the twelve months ended December&#xA0;31, 2014 and 2013, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and therefore do not expose the Company to significant credit risk.</p> </div>
CY2014 us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
As of December 31, 2014, the Company was in compliance with all financial and non-financial covenants.
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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 consolidated financial statements and notes thereto, have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations, total assets, total liabilities, stockholders&#x2019; equity or cash flow subtotals. In addition to reclassifications within current assets, the Company reclassified $668,000, net in due from independent contractors from other assets long-term to current as of December&#xA0;31, 2013.</p> </div>
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38851000 shares
CY2014 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
14700000
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
442000
CY2014 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
16000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
159000
CY2014 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
1500000
CY2014 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
0
CY2014 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
816000
CY2014 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
134274000
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