$MMI
Marcus & Millichap Inc

2016 Q2 Form 10-Q Financial Statement

#000119312516674431 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $183.4M $173.5M
YoY Change 5.71% 29.21%
Cost Of Revenue $113.1M $105.6M
YoY Change 7.17% 32.61%
Gross Profit $70.26M $67.93M
YoY Change 3.44% 24.26%
Gross Profit Margin 38.31% 39.15%
Selling, General & Admin $40.42M $37.59M
YoY Change 7.53% 17.0%
% of Gross Profit 57.53% 55.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000M $800.0K
YoY Change 25.0% 0.0%
% of Gross Profit 1.42% 1.18%
Operating Expenses $154.6M $144.0M
YoY Change 7.36% 27.91%
Operating Profit $28.83M $29.53M
YoY Change -2.36% 35.92%
Interest Expense $384.0K $386.0K
YoY Change -0.52% -3.74%
% of Operating Profit 1.33% 1.31%
Other Income/Expense, Net $618.0K $362.0K
YoY Change 70.72% 9.7%
Pretax Income $29.07M $29.51M
YoY Change -1.49% 36.25%
Income Tax $11.54M $11.95M
% Of Pretax Income 39.71% 40.5%
Net Earnings $17.52M $17.56M
YoY Change -0.18% 37.2%
Net Earnings / Revenue 9.56% 10.12%
Basic Earnings Per Share $0.45 $0.45
Diluted Earnings Per Share $0.45 $0.45
COMMON SHARES
Basic Shares Outstanding 38.92M shares 38.87M shares
Diluted Shares Outstanding 39.05M shares 39.06M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.2M $135.3M
YoY Change 28.79% 29.32%
Cash & Equivalents $92.44M $84.20M
Short-Term Investments $81.78M $51.07M
Other Short-Term Assets $4.938M $3.092M
YoY Change 59.7% -76.4%
Inventory
Prepaid Expenses $5.474M $6.506M
Receivables
Other Receivables
Total Short-Term Assets $189.2M $162.0M
YoY Change 16.77% 30.89%
LONG-TERM ASSETS
Property, Plant & Equipment $14.30M $8.593M
YoY Change 66.45% 4.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $71.30M $57.40M
YoY Change 24.22% 1234.88%
Other Assets $9.657M $5.198M
YoY Change 85.78% 32.6%
Total Long-Term Assets $140.6M $98.63M
YoY Change 42.58% 104.03%
TOTAL ASSETS
Total Short-Term Assets $189.2M $162.0M
Total Long-Term Assets $140.6M $98.63M
Total Assets $329.8M $260.6M
YoY Change 26.54% 51.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.50M $21.80M
YoY Change 7.8% 45.33%
Accrued Expenses $15.00M $16.10M
YoY Change -6.83% 17.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $900.0K
YoY Change 11.11% 0.0%
Total Short-Term Liabilities $53.17M $58.34M
YoY Change -8.87% 42.62%
LONG-TERM LIABILITIES
Long-Term Debt $8.700M $9.700M
YoY Change -10.31% -8.49%
Other Long-Term Liabilities $42.90M $3.483M
YoY Change 1131.7% -34.9%
Total Long-Term Liabilities $51.60M $3.483M
YoY Change 1381.48% -34.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.17M $58.34M
Total Long-Term Liabilities $51.60M $3.483M
Total Liabilities $104.8M $107.9M
YoY Change -2.9% 23.54%
SHAREHOLDERS EQUITY
Retained Earnings $140.3M $72.82M
YoY Change 92.65% 525.63%
Common Stock $83.16M $4.000K
YoY Change 2078875.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.0M $152.7M
YoY Change
Total Liabilities & Shareholders Equity $329.8M $260.6M
YoY Change 26.54% 51.43%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $17.52M $17.56M
YoY Change -0.18% 37.2%
Depreciation, Depletion And Amortization $1.000M $800.0K
YoY Change 25.0% 0.0%
Cash From Operating Activities $31.30M $39.90M
YoY Change -21.55% 74.24%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$1.200M
YoY Change 66.67% 71.43%
Acquisitions
YoY Change
Other Investing Activities -$13.30M -$78.10M
YoY Change -82.97%
Cash From Investing Activities -$15.20M -$79.40M
YoY Change -80.86% 11242.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K -300.0K
YoY Change 100.0% -66.67%
NET CHANGE
Cash From Operating Activities 31.30M 39.90M
Cash From Investing Activities -15.20M -79.40M
Cash From Financing Activities -600.0K -300.0K
Net Change In Cash 15.50M -39.80M
YoY Change -138.94% -286.85%
FREE CASH FLOW
Cash From Operating Activities $31.30M $39.90M
Capital Expenditures -$2.000M -$1.200M
Free Cash Flow $33.30M $41.10M
YoY Change -18.98% 74.15%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
148000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
53303000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
206000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
502000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3711000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-305000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-106000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
127000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8463000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
731000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-11473000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21596000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
21867000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
16000
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
130000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
86000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2201000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
770000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39006000 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
73418000
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1822000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
44000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38858000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
37080000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
4582000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
894000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1300000
mmi Commission Payable Increase Decrease
CommissionPayableIncreaseDecrease
-7120000
mmi Financing Fees Revenue
FinancingFeesRevenue
19181000
mmi Tax Benefit From Stock Based Award Activity
TaxBenefitFromStockBasedAwardActivity
4834000
mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
-152000
mmi Increase Decrease In Commissions Receivable
IncreaseDecreaseInCommissionsReceivable
1719000
mmi Increase Decrease In Income Taxes Receivable Payable
IncreaseDecreaseInIncomeTaxesReceivablePayable
-7097000
mmi Settlements Of Deferred Compensation Obligation With Trust Assets
SettlementsOfDeferredCompensationObligationWithTrustAssets
19000
mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
294414000
mmi Net Change In Accounts Payable And Accrued Expenses Related To Property And Equipment Additions
NetChangeInAccountsPayableAndAccruedExpensesRelatedToPropertyAndEquipmentAdditions
305000
mmi Reduction Of Accrued Bonuses And Other Employee Related Expenses In Settlement Of Employee Notes Receivable
ReductionOfAccruedBonusesAndOtherEmployeeRelatedExpensesInSettlementOfEmployeeNotesReceivable
208000
mmi Increase Decrease In Deferred Rent Credit Noncurrent And Other Noncurrent Obligations
IncreaseDecreaseInDeferredRentCreditNoncurrentAndOtherNoncurrentObligations
1083000
mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
11000
mmi Fully Depreciated Computer Software Hardware And Furniture Fixtures And Equipment Writeoff
FullyDepreciatedComputerSoftwareHardwareAndFurnitureFixturesAndEquipmentWriteoff
2000000
mmi Increase Decrease In Contributions To Trust Account
IncreaseDecreaseInContributionsToTrustAccount
1368000
dei Entity Registrant Name
EntityRegistrantName
Marcus & Millichap, Inc.
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
171000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
449000 shares
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001578732
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
3100000
dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3748000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3100000
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
155000
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1109000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current captions), investments in marketable securities, 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: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> 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 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 three and six months ended June 30, 2016 and 2015, 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> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> The Company&#x2019;s Canadian operations represented less than 1.0% of total revenues in each period presented.</p> </div>
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2015000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
33480000
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Cost Of Services
CostOfServices
209279000
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
20000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
171000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.398 pure
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M6D
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
171000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
171000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
65000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
661000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1235000
us-gaap Revenues
Revenues
347659000
us-gaap Increase Decrease In Prepaid Rent
IncreaseDecreaseInPrepaidRent
2408000
us-gaap Interest Paid
InterestPaid
563000
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 and (ii) total funded debt to EBITDA not greater than 2.01.0
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
307000
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
1318000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
848000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
50847000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-2068000
us-gaap Operating Expenses
OperatingExpenses
293969000
us-gaap Net Income Loss
NetIncomeLoss
32339000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
53763000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
188000
us-gaap Interest Expense
InterestExpense
775000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14534000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2000
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.001 pure
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
60839000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2018-06-01
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
4418000
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Credit Facility 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.
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1106000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1533000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> The preparation of consolidated financial statements in conformity with U.S. 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 Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-06-01
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
35000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> Certain prior-period amounts have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported condensed consolidated results of operations, financial condition, stockholders&#x2019; equity or on cash flows subtotals.</p> </div>
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1141000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
216000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
103000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
53690000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
721000
us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
As of June 30, 2016, the Company was in compliance with all financial and non-financial covenants.
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
402000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1474000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11240000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1109000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-15653000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21424000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
12260000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-243000
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-135000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4252000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
21.50
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39008000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
36000 shares
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
94000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
11109 shares
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
19.13
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38905000 shares
dei Trading Symbol
TradingSymbol
MMI
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
245333 shares
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
402000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
In November 2013, MMI issued the following equity awards under the 2013 Plan (i) Deferred stock units ("DSUs") for an aggregate of 2,192,413 shares granted as replacement awards related to the prior SARs program to the MMREIS managing directors and (ii) DSUs for 83,334 shares granted to the Company's Co-chairman of the board of directors, William A. Millichap. The DSU's are fully vested and shares will be issued ratably over 5 years
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1365000 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
82675000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
229904 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.18
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
37576000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
3100000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
40408 shares
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
938000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2400000
mmi Commission Payable Increase Decrease
CommissionPayableIncreaseDecrease
-10551000
mmi Line Of Credit Libor Rate Duration Period
LineOfCreditLiborRateDurationPeriod
P1M
mmi Ipo Completion Date
IpoCompletionDate
2013-10-30
mmi Deferred Compensation Plan Percentage
DeferredCompensationPlanPercentage
1.10 pure
mmi Financing Fees Revenue
FinancingFeesRevenue
19459000
mmi Tax Benefit From Stock Based Award Activity
TaxBenefitFromStockBasedAwardActivity
171000
mmi Minimum Ebitdar Coverage Ratio
MinimumEbitdarCoverageRatio
1.25 pure
mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
-5286000
mmi Formation Date Of Incorporation
FormationDateOfIncorporation
2013-06
mmi Increase Decrease In Commissions Receivable
IncreaseDecreaseInCommissionsReceivable
1207000
mmi Maximum Funded Debt To Ebitda Ratio
MaximumFundedDebtToEbitdaRatio
2.0 pure
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
0
mmi Increase Decrease In Income Taxes Receivable Payable
IncreaseDecreaseInIncomeTaxesReceivablePayable
-9352000
mmi Commission Payable Payment Deferral Period
CommissionPayablePaymentDeferralPeriod
P3Y
mmi Percentage Of Common Stock Distributed
PercentageOfCommonStockDistributed
0.800 pure
mmi Stock Issued During Period Fair Value Of Shares Restricted Stock Units Before Tax Settlement
StockIssuedDuringPeriodFairValueOfSharesRestrictedStockUnitsBeforeTaxSettlement
0
mmi Settlements Of Deferred Compensation Obligation With Trust Assets
SettlementsOfDeferredCompensationObligationWithTrustAssets
0
mmi Period Of Settlement For Receivable Balances
PeriodOfSettlementForReceivableBalances
P10D
mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
323782000
mmi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Transferred In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTransferredInPeriod
0 shares
mmi Number Of Active Equity Plans
NumberOfActiveEquityPlans
1 Incentive_Plan
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
17017000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
105557000
mmi Net Change In Accounts Payable And Accrued Expenses Related To Property And Equipment Additions
NetChangeInAccountsPayableAndAccruedExpensesRelatedToPropertyAndEquipmentAdditions
741000
mmi Reduction Of Accrued Bonuses And Other Employee Related Expenses In Settlement Of Employee Notes Receivable
ReductionOfAccruedBonusesAndOtherEmployeeRelatedExpensesInSettlementOfEmployeeNotesReceivable
198000
mmi Increase Decrease In Deferred Rent Credit Noncurrent And Other Noncurrent Obligations
IncreaseDecreaseInDeferredRentCreditNoncurrentAndOtherNoncurrentObligations
461000
mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
184000
mmi Credit Facility Pledge Percentage
CreditFacilityPledgePercentage
1.00 pure
mmi Date Entered Into Credit Agreement
DateEnteredIntoCreditAgreement
2014-06-18
mmi Number Of Offices
NumberOfOffices
81 Office
mmi Fully Depreciated Computer Software Hardware And Furniture Fixtures And Equipment Writeoff
FullyDepreciatedComputerSoftwareHardwareAndFurnitureFixturesAndEquipmentWriteoff
1500000
mmi Available For Sale Securities Weighted Average Contractual Maturity
AvailableForSaleSecuritiesWeightedAverageContractualMaturity
P3Y
mmi Increase Decrease In Contributions To Trust Account
IncreaseDecreaseInContributionsToTrustAccount
1263000
mmi Share Based Compensation Arrangement By Share Based Payment Award Share Reserve Increase Approved
ShareBasedCompensationArrangementByShareBasedPaymentAwardShareReserveIncreaseApproved
2200000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
181352 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
33981 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
30000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2015 mmi Available For Sale Securities Weighted Average Contractual Maturity
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P3Y3M18D
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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59000 shares
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2675000
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Losses
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0
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EarningsPerShareBasic
0.45
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807000
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EarningsPerShareDiluted
0.45
CY2015Q2 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
56000
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.405 pure
CY2015Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
29000
CY2015Q2 us-gaap Revenues
Revenues
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CY2015Q2 us-gaap Fees And Commissions Other
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2111000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-539000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
187000 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
29529000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
332000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-493000
CY2015Q2 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
1979000
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NonoperatingIncomeExpense
362000
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143953000
CY2015Q2 us-gaap Net Income Loss
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CY2015Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
58000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
29505000
CY2015Q2 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-94000
CY2015Q2 us-gaap Interest Expense
InterestExpense
386000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-46000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11949000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
31000
CY2015Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
143000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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39057000 shares
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37589000
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44000 shares
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CY2015Q2 us-gaap Weighted Average Number Of Shares Issued Basic
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238000
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FinancingFeesRevenue
11150000
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160221000
CY2015Q2 mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
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-104000
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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244000 shares
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
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1775000
CY2016Q2 us-gaap Available For Sale Securities Gross Realized Losses
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0
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EarningsPerShareBasic
0.45
CY2016Q2 us-gaap Depreciation And Amortization
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1009000
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0.45
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17938000
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113126000
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20000
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.397 pure
CY2016Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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11000
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788000
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618000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
154555000
CY2016Q2 us-gaap Net Income Loss
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17524000
CY2016Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-13000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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29066000
CY2016Q2 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
151000
CY2016Q2 us-gaap Interest Expense
InterestExpense
384000
CY2016Q2 us-gaap Fees And Commissions Other
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2543000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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414000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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136000 shares
CY2016Q2 us-gaap Operating Income Loss
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28832000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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271000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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426000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-12000
CY2016Q2 us-gaap Income Tax Expense Benefit
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11542000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2016Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
476000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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39054000 shares
CY2016Q2 us-gaap Selling General And Administrative Expense
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40420000
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WeightedAverageNumberOfSharesContingentlyIssuable
1365000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
38000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38918000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
37591000 shares
CY2016Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
793000
CY2016Q2 mmi Financing Fees Revenue
FinancingFeesRevenue
10726000
CY2016Q2 mmi Transition Service Agreement Effective Date
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2013-10-01
CY2016Q2 mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
170118000
CY2016Q2 mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
150000

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