$MMI
Marcus & Millichap, Inc.

2016 Q4 Form 10-Q Financial Statement

#000119312516761296 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $189.2M $180.6M $165.9M
YoY Change -6.89% 8.9% 9.93%
Cost Of Revenue $121.6M $113.9M $102.0M
YoY Change -6.19% 11.61% 10.56%
Gross Profit $67.52M $66.78M $63.87M
YoY Change -8.13% 4.57% 8.95%
Gross Profit Margin 35.7% 36.97% 38.5%
Selling, General & Admin $38.40M $40.73M $35.65M
YoY Change -0.52% 14.26% 4.58%
% of Gross Profit 56.87% 60.99% 55.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $1.200M $800.0K
YoY Change 33.33% 50.0% 0.0%
% of Gross Profit 1.78% 1.8% 1.25%
Operating Expenses $39.70M $155.7M $138.5M
YoY Change 0.51% 12.47% 8.88%
Operating Profit $27.91M $24.91M $27.42M
YoY Change -17.75% -9.17% 15.59%
Interest Expense -$400.0K $380.0K $380.0K
YoY Change 0.0% 0.0% -4.28%
% of Operating Profit -1.43% 1.53% 1.39%
Other Income/Expense, Net $600.0K $719.0K -$464.0K
YoY Change 50.0% -254.96% 50.65%
Pretax Income $28.10M $25.24M $26.57M
YoY Change -17.35% -5.0% 15.46%
Income Tax $10.90M $10.10M $11.40M
% Of Pretax Income 38.79% 40.01% 42.89%
Net Earnings $17.17M $15.14M $15.18M
YoY Change -13.91% -0.21% 12.22%
Net Earnings / Revenue 9.08% 8.38% 9.15%
Basic Earnings Per Share $0.44 $0.39 $0.39
Diluted Earnings Per Share $0.44 $0.39 $0.39
COMMON SHARES
Basic Shares Outstanding 37.62M shares 38.94M shares 38.89M shares
Diluted Shares Outstanding 39.12M shares 39.16M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.8M $170.3M $157.4M
YoY Change 22.03% 8.22% 17.46%
Cash & Equivalents $187.4M $122.0M $67.63M
Short-Term Investments $27.45M $48.38M $89.76M
Other Short-Term Assets $5.102M $3.826M $3.404M
YoY Change -0.66% 12.4% -77.15%
Inventory
Prepaid Expenses $8.094M $6.987M $6.392M
Receivables
Other Receivables
Total Short-Term Assets $234.0M $185.6M $185.6M
YoY Change 19.32% 0.04% 19.89%
LONG-TERM ASSETS
Property, Plant & Equipment $16.36M $15.59M $9.725M
YoY Change 41.25% 60.26% 24.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.80M $101.6M $50.30M
YoY Change 41.1% 101.99% 1097.62%
Other Assets $9.981M $9.056M $6.585M
YoY Change 9.49% 37.52% 58.94%
Total Long-Term Assets $160.0M $174.4M $98.66M
YoY Change 27.89% 76.73% 117.16%
TOTAL ASSETS
Total Short-Term Assets $234.0M $185.6M $185.6M
Total Long-Term Assets $160.0M $174.4M $98.66M
Total Assets $394.0M $360.0M $284.2M
YoY Change 22.66% 26.66% 41.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.80M $29.60M $23.40M
YoY Change 31.38% 26.5% 36.05%
Accrued Expenses $22.30M $20.20M $22.70M
YoY Change -27.6% -11.01% 3.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M $900.0K
YoY Change 11.11% 11.11% 0.0%
Total Short-Term Liabilities $78.18M $64.83M $62.22M
YoY Change 4.22% 4.19% 13.58%
LONG-TERM LIABILITIES
Long-Term Debt $8.700M $8.700M $9.700M
YoY Change -10.31% -10.31% -8.49%
Other Long-Term Liabilities $48.30M $44.60M $3.402M
YoY Change 1.47% 1210.99% 37.57%
Total Long-Term Liabilities $57.00M $53.30M $3.402M
YoY Change -0.52% 1466.73% 37.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.18M $64.83M $62.22M
Total Long-Term Liabilities $57.00M $53.30M $3.402M
Total Liabilities $135.2M $118.1M $113.9M
YoY Change 2.21% 3.69% 13.38%
SHAREHOLDERS EQUITY
Retained Earnings $172.6M $155.4M $87.99M
YoY Change 59.9% 76.63% 249.71%
Common Stock $85.45M $84.95M $82.09M
YoY Change 6.02% 3.49% 2052200.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.9M $241.9M $170.4M
YoY Change
Total Liabilities & Shareholders Equity $394.0M $360.0M $284.2M
YoY Change 22.66% 26.66% 41.96%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $17.17M $15.14M $15.18M
YoY Change -13.91% -0.21% 12.22%
Depreciation, Depletion And Amortization $1.200M $1.200M $800.0K
YoY Change 33.33% 50.0% 0.0%
Cash From Operating Activities $33.00M $29.20M $16.70M
YoY Change -1.49% 74.85% -42.61%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M -$2.700M -$1.600M
YoY Change -16.67% 68.75% 220.0%
Acquisitions
YoY Change
Other Investing Activities $36.50M $3.100M -$31.80M
YoY Change -109.75%
Cash From Investing Activities $34.00M $300.0K -$33.30M
YoY Change -1196.77% -100.9% 6560.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.600M 0.000 0.000
YoY Change -15.79% -100.0%
NET CHANGE
Cash From Operating Activities 33.00M 29.20M 16.70M
Cash From Investing Activities 34.00M 300.0K -33.30M
Cash From Financing Activities -1.600M 0.000 0.000
Net Change In Cash 65.40M 29.50M -16.60M
YoY Change 129.47% -277.71% -156.27%
FREE CASH FLOW
Cash From Operating Activities $33.00M $29.20M $16.70M
Capital Expenditures -$2.500M -$2.700M -$1.600M
Free Cash Flow $35.50M $31.90M $18.30M
YoY Change -2.74% 74.32% -38.18%

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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3993000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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183000 shares
us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Income Taxes Paid Net
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us-gaap Income Tax Expense Benefit
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us-gaap Other Noncash Income Expense
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us-gaap Marketable Securities Realized Gain Loss
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
226000
us-gaap Payments To Acquire Property Plant And Equipment
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3753000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Selling General And Administrative Expense
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us-gaap Weighted Average Number Of Shares Contingently Issuable
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1821000 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
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44000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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38868000 shares
us-gaap Weighted Average Number Of Shares Issued Basic
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37091000 shares
us-gaap Share Based Compensation
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6750000
us-gaap Repayments Of Notes Payable
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894000
mmi Financing Fees Revenue
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30046000
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4844000
mmi Deferred Compensation And Commissions Increase Decrease
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470000
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mmi Settlements Of Deferred Compensation Obligation With Trust Assets
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28000
mmi Real Estate Brokerage Commissions
RealEstateBrokerageCommissions
446356000
mmi Net Change In Accounts Payable And Accrued Expenses Related To Property And Equipment Additions
NetChangeInAccountsPayableAndAccruedExpensesRelatedToPropertyAndEquipmentAdditions
729000
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
1002000
mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
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-340000
mmi Fully Depreciated Computer Software Hardware And Furniture Fixtures And Equipment Writeoff
FullyDepreciatedComputerSoftwareHardwareAndFurnitureFixturesAndEquipmentWriteoff
2600000
mmi Increase Decrease In Contributions To Trust Account
IncreaseDecreaseInContributionsToTrustAccount
1448000
dei Entity Registrant Name
EntityRegistrantName
Marcus & Millichap, Inc.
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
157000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
489000 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
4933000
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
25768000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4933000
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
1.22
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1134000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> 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; FONT-SIZE: 1px; MARGIN-TOP: 6px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 8%"> 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> 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 nine months ended September&#xA0;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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> The Company&#x2019;s Canadian operations represented less than 1.0% of total revenues in each period presented.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> For the three and nine months ended September 30, 2016, one office represented approximately 10.9% and 10.1% of real estate brokerage commissions revenue, respectively. No office represented 10% or more of real estate brokerage commissions revenue during the three and nine months ended September 30, 2015.</p> </div>
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3164000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.22
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
48565000
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M19D
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
157000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
157000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
71000
us-gaap Cost Of Services
CostOfServices
323131000
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
36000
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
157000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.399 pure
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-894000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1184000
us-gaap Revenues
Revenues
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IncreaseDecreaseInPrepaidRent
3553000
us-gaap Interest Paid
InterestPaid
613000
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
381000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14237000
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
2242000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1567000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
90476000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-555000
us-gaap Operating Expenses
OperatingExpenses
449698000
us-gaap Net Income Loss
NetIncomeLoss
47483000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
15000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
79007000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
397000
us-gaap Interest Expense
InterestExpense
1155000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
3000
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
97311000
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-06-01
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
8037000
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.
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"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> 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
1082000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1544000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
118000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
78595000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
684000
us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
As of September 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
-1513000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1050000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
309000
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
32000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
24032000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1134000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-10495000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31524000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
41518000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-359000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
25000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
21.64
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-119000
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7049000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> 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 Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
One-month LIBOR plus 1.5%
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39034000 shares
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
123403000
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 Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
239396 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
37000 shares
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
102000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
41434 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
20.03
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38916000 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
307722 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 Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.79
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
37588000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
4933000
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
41293 shares
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
938000
mmi Line Of Credit Libor Rate Duration Period
LineOfCreditLiborRateDurationPeriod
P1M
mmi Ipo Completion Date
IpoCompletionDate
2013-10-30
mmi Financing Fees Revenue
FinancingFeesRevenue
30779000
mmi Tax Benefit From Stock Based Award Activity
TaxBenefitFromStockBasedAwardActivity
157000
mmi Minimum Ebitdar Coverage Ratio
MinimumEbitdarCoverageRatio
1.25 pure
mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
-8245000
mmi Formation Date Of Incorporation
FormationDateOfIncorporation
2013-06
mmi Increase Decrease In Commissions Receivable
IncreaseDecreaseInCommissionsReceivable
1159000
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 Maximum Funded Debt To Ebitda Ratio
MaximumFundedDebtToEbitdaRatio
2.0 pure
mmi Increase Decrease In Income Taxes Receivable Payable
IncreaseDecreaseInIncomeTaxesReceivablePayable
-8230000
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
489477000
mmi Number Of Active Equity Plans
NumberOfActiveEquityPlans
1 Incentive_Plan
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EarningsPerShareDiluted
0.39
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15466000
CY2015Q3 us-gaap Cost Of Services
CostOfServices
102010000
mmi Net Change In Accounts Payable And Accrued Expenses Related To Property And Equipment Additions
NetChangeInAccountsPayableAndAccruedExpensesRelatedToPropertyAndEquipmentAdditions
421000
mmi Reduction Of Accrued Bonuses And Other Employee Related Expenses In Settlement Of Employee Notes Receivable
ReductionOfAccruedBonusesAndOtherEmployeeRelatedExpensesInSettlementOfEmployeeNotesReceivable
199000
mmi Increase Decrease In Deferred Rent Credit Noncurrent And Other Noncurrent Obligations
IncreaseDecreaseInDeferredRentCreditNoncurrentAndOtherNoncurrentObligations
416000
mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
413000
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
2700000
mmi Available For Sale Securities Weighted Average Contractual Maturity
AvailableForSaleSecuritiesWeightedAverageContractualMaturity
P3Y2M12D
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
mmi Commissions Payable Payout Period
CommissionsPayablePayoutPeriod
P3Y
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
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
62389 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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0
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0
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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165695000
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229000

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