$MMI
Marcus & Millichap, Inc.

2019 Q2 Form 10-Q Financial Statement

#000119312519143551 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $209.6M $160.7M $230.3M
YoY Change 5.11% -7.93% 13.57%
Cost Of Revenue $127.8M $91.69M $148.5M
YoY Change 6.62% -9.8% 12.71%
Gross Profit $81.70M $69.02M $81.81M
YoY Change 2.72% -5.31% 15.16%
Gross Profit Margin 38.98% 42.95% 35.53%
Selling, General & Admin $52.80M $48.92M $47.60M
YoY Change 7.58% 1.8% 12.53%
% of Gross Profit 64.63% 70.88% 58.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M $1.800M $1.800M
YoY Change 33.33% 28.57% 28.57%
% of Gross Profit 2.45% 2.61% 2.2%
Operating Expenses $54.80M $142.4M $49.30M
YoY Change -67.85% -5.72% 12.81%
Operating Profit $26.90M $18.27M $32.49M
YoY Change -7.08% -22.14% 18.56%
Interest Expense -$300.0K $349.0K -$300.0K
YoY Change -185.23% -3.06% -25.0%
% of Operating Profit -1.12% 1.91% -0.92%
Other Income/Expense, Net $3.100M $3.375M $1.300M
YoY Change 79.81% 179.16% -18.75%
Pretax Income $29.80M $21.30M $33.40M
YoY Change -1.72% -12.41% 16.78%
Income Tax $8.500M $5.657M $7.200M
% Of Pretax Income 28.52% 26.56% 21.56%
Net Earnings $21.30M $15.64M $26.23M
YoY Change -3.91% -13.18% 209.26%
Net Earnings / Revenue 10.16% 9.73% 11.39%
Basic Earnings Per Share $0.40 $0.67
Diluted Earnings Per Share $539.2K $0.40 $0.66
COMMON SHARES
Basic Shares Outstanding 39.05M shares 39.31M shares 38.65M shares
Diluted Shares Outstanding 39.52M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $325.7M $319.2M $352.1M
YoY Change 0.06% 8.5% 19.63%
Cash & Equivalents $206.8M $198.1M $214.7M
Short-Term Investments $118.9M $121.1M $137.4M
Other Short-Term Assets $15.80M $6.031M $6.368M
YoY Change 221.27% 30.43% 15.17%
Inventory
Prepaid Expenses $8.833M $7.904M
Receivables
Other Receivables
Total Short-Term Assets $352.0M $340.2M $371.3M
YoY Change 2.04% 10.05% 15.89%
LONG-TERM ASSETS
Property, Plant & Equipment $113.9M $19.94M $19.55M
YoY Change 563.79% 16.61% 13.97%
Goodwill $11.46M $11.46M
YoY Change
Intangibles
YoY Change
Long-Term Investments $89.40M $84.00M $91.50M
YoY Change 119.12% 89.62% 50.25%
Other Assets $69.40M $39.95M $31.78M
YoY Change 137.26% 52.53% 37.19%
Total Long-Term Assets $287.7M $263.3M $195.0M
YoY Change 122.64% 112.61% 40.08%
TOTAL ASSETS
Total Short-Term Assets $352.0M $340.2M $371.3M
Total Long-Term Assets $287.7M $263.3M $195.0M
Total Assets $639.7M $603.5M $566.4M
YoY Change 34.91% 39.39% 23.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.10M $13.20M $47.90M
YoY Change -67.45% 103.08% -2.64%
Accrued Expenses $31.50M $25.60M $28.30M
YoY Change 86.39% 139.25% 18.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.600M $1.100M $1.100M
YoY Change 500.0% 10.0% 10.0%
Total Short-Term Liabilities $80.80M $73.36M $92.86M
YoY Change 33.33% 51.88% 11.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.600M $6.600M
YoY Change -100.0% -14.29% -14.29%
Other Long-Term Liabilities $108.4M $97.50M $57.40M
YoY Change 125.36% 123.62% 6.49%
Total Long-Term Liabilities $108.4M $104.1M $64.00M
YoY Change 98.17% 102.92% 3.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.80M $73.36M $92.86M
Total Long-Term Liabilities $108.4M $104.1M $64.00M
Total Liabilities $189.2M $177.4M $156.8M
YoY Change 64.13% 78.21% 8.31%
SHAREHOLDERS EQUITY
Retained Earnings $327.0M $311.3M
YoY Change 35.06% 38.95%
Common Stock $97.59M $97.46M
YoY Change 7.43% 8.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $450.5M $426.1M $409.6M
YoY Change
Total Liabilities & Shareholders Equity $639.7M $603.5M $566.4M
YoY Change 34.91% 39.39% 23.22%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $21.30M $15.64M $26.23M
YoY Change -3.91% -13.18% 209.26%
Depreciation, Depletion And Amortization $2.000M $1.800M $1.800M
YoY Change 33.33% 28.57% 28.57%
Cash From Operating Activities $14.20M -$38.60M $62.30M
YoY Change -60.56% 197.16% 51.21%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M $1.644M -$3.500M
YoY Change 108.33% 20.7% 118.75%
Acquisitions
YoY Change
Other Investing Activities -$1.900M $25.70M -$22.20M
YoY Change -128.79% -575.93% -1109.09%
Cash From Investing Activities -$4.500M $24.07M -$25.70M
YoY Change -183.33% -455.22% -3771.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.200M -2.026M -2.900M
YoY Change 71.43% 22.79% -23.68%
NET CHANGE
Cash From Operating Activities 14.20M -38.60M 62.30M
Cash From Investing Activities -4.500M 24.07M -25.70M
Cash From Financing Activities -1.200M -2.026M -2.900M
Net Change In Cash 8.500M -16.55M 33.70M
YoY Change -79.12% -22.72% -11.55%
FREE CASH FLOW
Cash From Operating Activities $14.20M -$38.60M $62.30M
Capital Expenditures -$2.500M $1.644M -$3.500M
Free Cash Flow $16.70M -$40.24M $65.80M
YoY Change -55.11% 180.41% 53.74%

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<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: 4%"> 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 <font style="WHITE-SPACE: nowrap">non-current),</font> investments in marketable securities, <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">available-for-sale,</font></font> security deposits (included under other assets, <font style="WHITE-SPACE: nowrap">non-current)</font> and commissions receivable. Cash and cash equivalents are placed with high-credit quality financial institutions and invested in high-credit quality money market funds and commercial paper. Concentrations of marketable securities, <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">available-for-sale</font></font> are limited by the approved investment policy.</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 and money market funds that represent amounts recorded as cash and cash equivalents. The Company historically has not experienced any significant 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: 4%"> 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 requires collateral on a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">case-by-case</font></font> 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 months ended March&#xA0;31, 2019 and 2018, 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: 4%"> During the three months ended March&#xA0;31, 2019 and 2018, the Company&#x2019;s Canadian operations represented less than 1% of total revenues.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> During the three months ended March&#xA0;31, 2019 and 2018, no office represented 10% or more of total revenues.</p> </div>
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CY2019Q1 dei Document Fiscal Period Focus
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CY2019Q1 dei Entity Registrant Name
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Marcus & Millichap, Inc.
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CY2019Q1 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-monthLIBOR 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.
CY2019Q1 us-gaap Lease Cost
LeaseCost
7027000
CY2019Q1 us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
As of March 31, 2019, the Company was in compliance with all financial and non-financial covenants and has not experienced any limitation in its operations as a result of the covenants.
CY2019Q1 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.001 pure
CY2019Q1 us-gaap Line Of Credit Facility Initiation Date1
LineOfCreditFacilityInitiationDate1
2014-06-01
CY2019Q1 us-gaap Line Of Credit Facility Covenant Terms
LineOfCreditFacilityCovenantTerms
(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end, determined on a rolling four-quarter basis, (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end, determined on a rolling four-quarter basis and (iii) limits investments in foreign entities and caps certain other loans.
CY2019Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2020-06-01
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3375000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
24073000
CY2019Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-12000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2026000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-38598000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
15638000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
751000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
48000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
849000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
142438000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
5909000
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-98000
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
18269000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
4842000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
288000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
9000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
858000
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Reclassifications</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Certain prior-period amounts in Note 13 &#x2013; &#x201C;Income Taxes&#x201D; have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations or any totals or subtotals therein.</p> </div>
CY2019Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2212000
CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
30117000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1644000
CY2019Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
55833000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
15638000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3227000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
160707000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2341000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
48918000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
15044 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
39.45
CY2019Q1 us-gaap Servicing Asset At Amortized Value Amortization1
ServicingAssetAtAmortizedValueAmortization1
135000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
211791 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
290396 shares
CY2019Q1 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
21.74
CY2019Q1 us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
32.17
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
88000
CY2019Q1 dei Trading Symbol
TradingSymbol
MMI
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39515000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
342000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39311000 shares
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1206000
CY2019Q1 mmi Deferred Compensation And Commissions Increase Decrease
DeferredCompensationAndCommissionsIncreaseDecrease
-35838000
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of condensed 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2019Q1 us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.039 pure
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
38996000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
27000 shares
CY2019Q1 mmi Increase Decrease In Commissions Receivable
IncreaseDecreaseInCommissionsReceivable
1171000
CY2019Q1 mmi Stock Issued During Period Fair Value Of Shares Restricted Stock Units Before Tax Settlement
StockIssuedDuringPeriodFairValueOfSharesRestrictedStockUnitsBeforeTaxSettlement
0
CY2019Q1 mmi Fully Depreciated Computer Software Hardware And Furniture Fixtures And Equipment Writeoff
FullyDepreciatedComputerSoftwareHardwareAndFurnitureFixturesAndEquipmentWriteoff
233000
CY2019Q1 mmi Reduction Of Accrued Bonuses And Other Employee Related Expenses In Settlement Of Employee Notes Receivable
ReductionOfAccruedBonusesAndOtherEmployeeRelatedExpensesInSettlementOfEmployeeNotesReceivable
60000
CY2019Q1 mmi Increase Decrease In Carrying Value Of Assets Held In Rabbi Trust
IncreaseDecreaseInCarryingValueOfAssetsHeldInRabbiTrust
703000
CY2019Q1 mmi Increase Decrease In Deferred Rent Credit Noncurrent And Other Noncurrent Obligations
IncreaseDecreaseInDeferredRentCreditNoncurrentAndOtherNoncurrentObligations
67000
CY2019Q1 mmi Allowance For Doubtful Accounts Receivable Write Offs Adjustments
AllowanceForDoubtfulAccountsReceivableWriteOffsAdjustments
3000
CY2019Q1 mmi Recovery Of Bad Debts
RecoveryOfBadDebts
104000
CY2019Q1 mmi Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Transferred In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsTransferredInPeriod
0 shares
CY2019Q1 mmi Date Entered Into Credit Agreement
DateEnteredIntoCreditAgreement
2014-06-18
CY2019Q1 mmi Number Of Office
NumberOfOffice
80 Office
CY2019Q1 mmi Commission Payable Payment Deferral Period
CommissionPayablePaymentDeferralPeriod
P3Y
CY2019Q1 mmi Line Of Credit Libor Rate Duration Period
LineOfCreditLiborRateDurationPeriod
P1M
CY2019Q1 mmi Period Of Settlement For Receivable Balances
PeriodOfSettlementForReceivableBalances
P10D
CY2019Q1 mmi Available For Sale Securities Weighted Average Maturity
AvailableForSaleSecuritiesWeightedAverageMaturity
P1Y10M24D
CY2019Q1 mmi Formation Date Of Incorporation
FormationDateOfIncorporation
2013-06
CY2019Q1 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
28.80
CY2019Q1 mmi Maximum Funded Debt To Ebitda Ratio
MaximumFundedDebtToEbitdaRatio
0.020 pure
CY2019Q1 mmi Credit Facility Pledge Percentage
CreditFacilityPledgePercentage
1.00 pure
CY2019Q1 mmi Minimum Ebitdar Coverage Ratio
MinimumEbitdarCoverageRatio
0.0125 pure
CY2019Q1 mmi Percentage Of Common Stock Distributed
PercentageOfCommonStockDistributed
0.800 pure
CY2019Q1 mmi Servicing Asset At Amortized Cost Additions Following Acquisition
ServicingAssetAtAmortizedCostAdditionsFollowingAcquisition
129000
CY2019Q1 mmi Income Tax Reconciliation Permanent And Other Items
IncomeTaxReconciliationPermanentAndOtherItems
297000
CY2019Q1 mmi Effective Income Tax Rate On Permanent And Other Items
EffectiveIncomeTaxRateOnPermanentAndOtherItems
0.014 pure
CY2019Q1 mmi Increase Decrease In Operating Lease Liability And Right Of Use Asset
IncreaseDecreaseInOperatingLeaseLiabilityAndRightOfUseAsset
1047000
CY2019Q1 mmi Payments On Stock Appreciation Rights
PaymentsOnStockAppreciationRights
-186000
CY2019Q1 mmi Initial Direct Costs Related To Right Of Use Asset
InitialDirectCostsRelatedToRightOfUseAsset
1306000
CY2019Q1 mmi New Accounting Pronouncements Reclassification Of Prepaid Rent And Deferred Rent To Right Of Use Assets
NewAccountingPronouncementsReclassificationOfPrepaidRentAndDeferredRentToRightOfUseAssets
7801000
CY2019Q1 mmi New Accounting Pronouncements Right Of Use Assets And Operating Lease Liabilities
NewAccountingPronouncementsRightOfUseAssetsAndOperatingLeaseLiabilities
76735000

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