Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MMI | |
Entity Registrant Name | Marcus & Millichap, Inc. | |
Entity Central Index Key | 1,578,732 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,581,859 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 199,370 | $ 220,786 |
Commissions receivable | 2,851 | 9,586 |
Prepaid expenses | 7,432 | 9,661 |
Income tax receivable | 0 | 1,308 |
Marketable securities, available-for-sale | 94,826 | 73,560 |
Other assets, net | 4,624 | 5,529 |
Total current assets | 309,103 | 320,430 |
Prepaid rent | 15,193 | 15,392 |
Property and equipment, net | 17,097 | 17,153 |
Marketable securities, available-for-sale | 35,573 | 52,099 |
Assets held in rabbi trust | 8,756 | 8,787 |
Deferred tax assets, net | 21,054 | 22,640 |
Other assets | 26,191 | 23,163 |
Total assets | 432,967 | 459,664 |
Current liabilities: | ||
Accounts payable and accrued expenses | 6,482 | 9,202 |
Notes payable to former stockholders | 1,035 | 1,035 |
Deferred compensation and commissions | 26,913 | 49,180 |
Income tax payable | 3,131 | |
Accrued bonuses and other employee related expenses | 10,741 | 23,842 |
Total current liabilities | 48,302 | 83,259 |
Deferred compensation and commissions | 38,969 | 49,361 |
Notes payable to former stockholders | 7,651 | 7,651 |
Deferred rent and other liabilities | 4,636 | 4,505 |
Total liabilities | 99,558 | 144,776 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at March 31, 2018 and December 31, 2017, respectively | 0 | 0 |
Common stock, $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 38,578,834 and 38,374,011 at March 31, 2018 and December 31, 2017, respectively | 4 | 4 |
Additional paid-in capital | 90,840 | 89,877 |
Stock notes receivable from employees | (4) | (4) |
Retained earnings | 242,095 | 224,071 |
Accumulated other comprehensive income | 474 | 940 |
Total stockholders' equity | 333,409 | 314,888 |
Total liabilities and stockholders' equity | $ 432,967 | $ 459,664 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 38,578,834 | 38,374,011 |
Common stock, shares outstanding | 38,578,834 | 38,374,011 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Real estate brokerage commissions | $ 162,525 | $ 140,137 |
Financing fees | 9,724 | 10,054 |
Other revenues | 2,292 | 3,021 |
Total revenues | 174,541 | 153,212 |
Operating expenses: | ||
Cost of services | 101,649 | 89,647 |
Selling, general, and administrative expense | 48,053 | 43,220 |
Depreciation and amortization expense | 1,375 | 1,297 |
Total operating expenses | 151,077 | 134,164 |
Operating income | 23,464 | 19,048 |
Other income (expense), net | 1,209 | 836 |
Interest expense | (360) | (382) |
Income before provision for income taxes | 24,313 | 19,502 |
Provision for income taxes | 6,302 | 7,502 |
Net income | 18,011 | 12,000 |
Other comprehensive (loss) income: | ||
Unrealized (losses) gains on marketable securities, net of tax of $(164) and $65 for the three months ended March 31, 2018 and 2017, respectively | (492) | 47 |
Foreign currency translation gain (loss), net of tax of $0 for each of the three months ended March 31, 2018 and 2017 | 39 | (2) |
Total other comprehensive (loss) income | (453) | 45 |
Comprehensive income | $ 17,558 | $ 12,045 |
Earnings per share: | ||
Basic | $ 0.46 | $ 0.31 |
Diluted | $ 0.46 | $ 0.31 |
Weighted average common shares outstanding: | ||
Basic | 39,095 | 38,948 |
Diluted | 39,250 | 39,108 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Unrealized gains (losses) on marketable securities, tax | $ (164) | $ 65 |
Foreign currency translation gain (loss), tax | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Stock Notes Receivable From Employees [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balance at Dec. 31, 2017 | $ 314,888 | $ 0 | $ 4 | $ 89,877 | $ (4) | $ 224,071 | $ 940 |
Beginning Balance, Shares at Dec. 31, 2017 | 0 | 38,374,011 | |||||
Balance as adjusted at Dec. 31, 2017 | 314,888 | $ 0 | $ 4 | 89,877 | (4) | 224,084 | 927 |
Balance as adjusted, Shares at Dec. 31, 2017 | 0 | 38,374,011 | |||||
Net and comprehensive income | 17,558 | $ 0 | $ 0 | 0 | 0 | 18,011 | (453) |
Stock-based compensation | 2,613 | $ 0 | $ 0 | 2,613 | 0 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | |||||
Issuance of common stock for vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for vesting of restricted stock units, Shares | 0 | 252,930 | |||||
Shares withheld related to net share settlement of stock-based awards, units | (1,650) | $ 0 | $ 0 | (1,650) | 0 | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (48,107) | |||||
Ending Balance at Mar. 31, 2018 | 333,409 | $ 0 | $ 4 | 90,840 | (4) | 242,095 | 474 |
Ending Balance, Shares at Mar. 31, 2018 | 0 | 38,578,834 | |||||
Cumulative effect of a change in accounting principle | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 13 | $ (13) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net income | $ 18,011 | $ 12,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,375 | 1,297 |
(Recovery) provision for bad debt expense | (106) | (44) |
Stock-based compensation | 2,613 | 1,866 |
Deferred taxes, net | 1,750 | 1,179 |
Other non-cash items | 55 | (8) |
Changes in operating assets and liabilities: | ||
Commissions receivable | 6,735 | 1,500 |
Prepaid expenses | 2,229 | 1,608 |
Prepaid rent | 199 | (1,315) |
Other assets | (2,109) | (8,728) |
Accounts payable and accrued expenses | (2,682) | (1,381) |
Income tax receivable (payable) | 4,439 | (3,495) |
Accrued bonuses and other employee related expenses | (12,970) | (14,113) |
Deferred compensation and commissions | (32,659) | (28,106) |
Deferred rent obligation and other liabilities | 131 | 654 |
Net cash used in operating activities | (12,989) | (37,086) |
Cash flows from investing activities | ||
Purchases of marketable securities, available-for-sale | (35,360) | (23,014) |
Proceeds from sales and maturities of marketable securities, available-for-sale | 30,067 | 4,741 |
Issuances of employee notes receivable | (125) | (265) |
Payments received on employee notes receivable | 3 | 3 |
Proceeds from sale of property and equipment | 0 | 10 |
Purchase of property and equipment | (1,362) | (1,367) |
Net cash used in investing activities | (6,777) | (19,892) |
Cash flows from financing activities | ||
Taxes paid related to net share settlement of stock-based awards | (1,650) | (1,361) |
Net cash used in financing activities | (1,650) | (1,361) |
Net decrease in cash and cash equivalents | (21,416) | (58,339) |
Cash and cash equivalents at beginning of period | 220,786 | 187,371 |
Cash and cash equivalents at end of period | 199,370 | 129,032 |
Supplemental disclosures of cash flow information | ||
Interest paid during the period | 1,553 | 15 |
Income taxes paid, net | 113 | 9,818 |
Supplemental disclosures of noncash investing and financing activities | ||
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable | 131 | 235 |
Change in property and equipment included in accounts payable and accrued expenses | $ (38) | $ (142) |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of March 31, 2018, MMI operates 78 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”). Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off (“Spin-Off”). Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates 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. |
Accounting Policies and Recent
Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies and Recent Accounting Pronouncements | 2. Accounting Policies and Recent Accounting Pronouncements Accounting Policies The complete list of the Company’s accounting policies is included in the Company’s Annual Report on Form 10-K Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell commercial properties. The Company generates financing fees from securing financing on purchase transactions as well as fees earned from refinancing its clients’ existing mortgage debt and other financing activities. Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers. The Company’s contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Accordingly, the Company determined that the transaction price is generally fixed and determinable and collectability is reasonably assured. The Company recognizes revenue in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided upon closing of the transaction for other revenues. Capitalization of Internal Labor Certain costs related to the development or purchases of internal-use Concentration of Credit Risk 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 available-for-sale, non-current available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. 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 case-by-case During the three months ended March 31, 2018 and 2017, the Company’s Canadian operations represented less than 1% of total revenues. During the three months ended March 31, 2018 and 2017, no office represented 10% or more of total revenues. Segment Reporting The Company follows the guidance for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to its customers including real estate investment sales, financing and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. Recent Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09, No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date No. 2016-08, Revenue from Contacts with Customers: Principal Versus Agent Considerations No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients 2014-09 2014-09 The Company assessed the impact of the standard and determined that its contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all of its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. The Company determined the transaction price is generally fixed and determinable and collectability is reasonably assured. Revenue was and will continue to be recognized in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided upon closing of the transaction for other revenues. Accordingly, the adoption of ASU 2014-09, In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02”). 2018-02 2018-02 Pending Adoption In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses 2016-13”). 2016-13 2016-13, available-for |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Property and equipment, net consisted of the following (in thousands): March 31, December 31, Computer software and hardware equipment $ 16,543 $ 16,247 Furniture, fixtures, and equipment 21,939 21,695 Less: accumulated depreciation and amortization (21,385 ) (20,789 ) $ 17,097 $ 17,153 During the three months ended March 31, 2018 and 2017, the Company wrote off approximately $784,000 and $949,000 respectively, of fully depreciated computer software and hardware and furniture, fixtures and equipment. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Selected Balance Sheet Data | 4. Selected Balance Sheet Data Other Assets Other assets consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Due from independent contractors, net (1) (2) $ 2,713 $ 3,672 $ 24,798 $ 21,726 Security deposits — — 1,161 1,158 Employee notes receivable (3) 351 366 177 255 Customer trust accounts and other 1,560 1,491 55 24 $ 4,624 $ 5,529 $ 26,191 $ 23,163 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $337 and $494 as of March 31, 2018 and December 31, 2017, respectively. The Company recorded a (recovery) provision for bad debt expense of $(106) and $(44) and wrote off $51 and $16 of these receivables for the three months ended March 31, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) See Note 7 – “Related-Party Transactions” for additional information. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Stock appreciation rights (“SARs”) liability (1) $ 1,895 $ 1,662 $ 18,706 $ 20,217 Commissions payable to investment sales and financing professionals 23,635 46,257 12,501 21,924 Deferred compensation liability (1) 1,383 1,261 7,762 7,220 $ 26,913 $ 49,180 $ 38,969 $ 49,361 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months has been classified as current. SARs Liability Prior to the IPO, certain employees of the Company were granted SARs under a stock-based compensation program assumed by MMC. In connection with the IPO, the SARs agreements were revised, the MMC liability of $20.0 million for the SARs was frozen as of March 31, 2013, and was transferred to MMI through a capital distribution. The SARs liability will be settled with each participant in ten annual installments in January of each year upon retirement or termination from service. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the three months ended March 31, 2018, the Company made total payments (consisting of accumulated interest) of $1.5 million classified as an operating cash flow in the deferred compensation and commissions caption in the accompanying condensed consolidated statements of cash flows. Commissions Payable Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned as they relate to specific transactions closed. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as long-term. Deferred Compensation Liability A select group of management is eligible to participate in a Deferred Compensation Plan. The plan is a 409A plan and permits the participant to defer compensation up to limits as determined by the plan. Amounts are paid out generally when the participant is no longer a service provider; however, an in-service The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended 2018 2017 Increase in the carrying value of the assets held in the rabbi trust (1) $ 14 $ 199 Increase in the carrying value of the deferred compensation obligation (2) $ — $ 211 (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. |
Investments in Marketable Secur
Investments in Marketable Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | 5. Investments in Marketable Securities Amortized cost and fair value of marketable securities, available-for-sale, March 31, 2018 December 31, 2017 Amortized Gross Gross Fair Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 72,344 $ — $ (171 ) $ 72,173 $ 57,712 $ — $ (88 ) $ 57,624 U.S. government sponsored entities 10,536 — (35 ) 10,501 7,016 — (8 ) 7,008 Corporate debt securities 12,165 — (13 ) 12,152 8,931 — (3 ) 8,928 $ 95,045 $ — $ (219 ) $ 94,826 $ 73,659 $ — $ (99 ) $ 73,560 Long-term investments: U.S. treasuries $ 4,553 $ — $ (160 ) $ 4,393 $ 18,111 $ 7 $ (164 ) $ 17,954 U.S. government sponsored entities 1,737 — (67 ) 1,670 5,306 — (62 ) 5,244 Corporate debt securities 23,332 28 (304 ) 23,056 22,505 268 (54 ) 22,719 Asset-backed securities and other 6,485 9 (40 ) 6,454 6,180 17 (15 ) 6,182 $ 36,107 $ 37 $ (571 ) $ 35,573 $ 52,102 $ 292 $ (295 ) $ 52,099 The amortized cost and fair value of the Company’s investments in available-for-sale March 31, 2018 December 31, 2017 Unrealized Fair Unrealized Fair Less than 12 months $ (508 ) $ 96,685 $ (158 ) $ 63,229 12 months or longer $ (282 ) $ 28,880 $ (236 ) $ 44,961 Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Three Months Ended 2018 2017 Gross realized gains (1) $ — $ — Gross realized losses (1) $ — $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method. As of March 31, 2018, the Company considers the declines in market value of its marketable securities, available-for-sale available-for-sale Amortized cost and fair value of marketable securities, available-for-sale, March 31, 2018 December 31, 2017 Amortized Fair Value Amortized Fair Value Due in one year or less $ 95,045 $ 94,826 $ 73,659 $ 73,560 Due after one year through five years 14,733 14,608 30,644 30,517 Due after five years through ten years 14,956 14,645 15,090 15,200 Due after ten years 6,418 6,320 6,368 6,382 $ 131,152 $ 130,399 $ 125,761 $ 125,659 Weighted average contractual maturity 2.5 years 2.6 years Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties. |
Notes Payable to Former Stockho
Notes Payable to Former Stockholders | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Notes Payable to Former Stockholders | 6. Notes Payable to Former Stockholders In conjunction with the Spin-Off Accrued interest included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets pertaining to the Notes consisted of the following (in thousands): March 31, December 31, Accrued interest $ 415 $ 305 Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended 2018 2017 Interest expense $ 109 $ 122 |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 7. Related-Party Transactions Shared and Transition Services Prior to October 2013, the Company operated under a shared services arrangement with MMC whereby the Company was charged for actual costs specifically incurred on behalf of the Company or allocated to the Company on a pro rata basis. Beginning in October 2013, certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company, which replaced the pre-IPO Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended March 31, 2018 and 2017, the Company earned real estate brokerage commissions and financing fees of $2.6 million and $203,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $1.5 million and $122,000, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single story office building located in Palo Alto, California, which expires on May 31, 2022. Rent expense for this lease aggregated $253,000 for each of the three months ended March 31, 2018 and 2017. Rent expense is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Accounts Payable and Accrued Expenses with MMC As of March 31, 2018 and December 31, 2017, accounts payable and accrued expenses with MMC totaling $101,000 and $91,000, respectively, remain unpaid and are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive time-to-time. non-current As of March 31, 2018, George M. Marcus, the Company’s founder and Co-Chairman, |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried at fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Level 2: Level 3: Investment in marketable securities, available-for-sale Recurring Fair Value Measurements The Company values its investments including assets held in rabbi trust, commercial paper, money market funds and investments in marketable securities, available-for-sale Assets carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): March 31, 2018 December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets held in rabbi trust $ 8,756 $ — $ 8,756 $ — $ 8,787 $ — $ 8,787 $ — Cash equivalents (1) Commercial paper $ 7,945 $ — $ 7,945 $ — $ 11,441 $ — $ 11,441 $ — Money market funds 165,027 165,027 — — 157,788 157,788 — — $ 172,972 $ 165,027 $ 7,945 $ — $ 169,229 $ 157,788 $ 11,441 $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 72,173 $ 72,173 $ — $ — $ 57,624 $ 57,624 $ — $ — U.S. government sponsored entities 10,501 — 10,501 — 7,008 — 7,008 — Corporate debt securities 12,152 — 12,152 — 8,928 — 8,928 — $ 94,826 $ 72,173 $ 22,653 $ — $ 73,560 $ 57,624 $ 15,936 $ — Long-term investments: U.S. treasuries $ 4,393 $ 4,393 $ — $ — $ 17,954 $ 17,954 $ — $ — U.S. government sponsored entities 1,670 — 1,670 — 5,244 — 5,244 — Corporate debt securities 23,056 — 23,056 — 22,719 — 22,719 — Asset-backed securities and other 6,454 — 6,454 — 6,182 — 6,182 — $ 35,573 $ 4,393 $ 31,180 $ — $ 52,099 $ 17,954 $ 34,145 $ — (1) Included in cash and cash equivalents. There were no transfers in or out of Level 1 and Level 2 during the three months ended March 31, 2018. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock As of March 31, 2018 and December 31, 2017, there were 38,578,834 and 38,374,011 shares of common stock, $0.0001 par value, issued and outstanding, which includes unvested restricted stock awards issued to non-employee Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At March 31, 2018 and December 31, 2017, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive (Loss) Income The components of accumulated other comprehensive income as of March 31, 2018, by component, net of income taxes consisted of the following (in thousands): Unrealized available-for- Foreign (3) Total Beginning balance, December 31, 2017 $ (62 ) $ 1,002 $ 940 Cumulative effect of change in accounting principle (1) (13 ) — (13 ) Balance at January 1, 2018, as adjusted (75 ) 1,002 927 Other comprehensive (loss) income before reclassifications (492 ) 39 (453 ) Amounts reclassified from accumulated other comprehensive (loss) income (2) — — — Net current-period other comprehensive (loss) income (492 ) 39 (453 ) Ending balance, March 31, 2018 $ (567 ) $ 1,041 $ 474 (1) Relates to reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings as a result of adoption of ASU 2018-02. (2) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (3) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 10. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The board of directors adopted the 2013 Omnibus Equity Incentive Plan (“2013 Plan”), which became effective upon the Company’s IPO. In February 2017, the board of directors approved an amendment to the 2013 Plan, which was approved by the shareholders in May 2017. Grants are made from time to time by the Company’s board of directors at its discretion subject to certain restrictions as to the number and value of shares that may be granted to any individual. Upon adoption of the 2013 Plan, 5,500,000 shares of common stock were initially reserved for the issuance of awards. Pursuant to the automatic increases previously provided for in the 2013 Plan, the board of directors approved share reserve increases aggregating 3,300,000. Pursuant to the amendment to the 2013 Plan referenced above, the automatic share increase provision was removed. At March 31, 2018, there were 5,502,845 shares available for future grants under the Plan. Awards Granted and Settled Under the 2013 Plan, the Company has issued restricted stock awards (“RSAs”) to non-employee one-year During the three months ended March 31, 2018, 258,930 shares of RSUs vested of which 252,930 shares of common stock were delivered and 48,107 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2017 30,732 500,859 450,264 981,855 $ 23.90 Granted February 2018 — 106,419 20,293 126,712 March 2018 — 15,000 — 15,000 Total Granted — 121,419 20,293 141,712 32.43 Vested — (132,325 ) (126,605 ) (258,930 ) 20.59 Transferred — — — — — Forfeited/canceled — (1,960 ) (4,598 ) (6,558 ) 29.21 Nonvested shares at March 31, 2018 (1) 30,732 487,993 339,354 858,079 $ 26.27 Unrecognized stock-based compensation expense as of March 31, 2018 (2) $ 423 $ 12,669 $ 10,154 $ 23,246 Weighted average remaining vesting period (years) as of March 31, 2018 1.60 3.54 2.69 3.14 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.14 years. As of March 31, 2018, 578,618 fully vested deferred stock units (“DSUs”) remained outstanding. See “Amendments to Restricted Stock and SARs” section below and Note 12 – “Earnings Per Share” for additional information. Future share settlements of DSUs by year consisted of the following: March 31, 2018 2018 237,052 2021 60,373 2022 281,193 578,618 Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“ESPP Plan”). The ESPP Plan qualifies under Section 423 of the IRS Code and provides for consecutive, non-overlapping 6-month 6-month The ESPP Plan initially had 366,667 shares of common stock reserved and 246,895 shares of common stock remain available for issuance for each of the periods at March 31, 2018 and December 31, 2017, respectively. The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not required in the prior years. At March 31, 2018, total unrecognized compensation cost related to the ESPP Plan was $19,000 and is expected to be recognized over a weighted average period of 0.12 years. Amendments to Restricted Stock and SARs Restricted Stock In connection with the IPO, the formula settlement value of all outstanding shares of stock held by the plan participants was removed, and all such shares of stock are subject to sales restrictions that lapse at a rate of 20% per year for five years if the participant remains employed by the Company. In the event of death or termination of employment after reaching the age of 67, 100% of the shares of stock will be released from the resale restriction. Further, 100% of the shares of stock will be released from the resale restriction upon the consummation of a change of control of the Company. Of the original 3,689,326 shares subject to resale restriction, 732,020 shares remain subject to sales restriction at March 31, 2018. SARs and DSUs Prior to the IPO, certain employees were granted SARs. As of March 31, 2013, the outstanding SARs were frozen at the liability amount, and will be paid out to each participant in installments upon retirement or departure under the terms of the revised SARs agreements. To replace beneficial ownership in the SARs, the difference between the book value liability and the fair value of the awards was granted to plan participants in the form of DSUs, which were fully vested upon receipt and will be settled in actual stock at a rate of 20% per year if the participant remains employed by the Company during that period (otherwise all unsettled shares of stock upon termination from service will be settled five years from the termination date, unless otherwise agreed to by the Company). In the event of death or termination of service after reaching the age of 67, 100% of the DSUs will be settled. Summary of Stock-Based Compensation Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months 2018 2017 Employee stock purchase plan $ 39 $ 46 RSAs – non-employee 111 89 RSUs – employees 953 914 RSUs – independent contractors (1) 1,510 817 $ 2,613 $ 1,866 Common stock price at beginning of period $ 32.61 $ 26.72 Common stock price at end of period $ 36.06 $ 24.58 Increase (decrease) in stock price $ 3.45 $ (2.14 ) (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s effective tax rate for the three months ended March 31, 2018 and 2017 was 25.9% and 38.5%, respectively. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 5,106 21.0 % $ 6,826 35.0 % State income tax expense, net of federal benefit 1,097 4.5 % 768 3.9 % Effect of foreign operations 32 0.1 % 76 0.4 % Windfall tax benefits, net related to stock-based compensation (217 ) (0.9 )% (156 ) (0.7 )% Permanent items and other 284 1.2 % (12 ) (0.1 )% $ 6,302 25.9 % $ 7,502 38.5 % On December 22, 2017, the Act was enacted, which significantly changed the U.S. corporate income tax laws by, among other items, reducing the U.S. corporate income tax rate to 21% from 35% starting in 2018, further limiting 162(m) deductions and creating a territorial tax system with a one-time |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 12. Earnings per Share Basic and diluted earnings per share for the three months ended March 31, 2018 and 2017, respectively consisted of the following (in thousands, except per share data): Three Months 2018 2017 Numerator (Basic and Diluted): Net income $ 18,011 $ 12,000 Denominator: Basic Weighted average common shares issued and outstanding 38,547 38,047 Deduct: Unvested RSAs (1) (31 ) (29 ) Add: Fully vested DSUs (2) 579 930 Weighted Average Common Shares Outstanding 39,095 38,948 Basic earnings per common share $ 0.46 $ 0.31 Diluted Weighted Average Common Shares Outstanding from above 39,095 38,948 Add: Dilutive effect of RSUs, RSAs & ESPP 155 160 Weighted Average Common Shares Outstanding 39,250 39,108 Diluted earnings per common share $ 0.46 $ 0.31 Antidilutive shares excluded from diluted earnings per common share (3) 291 299 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 10 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s employees and independent contractors. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (“Bank”), dated as of June 1, 2014 (the “Credit Agreement”). The Credit Agreement provides for a $60.0 million principal amount senior secured revolving credit facility that is guaranteed by all of the Company’s domestic subsidiaries (the “Credit Facility”), which, as amended, matures on June 1, 2020. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at March 31, 2018. Borrowings under the 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 The Credit Facility contains customary covenants, including financial and other covenant reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end both on a rolling 4-quarter non-financial Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance, which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceeding cannot be determined, the Company reviews the need for its accrual for loss contingencies quarterly and records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company believes that the ultimate resolution of the legal proceedings will not have a material adverse effect on its financial condition or results of operations. The Company accrues legal fees for litigation as the legal services are provided. Other In connection with certain agreements with investment sales and financing professionals, the Company may agree to advance amounts to its investment sales and financing professionals upon reaching certain performance goals. Such commitments as of March 31, 2018 aggregated $1.4 million. |
Description of Business and B21
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of March 31, 2018, MMI operates 78 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”). |
Reorganization and Initial Public Offering | Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off (“Spin-Off”). |
Basis of Presentation | Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K |
Consolidation | Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates 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. |
Revenue Recognition | Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell commercial properties. The Company generates financing fees from securing financing on purchase transactions as well as fees earned from refinancing its clients’ existing mortgage debt and other financing activities. Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers. The Company’s contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Accordingly, the Company determined that the transaction price is generally fixed and determinable and collectability is reasonably assured. The Company recognizes revenue in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided upon closing of the transaction for other revenues. |
Capitalization of Internal Labor | Capitalization of Internal Labor Certain costs related to the development or purchases of internal-use |
Concentration of Credit Risk | Concentration of Credit Risk 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 available-for-sale, non-current available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. 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 case-by-case During the three months ended March 31, 2018 and 2017, the Company’s Canadian operations represented less than 1% of total revenues. During the three months ended March 31, 2018 and 2017, no office represented 10% or more of total revenues. |
Segment Reporting | Segment Reporting The Company follows the guidance for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to its customers including real estate investment sales, financing and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09, No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date No. 2016-08, Revenue from Contacts with Customers: Principal Versus Agent Considerations No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients 2014-09 2014-09 The Company assessed the impact of the standard and determined that its contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all of its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. The Company determined the transaction price is generally fixed and determinable and collectability is reasonably assured. Revenue was and will continue to be recognized in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided upon closing of the transaction for other revenues. Accordingly, the adoption of ASU 2014-09, In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02”). 2018-02 2018-02 Pending Adoption In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses 2016-13”). 2016-13 2016-13, available-for |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): March 31, December 31, Computer software and hardware equipment $ 16,543 $ 16,247 Furniture, fixtures, and equipment 21,939 21,695 Less: accumulated depreciation and amortization (21,385 ) (20,789 ) $ 17,097 $ 17,153 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Due from independent contractors, net (1) (2) $ 2,713 $ 3,672 $ 24,798 $ 21,726 Security deposits — — 1,161 1,158 Employee notes receivable (3) 351 366 177 255 Customer trust accounts and other 1,560 1,491 55 24 $ 4,624 $ 5,529 $ 26,191 $ 23,163 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $337 and $494 as of March 31, 2018 and December 31, 2017, respectively. The Company recorded a (recovery) provision for bad debt expense of $(106) and $(44) and wrote off $51 and $16 of these receivables for the three months ended March 31, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) See Note 7 – “Related-Party Transactions” for additional information. |
Components of Deferred Compensation and Commissions | Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Stock appreciation rights (“SARs”) liability (1) $ 1,895 $ 1,662 $ 18,706 $ 20,217 Commissions payable to investment sales and financing professionals 23,635 46,257 12,501 21,924 Deferred compensation liability (1) 1,383 1,261 7,762 7,220 $ 26,913 $ 49,180 $ 38,969 $ 49,361 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months has been classified as current. |
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability | The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended 2018 2017 Increase in the carrying value of the assets held in the rabbi trust (1) $ 14 $ 199 Increase in the carrying value of the deferred compensation obligation (2) $ — $ 211 (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. |
Investments in Marketable Sec24
Investments in Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security | Amortized cost and fair value of marketable securities, available-for-sale, March 31, 2018 December 31, 2017 Amortized Gross Gross Fair Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 72,344 $ — $ (171 ) $ 72,173 $ 57,712 $ — $ (88 ) $ 57,624 U.S. government sponsored entities 10,536 — (35 ) 10,501 7,016 — (8 ) 7,008 Corporate debt securities 12,165 — (13 ) 12,152 8,931 — (3 ) 8,928 $ 95,045 $ — $ (219 ) $ 94,826 $ 73,659 $ — $ (99 ) $ 73,560 Long-term investments: U.S. treasuries $ 4,553 $ — $ (160 ) $ 4,393 $ 18,111 $ 7 $ (164 ) $ 17,954 U.S. government sponsored entities 1,737 — (67 ) 1,670 5,306 — (62 ) 5,244 Corporate debt securities 23,332 28 (304 ) 23,056 22,505 268 (54 ) 22,719 Asset-backed securities and other 6,485 9 (40 ) 6,454 6,180 17 (15 ) 6,182 $ 36,107 $ 37 $ (571 ) $ 35,573 $ 52,102 $ 292 $ (295 ) $ 52,099 |
Amortized Cost and Fair Value of Investments in Available for Sale Securities | The amortized cost and fair value of the Company’s investments in available-for-sale March 31, 2018 December 31, 2017 Unrealized Fair Unrealized Fair Less than 12 months $ (508 ) $ 96,685 $ (158 ) $ 63,229 12 months or longer $ (282 ) $ 28,880 $ (236 ) $ 44,961 |
Gross Realized Gains and Losses from Sale of Available for Sale Securities | Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Three Months Ended 2018 2017 Gross realized gains (1) $ — $ — Gross realized losses (1) $ — $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method. |
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity | Amortized cost and fair value of marketable securities, available-for-sale, March 31, 2018 December 31, 2017 Amortized Fair Value Amortized Fair Value Due in one year or less $ 95,045 $ 94,826 $ 73,659 $ 73,560 Due after one year through five years 14,733 14,608 30,644 30,517 Due after five years through ten years 14,956 14,645 15,090 15,200 Due after ten years 6,418 6,320 6,368 6,382 $ 131,152 $ 130,399 $ 125,761 $ 125,659 Weighted average contractual maturity 2.5 years 2.6 years |
Notes Payable to Former Stock25
Notes Payable to Former Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Expenses Pertaining to Notes | Accrued interest included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets pertaining to the Notes consisted of the following (in thousands): March 31, December 31, Accrued interest $ 415 $ 305 |
Schedule of Interest Expense Pertaining to Notes | Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended 2018 2017 Interest expense $ 109 $ 122 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets at Fair Value on Recurring Basis | Assets carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): March 31, 2018 December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets held in rabbi trust $ 8,756 $ — $ 8,756 $ — $ 8,787 $ — $ 8,787 $ — Cash equivalents (1) Commercial paper $ 7,945 $ — $ 7,945 $ — $ 11,441 $ — $ 11,441 $ — Money market funds 165,027 165,027 — — 157,788 157,788 — — $ 172,972 $ 165,027 $ 7,945 $ — $ 169,229 $ 157,788 $ 11,441 $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 72,173 $ 72,173 $ — $ — $ 57,624 $ 57,624 $ — $ — U.S. government sponsored entities 10,501 — 10,501 — 7,008 — 7,008 — Corporate debt securities 12,152 — 12,152 — 8,928 — 8,928 — $ 94,826 $ 72,173 $ 22,653 $ — $ 73,560 $ 57,624 $ 15,936 $ — Long-term investments: U.S. treasuries $ 4,393 $ 4,393 $ — $ — $ 17,954 $ 17,954 $ — $ — U.S. government sponsored entities 1,670 — 1,670 — 5,244 — 5,244 — Corporate debt securities 23,056 — 23,056 — 22,719 — 22,719 — Asset-backed securities and other 6,454 — 6,454 — 6,182 — 6,182 — $ 35,573 $ 4,393 $ 31,180 $ — $ 52,099 $ 17,954 $ 34,145 $ — (1) Included in cash and cash equivalents. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income, Net of Income Taxes | The components of accumulated other comprehensive income as of March 31, 2018, by component, net of income taxes consisted of the following (in thousands): Unrealized available-for- Foreign (3) Total Beginning balance, December 31, 2017 $ (62 ) $ 1,002 $ 940 Cumulative effect of change in accounting principle (1) (13 ) — (13 ) Balance at January 1, 2018, as adjusted (75 ) 1,002 927 Other comprehensive (loss) income before reclassifications (492 ) 39 (453 ) Amounts reclassified from accumulated other comprehensive (loss) income (2) — — — Net current-period other comprehensive (loss) income (492 ) 39 (453 ) Ending balance, March 31, 2018 $ (567 ) $ 1,041 $ 474 (1) Relates to reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings as a result of adoption of ASU 2018-02. (2) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (3) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan | Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2017 30,732 500,859 450,264 981,855 $ 23.90 Granted February 2018 — 106,419 20,293 126,712 March 2018 — 15,000 — 15,000 Total Granted — 121,419 20,293 141,712 32.43 Vested — (132,325 ) (126,605 ) (258,930 ) 20.59 Transferred — — — — — Forfeited/canceled — (1,960 ) (4,598 ) (6,558 ) 29.21 Nonvested shares at March 31, 2018 (1) 30,732 487,993 339,354 858,079 $ 26.27 Unrecognized stock-based compensation expense as of March 31, 2018 (2) $ 423 $ 12,669 $ 10,154 $ 23,246 Weighted average remaining vesting period (years) as of March 31, 2018 1.60 3.54 2.69 3.14 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.14 years. |
Schedule of Future Share Settlements | Future share settlements of DSUs by year consisted of the following: March 31, 2018 2018 237,052 2021 60,373 2022 281,193 578,618 |
Stock-Based Compensation Expense | Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months 2018 2017 Employee stock purchase plan $ 39 $ 46 RSAs – non-employee 111 89 RSUs – employees 953 914 RSUs – independent contractors (1) 1,510 817 $ 2,613 $ 1,866 Common stock price at beginning of period $ 32.61 $ 26.72 Common stock price at end of period $ 36.06 $ 24.58 Increase (decrease) in stock price $ 3.45 $ (2.14 ) (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes and Income before Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (in thousands): Three Months Ended March 31, 2018 2017 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 5,106 21.0 % $ 6,826 35.0 % State income tax expense, net of federal benefit 1,097 4.5 % 768 3.9 % Effect of foreign operations 32 0.1 % 76 0.4 % Windfall tax benefits, net related to stock-based compensation (217 ) (0.9 )% (156 ) (0.7 )% Permanent items and other 284 1.2 % (12 ) (0.1 )% $ 6,302 25.9 % $ 7,502 38.5 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share | Basic and diluted earnings per share for the three months ended March 31, 2018 and 2017, respectively consisted of the following (in thousands, except per share data): Three Months 2018 2017 Numerator (Basic and Diluted): Net income $ 18,011 $ 12,000 Denominator: Basic Weighted average common shares issued and outstanding 38,547 38,047 Deduct: Unvested RSAs (1) (31 ) (29 ) Add: Fully vested DSUs (2) 579 930 Weighted Average Common Shares Outstanding 39,095 38,948 Basic earnings per common share $ 0.46 $ 0.31 Diluted Weighted Average Common Shares Outstanding from above 39,095 38,948 Add: Dilutive effect of RSUs, RSAs & ESPP 155 160 Weighted Average Common Shares Outstanding 39,250 39,108 Diluted earnings per common share $ 0.46 $ 0.31 Antidilutive shares excluded from diluted earnings per common share (3) 291 299 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 10 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s employees and independent contractors. |
Description of Business and B31
Description of Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Office | |
Class of Stock [Line Items] | |
Number of offices in the United States and Canada | 78 |
Formation date | 2013-06 |
Percentage of common stock distributed | 80.00% |
IPO MMI [Member] | |
Class of Stock [Line Items] | |
IPO completion date | Oct. 30, 2013 |
Accounting Policies and Recen32
Accounting Policies and Recent Accounting Pronouncements - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2018USD ($)Office | Mar. 31, 2017Office | Dec. 31, 2017USD ($) | |
Accounting Policies [Line Items] | |||
Commission's receivable settled period | 10 days | ||
Marketable securities, available for sale | $ 130,399,000 | $ 125,659,000 | |
Accounting Standards Update 2018-02 [Member] | |||
Accounting Policies [Line Items] | |||
Reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings | 13,000 | ||
Accounting Standards Update 2016-02 [Member] | |||
Accounting Policies [Line Items] | |||
Operating lease obligations | $ 83,600,000 | ||
Customer Concentration Risk [Member] | Total revenues [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Customer Concentration Risk [Member] | Commissions receivable [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Geographic Concentration Risk [Member] | Total revenues [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Number of offices | Office | 0 | 0 | |
Capitalization of Internal Labor [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 7 years | ||
Capitalization of Internal Labor [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Average AA Credit Rating [Member] | Accounting Standards Update 2016-13 [Member] | |||
Accounting Policies [Line Items] | |||
Marketable securities, available for sale | $ 130,400,000 | ||
Impairment write-downs marketable securities, available for sale | $ 0 | ||
International Revenues [Member] | Maximum [Member] | Geographic Concentration Risk [Member] | Total revenues [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 1.00% | 1.00% |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and amortization | $ (21,385) | $ (20,789) |
Property and equipment, net | 17,097 | 17,153 |
Computer software and hardware equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 16,543 | 16,247 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 21,939 | $ 21,695 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Fully depreciated computer software and hardware and furniture, fixtures and equipment write-off | $ 784,000 | $ 949,000 |
Selected Balance Sheet Data - S
Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Other Assets [Line Items] | ||
Other assets Current | $ 4,624 | $ 5,529 |
Other assets Non-Current | 26,191 | 23,163 |
Due from independent contractors, net [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 2,713 | 3,672 |
Other assets Non-Current | 24,798 | 21,726 |
Security deposits [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,161 | 1,158 |
Employee Notes Receivable [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 351 | 366 |
Other assets Non-Current | 177 | 255 |
Customer trust accounts and other [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 1,560 | 1,491 |
Other assets Non-Current | $ 55 | $ 24 |
Selected Balance Sheet Data -36
Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Other Assets [Line Items] | |||
Allowance of doubtful accounts | $ 337 | $ 494 | |
(Recovery) provision for bad debt expense | (106) | $ (44) | |
Write-off receivables | $ 51 | $ 16 | |
Minimum [Member] | |||
Other Assets [Line Items] | |||
Notes receivable due period | 1 year | ||
Maximum [Member] | |||
Other Assets [Line Items] | |||
Notes receivable due period | 5 years |
Selected Balance Sheet Data - C
Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Stock appreciation rights ("SARs") liability | $ 1,895 | $ 1,662 |
Deferred compensation liability | 1,383 | 1,261 |
Deferred compensation and commissions, current | 26,913 | 49,180 |
Stock appreciation rights ("SARs") liability | 18,706 | 20,217 |
Deferred compensation liability | 7,762 | 7,220 |
Deferred compensation and commissions, non-current | 38,969 | 49,361 |
Current [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Commissions payable to investment sales and financing professionals | 23,635 | 46,257 |
Non-Current [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Commissions payable to investment sales and financing professionals | $ 12,501 | $ 21,924 |
Selected Balance Sheet Data - A
Selected Balance Sheet Data - Additional Information (Detail) | Jan. 01, 2018 | Jan. 01, 2017 | Jan. 01, 2014 | Mar. 31, 2018USD ($)Installments | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2013USD ($) |
Schedule Of Accrued Expenses [Line Items] | |||||||
SARs frozen liability amount | $ 18,706,000 | $ 20,217,000 | |||||
Interest expense | $ 360,000 | $ 382,000 | |||||
Maximum payment deferral period for certain commissions payable | 3 years | ||||||
SARs [Member] | |||||||
Schedule Of Accrued Expenses [Line Items] | |||||||
SARs frozen liability amount | $ 20,000,000 | ||||||
SARs liability frozen value date | Mar. 31, 2013 | ||||||
SARs liability interest accrual commencement date | Jan. 1, 2014 | ||||||
Interest expense | $ 225,000 | $ 233,000 | |||||
Treasury note term | 10 years | ||||||
Base spread on SARs liability variable rate | 2.00% | ||||||
SARs liability interest accrual rates | 4.409% | 4.446% | |||||
SARs liability number of annual installments | Installments | 10 | ||||||
Estimated payouts description | Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. | ||||||
Payments made during the period | $ 1,500,000 | ||||||
Deferred Compensation Liability [Member] | |||||||
Schedule Of Accrued Expenses [Line Items] | |||||||
Estimated payouts description | Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. | ||||||
Payments made during the period | $ 193,000 | ||||||
Deferred Compensation Liability, Minimum Payout Period | 2 years | ||||||
Deferred Compensation Liability, Maximum Payout Period | 15 years | ||||||
Fair value of deferred compensation plan assets | 110.00% |
Selected Balance Sheet Data -39
Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | ||
Increase in the carrying value of the assets held in the rabbi trust | $ 14 | $ 199 |
Increase in the carrying value of the deferred compensation obligation | $ 0 | $ 211 |
Investments in Marketable Sec40
Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 131,152 | $ 125,761 |
Fair Value | 130,399 | 125,659 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 95,045 | 73,659 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (219) | (99) |
Fair Value | 94,826 | 73,560 |
Short-term investments [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 72,344 | 57,712 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (171) | (88) |
Fair Value | 72,173 | 57,624 |
Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,536 | 7,016 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (35) | (8) |
Fair Value | 10,501 | 7,008 |
Short-term investments [Member] | Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,165 | 8,931 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13) | (3) |
Fair Value | 12,152 | 8,928 |
Long-term marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 36,107 | 52,102 |
Gross Unrealized Gains | 37 | 292 |
Gross Unrealized Losses | (571) | (295) |
Fair Value | 35,573 | 52,099 |
Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,553 | 18,111 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | (160) | (164) |
Fair Value | 4,393 | 17,954 |
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,737 | 5,306 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (67) | (62) |
Fair Value | 1,670 | 5,244 |
Long-term marketable securities [Member] | Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,332 | 22,505 |
Gross Unrealized Gains | 28 | 268 |
Gross Unrealized Losses | (304) | (54) |
Fair Value | 23,056 | 22,719 |
Long-term marketable securities [Member] | Asset-backed securities and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,485 | 6,180 |
Gross Unrealized Gains | 9 | 17 |
Gross Unrealized Losses | (40) | (15) |
Fair Value | $ 6,454 | $ 6,182 |
Investments in Marketable Sec41
Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale securities continuous unrealized loss position for less than 12 months, unrealized loss | $ (508) | $ (158) |
Available for sale securities continuous unrealized loss position for 12 months or longer, unrealized loss | (282) | (236) |
Available for sale securities continuous unrealized loss position for less than 12 months, fair value | 96,685 | 63,229 |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | $ 28,880 | $ 44,961 |
Investments in Marketable Sec42
Investments in Marketable Securities - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | ||
Gross realized gains | $ 0 | $ 0 |
Gross realized losses | $ 0 | $ 0 |
Investments in Marketable Sec43
Investments in Marketable Securities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Marketable Securities [Abstract] | |
Investments other-than-temporarily impaired | $ 0 |
Investments in Marketable Sec44
Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 95,045 | $ 73,659 |
Due after one year through five years, Amortized Cost | 14,733 | 30,644 |
Due after five years through ten years, Amortized Cost | 14,956 | 15,090 |
Due after ten years, Amortized Cost | 6,418 | 6,368 |
Amortized Cost | 131,152 | 125,761 |
Due in one year or less, Fair Value | 94,826 | 73,560 |
Due after one year through five years, Fair Value | 14,608 | 30,517 |
Due after five years through ten years, Fair Value | 14,645 | 15,200 |
Due after ten years, Fair Value | 6,320 | 6,382 |
Total Fair Value | $ 130,399 | $ 125,659 |
Weighted average contractual maturity | 2 years 6 months | 2 years 7 months 6 days |
Notes Payable to Former Stock45
Notes Payable to Former Stockholders - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
Restricted Stock - Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Unsecured notes interest rate | 5.00% |
Unsecured notes maturity date | Jun. 30, 2020 |
SARs - Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Unsecured notes interest rate | 5.00% |
Unsecured notes maturity date | Jun. 30, 2020 |
Notes Payable to Former Stock46
Notes Payable to Former Stockholders - Schedule of Accounts Payable and Accrued Expenses Pertaining to Notes (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Expenses [Member] | ||
Accounts Payable And Accrued Expenses [Line Items] | ||
Accrued interest | $ 415 | $ 305 |
Notes Payable to Former Stock47
Notes Payable to Former Stockholders - Schedule of Interest Expense Pertaining to Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest Expense [Line Items] | ||
Interest expense | $ 360 | $ 382 |
Notes Payable to Former Stockholders [Member] | ||
Interest Expense [Line Items] | ||
Interest expense | $ 109 | $ 122 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Aggregate principal amount for employee notes receivable | $ 528,000 | $ 621,000 | |
MMC [Member] | |||
Related Party Transaction [Line Items] | |||
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company | 2,600,000 | $ 203,000 | |
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company | 1,500,000 | 122,000 | |
Rent expense for lease | $ 253,000 | 253,000 | |
Lease expiration date | May 31, 2022 | ||
Accounts payable and other accrued expenses - related party | $ 101,000 | $ 91,000 | |
MMC [Member] | Transition Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative expense | $ 72,000 | $ 82,000 | |
Transition services agreement date | Oct. 1, 2013 | ||
George M. Marcus [Member] | |||
Related Party Transaction [Line Items] | |||
Beneficial ownership percentage | 48.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 |
Fair value, assets, level 2 to level 1 transfers, amount | 0 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trust | $ 8,756 | $ 8,787 |
Marketable securities, available for sale | 130,399 | 125,659 |
Short-term investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 94,826 | 73,560 |
Short-term investments [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 72,173 | 57,624 |
Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 10,501 | 7,008 |
Short-term investments [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 12,152 | 8,928 |
Long-term marketable securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 35,573 | 52,099 |
Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 4,393 | 17,954 |
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 1,670 | 5,244 |
Long-term marketable securities [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 23,056 | 22,719 |
Long-term marketable securities [Member] | Asset-backed securities and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 6,454 | 6,182 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 172,972 | 169,229 |
Recurring [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,945 | 11,441 |
Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 165,027 | 157,788 |
Recurring [Member] | Assets held in rabbi trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trust | 8,756 | 8,787 |
Recurring [Member] | Short-term investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 94,826 | 73,560 |
Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 72,173 | 57,624 |
Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 10,501 | 7,008 |
Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 12,152 | 8,928 |
Recurring [Member] | Long-term marketable securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 35,573 | 52,099 |
Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 4,393 | 17,954 |
Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 1,670 | 5,244 |
Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 23,056 | 22,719 |
Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 6,454 | 6,182 |
Level 1 [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 165,027 | 157,788 |
Level 1 [Member] | Recurring [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 165,027 | 157,788 |
Level 1 [Member] | Recurring [Member] | Assets held in rabbi trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trust | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 72,173 | 57,624 |
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 72,173 | 57,624 |
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 4,393 | 17,954 |
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 4,393 | 17,954 |
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 2 [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,945 | 11,441 |
Level 2 [Member] | Recurring [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,945 | 11,441 |
Level 2 [Member] | Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 2 [Member] | Recurring [Member] | Assets held in rabbi trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trust | 8,756 | 8,787 |
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 22,653 | 15,936 |
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 10,501 | 7,008 |
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 12,152 | 8,928 |
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 31,180 | 34,145 |
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 1,670 | 5,244 |
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 23,056 | 22,719 |
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 6,454 | 6,182 |
Level 3 [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Assets held in rabbi trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in rabbi trust | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, available for sale | $ 0 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Common stock, shares issued | 38,578,834 | 38,374,011 |
Common stock, shares outstanding | 38,578,834 | 38,374,011 |
Common stock share, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 314,888 |
Balance as adjusted | 314,888 |
Ending Balance | 333,409 |
Unrealized gains and (losses) of available-for-sale securities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as adjusted | (75) |
Other comprehensive (loss) income before reclassifications | (492) |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 |
Net current-period other comprehensive (loss) income | (492) |
Ending Balance | (567) |
Unrealized gains and (losses) of available-for-sale securities [Member] | Scenario, Previously Reported [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (62) |
Unrealized gains and (losses) of available-for-sale securities [Member] | Scenario, Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Cumulative effect of change in accounting principle | (13) |
Foreign currency translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance as adjusted | 1,002 |
Other comprehensive (loss) income before reclassifications | 39 |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 |
Net current-period other comprehensive (loss) income | 39 |
Ending Balance | 1,041 |
Foreign currency translation [Member] | Scenario, Previously Reported [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 1,002 |
Foreign currency translation [Member] | Scenario, Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Cumulative effect of change in accounting principle | 0 |
Accumulated Other Comprehensive Income [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 940 |
Balance as adjusted | 927 |
Other comprehensive (loss) income before reclassifications | (453) |
Amounts reclassified from accumulated other comprehensive (loss) income | 0 |
Net current-period other comprehensive (loss) income | (453) |
Ending Balance | 474 |
Accumulated Other Comprehensive Income [Member] | Scenario, Previously Reported [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 940 |
Accumulated Other Comprehensive Income [Member] | Scenario, Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Cumulative effect of change in accounting principle | $ (13) |
Stockholders' Equity - Change53
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Parenthetical) (Detail) | Mar. 31, 2018USD ($) |
Equity [Abstract] | |
Undistributed earnings of foreign subsidiary | $ 0 |
Stock-Based Compensation Plan54
Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Incentive_Planshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Common stock shares reserved for issuance of awards | 5,500,000 |
Common stock shares available for grant | 5,502,845 |
Increase of common stock share reserve approved | 3,300,000 |
Number of active equity plans | Incentive_Plan | 1 |
Equity incentive plan amendment, shareholder approval date | May 4, 2017 |
Equity incentive plan amendment, board of directors approval date | 2017-02 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vested shares | 258,930 |
2013 Omnibus Equity Incentive Plan [Member] | Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares issued under compensation plan | 0 |
Number of shares outstanding under compensation plan | 0 |
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fully vested deferred stock units remaining outstanding | 578,618 |
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Vested shares | 258,930 |
Number of common stock shares withheld to pay employee statutory withholding taxes | 48,107 |
Vested and delivered shares | 252,930 |
2013 Omnibus Equity Incentive Plan [Member] | SARs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares issued under compensation plan | 0 |
Number of shares outstanding under compensation plan | 0 |
2013 Omnibus Equity Incentive Plan [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares issued under compensation plan | 0 |
Number of shares outstanding under compensation plan | 0 |
2013 Omnibus Equity Incentive Plan [Member] | Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares issued under compensation plan | 0 |
Number of shares outstanding under compensation plan | 0 |
Stock-Based Compensation Plan56
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2018 | Feb. 28, 2018 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares at December 31, 2017 | 981,855 | ||
Granted | 15,000 | 126,712 | 141,712 |
Vested | (258,930) | ||
Transferred | 0 | ||
Forfeited/canceled | (6,558) | ||
Nonvested shares at March 31, 2018 | 858,079 | 858,079 | |
Unrecognized stock-based compensation expense as of March 31, 2018 | $ 23,246 | $ 23,246 | |
Unrecognized stock-based compensation expenses recognition period | 3 years 1 month 20 days | ||
Nonvested weighted average grant date fair value per share, beginning balance | $ 23.90 | ||
Weighted average grant date fair value per share, Granted | 32.43 | ||
Weighted average grant date fair value, Vested | 20.59 | ||
Weighted average grant date fair value, Transferred | 0 | ||
Weighted average grant date fair value, Forfeited/canceled | 29.21 | ||
Nonvested weighted average grant date fair value per share, ending balance | $ 26.27 | $ 26.27 | |
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares at December 31, 2017 | 30,732 | ||
Granted | 0 | 0 | 0 |
Vested | 0 | ||
Transferred | 0 | ||
Forfeited/canceled | 0 | ||
Nonvested shares at March 31, 2018 | 30,732 | 30,732 | |
Unrecognized stock-based compensation expense as of March 31, 2018 | $ 423 | $ 423 | |
Unrecognized stock-based compensation expenses recognition period | 1 year 7 months 6 days | ||
Restricted Stock Units [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares at December 31, 2017 | 500,859 | ||
Granted | 15,000 | 106,419 | 121,419 |
Vested | (132,325) | ||
Transferred | 0 | ||
Forfeited/canceled | (1,960) | ||
Nonvested shares at March 31, 2018 | 487,993 | 487,993 | |
Unrecognized stock-based compensation expense as of March 31, 2018 | $ 12,669 | $ 12,669 | |
Unrecognized stock-based compensation expenses recognition period | 3 years 6 months 14 days | ||
Restricted Stock Units [Member] | Independent Contractors [member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares at December 31, 2017 | 450,264 | ||
Granted | 0 | 20,293 | 20,293 |
Vested | (126,605) | ||
Transferred | 0 | ||
Forfeited/canceled | (4,598) | ||
Nonvested shares at March 31, 2018 | 339,354 | 339,354 | |
Unrecognized stock-based compensation expense as of March 31, 2018 | $ 10,154 | $ 10,154 | |
Unrecognized stock-based compensation expenses recognition period | 2 years 8 months 9 days |
Stock-Based Compensation Plan57
Stock-Based Compensation Plans - Schedule of Future Share Settlements (Detail) - 2013 Omnibus Equity Incentive Plan [Member] - Deferred stock units [Member] | Mar. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2,018 | 237,052 |
2,021 | 60,373 |
2,022 | 281,193 |
Total | 578,618 |
Stock-Based Compensation Plan58
Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares available for issuance | 5,502,845 | |
Unrecognized stock-based compensation expense | $ 23,246,000 | |
Unrecognized stock-based compensation expenses recognition period | 3 years 1 month 20 days | |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ESPP offering period description | The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. | |
Length of purchase intervals | 6 months | |
ESPP discount rate | 10.00% | |
Common stock reserved and available for issuance | 366,667 | |
Common stock shares available for issuance | 246,895 | 246,895 |
Unrecognized stock-based compensation expense | $ 19,000 | |
Unrecognized stock-based compensation expenses recognition period | 1 month 13 days | |
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for future issuance authorized annual share increase | 366,667 | |
Common stock available for future issuance authorized annual percentage increase | 1.00% | |
ESPP description | The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not required in the prior years. |
Stock-Based Compensation Plan59
Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - shares | Oct. 30, 2013 | Mar. 31, 2018 |
Deferred stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee termination age | 67 years | |
DSU settlement to common stock percentage | 20.00% | |
DSU settlement into actual stock issued term | 5 years | |
Percentage of shares of deferred stock units settled in the event of death or termination after reaching age 67 | 100.00% | |
Restricted Stock Sales Restriction [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Sales restriction lapse percentage for restricted stock | 20.00% | |
Employee termination age | 67 years | |
Sales restriction period for restricted stock | 5 years | |
Percentage of shares of stock released from resale restriction upon consummation of change of control | 100.00% | |
Percentage of shares of restricted released from resale restriction in the event of death or termination after reaching age 67 | 100.00% | |
Number of original shares subject to resale restriction | 3,689,326 | |
Number of shares remain subject to sales restriction | 732,020 |
Stock-Based Compensation Plan60
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense - Independent contractors | $ 1,510 | $ 817 |
Allocated share-based compensation expense | 2,613 | 1,866 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | 39 | 46 |
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | 111 | 89 |
Restricted Stock Units [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated share-based compensation expense | $ 953 | $ 914 |
Stock-Based Compensation Plan61
Stock-Based Compensation Plans - Changes in Company's Common Stock Price During Reporting Period (Detail) - Stock Based Compensation Expense [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock price at beginning of period | $ 32.61 | $ 26.72 |
Common stock price at end of period | 36.06 | 24.58 |
Increase (decrease) in stock price | $ 3.45 | $ (2.14) |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at the federal statutory rate | $ 5,106 | $ 6,826 | |
State income tax expense, net of federal benefit | 1,097 | 768 | |
Effect of foreign operations | 32 | 76 | |
Windfall tax benefits, net related to stock-based compensation | (217) | (156) | |
Permanent items and other | 284 | (12) | |
Provision for income taxes, amount | $ 6,302 | $ 7,502 | |
Income tax expense at the federal statutory rate | 21.00% | 35.00% | 35.00% |
State income tax expense, net of federal benefit | 4.50% | 3.90% | |
Effect of foreign operations | 0.10% | 0.40% | |
Windfall tax benefits, net related to stock-based compensation | (0.90%) | (0.70%) | |
Permanent items and other | 1.20% | (0.10%) | |
Provision for income taxes, rate | 25.90% | 38.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax computed at federal rate, percentage | 21.00% | 35.00% | 35.00% |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense | $ 11.6 | ||
Provision for income taxes, rate | 25.90% | 38.50% |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator (Basic and Diluted): | ||
Net income | $ 18,011 | $ 12,000 |
Denominator: | ||
Weighted average common shares issued and outstanding | 38,547 | 38,047 |
Deduct: Unvested RSAs | (31) | (29) |
Add: Fully vested DSUs | 579 | 930 |
Weighted Average Common Shares Outstanding | 39,095 | 38,948 |
Basic earnings per common share | $ 0.46 | $ 0.31 |
Weighted Average Common Shares Outstanding from above | 39,095 | 38,948 |
Add: Dilutive effect of RSUs, RSAs & ESPP | 155 | 160 |
Weighted Average Common Shares Outstanding | 39,250 | 39,108 |
Diluted earnings per common share | $ 0.46 | $ 0.31 |
Antidilutive shares excluded from diluted earnings per common share | 291 | 299 |
Earnings per Share - Computat65
Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Parenthetical) (Detail) - Restricted Stock Awards [Member] - 2013 Omnibus Equity Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Minimum [Member] | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Vesting period | 1 year |
Maximum [Member] | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Vesting period | 3 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Senior secured revolving credit facility maximum borrowing capacity | $ 60,000,000 | |
Revolving credit facility maturity date | Jun. 1, 2020 | |
Date the Company entered into a Credit Agreement | Jun. 18, 2014 | |
Credit agreement date | Jun. 1, 2014 | |
Standby letters of credit borrowing capacity | $ 10,000,000 | |
Standby letters of credit, utilized amount | $ 533,000 | |
Credit facility interest rate description | 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 | |
LIBOR rate duration period | 1 month | |
Credit agreement, unused capacity, commitment fee percentage | 0.10% | |
Interest expense | $ 360,000 | $ 382,000 |
Credit agreement, amount outstanding | $ 0 | |
Credit facility covenants | (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 | |
Minimum EBITDAR coverage ratio | 1.25% | |
Maximum Total Funded Debt to EBITDA ratio | 2.00% | |
Credit agreement, pledge percentage | 100.00% | |
Compliance description | As of March 31, 2018, the Company was in compliance with all financial and non-financial covenants. | |
LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Base spread on variable rate | 1.50% | |
Federal Funds Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Base spread on variable rate | 1.50% | |
Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest expense | $ 26,000 | $ 27,000 |
Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Base spread on variable rate | 0.875% | |
Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Base spread on variable rate | 1.125% |
Commitments and Contingencies67
Commitments and Contingencies - Additional Information Other (Detail) $ in Millions | Mar. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Other commitment amount | $ 1.4 |