Company Quick10K Filing
Quick10K
Marcus & Millichap
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$34.97 39 $1,365
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Earnings, Officers, Exhibits
8-K 2019-08-01 Officers
8-K 2019-05-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-02 Earnings, Shareholder Vote, Exhibits
8-K 2019-02-20 Earnings, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-05-04 Earnings, Shareholder Vote, Exhibits
8-K 2018-03-08 Earnings, Exhibits
JLL Jones Lang Lasalle 6,017
HPP Hudson Pacific Properties 5,139
CIGI Colliers 2,635
HF HFF 1,364
SRG Seritage Growth Properties 1,363
AHH Armada Hoffler Properties 906
BXG Bluegreen Vacations 721
RFL Rafael Holdings 251
PICO Pico Holdings 192
GZT Gazit-Globe 0
MMI 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d46060dex311.htm
EX-31.2 d46060dex312.htm
EX-32.1 d46060dex321.htm

Marcus & Millichap Earnings 2019-06-30

MMI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
73Jun. 30, 2020Jun. 30, 202012017-052Marcus & Millichap, Inc.false2019Q20001578732--12-31 0001578732 2019-01-01 2019-06-30 0001578732 2019-06-30 0001578732 2018-12-31 0001578732 2019-04-01 2019-06-30 0001578732 2018-04-01 2018-06-30 0001578732 2018-01-01 2018-06-30 0001578732 2018-01-01 2018-12-31 0001578732 2019-02-01 2019-02-28 0001578732 2019-05-01 2019-05-31 0001578732 2019-01-01 2019-01-01 0001578732 2019-08-01 0001578732 2019-03-31 0001578732 2018-03-31 0001578732 2017-12-31 0001578732 2018-06-30 0001578732 us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-01-01 2019-06-30 0001578732 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2019-01-01 2019-06-30 0001578732 us-gaap:CustomerConcentrationRiskMember mmi:CommissionReceivableMember 2019-01-01 2019-06-30 0001578732 srt:MaximumMember us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember mmi:InternationalMember 2019-01-01 2019-06-30 0001578732 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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the transition period from
                    
to
                    
Commission File Number:
001-36155
 
MARCUS & MILLICHAP, INC.
(Exact name of registrant as specified in its Charter)
 
     
Delaware
 
35-2478370
(State or Other Jurisdiction of
 
(I.R.S. Employer
Incorporation or Organization)
 
Identification No.)
     
23975 Park Sorrento,
Suite 400
Calabasas, California
 
91302
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(818)
212-2250
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value $0.0001 per share
 
MMI
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter time period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated filer
 
 
Smaller reporting company
 
             
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  
    No  
 
 
 
 
 
 
 
 
 
 
 
Number of shares of common stock, par value $0.0001 per share, of the registrant issued and outstanding as of August 1, 2019 was 39,090,861 shares.
     
 
 
 
 
 
 
 
 
 
 
 
Table of Contents
 
MARCUS & MILLICHAP, INC.
TABLE OF CONTENTS
         
 
Page
 
   
 
   
3
 
   
4
 
   
5
 
   
7
 
   
8
 
         
   
25
 
   
37
 
   
38
 
         
   
 
         
   
39
 
   
39
 
   
39
 
   
39
 
   
39
 
   
39
 
   
40
 
         
   
 
 
2
 
  
Table of Contents
 
PART I. FINANCIAL INFORMATION
Item 1.
Financial Statements
 
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for shares and par value)
                 
 
June 30, 2019
(Unaudited)
   
December 31,
2018
 
Assets
   
     
 
Current assets:
   
     
 
Cash and cash equivalents
  $
206,758
    $
214,683
 
Commissions receivable
   
5,768
     
4,948
 
Prepaid expenses
   
9,593
     
7,904
 
Income tax receivable
   
4,762
     
  
 
Marketable securities,
available-for-sale
   
118,909
     
137,436
 
Other assets, net
   
6,233
     
6,368
 
                 
Total current assets
   
352,023
     
371,339
 
Prepaid rent
   
  
     
13,892
 
Property and equipment, net
   
20,854
     
19,550
 
Operating lease
right-of-use
assets, net
   
93,090
     
  
 
Marketable securities,
available-for-sale
   
80,329
     
83,209
 
Assets held in rabbi trust
   
9,119
     
8,268
 
Deferred tax assets, net
   
18,525
     
22,959
 
Goodwill and other intangible assets, net
   
14,889
     
15,385
 
Other assets
   
50,845
     
31,778
 
                 
Total assets
  $
639,674
    $
566,380
 
Liabilities and stockholders’ equity
   
     
 
Current liabilities:
   
     
 
Accounts payable and other liabilities
  $
11,115
    $
11,035
 
Notes payable to former stockholders
   
6,564
     
1,087
 
Deferred compensation and commissions
   
31,638
     
47,910
 
Income tax payable
   
  
     
4,486
 
Operating lease liabilities
   
17,400
     
  
 
Accrued bonuses and other employee related expenses
   
14,050
     
28,338
 
                 
Total current liabilities
   
80,767
     
92,856
 
Deferred compensation and commissions
   
38,964
     
49,887
 
Notes payable to former stockholders
   
  
     
6,564
 
Operating lease liabilities
   
67,429
     
  
 
Deferred rent and other liabilities
   
2,001
     
7,499
 
                 
Total liabilities
   
189,161
     
156,806
 
                 
Commitments and contingencies
   
  
     
  
 
                 
Stockholders’ equity:
   
     
 
Preferred stock, $
0.0001
par value:
   
     
 
Authorized shares –
25,000,000
; issued and outstanding shares – none at June 30, 2019 and December 31, 2018, respectively
   
  
     
  
 
Common stock, $
0.0001
par value:
   
     
 
Authorized shares –
150,000,000
; issued and outstanding shares –
39,090,861
and
38,814,464
at June 30, 2019 and December 31, 2018, respectively
   
4
     
4
 
Additional
paid-in
capital
   
100,098
     
97,458
 
Stock notes receivable from employees
   
(4
)    
(4
)
Retained earnings
   
348,258
     
311,341
 
Accumulated other comprehensive income
   
2,157
     
775
 
                 
Total stockholders’ equity
   
450,513
     
409,574
 
                 
Total liabilities and stockholders’ equity
  $
639,674
    $
566,380
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
 
 
Table of Contents
 
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME
(in thousands, except per share amounts)
(Unaudited)
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
Revenues:
 
     
     
   
Real estate brokerage commissions
  $
 
188,680
    $
 
181,640
    $
 
333,617
    $
 
344,165
 
Financing fees
   
17,742
     
15,563
     
31,474
     
25,287
 
Other revenues
   
3,171
     
2,199
     
5,209
     
4,491
 
                                 
Total revenues
   
209,593
     
199,402
     
370,300
     
373,943
 
                                 
Operating expenses:
   
     
     
     
 
Cost of services
   
127,847
     
119,869
     
219,535
     
221,518
 
Selling, general and administrative expense
   
52,836
     
49,080
     
101,754
     
97,133
 
Depreciation and amortization expense
   
1,932
     
1,503
     
3,764
     
2,878
 
                                 
Total operating expenses
   
182,615
     
170,452
     
325,053
     
321,529
 
                                 
Operating income
   
26,978
     
28,950
     
45,247
     
52,414
 
Other income (expense), net
   
3,119
     
1,724
     
6,494
     
2,933
 
Interest expense
   
(340
)    
(352
)    
(689
)    
(712
)
                                 
Income before provision for income taxes
   
29,757
     
30,322
     
51,052
     
54,635
 
Provision for income taxes
   
8,478
     
8,155
     
14,135
     
14,457
 
                                 
Net income
   
21,279
     
22,167
     
36,917
     
40,178
 
                                 
Other comprehensive income (loss):
   
     
     
     
 
Marketable securities,
available-for-sale:
   
     
     
     
 
Change in unrealized gains (losses)
   
856
     
(172
)    
1,714
     
(664
)
Less: reclassification adjustment for net (gains) losses included in other income (expense), net
   
(9
)    
8
     
(18
)    
8
 
                                 
Net change, net of tax of $
283
, $
(57)
, $
571
and $
(221)
for the three and six months ended June 30, 2019 and 2018, respectively
   
847
     
(164
)    
1,696
     
(656
)
Foreign currency translation (loss) gain, net of tax of $
0
for each of the three and six months ended June 30, 2019 and 2018
   
(216
)    
34
     
(314
)    
73
 
                                 
Total other comprehensive income (loss)
   
631
     
(130
)    
1,382
     
(583
)
                                 
Comprehensive income
  $
21,910
    $
22,037
    $
38,299
    $
39,595
 
                                 
Earnings per share:
   
     
     
     
 
Basic
  $
0.54
    $
0.57
    $
0.94
    $
1.03
 
Diluted
  $
0.54
    $
0.56
    $
0.93
    $
1.02
 
Weighted average common shares outstanding:
   
     
     
     
 
Basic
   
39,395
     
39,154
     
39,353
     
39,124
 
Diluted
   
39,527
     
39,385
     
39,524
     
39,298
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
4
  
 
 
 
MARCUS & MILLICHAP, Inc.
CONDENSED Consolidated StatementS of Stockholders’ Equity
(in thousands, except for shares)
(Unaudited)
                                                                           
 
 
Three Months Ended June 30, 2019
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In
 
 
Stock Notes
Receivable
From
 
 
Retained
 
 
Accumulated
Other
Comprehensive
 
 
 
 
 
 
 
 
Shares
 
 
 Amount
 
 
Shares
 
 
 Amount
 
 
Capital
 
 
Employees
 
 
Earnings
 
 
Income
 
 
Total
 
Balance at March 31, 2019
   
 
      $
  
     
39,042,434
    $
4
    $
97,587
    $
(4
)   $
 
326,979
    $
1,526
    $
 
426,092
 
Net and comprehensive income
   
— 
       
  
     
—  
     
  
     
  
     
  
     
21,279
     
631
     
21,910
 
Stock-based award activity
   
       
     
     
     
     
     
     
     
 
Stock-based compensation
   
 
       
  
     
  
     
  
     
2,585
     
  
     
  
     
  
     
2,585
 
Shares issued pursuant to employee stock purchase
plan
   
 
       
  
     
11,022
     
  
     
338
     
  
     
  
     
  
     
338
 
Issuance of common stock
for vesting of restricted
stock units
   
 
       
  
     
40,823
     
  
     
  
     
  
     
  
     
  
     
  
 
Issuance of common stock
for unvested restricted
stock awards
   
 
       
  
     
10,542
     
  
     
  
     
  
     
  
     
  
     
  
 
Shares withheld related to net share settlement of stock-based awards
   
 
       
  
     
(13,960
)    
  
     
(412
)    
  
     
  
     
  
     
(412
)
                                                                           
Balance as of June 30, 2019
   
 
      $
  
     
39,090,861
    $
4
    $
100,098
    $
(4
)   $
348,258
    $
2,157
    $
450,513
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                         
 
 
Three Months Ended June 30, 2018
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In
 
 
Stock Notes
Receivable
From
 
 
Retained
 
 
Accumulated
Other
Comprehensive
 
 
 
 
 
 
Shares
 
 
 Amount
 
 
Shares
 
 
 Amount
 
 
Capital
 
 
Employees
 
 
Earnings
 
 
Income (Loss)
 
 
Total
 
Balance at March 31, 2018
   
  
     $
  
      
38,578,834
    $
4
    $
90,840
    $
(4
)   $
 
242,095
    $
474
    $
 
333,409
 
Net and comprehensive income
   
—  
     
  
     
—  
     
  
     
  
     
  
     
22,167
     
(130
)    
22,037
 
Stock-based award activity
   
     
     
     
     
     
     
     
     
 
Stock-based compensation
   
  
     
  
     
  
     
  
     
3,159
     
  
     
  
     
  
     
3,159
 
Shares issued pursuant to
employee stock purchase plan
   
  
     
  
     
13,028
     
  
     
356
     
  
     
  
     
  
     
356
 
Issuance of common stock 
for
 
vesting of restricted stock units
   
  
     
  
     
21,810
     
  
     
  
     
  
     
  
     
  
     
  
 
Issuance of common stock for unvested restricted stock awards
   
  
     
  
     
12,852
     
  
     
  
     
  
     
  
     
  
     
  
 
Shares withheld related to net share settlement of stock-based awards
   
  
     
  
     
(4,812
)    
  
     
(64
)    
  
     
  
     
  
     
(64
)
                                                                         
Balance as of June 30, 2018
   
  
    $
  
     
38,621,712
    $
4
    $    
94,291
    $
(4
)   $
264,262
    $
344
    $
358,897
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
5
 
 
 
Table of Contents
 
MARCUS & MILLICHAP, Inc.
CONDENSED Consolidated StatementS of Stockholders’ Equity
(continued)
(in thousands, except for shares)
(Unaudited)
                                                                         
 
 
Six Months Ended June 30, 2019
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In
 
 
Stock Notes
Receivable
From
 
 
Retained
 
 
Accumulated
Other
Comprehensive
 
 
 
 
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Employees
 
 
Earnings
 
 
Income
 
 
Total
 
Balance at December 31, 2018
   
  
    $
    
     
38,814,464
    $
4
    $
97,458
    $
(4
)   $
311,341
    $
775
    $
409,574
 
Net and comprehensive income
   
—  
     
  
     
—  
     
  
     
  
     
  
     
36,917
     
1,382
     
38,299
 
Stock-based award activity
   
     
     
     
     
     
     
     
     
 
Stock-based compensation
   
  
     
  
     
  
     
  
     
4,926
     
  
     
  
     
  
     
4,926
 
Shares issued pursuant to employee stock purchase
plan
   
  
     
  
     
11,022
     
  
     
338
     
  
     
  
     
  
     
338
 
Issuance of common stock for vesting of restricted
stock units
   
  
     
  
     
325,219
     
  
     
  
     
  
     
  
     
  
     
  
 
Issuance of common stock for unvested restricted
stock awards
   
  
     
  
     
10,542
     
  
     
  
     
  
     
  
     
  
     
  
 
Shares withheld related to net share settlement of stock-based awards
   
  
     
  
     
(70,386
)    
  
     
(2,624
)    
  
     
  
     
  
     
(2,624
)
                                                                         
Balance as of June 30, 2019
   
  
    $
  
     
39,090,861
    $
4
    $
 
100,098
    $
(4
)   $
348,258
    $
2,157
    $
 
450,513
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                         
 
 
Six Months Ended June 30, 2018
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In
 
 
Stock Notes
Receivable
From
 
 
Retained
 
 
Accumulated
Other
Comprehensive
 
 
 
 
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Capital
 
 
Employees
 
 
Earnings
 
 
Income (Loss)
 
 
Total