Company Quick10K Filing
Marcus & Millichap
Price35.52 EPS2
Shares40 P/E17
MCap1,405 P/FCF-232
Net Debt-226 EBIT105
TEV1,179 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-21
10-Q 2013-09-30 Filed 2013-11-22
8-K 2020-05-05
8-K 2020-02-20
8-K 2019-11-07
8-K 2019-11-07
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-05-28
8-K 2019-05-02
8-K 2019-02-20
8-K 2018-11-07
8-K 2018-08-07
8-K 2018-05-04
8-K 2018-03-08

MMI 10Q Quarterly Report

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-10.1 d183092dex101.htm
EX-31.1 d183092dex311.htm
EX-31.2 d183092dex312.htm
EX-32.1 d183092dex321.htm

Marcus & Millichap Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
0.70.60.40.30.10.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

10-Q
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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 March 31, 2020
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
Incorporation or Organization)
 
(I.R.S. Employer
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 May 4, 2020 was 39,273,941 shares.
 
 

Table of Contents
MARCUS & MILLICHAP, INC.
TABLE OF CONTENTS
         
 
 
 
 
 
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
27
 
 
 
 
 
 
 
 
38
 
 
 
 
 
 
 
 
39
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40
 
 
 
 
 
 
 
 
40
 
 
 
 
 
 
 
 
40
 
 
 
 
 
 
 
 
41
 
 
 
 
 
 
 
 
41
 
 
 
 
 
 
 
 
41
 
 
 
 
 
 
 
 
41
 
 
 
 
 
 
 
 
42
 
 
 
 
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)
                 
 
March 31,
2020
(Unaudited)
   
December 31,
2019
 
Assets
   
     
 
Current assets:
   
     
 
Cash and cash equivalents
  $
189,760
    $
232,670
 
Commissions receivable, net
   
3,600
     
5,003
 
Prepaid expenses
   
9,072
     
10,676
 
Income tax receivable
   
929
     
4,999
 
Marketable debt securities,
available-for-sale
(includes amortized cost and an allowance for credit losses of $143,115 and $0, respectively, at March 31, 2020)
   
143,864
     
150,752
 
Advances and loans, net
   
1,969
     
2,882
 
Other assets
   
2,871
     
3,185
 
                 
Total current assets
   
352,065
     
410,167
 
Property and equipment, net
   
23,173
     
22,643
 
Operating lease
right-of-use
assets, net
   
88,454
     
90,535
 
Marketable debt securities,
available-for-sale
(includes amortized cost and an allowance for credit losses of $44,954 and $0, respectively, at March 31, 2020)
   
45,210
     
60,809
 
Assets held in rabbi trust
   
7,992
     
9,452
 
Deferred tax assets, net
   
20,959
     
22,122
 
Goodwill and other intangible assets, net
   
31,254
     
22,312
 
Advances and loans, net
   
96,857
     
66,647
 
Other assets
   
4,365
     
4,347
 
                 
Total assets
  $
670,329
    $
709,034
 
                 
Liabilities and stockholders’ equity
   
     
 
Current liabilities:
   
     
 
Accounts payable and other liabilities
  $
10,642
    $
10,790
 
Notes payable to former stockholders
   
6,564
     
6,564
 
Deferred compensation and commissions
   
25,253
     
44,301
 
Operating lease liabilities
   
17,715
     
17,762
 
Accrued bonuses and other employee related expenses
   
5,339
     
22,388
 
                 
Total current liabilities
   
65,513
     
101,805
 
Deferred compensation and commissions
   
28,220
     
45,628
 
Operating lease liabilities
   
61,677
     
63,155
 
Other liabilities
   
5,627
     
3,539
 
                 
Total liabilities
   
161,037
     
214,127
 
                 
Commitments and contingencies
   
  
     
  
 
Stockholders’ equity:
   
     
 
Preferred stock, $0.0001 par value:
   
     
 
Authorized shares – 25,000,000; issued and outstanding shares – none at March 31, 2020 and December 31, 2019, respectively
   
  
     
  
 
Common stock, $0.0001 par value:
   
     
 
Authorized shares – 150,000,000; issued and outstanding shares – 39,272,429 and 39,153,195 at March 31, 2020 and December 31, 2019, respectively
   
4
     
4
 
Additional
paid-in
capital
   
105,601
     
104,658
 
Stock notes receivable from employees
   
(4
)    
(4
)
Retained earnings
   
401,308
     
388,271
 
Accumulated other comprehensive income
   
2,383
     
1,978
 
                 
Total stockholders’ equity
   
509,292
     
494,907
 
                 
Total liabilities and stockholders’ equity
  $
670,329
    $
709,034
 
                 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
3

Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME
(in thousands, except per share amounts)
(Unaudited)
                 
 
Three Months Ended
March 31,
 
 
2020
   
2019
 
Revenues:
 
 
Real estate brokerage commissions
  $
 171,829
    $
 
144,937
 
Financing fees
   
15,351
     
13,732
 
Other revenues
   
3,537
     
2,038
 
                 
Total revenues
   
190,717
     
160,707
 
                 
Operating expenses:
   
     
 
Cost of services
   
113,757
     
91,688
 
Selling, general and administrative expense
   
54,860
     
48,918
 
Depreciation and amortization expense
   
2,464
     
1,832
 
                 
Total operating expenses
   
171,081
     
142,438
 
                 
Operating income
   
19,636
     
18,269
 
Other (expense) income, net
   
(366
)    
3,375
 
Interest expense
   
(283
)    
(349
)
                 
Income before provision for income taxes
   
18,987
     
21,295
 
Provision for income taxes
   
5,917
     
5,657
 
                 
Net income
   
13,070
     
15,638
 
                 
Other comprehensive (loss) income:
   
     
 
Marketable debt securities,
available-for-sale:
   
     
 
Change in unrealized (losses) gains
   
(497
)    
858
 
Less: reclassification adjustment for net losses (gains) included in other (expense) income, net
   
11
     
(9
)
                 
Net change, net of tax of $(168) and $288 for the three months ended March 31, 2020 and 2019, respectively
   
(486
)    
849
 
Foreign currency translation gain (loss), net of tax of $0 for each of the three months ended March 31, 2020 and 2019
   
891
     
(98
)
                 
Total other comprehensive income
   
405
     
751
 
                 
Comprehensive income
  $
13,475
    $
16,389
 
                 
Earnings per share:
   
     
 
Basic
  $
0.33
    $
0.40
 
Diluted
  $
0.33
    $
0.40
 
Weighted average common shares outstanding:
   
     
 
Basic
   
39,541
     
39,311
 
Diluted
   
39,646
     
39,515
 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
4

Table of Contents
MARCUS & MILLICHAP, Inc.
CONDENSED Consolidated StatementS of Stockholders’ Equity
(in thousands, except for shares)
(Unaudited)
                                                                         
 
Three Months Ended March 31, 2020
 
 
Preferred Stock
   
Common Stock
   
Additional
Paid-In

Capital
   
Stock Notes
 Receivable
From
 Employees
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income
   
Total
 
 
 
 
Shares
   
Amount
   
Shares
   
Amount
 
Balance at December 31, 2019
 
 
  
 
 
$
  
 
 
 
39,153,195
 
 
$
4
 
 
$
104,658
 
 
$
(4
)
 
$
388,271
 
 
$
1,978
 
 
$
494,907
 
Cumulative effect of a change in accounting principle, net of tax
 
 
—  
 
 
 
  
 
 
 
—  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(33
)
 
 
  
 
 
 
(33
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2020, as adjusted
 
 
  
 
 
 
  
 
 
 
39,153,195
 
 
 
4
 
 
 
104,658
 
 
 
(4
)
 
 
388,238
 
 
 
1,978
 
 
 
494,874
 
Net and comprehensive income
 
 
—  
 
 
 
  
 
 
 
—  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
13,070
 
 
 
405
 
 
 
13,475
 
Stock-based award activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
2,632
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
2,632
 
Issuance of common stock for vesting of restricted stock units
 
 
  
 
 
 
  
 
 
 
170,106
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Shares withheld related to net share settlement of stock-based awards
 
 
  
 
 
 
  
 
 
 
(50,872
)
 
 
  
 
 
 
(1,689
)
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(1,689
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2020
 
 
  
 
 
$
   
 
 
 
39,272,429
 
 
$
4
 
 
$
105,601
 
 
$
(4
)
 
$
401,308
 
 
$
2,383
 
 
$
509,292
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                         
 
Three Months Ended March 31, 20
19
 
 
Preferred Stock
   
Common Stock
   
Additional
Paid-In

Capital
   
Stock Notes
 Receivable
From
 Employees
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income
   
Total
 
 
 
 
Shares
   
Amount
   
Shares
   
Amount
 
Balance at December 31, 2018
 
 
  
 
 
$
   
 
 
 
38,814,464
 
 
$
4
 
 
$
97,458
 
 
$
(4
)
 
$
311,341
 
 
$
775
 
 
$
409,574
 
Net and comprehensive income
 
 
—  
 
 
 
  
 
 
 
—  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
15,638
 
 
 
751
 
 
 
16,389
 
Stock-based award activity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
2,341
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
2,341
 
Issuance of common stock for vesting of restricted stock units
 
 
  
 
 
 
  
 
 
 
284,396
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
Shares withheld related to net share settlement of stock-based awards
 
 
  
 
 
 
  
 
 
 
(56,426
)
 
 
  
 
 
 
(2,212
)
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(2,212
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2019
 
 
  
 
 
$
   
 
 
 
39,042,434
 
 
$
4
 
 
$
97,587
 
 
$
(4
)
 
$
326,979
 
 
$
1,526
 
 
$
426,092
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.
5

Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS of CASH FLOWS
(in thousands)
(Unaudited)
 
Three Months Ended
March 31,
 
 
2020
   
2019
 
Cash flows from operating activities
 
 
 
 
 
 
Net income
  $
13,070
    $
15,638
 
Adjustments to reconcile net income to net cash used in operating activities:
   
     
 
Depreciation and amortization expense
   
2,464
     
1,832
 
Amortization of
right-of-use
assets
   
5,500
     
5,081
 
Credit loss recovery
   
(120
)    
(104
)
Stock-based compensation
   
2,632
     
2,341
 
Deferred taxes, net
   
1,345
     
2,243
 
Unrealized f
oreign exchange lo
ss
 
 
1,024
 
 
 
 
Net realized (gains) losses on marketable debt securities,
available-for-sale
   
(53
)    
12
 
Other
non-cash
items
   
485
     
28
 
Changes in operating assets and liabilities:
   
     
 
Commissions receivable
   
1,350
     
(1,171
)
Prepaid expenses
   
1,576
     
(929
)
Advances and loans
   
(29,441
)    
(6,663
)
Other assets
   
(100
   
(2,149
)
Accounts payable and other liabilities
   
(923
)    
2,067
 
Income tax receivable/payable
   
4,070
     
3,117
 
Accrued bonuses and other employee related expenses
   
(17,035
)    
(20,060
)
Deferred compensation and commissions
   
(33,898
)    
(35,838
)
Operating lease liabilities
   
(4,477
)    
(4,110
)
Other liabilities
   
(262
)    
67
 
                 
Net cash used in operating activities
   
(52,793
)    
(38,598
)
                 
Cash flows from investing activities
 
 
 
 
 
 
Acquisition, net of cash received
   
(6,000
)    
  
 
Purchases of marketable debt securities,
available-for-sale
   
(28,919
)    
(30,117
)
Proceeds from sales and maturities of marketable debt securities,
available-for-sale
   
50,623
     
55,833
 
Issuances of employee notes receivable
   
(211
)    
  
 
Payments received on employee notes receivable
   
1
     
1
 
Purchase of property and equipment
   
(2,397
)    
(1,644
)
                 
Net cash provided by investing activities
   
13,097
     
24,073
 
                 
Cash flows from financing activities
 
 
 
 
 
 
Taxes paid related to net share settlement of stock-based awards
   
(1,689
)    
(2,212
)
Principal payments on stock appreciation rights liability
   
(1,251
)    
186
 
                 
Net cash used in financing activities
   
(2,940
)    
(2,026
)
                 
Effect of currency exchange rate changes on cash and cash equivalents
   
(274
)
   
  
 
                 
Net decrease in cash and cash equivalents
   
(42,910
)    
(16,551
)
Cash and cash equivalents at beginning of period
   
232,670
     
214,683
 
                 
Cash and cash equivalents at end of period
  $
189,760
    $
198,132
 
                 
Supplemental disclosures of cash flow information
 
 
 
 
 
 
Interest paid during the period
  $
845
    $
1,751
 
                 
Income taxes paid, net
  $
503
    $
296
 
                 
See accompanying notes to condensed consolidated financial statements.
6

Table of Contents
MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
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, 2020, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation.
Reorganization and Initial Public Offering
MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to
spin-off
its majority owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”). Prior to the initial public offering (“IPO”) of MMI, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed 80.0% of the shares of MMI common stock to MMC’s shareholders and exchanged the remaining portion of its shares of MMI common stock for cancellation of indebtedness of MMC. MMI completed its IPO
i
n November 2013.
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
and Article
 10-01
of Regulation
 S-X.
Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the condensed consolidated financial position, results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form
10-K
filed on March 2, 2020 with the SEC. The results of the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, for other interim periods or future years.
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.
Segment Reporting
The Company follows U.S. GAAP 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 our customers including real estate investment sales, financing (including mortgage servicing) 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.
Reclassifications
Certain prior-period amounts in the condensed consolidated balance sheet and statement of cash flows, Note 7 – “Selected Balance Sheet Data” and Note 10 – “Fair Value Measurements” have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported condensed consolidated results of operations.
 
7