Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MMI | ' |
Entity Registrant Name | 'Marcus & Millichap, Inc. | ' |
Entity Central Index Key | '0001578732 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,623,781 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $83,298 | $100,952 |
Commissions receivable, net of allowance for doubtful accounts of $81 and $99 at March 31, 2014 and December 31, 2013, respectively | 3,309 | 4,115 |
Employee notes receivable | 221 | 229 |
Prepaid expenses and other current assets | 4,499 | 5,204 |
Deferred tax assets, net | 7,494 | 8,663 |
Total current assets | 98,821 | 119,163 |
Prepaid rent | 4,401 | 4,999 |
Investments held in rabbi trust account | 4,134 | 4,067 |
Property and equipment, net of accumulated depreciation of $19,714 and $19,412 at March 31, 2014 and December 31, 2013, respectively | 8,537 | 8,560 |
Employee notes receivable | 189 | 189 |
Deferred tax assets, net | 27,040 | 27,185 |
Other assets | 3,040 | 3,146 |
Total assets | 146,162 | 167,309 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 8,180 | 6,911 |
Accounts payable and accrued expenses - related party | 433 | 506 |
Income tax payable | 3,296 | 6,459 |
Notes payable to former stockholders | 891 | 851 |
Commissions payable | 11,358 | 25,086 |
Accrued employee expenses | 7,460 | 16,947 |
Total current liabilities | 31,618 | 56,760 |
Deferred compensation and commissions | 29,010 | 32,177 |
Notes payable to former stockholders | 11,464 | 11,504 |
Other liabilities | 4,032 | 4,371 |
Total liabilities | 76,124 | 104,812 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at March 31, 2014 and December 31, 2013, respectively | ' | ' |
Common Stock $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 36,600,897 at March 31, 2014 and December 31, 2013, respectively | 4 | 4 |
Additional paid-in capital | 71,162 | 70,445 |
Stock notes receivable from employees | -13 | -13 |
Accumulated deficit | -1,157 | -7,939 |
Accumulated other comprehensive income | 42 | ' |
Total stockholders' equity | 70,038 | 62,497 |
Total liabilities and stockholders' equity | $146,162 | $167,309 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $81 | $99 |
Accumulated depreciation | $19,714 | $19,412 |
Preferred stock, par value | $0.00 | $0.00 |
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 | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 36,600,897 | 36,600,897 |
Common stock, shares outstanding | 36,600,897 | 36,600,897 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues: | ' | ' | |
Real estate brokerage commissions | $104,748 | $61,198 | |
Financing fees | 6,100 | 5,014 | |
Other revenues | 3,742 | 3,158 | |
Total revenues | 114,590 | 69,370 | |
Operating expenses: | ' | ' | |
Cost of services | 68,396 | 41,221 | |
Selling, general, and administrative expense | 33,357 | 24,732 | |
Depreciation and amortization expense | 775 | 760 | |
Total operating expenses | 102,528 | 66,713 | |
Operating income | 12,062 | 2,657 | |
Other (expense) income, net | -61 | 242 | |
Interest expense | -404 | ' | |
Income before provision for income taxes | 11,597 | 2,899 | |
Provision for income taxes | 4,815 | 1,261 | |
Net income | 6,782 | 1,638 | |
Other comprehensive income: | ' | ' | |
Foreign currency translation gain, net of tax of $30 and $0 for the three months ended March 31, 2014 and 2013, respectively | 42 | ' | |
Total other comprehensive income | 42 | ' | |
Comprehensive income | $6,824 | $1,638 | |
Earnings per share: | ' | ' | |
Basic | $0.17 | [1] | ' |
Diluted | $0.17 | [1] | ' |
Weighted average common shares outstanding: | ' | ' | |
Basic | 38,847 | [1] | ' |
Diluted | 38,907 | [1] | ' |
[1] | Earnings per share information has not been presented for periods prior to the IPO on October 31, 2013. See Note 10 - "Earning Per Share." |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Foreign currency translation gain, tax | $30 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Stock Notes Receivable From Employees [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning Balance at Dec. 31, 2013 | $62,497 | ' | $4 | $70,445 | ($13) | ($7,939) | ' |
Beginning Balance, Shares at Dec. 31, 2013 | ' | 0 | 36,600,897 | ' | ' | ' | ' |
Net income | 6,782 | ' | ' | ' | ' | 6,782 | ' |
Stock-based compensation | 717 | ' | ' | 717 | ' | ' | ' |
Foreign currency translation gain, net of tax of $30 | 42 | ' | ' | ' | ' | ' | 42 |
Ending Balance at Mar. 31, 2014 | $70,038 | ' | $4 | $71,162 | ($13) | ($1,157) | $42 |
Ending Balance, Shares at Mar. 31, 2014 | ' | 0 | 36,600,897 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Foreign currency translation gain, tax | $30 | $0 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $6,782 | $1,638 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization expense | 775 | 760 |
(Recoveries) provision for bad debt expense | -4 | 37 |
Stock-based compensation | 717 | 246 |
Deferred taxes, net | 1,314 | ' |
Other non-cash items | 64 | -30 |
Changes in operating assets and liabilities: | ' | ' |
Commissions receivable | 824 | 2,355 |
Prepaid expenses and other current assets | 705 | 1,460 |
Prepaid rent | 598 | -1,137 |
Investments in rabbi trust account | -67 | -162 |
Other assets | 91 | 189 |
Due from affiliates | ' | 52,929 |
Accounts payable and accrued expenses | 1,071 | -10,279 |
Accounts payable and accrued expenses - related party | -73 | ' |
Income tax payable | -3,163 | ' |
Commissions payable | -13,728 | -11,316 |
Accrued employee expenses | -9,487 | 998 |
Deferred compensation and commissions | -3,167 | -2,084 |
Other liabilities | -328 | -98 |
Net cash (used in) provided by operating activities | -17,076 | 35,506 |
Cash flows from investing activities | ' | ' |
Payments received on employee notes receivable | 56 | 150 |
Issuances of employee notes receivable | -48 | -137 |
Purchase of property and equipment | -575 | -1,263 |
Proceeds from sale of property and equipment | ' | 32 |
Net cash used in investing activities | -567 | -1,218 |
Cash flows from financing activities | ' | ' |
Payments on obligations under capital leases | -11 | -8 |
Payments received of stock notes receivable from employees | ' | 45 |
Net cash (used in) provided by financing activities | -11 | 37 |
Net (decrease) increase in cash and cash equivalents | -17,654 | 34,325 |
Cash and cash equivalents at beginning of period | 100,952 | 3,107 |
Cash and cash equivalents at end of period | 83,298 | 37,432 |
Supplemental disclosures of cash flow information | ' | ' |
Interest paid during the period | 1 | ' |
Income taxes paid (paid to Marcus & Millichap Company in 2013) | 6,694 | 11,640 |
Supplemental disclosures of noncash investing and financing activities | ' | ' |
Property and equipment included in accounts payable and accrued expenses | 198 | ' |
Issuance of restricted stock for notes receivable | ' | 21 |
Deemed capital contribution from Marcus & Millichap Company | ' | $246 |
Description_of_Business_Basis_
Description of Business, Basis of Presentation, Recent Accounting Pronouncements and Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Description of Business, Basis of Presentation, Recent Accounting Pronouncements and Accounting Policies | ' | |
1 | Description of business, basis of presentation, recent accounting pronouncements and accounting policies | |
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. MMI operates 76 offices in the United States and Canada through its two wholly owned subsidiaries, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”) and 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 its majority owned subsidiary, MMREIS (“Spin-Off”). Prior to the initial public offering (“IPO”) of MMI stock on October 30, 2013, all of the preferred and common stockholders of MMREIS (including MMC and officers and employees of MMREIS) contributed all of their outstanding shares to the Company, in exchange for MMI offering common stock, and MMREIS became MMI’s wholly-owned subsidiary. 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. | ||
Prior to the Spin-Off, MMI and MMREIS were affiliates under common control, and the assets and liabilities of MMREIS were recorded at carryover basis at the Spin-Off date. The historical financial statements of MMREIS, as the Company’s predecessor, have been presented as the historical financial statements of the Company for all periods prior to the Spin-Off from the beginning of the earliest period presented. | ||
On November 5, 2013, MMI completed its Initial Public Offering (“IPO”) of 6,900,000 shares of common stock at a price to the public of $12.00 per share. See Note 7 – “Stockholders’ Equity” for additional information. | ||
Basis of Presentation | ||
The financial information presented in the accompanying unaudited condensed consolidated financial statements, have 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 (“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 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, 2013 included in the Company’s Annual Report on Form 10-K filed on March 21, 2014, with the SEC. The results of the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2014, or 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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Concentration of Credit Risk | ||
Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and commissions receivable. Cash is placed with high-credit quality financial institutions. 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 losses in its cash and cash equivalents. The Company maintains allowances for estimated credit losses based on management’s assessment of the likelihood of collection. As of March 31, 2014 and December 31, 2013, no individual accounted for 10% or more of commissions receivable. | ||
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. For the three months ended March 31, 2014 and 2013, no individual customer represented 10% or more of total revenues. | ||
The Company performs ongoing credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. | ||
Recent Accounting Pronouncements | ||
There are no recently issued accounting standards which are not yet effective that the Company believes would materially impact its condensed consolidated financial statements. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
2 | Property and Equipment | ||||||||
Property and equipment, net consist of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Computer software and hardware equipment | $ | 8,420 | $ | 8,442 | |||||
Furniture, fixtures, and equipment | 19,831 | 19,530 | |||||||
Less accumulated depreciation and amortization | (19,714 | ) | (19,412 | ) | |||||
$ | 8,537 | $ | 8,560 | ||||||
The cost and accumulated depreciation of assets subject to capital leases is recorded in furniture, fixtures and equipment and was not material as of March 31, 2014 and December 31, 2013, respectively. | |||||||||
Payments for certain improvements to the Company’s leased office space are recorded as prepaid rent. Amortization of prepaid rent is recorded using the straight-line method over the shorter of the estimated economic life or lease term as a charge to rent expense. |
Selected_Balance_Sheet_Data
Selected Balance Sheet Data | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Selected Balance Sheet Data | ' | ||||||||
3 | Selected Balance Sheet Data | ||||||||
Commissions Receivable, Net | |||||||||
Commissions receivable, net consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commissions due from buyer/seller | $ | 2,296 | $ | 3,241 | |||||
Due from independent contractors (1) | 1,094 | 973 | |||||||
Less allowance for doubtful accounts | (81 | ) | (99 | ) | |||||
$ | 3,309 | $ | 4,115 | ||||||
(1) | The Company’s sales and financing professionals. | ||||||||
The following table presents the changes in the allowance for doubtful accounts (in thousands): | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | (99 | ) | $ | (129 | ) | |||
Recoveries (provision) for losses on commissions receivable | 18 | — | |||||||
Write-off of uncollectible commissions receivable | — | — | |||||||
Balance at end of period | $ | (81 | ) | $ | (129 | ) | |||
Other Assets | |||||||||
Other assets consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commission notes receivable | $ | 27 | $ | 82 | |||||
Due from independent contractors (1) | 511 | 566 | |||||||
Security deposits | 1,052 | 1,126 | |||||||
Other | 1,450 | 1,372 | |||||||
$ | 3,040 | $ | 3,146 | ||||||
(1) | The Company’s sales and financing professionals. | ||||||||
Deferred Compensation and Commissions | |||||||||
Deferred compensation and commissions consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
SARs liability | $ | 20,221 | $ | 19,970 | |||||
Commissions payable | 5,136 | 8,623 | |||||||
Deferred compensation liability | 3,653 | 3,584 | |||||||
$ | 29,010 | $ | 32,177 | ||||||
SARs Liability | |||||||||
Prior to the IPO, certain current employees of MMI were granted stock appreciation rights (“SARs”) under a stock-based compensation program assumed by MMC (“Program”). The SARs agreements were revised and the MMC liability of $20.0 million for the SARs was frozen at March 31, 2013, and was ultimately transferred to MMI through a capital contribution. The SARs liability will be settled with each participant in installments upon retirement or departure. 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 treasury note plus 2%. The rate resets annually. The rate at March 31, 2014 was 5.03%, and MMI recorded interest expense related to this liability of $0.2 million for the three months ended March 31, 2014. | |||||||||
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. 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 liabilities in the accompanying condensed consolidated balance sheets. | |||||||||
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. The Company chose to fund the Deferred Compensation Plan through variable life insurance policies purchased for the participants’ benefit. The Deferred Compensation Plan is managed by a third-party institutional fund manager, and the deferred compensation and investment earnings are held as a Company asset in a rabbi trust, which is recorded in investments held in rabbi trust account caption in the accompanying condensed consolidated balance sheets. The assets in the trust are restricted unless the Company becomes insolvent, as defined in the Deferred Compensation Plan, in which case the trust assets are subject to the claims of MMI’s creditors. The Company may also, in its sole and absolute discretion, elect to withdraw at any time all or a portion of the trust assets by an amount by which the fair market value of the trust assets exceeds 110% of the aggregate amount credited to the Deferred Compensation Plan’s participants’ accounts. | |||||||||
The net change in the carrying value of the investment assets and the related obligation are recorded in other income, net and selling, general, and administrative expense, respectively in the condensed consolidated statements of net and comprehensive income and were not material during the three months ended March 31, 2014 and 2013. | |||||||||
Other Liabilities | |||||||||
Other liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Long term deferred rent | $ | 2,650 | $ | 2,952 | |||||
Accrued legal | 1,351 | 1,351 | |||||||
Other | 31 | 68 | |||||||
$ | 4,032 | $ | 4,371 | ||||||
Notes_Payable_to_Former_Stockh
Notes Payable to Former Stockholders | 3 Months Ended | |
Mar. 31, 2014 | ||
Payables And Accruals [Abstract] | ' | |
Notes Payable to Former Stockholders | ' | |
4 | Notes Payable to Former Stockholders | |
In conjunction with the Spin-Off and IPO, notes payable to certain former stockholders of MMREIS that were issued in settlement of restricted stock and SARs awards that were redeemed by MMREIS upon the termination of employment by these former stockholders (“the Notes”), and had been previously assumed by MMC, were transferred to the Company. The Notes are unsecured and bear interest at 5% with annual principal and interest installments payable until April 14, 2020, when the remaining principal balance will be due in full. Accrued interest expense pertaining to the Notes was $0.6 million and $0.4 million as of March 31, 2014 and December 31, 2013, respectively and was recorded in accounts payable and accrued expenses caption in the accompanying condensed consolidated balance sheets. During the three months ended March 31, 2014, interest expense in the amount of $0.2 million was recorded in the accompanying condensed consolidated statements of net and comprehensive income. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related-Party Transactions | ' | |
5 | Related-Party Transactions | |
Shared and Transition Services | ||
Under the shared services arrangement with MMC, MMREIS was charged, during the three months March 31, 2013, $0.8 million for reimbursement of health insurance premiums, $0.3 million for general and administrative expenses and $0.2 million in shared services. | ||
In connection with the IPO, the shared services arrangement with MMC was replaced by a Transition Services Agreement between the Company and MMC that became effective on October 31, 2013 whereby MMC provides certain services to the Company for a limited period of time. During the three months ended March 31, 2014, $1.0 million was incurred for reimbursement to MMC for health insurance premiums and $0.1 million for other costs, which are included in selling, general, and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. As of March 31, 2014 and December 31, 2013, $0.4 million and $0.5 million, respectively, remains unpaid and included in accounts payable and other accrued expenses – related party in the accompanying condensed consolidated balance sheets. | ||
Financing and Brokerage Services with the Subsidiaries of MMC | ||
MMREIS has performed financing and brokerage services related to transactions of subsidiaries of MMC. For the three months ended March 31, 2014 and 2013, MMREIS recorded real estate brokerage commissions and financing fees of $60,000 and $0.4 million, respectively, and cost of services of $36,000 and $0.2 million, respectively. | ||
Operating Lease with MMC | ||
The Company has an operating lease with MMC for an office located in Palo Alto, California. The lease expires April 30, 2015. Rent expense for this office totaled $0.1 million for the three months ended March 31, 2014 and 2013, respectively which is included in selling, general, and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. | ||
Other | ||
Following the IPO, Mr. Marcus, the Company’s founder and Co-Chairman, continues to own indirectly approximately 67.0% of the Company’s fully diluted shares, including shares to be issued upon settlement of vested deferred stock units, or DSUs. | ||
Prior to its termination on June 30, 2013, the Company was subject to a cash sweep arrangement with MMC. Under the arrangement, the Company’s cash was swept daily into an MMC money market account. The Company received interest on the balances held in the sweep accounts. The Company earned interest of $0.2 million on the balances for the three months ended March 31, 2013. | ||
The Company, from time-to-time makes advances to employees. At March 31, 2014 and December 31, 2013, the aggregate principal amount for employee loans outstanding was $0.4 million which is included in employee notes receivable in the accompanying condensed consolidated balance sheets. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |
Mar. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Measurements | ' | |
6 | Fair Value Measurements | |
ASC 820, Fair Value Measurement (“ASC 820”) establishes the accounting guidance for fair value measurements that applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, the Company makes fair value measurements that are classified and disclosed in one of the following three categories: | ||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability, or | ||
Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | ||
Investments held in a rabbi trust account are carried at fair value and considered to be in the Level 1 classification. | ||
Fair Value of Financial Instruments | ||
The Company’s cash and cash equivalents, commissions receivable, net, accounts payable and accrued expenses and commissions payable, are carried at cost, which approximates fair value based on their immediate or short-term maturities and terms, that approximate current market terms and these financial instruments are considered to be in the Level 1 classification. | ||
As the Company’s obligations under notes payable to former stockholders and certain employee and agent notes receivable bear fixed interest rates that approximate the rates currently offered to the Company for similar debt instruments, the Company has determined that the carrying value on these instruments approximates fair value. As the Company’s obligations under SARs liability (included in deferred compensation and commissions caption) bear variable interest rates, the Company has determined that the carrying value approximates the fair value. These are considered to be in the Level 1 classification. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |
Mar. 31, 2014 | ||
Equity [Abstract] | ' | |
Stockholders' Equity | ' | |
7 | Stockholders’ Equity | |
Common Stock | ||
On November 5, 2013, the Company completed its IPO of 6,900,000 shares of common stock at a price to the public of $12.00 per share. The Company’s shares are traded on the New York Stock Exchange. The Company sold 4,173,413 shares of common stock in the IPO, including 900,000 shares of common stock pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received proceeds from its IPO of $42.3 million, including the underwriters’ full exercise of their option to purchase additional shares and after deducting the underwriting discounts and commissions of $3.5 million and IPO related expenses of $4.3 million. Selling stockholders sold an aggregate of 2,726,587 shares in the IPO at the same price to the public. The Company did not receive any of the proceeds from the sale of such shares by the selling stockholders. | ||
As of March 31, 2014 and December 31, 2013, there were 36,600,897 shares of common stock, $0.0001 par value, issued and outstanding, including 30,000 restricted stock awards issued to the non-employee directors with a three year vesting term subject to service requirements. | ||
The Company does not intend to pay a regular dividend. The Company will evaluate its dividend policy in the future. Any declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the board of directors and will depend on many factors, including the Company’s financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that the board of directors deems relevant. | ||
Preferred Stock | ||
The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At March 31, 2014 and December 31, 2013, there were no preferred shares issued or outstanding. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||||||
8 | Stock-Based Compensation Plans | ||||||||||||||||||||
Prior to the IPO | |||||||||||||||||||||
Restricted Common Stock and SARs | |||||||||||||||||||||
Prior to the IPO, MMREIS granted options and SARs under a stock-based compensation award program (the “Program”). The options were exercisable into shares of unvested restricted common stock. The Program was administered by the board of directors. The board determined the terms of an award, including the amount, number of rights or shares, and vesting period, among others. Options issued generally had terms of one year or less and the restricted common stock issued upon exercise of the options generally vested over three to five years. The exercise price of the options was based upon a formula equivalent to the net book value of common stock as of the end of the fiscal year immediately preceding the date of issuance. | |||||||||||||||||||||
During the three months ended March 31, 2013, employees of MMREIS exercised 750 stock options through the issuance of notes receivable. Cash payments on notes receivable were presented as an increase in consolidated stockholders’ equity. Such notes bore interest at a rate of 5% or 6% per annum and were due in defined installments on various remaining dates through April 15, 2016, which was consistent with the vesting periods of the restricted common stock. | |||||||||||||||||||||
There were no redemptions or cancelations of stock options during the three months ended March 31, 2013. | |||||||||||||||||||||
Stock-Based Compensation Expense and Deemed Capital Contribution (Distribution) From MMC | |||||||||||||||||||||
Historically, MMC assumed MMREIS’s obligation with respect to any appreciation in the value of the underlying vested awards and SARs in excess of the employees’ exercise price. MMC was deemed to make a capital contribution to MMREIS’s additional paid-in capital equal to the amount of compensation expense recorded, net of the applicable taxes. Based on the tax-sharing agreement between MMREIS and MMC, the tax deduction on the compensation expense recorded by MMREIS was allocated to MMC. MMC recorded the liability related to the appreciation in the value of the underlying stock and SARs in its consolidated financial statements. To the extent of any depreciation in the value of the underlying vested awards and SARs (limited to the amount of any appreciation previously recorded from the employees’ original exercise price), compensation expense was reduced and MMC was deemed to receive a capital distribution. | |||||||||||||||||||||
The total compensation cost related to unvested stock and SARs was generally recognized over approximately four years. Restricted common stock issued upon exercise of stock options generally vested over three to five years, and stock options typically were exercised immediately for a note receivable. | |||||||||||||||||||||
In conjunction with the IPO, the vesting of all unvested restricted stock and all unvested SARs was accelerated. Following the IPO, future equity award issuances are recorded by the Company. | |||||||||||||||||||||
During the three months ended March 31, 2013, total stock based compensation expense was $0.4 million. | |||||||||||||||||||||
Amendments to Restricted Stock and SARs | |||||||||||||||||||||
The SARs were frozen at the liability amount, calculated as of March 31, 2013, which will be paid out to each participant in installments upon retirement or departure under the terms of the revised SARs agreements. See Note 3-“Selected Balance Sheet Data” for additional information. 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 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 (or otherwise all unsettled shares of stock upon termination of employment will be settled five years from the termination date). In addition, 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. Additionally, in the event of death or termination of employment after reaching the age of 67, 100% of the DSUs will be settled and 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. | |||||||||||||||||||||
Subsequent to the IPO | |||||||||||||||||||||
2013 Omnibus Equity Incentive Plan | |||||||||||||||||||||
In October 2013, the board of directors adopted the 2013 Omnibus Equity Incentive Plan (the “2013 Plan”), which became effective upon the Company’s IPO. The 2013 Plan, in general authorizes for the granting of incentive stock options, to employees and any subsidiary corporations’ employees, and for the granting of nonstatutory stock options, stock appreciation rights, restricted stock awards (RSAs), restricted stock units (RSUs), performance units and performance shares to the Company’s employees, independent contractors, directors and consultants and subsidiary corporations’ employees and consultants as selected from time to time by the Company’s board of directors at its discretion. | |||||||||||||||||||||
In connection with the approval of the 2013 Plan, the Company reserved 5,500,000 shares of common stock for the issuance of awards under the 2013 Plan. At March 31, 2014, there were 2,272,250 shares available for future grants under the Plan. The number of shares available for issuance under the 2013 Plan will increase annually on the first day of each of the years beginning with the 2015 fiscal year, by an amount equal to the least of: (i) 1,100,000 shares of the Company’s common stock; (ii) 3% of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding fiscal year; or (iii) such number of shares as the Company’s board of directors may determine. | |||||||||||||||||||||
In February 2014, the Company granted an aggregate of 38,088 RSUs to certain of its sales and financing professionals, who are exclusive independent contractors. The awards vest 20% per year on the first, second, third, fourth and fifth anniversary beginning on February 11, 2015. The awards are canceled upon termination of service. | |||||||||||||||||||||
RSUs/ RSAs | |||||||||||||||||||||
The following table summarizes the Company’s vested and nonvested RSU and RSA activity under the 2013 Plan for the three month period ended March 31, 2014 (dollars in thousands, except per share data): | |||||||||||||||||||||
RSA Grants to | RSU Grants to | RSU Grants to | Total | Weighted- | |||||||||||||||||
Non-employee | Employee | Independent | Average Grant | ||||||||||||||||||
Directors | Contractors | Date Fair Value | |||||||||||||||||||
Per Share | |||||||||||||||||||||
Nonvested shares at December 31, 2013 | 30,000 | 313,155 | 570,760 | 913,915 | $ | 14.46 | |||||||||||||||
Granted | — | — | 38,088 | 38,088 | 15.75 | ||||||||||||||||
Forfeited/canceled | — | (5,501 | ) | (3,438 | ) | (8,939 | ) | 14.54 | |||||||||||||
Nonvested shares at March 31, 2014 | 30,000 | 307,654 | 605,410 | 943,064 | $ | 14.51 | |||||||||||||||
Unrecognized stock-based compensation expense as of March 31, 2014 | $ | 312 | $ | 3,888 | $ | 10,125 | $ | 14,325 | — | ||||||||||||
RSUs granted to independent contractors are grants made to the Company’s sales and financials professionals, who are considered non-employees under ASC 718. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. | |||||||||||||||||||||
The weighted average remaining vesting period of the non-vested RSUs and RSAs as of March 31, 2014 was 4.61 years. The unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 4.61 years. | |||||||||||||||||||||
As of March 31, 2014, there were 2,275,747 fully vested outstanding DSUs. See “Amendments to Restricted Stock and SARs” section above and Note 10 – “Earnings Per Share” for additional information. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
The following table summarizes the components of stock-based compensation included in the condensed consolidated statements of net and comprehensive income (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Restricted stock and SARs (prior to IPO) | $ | — | $ | 436 | |||||||||||||||||
RSAs – non-employee directors | 30 | — | |||||||||||||||||||
RSUs – employees | 200 | — | |||||||||||||||||||
RSUs – independent contractors | 487 | — | |||||||||||||||||||
$ | 717 | $ | 436 | ||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“2013 ESPP Plan”). The 2013 ESPP Plan had 366,667 shares of common stock reserved and available for issuance at March 31, 2014. In addition, the ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning with the 2015 fiscal year, 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. | |||||||||||||||||||||
The ESPP Plan qualifies under Section 423 of the IRS Code and provides for consecutive, nonoverlapping 6-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. The first offering period is expected to begin on May 15, 2014. | |||||||||||||||||||||
Under the 2013 ESPP Plan, each eligible employee may authorize payroll deductions of up to 15% of his or her compensation to purchase shares of the Company’s common stock. A participant may purchase a maximum of 1,250 shares of common stock during each purchase period. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
9 | Income Taxes | |
The Company’s effective tax rate for the three months ended March 31, 2014, and the Company’s forecasted tax rate for 2014, is 41.5%, compared to 43.5% for the three months ended March 31, 2013. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of the effective tax rate for the full year, which is based on forecasted income by country where the Company operates, adjusted by the tax effects of items that relate discretely to the period, if any. The difference between the statutory tax rate and the Company’s effective tax rate is largely attributable to state income taxes and a full valuation allowance with respect to the Company’s Canadian operations. | ||
Prior to November 1, 2013, MMREIS was part of a consolidated federal income tax return and various combined and consolidated state tax returns that were filed by MMC. MMREIS and MMC had a tax-sharing agreement whereby MMREIS was charged for income taxes using an effective tax rate of 43.5%. As part of the IPO, the tax-sharing agreement with MMC was terminated effective October 31, 2013. The amount determined under the tax-sharing agreement represented a receivable or obligation of MMREIS from (to) the MMC that MMREIS generally settled on a current basis. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Earnings Per Share | ' | ||||
10 | Earnings Per Share | ||||
Earnings per share information has not been presented for periods prior to the IPO, as the holders of MMREIS Series A Redeemable Preferred Stock (issued and outstanding shares were cancelled subsequent to the IPO) were entitled to receive dividends at a rate determined by the Board of Directors, payable in preference and priority to any distribution on MMREIS common stock. Since MMREIS typically distributed its earnings to the Series A Preferred stockholders on a quarter-in-arrears basis, earnings per share information for MMREIS common stock was not meaningful. | |||||
The following table sets forth the computation of basic and diluted earnings per share for the period ended March 31, 2014 (in thousands, except per share data): | |||||
Period Ended | |||||
March 31, 2014 | |||||
Numerator (Basic and Diluted): | |||||
Net income | $ | 6,782 | |||
Denominator: | |||||
Basic | |||||
Common shares issued and outstanding | 36,601 | ||||
Deduct: Unvested RSAs (1) | (30 | ) | |||
Add: Fully vested DSUs (2) | 2,276 | ||||
Weighted Average Common Shares Outstanding | 38,847 | ||||
Basic earnings per common share | $ | 0.17 | |||
Diluted | |||||
Weighted Average Common Shares Outstanding from above | 38,847 | ||||
Add: Dilutive effect of RSUs and RSAs | 60 | ||||
Weighted Average Common Shares Outstanding | 38,907 | ||||
Diluted earnings per common share | $ | 0.17 | |||
(1) | RSAs were issued and outstanding to the non-employee directors in conjunction with IPO and have a three year vesting term subject to service requirements. See Note 7 – “Stockholders’ Equity” for additional information. | ||||
(2) | DSUs of 2.3 million shares are included in weighted average common shares outstanding in accordance with ASC 260. DSUs were fully vested upon receipt and will be settled in actual stock issued at a rate of 20% per year if the participant remains employed by the Company during that period (or otherwise all unsettled shares of stock upon termination of employment will be settled five years from the termination date). See Note 8 – “Stock-Based Compensation” for additional information. | ||||
Non-participating RSUs totaling 0.6 million shares pertaining to grants to the Company’s independent contractors were excluded from the calculation of diluted earnings per common share for the three months ended March 31, 2014 as the effects were antidilutive. |
Description_of_Business_Basis_1
Description of Business, Basis of Presentation, Recent Accounting Pronouncements and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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. MMI operates 76 offices in the United States and Canada through its two wholly owned subsidiaries, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”) and 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 its majority owned subsidiary, MMREIS (“Spin-Off”). Prior to the initial public offering (“IPO”) of MMI stock on October 30, 2013, all of the preferred and common stockholders of MMREIS (including MMC and officers and employees of MMREIS) contributed all of their outstanding shares to the Company, in exchange for MMI offering common stock, and MMREIS became MMI’s wholly-owned subsidiary. 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. | |
Prior to the Spin-Off, MMI and MMREIS were affiliates under common control, and the assets and liabilities of MMREIS were recorded at carryover basis at the Spin-Off date. The historical financial statements of MMREIS, as the Company’s predecessor, have been presented as the historical financial statements of the Company for all periods prior to the Spin-Off from the beginning of the earliest period presented. | |
On November 5, 2013, MMI completed its Initial Public Offering (“IPO”) of 6,900,000 shares of common stock at a price to the public of $12.00 per share. See Note 7 – “Stockholders’ Equity” for additional information. | |
Basis of Presentation | ' |
Basis of Presentation | |
The financial information presented in the accompanying unaudited condensed consolidated financial statements, have 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 (“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 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, 2013 included in the Company’s Annual Report on Form 10-K filed on March 21, 2014, with the SEC. The results of the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2014, or for other interim periods or future years. | |
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 consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
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 and commissions receivable. Cash is placed with high-credit quality financial institutions. 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 losses in its cash and cash equivalents. The Company maintains allowances for estimated credit losses based on management’s assessment of the likelihood of collection. As of March 31, 2014 and December 31, 2013, no individual accounted for 10% or more of commissions receivable. | |
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. For the three months ended March 31, 2014 and 2013, no individual customer represented 10% or more of total revenues. | |
The Company performs ongoing credit evaluations of its customers and debtors and requires collateral on a case-by-case basis. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
There are no recently issued accounting standards which are not yet effective that the Company believes would materially impact its condensed consolidated financial statements. | |
Fair Value Measurements | ' |
ASC 820, Fair Value Measurement (“ASC 820”) establishes the accounting guidance for fair value measurements that applies to all financial assets and financial liabilities that are being measured and reported on a fair value basis. Under the accounting guidance, the Company makes fair value measurements that are classified and disclosed in one of the following three categories: | |
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability, or | |
Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment, Net | ' | ||||||||
Property and equipment, net consist of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Computer software and hardware equipment | $ | 8,420 | $ | 8,442 | |||||
Furniture, fixtures, and equipment | 19,831 | 19,530 | |||||||
Less accumulated depreciation and amortization | (19,714 | ) | (19,412 | ) | |||||
$ | 8,537 | $ | 8,560 | ||||||
Selected_Balance_Sheet_Data_Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Components of Commissions Receivable, Net | ' | ||||||||
Commissions receivable, net consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commissions due from buyer/seller | $ | 2,296 | $ | 3,241 | |||||
Due from independent contractors (1) | 1,094 | 973 | |||||||
Less allowance for doubtful accounts | (81 | ) | (99 | ) | |||||
$ | 3,309 | $ | 4,115 | ||||||
(1) | The Company’s sales and financing professionals. | ||||||||
Changes in Allowance for Doubtful Accounts | ' | ||||||||
The following table presents the changes in the allowance for doubtful accounts (in thousands): | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | (99 | ) | $ | (129 | ) | |||
Recoveries (provision) for losses on commissions receivable | 18 | — | |||||||
Write-off of uncollectible commissions receivable | — | — | |||||||
Balance at end of period | $ | (81 | ) | $ | (129 | ) | |||
Schedule of Other Assets | ' | ||||||||
Other assets consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commission notes receivable | $ | 27 | $ | 82 | |||||
Due from independent contractors (1) | 511 | 566 | |||||||
Security deposits | 1,052 | 1,126 | |||||||
Other | 1,450 | 1,372 | |||||||
$ | 3,040 | $ | 3,146 | ||||||
(1) | The Company’s sales and financing professionals. | ||||||||
Components of Deferred Compensation and Commissions | ' | ||||||||
Deferred compensation and commissions consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
SARs liability | $ | 20,221 | $ | 19,970 | |||||
Commissions payable | 5,136 | 8,623 | |||||||
Deferred compensation liability | 3,653 | 3,584 | |||||||
$ | 29,010 | $ | 32,177 | ||||||
Schedule of Other Liabilities | ' | ||||||||
Other liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Long term deferred rent | $ | 2,650 | $ | 2,952 | |||||
Accrued legal | 1,351 | 1,351 | |||||||
Other | 31 | 68 | |||||||
$ | 4,032 | $ | 4,371 | ||||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Components of Stock-Based Compensation Included in Consolidated Statements of Net and Comprehensive Income | ' | ||||||||||||||||||||
The following table summarizes the components of stock-based compensation included in the condensed consolidated statements of net and comprehensive income (in thousands): | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Restricted stock and SARs (prior to IPO) | $ | — | $ | 436 | |||||||||||||||||
RSAs – non-employee directors | 30 | — | |||||||||||||||||||
RSUs – employees | 200 | — | |||||||||||||||||||
RSUs – independent contractors | 487 | — | |||||||||||||||||||
$ | 717 | $ | 436 | ||||||||||||||||||
Post IPO [Member] | ' | ||||||||||||||||||||
Summary of Vested and Nonvested RSU and RSA Activity Under 2013 Plan | ' | ||||||||||||||||||||
The following table summarizes the Company’s vested and nonvested RSU and RSA activity under the 2013 Plan for the three month period ended March 31, 2014 (dollars in thousands, except per share data): | |||||||||||||||||||||
RSA Grants to | RSU Grants to | RSU Grants to | Total | Weighted- | |||||||||||||||||
Non-employee | Employee | Independent | Average Grant | ||||||||||||||||||
Directors | Contractors | Date Fair Value | |||||||||||||||||||
Per Share | |||||||||||||||||||||
Nonvested shares at December 31, 2013 | 30,000 | 313,155 | 570,760 | 913,915 | $ | 14.46 | |||||||||||||||
Granted | — | — | 38,088 | 38,088 | 15.75 | ||||||||||||||||
Forfeited/canceled | — | (5,501 | ) | (3,438 | ) | (8,939 | ) | 14.54 | |||||||||||||
Nonvested shares at March 31, 2014 | 30,000 | 307,654 | 605,410 | 943,064 | $ | 14.51 | |||||||||||||||
Unrecognized stock-based compensation expense as of March 31, 2014 | $ | 312 | $ | 3,888 | $ | 10,125 | $ | 14,325 | — | ||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Computation of Basic and Diluted Earnings per Share Subsequent to IPO | ' | ||||
The following table sets forth the computation of basic and diluted earnings per share for the period ended March 31, 2014 (in thousands, except per share data): | |||||
Period Ended | |||||
March 31, 2014 | |||||
Numerator (Basic and Diluted): | |||||
Net income | $ | 6,782 | |||
Denominator: | |||||
Basic | |||||
Common shares issued and outstanding | 36,601 | ||||
Deduct: Unvested RSAs (1) | (30 | ) | |||
Add: Fully vested DSUs (2) | 2,276 | ||||
Weighted Average Common Shares Outstanding | 38,847 | ||||
Basic earnings per common share | $ | 0.17 | |||
Diluted | |||||
Weighted Average Common Shares Outstanding from above | 38,847 | ||||
Add: Dilutive effect of RSUs and RSAs | 60 | ||||
Weighted Average Common Shares Outstanding | 38,907 | ||||
Diluted earnings per common share | $ | 0.17 | |||
(1) | RSAs were issued and outstanding to the non-employee directors in conjunction with IPO and have a three year vesting term subject to service requirements. See Note 7 – “Stockholders’ Equity” for additional information. | ||||
(2) | DSUs of 2.3 million shares are included in weighted average common shares outstanding in accordance with ASC 260. DSUs were fully vested upon receipt and will be settled in actual stock issued at a rate of 20% per year if the participant remains employed by the Company during that period (or otherwise all unsettled shares of stock upon termination of employment will be settled five years from the termination date). See Note 8 – “Stock-Based Compensation” for additional information. |
Description_of_Business_Basis_2
Description of Business, Basis of Presentation, Recent Accounting Pronouncements and Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Nov. 05, 2013 | |
Subsidiary | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | MMI [Member] | IPO [Member] | |
Office | Commissions receivable [Member] | Commissions receivable [Member] | Total revenues [Member] | Total revenues [Member] | |||
Credit concentration risk [Member] | Credit concentration risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of offices in the United States and Canada | 76 | ' | ' | ' | ' | ' | ' |
Number of wholly owned subsidiaries | 2 | ' | ' | ' | ' | ' | ' |
Formation date | ' | ' | ' | ' | ' | '2013-06 | ' |
Percentage of common stock distributed | 80.00% | ' | ' | ' | ' | ' | ' |
Common stock sold | ' | ' | ' | ' | ' | ' | 6,900,000 |
Common stock sold and issued under IPO, price per share | ' | ' | ' | ' | ' | ' | $12 |
Description of IPO | ' | ' | ' | ' | ' | ' | 'On November 5, 2013, MMI completed its Initial Public Offering ("IPO") of 6,900,000 shares of common stock at a price to the public of $12.00 per share. |
Customer risk percentage | ' | 10.00% | 10.00% | 10.00% | 10.00% | ' | ' |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Property and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Less accumulated depreciation and amortization | ($19,714) | ($19,412) |
Property and equipment, net | 8,537 | 8,560 |
Computer software and hardware equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 8,420 | 8,442 |
Furniture, fixtures, and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $19,831 | $19,530 |
Selected_Balance_Sheet_Data_Co
Selected Balance Sheet Data - Components of Commissions Receivable, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' |
Commissions due from buyer/seller | $2,296 | $3,241 | ' | ' |
Due from independent contractors | 1,094 | 973 | ' | ' |
Less allowance for doubtful accounts | -81 | -99 | -129 | -129 |
Commissions receivable | $3,309 | $4,115 | ' | ' |
Selected_Balance_Sheet_Data_Ch
Selected Balance Sheet Data - Changes in Allowance for Doubtful Accounts (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Balance at beginning of period | ($99) | ($129) |
Recoveries (provision) for losses on commissions receivable | 4 | -37 |
Write-off of uncollectible commissions receivable | ' | ' |
Balance at end of period | -81 | -129 |
Commissions receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Recoveries (provision) for losses on commissions receivable | $18 | ' |
Selected_Balance_Sheet_Data_Sc
Selected Balance Sheet Data - Schedule of Other Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Line Items] | ' | ' |
Other assets | $3,040 | $3,146 |
Commission notes receivable [Member] | ' | ' |
Other Assets [Line Items] | ' | ' |
Other assets | 27 | 82 |
Due from independent contractors [Member] | ' | ' |
Other Assets [Line Items] | ' | ' |
Other assets | 511 | 566 |
Security deposits [Member] | ' | ' |
Other Assets [Line Items] | ' | ' |
Other assets | 1,052 | 1,126 |
Other [Member] | ' | ' |
Other Assets [Line Items] | ' | ' |
Other assets | $1,450 | $1,372 |
Selected_Balance_Sheet_Data_Co1
Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' |
SARs liability | $20,221 | $19,970 | $20,000 |
Commissions payable | 5,136 | 8,623 | ' |
Deferred compensation liability | 3,653 | 3,584 | ' |
Total | $29,010 | $32,177 | ' |
Selected_Balance_Sheet_Data_Ad
Selected Balance Sheet Data - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Schedule Of Accrued Expenses [Line Items] | ' | ' | ' |
SARs frozen liability amount | $20,221 | $19,970 | $20,000 |
SARs Liability frozen value date | 31-Mar-13 | ' | ' |
SARs Liability interest accrual commencement date | 1-Jan-14 | ' | ' |
Interest expense | 404 | ' | ' |
Treasury note term | '10 years | ' | ' |
Base spread on SARs liability variable rate | 2.00% | ' | ' |
SARs liability interest accrual rate | 5.03% | ' | ' |
Maximum payment deferral period for certain commissions payable | '3 years | ' | ' |
Fair value of deferred compensation plan assets | 110.00% | ' | ' |
SARs [Member] | ' | ' | ' |
Schedule Of Accrued Expenses [Line Items] | ' | ' | ' |
Interest expense | $200 | ' | ' |
Selected_Balance_Sheet_Data_Sc1
Selected Balance Sheet Data - Schedule of Other Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Long term deferred rent | $2,650 | $2,952 |
Accrued legal | 1,351 | 1,351 |
Other | 31 | 68 |
Other liabilities | $4,032 | $4,371 |
Notes_Payable_to_Former_Stockh1
Notes Payable to Former Stockholders - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Notes Payable [Line Items] | ' | ' |
Accrued interest expense pertaining to Notes | $600,000 | $400,000 |
Interest expense | 404,000 | ' |
Notes Payable to Former Stockholders [Member] | ' | ' |
Notes Payable [Line Items] | ' | ' |
Interest expense | $200,000 | ' |
Restricted Stock - Notes Payable [Member] | ' | ' |
Notes Payable [Line Items] | ' | ' |
Unsecured notes interest rate | 5.00% | ' |
Unsecured notes maturity date | 14-Apr-20 | ' |
SARs - Notes Payable [Member] | ' | ' |
Notes Payable [Line Items] | ' | ' |
Unsecured notes interest rate | 5.00% | ' |
Unsecured notes maturity date | 14-Apr-20 | ' |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Transition services agreement effective date | 31-Oct-13 | ' | ' |
Accounts payable and other accrued expenses - related party | $433,000 | ' | $506,000 |
Real estate brokerage commissions and financing fees from transactions with MMC | 60,000 | 400,000 | ' |
Commission expenses for transactions with MMC | 36,000 | 200,000 | ' |
Sweep arrangement termination date | 30-Jun-13 | ' | ' |
Aggregate principal amount outstanding for employee notes receivable | 400,000 | ' | 400,000 |
Mr. Marcus [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of ownership in diluted shares | 67.00% | ' | ' |
MMC [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Health insurance premium expense | ' | 800,000 | ' |
General and administrative expenses | ' | 300,000 | ' |
Shared service expenses (pursuant to Shared Services Arrangement) | ' | 200,000 | ' |
Rent expenses | 100,000 | 100,000 | ' |
Lease expires date | 30-Apr-15 | 30-Apr-15 | ' |
Interest income earned from MMC | ' | 200,000 | ' |
MMC [Member] | Transition Services Agreement [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Health insurance premium expense | 1,000,000 | ' | ' |
General and administrative expenses | 100,000 | ' | ' |
Accounts payable and other accrued expenses - related party | $400,000 | ' | $500,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Nov. 05, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Nov. 05, 2013 | Mar. 31, 2014 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Restricted Stock [Member] | Restricted Stock [Member] | IPO [Member] | IPO [Member] | IPO MMI [Member] | IPO Underwriters [Member] | IPO Selling Stockholder [Member] | Issued in IPO [Member] | Issued in IPO [Member] | ||||
Non-employee directors [Member] | Non-employee directors [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||||
Non-employee directors [Member] | Non-employee directors [Member] | |||||||||||
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IPO completion date | ' | ' | ' | ' | ' | ' | 5-Nov-13 | ' | ' | ' | ' | ' |
Common stock sold and issued under IPO | ' | ' | ' | ' | ' | 6,900,000 | ' | 4,173,413 | 900,000 | 2,726,587 | 30,000 | 30,000 |
Common stock sold and issued under IPO, price per share | ' | ' | ' | ' | ' | $12 | ' | ' | ' | ' | ' | ' |
Proceeds from IPO | $42.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' |
IPO related expenses | $4.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 36,600,897 | 36,600,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 36,600,897 | 36,600,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock share, par value | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards issued to non-employee directors, vesting term | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, share outstanding authorized | ' | 25,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock based compensation | $717 | $436 |
SARs Liability frozen value date | 31-Mar-13 | ' |
Notes receivable from employees [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Notes issued, interest rate | ' | 5.00% |
Notes issued, interest rate | ' | 6.00% |
Notes issued, payment date | ' | 15-Apr-16 |
Pre-IPO [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Terms of Issued Options | 'One year or less | ' |
Stock options exercised | ' | 750 |
Number of stock option redemption or cancelations | ' | 0 |
Stock based compensation | ' | $400 |
Pre-IPO [Member] | Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock issued, vesting period | ' | '3 years |
Pre-IPO [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted common stock issued, vesting period | ' | '5 years |
Restricted Stock [Member] | Prior to IPO Stock-based Compensation Award Program [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized stock-based compensation expenses recognition period | '4 years | ' |
Sales restriction lapse percentage for restricted stock | 20.00% | ' |
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% | ' |
Deferred stock units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
DSU settlement into actual stock issued term | '5 years | ' |
DSU Settlement to Common Stock Percentage | 20.00% | ' |
Employee termination age | 67 | ' |
Percentage of deferred stock units settled | 100.00% | ' |
Percentage of shares of deferred stock units released from resale restriction | 100.00% | ' |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Subsequent to the IPO - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
2013 Omnibus Equity Incentive Plan [Member] | 2013 Omnibus Equity Incentive Plan [Member] | 2013 Omnibus Equity Incentive Plan [Member] | 2013 Omnibus Equity Incentive Plan [Member] | 2013 Omnibus Equity Incentive Plan [Member] | ||
Incentive_Plan | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units and Awards [Member] | Deferred stock units [Member] | |||
Non-employee directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of active equity plans | ' | 1 | ' | ' | ' | ' |
Common stock shares reserved for issuance of awards | ' | ' | 5,500,000 | ' | ' | ' |
Common stock shares available for future grants | ' | 2,272,250 | ' | ' | ' | ' |
Common stock available for future issuance authorized annual share increase | ' | 1,100,000 | ' | ' | ' | ' |
Common stock available for future issuance authorized annual percentage increase | ' | 3.00% | ' | ' | ' | ' |
Restricted stock units granted during the period | 38,088 | ' | ' | 38,088 | ' | ' |
Share-based payment award vesting rights, percentage | ' | ' | ' | 20.00% | ' | ' |
Restricted stock units granted during the period first vesting date | ' | ' | ' | 11-Feb-15 | ' | ' |
Period for nonvested restricted stock units | ' | ' | ' | ' | '4 years 7 months 10 days | ' |
Unrecognized stock-based compensation expenses recognition period | ' | ' | ' | ' | '4 years 7 months 10 days | ' |
Fully vested deferred stock units | 2,276,000 | ' | ' | ' | ' | 2,275,747 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans - Summary of Vested and Nonvested RSU and RSA Activity Under 2013 Plan (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock outstanding, beginning balance, Shares | 913,915 |
Granted | 38,088 |
Forfeited/canceled | -8,939 |
Stock outstanding, ending balance, Shares | 943,064 |
Unrecognized stock-based compensation expense as of March 31, 2014 | $14,325 |
Nonvested weighted average grant date fair value per share, beginning balance | $14.46 |
Weighted average grant date fair value per share, Granted | $15.75 |
Weighted average grant date fair value, Forfeited/canceled | $14.54 |
Nonvested weighted average grant date fair value per share, ending balance | $14.51 |
Restricted Stock [Member] | Non-employee directors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock outstanding, beginning balance, Shares | 30,000 |
Granted | ' |
Forfeited/canceled | ' |
Stock outstanding, ending balance, Shares | 30,000 |
Unrecognized stock-based compensation expense as of March 31, 2014 | 312 |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock outstanding, beginning balance, Shares | 313,155 |
Granted | ' |
Forfeited/canceled | -5,501 |
Stock outstanding, ending balance, Shares | 307,654 |
Unrecognized stock-based compensation expense as of March 31, 2014 | 3,888 |
Restricted Stock Units (RSUs) [Member] | Independent Contractors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock outstanding, beginning balance, Shares | 570,760 |
Granted | 38,088 |
Forfeited/canceled | -3,438 |
Stock outstanding, ending balance, Shares | 605,410 |
Unrecognized stock-based compensation expense as of March 31, 2014 | $10,125 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans - Components of Stock-Based Compensation Included in Consolidated Statements of Net and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense - Independent contractors | $487 | ' |
Allocated share-based compensation expense | 717 | 436 |
Restricted stock and SARs (prior to IPO) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated share-based compensation expense | ' | 436 |
Restricted Stock [Member] | Non-employee directors [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated share-based compensation expense | 30 | ' |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated share-based compensation expense | $200 | ' |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans - Employee Stock Purchase Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Payroll deductions maximum percentage to purchase shares on common stock on purchase dates | 15.00% |
Maximum shares of common stock purchase during each purchase period | 1,250 |
Employee Stock Purchase Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock reserved and available for issuance | 366,667 |
Common stock available for future issuance authorized annual share increase | 366,667 |
Common stock available for future issuance authorized annual percentage increase | 1.00% |
Length of purchase intervals | '6 months |
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. The first offering period is expected to begin on May 15, 2014. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | |
Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate | ' | 41.50% | ' |
Tax-sharing agreement [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Effective tax rate | 43.50% | ' | 43.50% |
Tax-sharing agreement termination date | ' | 31-Oct-13 | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings per Share Subsequent to IPO (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Numerator (Basic and Diluted): | ' | ' | |
Net income | $6,782 | $1,638 | |
Denominator: | ' | ' | |
Common shares issued and outstanding | 36,601 | ' | |
Deduct: Unvested RSAs | -30 | ' | |
Add: Fully vested DSUs | 2,276 | ' | |
Weighted Average Common Shares Outstanding | 38,847 | [1] | ' |
Basic earnings per common share | $0.17 | [1] | ' |
Weighted Average Common Shares Outstanding | 38,847 | [1] | ' |
Add: Dilutive effect of RSUs and RSAs | 60 | ' | |
Weighted Average Common Shares Outstanding | 38,907 | [1] | ' |
Diluted earnings per common share | $0.17 | [1] | ' |
[1] | Earnings per share information has not been presented for periods prior to the IPO on October 31, 2013. See Note 10 - "Earning Per Share." |
Earnings_Per_Share_Computation1
Earnings Per Share - Computation of Basic and Diluted Earnings per Share Subsequent to IPO (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Fully vested DSUs | 2,276,000 | ' |
Deferred stock units [Member] | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
DSU Settlement to Common Stock Percentage | 20.00% | ' |
DSU settlement into actual stock issued term | '5 years | ' |
Non-employee directors [Member] | Restricted Stock [Member] | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Restricted stock awards issued to non-employee directors, vesting term | '3 years | '3 years |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Restricted Stock Units (RSUs) [Member]) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Antidilutive securities excluded from computation of diluted earnings per common share | 0.6 |