Marcus & Millichap (MMI) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	MMI
Entity Registrant Name	Marcus & Millichap, Inc.
Entity Central Index Key	1,578,732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		38,117,290

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 163,830	$ 187,371
Commissions receivable	4,853	4,809
Prepaid expenses	6,950	8,094
Income tax receivable	0	1,182
Marketable securities, available-for-sale	72,333	27,454
Other assets, net	4,354	5,102
Total current assets	252,320	234,012
Prepaid rent	15,088	13,285
Property and equipment, net	17,074	16,355
Marketable securities, available-for-sale	51,325	77,475
Assets held in rabbi trust	8,380	7,337
Deferred tax assets, net	34,289	35,571
Other assets	21,470	9,981
Total assets	399,946	394,016
Current liabilities:
Accounts payable and accrued expenses	9,098	10,133
Notes payable to former stockholders	1,035	986
Deferred compensation and commissions	30,449	44,754
Income tax payable	2,914	0
Accrued bonuses and other employee related expenses	14,642	22,303
Total current liabilities	58,138	78,176
Deferred compensation and commissions	40,123	44,455
Notes payable to former stockholders	7,651	8,686
Deferred rent and other liabilities	4,411	3,845
Total liabilities	110,323	135,162
Commitments and contingencies	0	0
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at June 30, 2017 and December 31, 2016, respectively	0	0
Common stock, $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 38,117,290 and 37,882,266 at June 30, 2017 and December 31, 2016, respectively	4	4
Additional paid-in capital	88,501	85,445
Stock notes receivable from employees	(4)	(4)
Retained earnings	200,116	172,599
Accumulated other comprehensive income	1,006	810
Total stockholders' equity	289,623	258,854
Total liabilities and stockholders' equity	$ 399,946	$ 394,016

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	38,117,290	37,882,266
Common stock, shares outstanding	38,117,290	37,882,266

Condensed Consolidated Statemen

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Real estate brokerage commissions	$ 162,575	$ 170,118	$ 302,712	$ 323,782
Financing fees	12,709	10,726	22,763	19,459
Other revenues	5,087	2,543	8,108	4,418
Total revenues	180,371	183,387	333,583	347,659
Operating expenses:
Cost of services	110,377	113,126	200,024	209,279
Selling, general and administrative expense	43,693	40,420	86,913	82,675
Depreciation and amortization expense	1,303	1,009	2,600	2,015
Total operating expenses	155,373	154,555	289,537	293,969
Operating income	24,998	28,832	44,046	53,690
Other income (expense), net	997	618	1,833	848
Interest expense	(374)	(384)	(756)	(775)
Income before provision for income taxes	25,621	29,066	45,123	53,763
Provision for income taxes	10,052	11,542	17,554	21,424
Net income	15,569	17,524	27,569	32,339
Other comprehensive income:
Unrealized gains on marketable securities, net of tax of $111, $271, $176 and $721 for the three months ended June 30, 2017 and 2016 and the six months ended June 30, 2017 and 2016, respectively	174	426	221	1,106
Foreign currency translation (loss) gain, net of tax of $0 for each of the three months ended June 30, 2017 and 2016 and each of the six months ended June 30, 2017 and 2016	(23)	(12)	(25)	35
Net current-period other comprehensive income (loss)	151	414	196	1,141
Comprehensive income	$ 15,720	$ 17,938	$ 27,765	$ 33,480
Earnings per share:
Basic	$ 0.40	$ 0.45	$ 0.71	$ 0.83
Diluted	$ 0.40	$ 0.45	$ 0.70	$ 0.83
Weighted average common shares outstanding:
Basic	39,002	38,918	38,976	38,905
Diluted	39,132	39,054	39,118	39,008

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Net and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Unrealized gains on marketable securities, tax	$ 111	$ 271	$ 176	$ 721
Foreign currency translation (loss) gain, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Stock Notes Receivable From Employees [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2016	$ 258,854	$ 0	$ 4	$ 85,445	$ (4)	$ 172,599	$ 810
Beginning Balance, Shares at Dec. 31, 2016		0	37,882,266
Cumulative effect of a change in accounting principle, net of tax at Dec. 31, 2016	33	$ 0	$ 0	85	0	(52)	0
Balance at January 1, 2017, as adjusted at Dec. 31, 2016	258,887	$ 0	$ 4	85,530	(4)	172,547	810
Balance at January 1, 2017, as adjusted, Shares at Dec. 31, 2016		0	37,882,266
Net and comprehensive income	27,765	$ 0	$ 0	0	0	27,569	196
Stock-based compensation	3,981	$ 0	$ 0	3,981	0	0	0
Stock-based compensation, Shares		0	0
Shares issued pursuant to employee stock purchase plan	392	$ 0	$ 0	392	0	0	0
Shares issued pursuant to employee stock purchase plan, Shares		0	18,155
Issuance of common stock for unvested restricted stock awards	0	$ 0	$ 0	0	0	0	0
Issuance of common stock for unvested restricted stock awards, Shares		0	13,986
Issuance of common stock for vesting of restricted stock units	0	$ 0	$ 0	0	0	0	0
Issuance of common stock for vesting of restricted stock units, Shares		0	255,709
Shares withheld related to net share settlement of stock-based awards, units	(1,402)	$ 0	$ 0	(1,402)	0	0	0
Shares withheld related to net share settlement of stock-based awards, shares		0	(52,826)
Ending Balance at Jun. 30, 2017	$ 289,623	$ 0	$ 4	$ 88,501	$ (4)	$ 200,116	$ 1,006
Ending Balance, Shares at Jun. 30, 2017		0	38,117,290

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 27,569	$ 32,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,600	2,015
(Recovery) provision for bad debt expense	(54)	3
Stock-based compensation	3,981	3,100
Deferred taxes, net	1,139	661
Net realized (gains) losses on marketable securities, available-for-sale	(1)	135
Tax benefit from stock-based award activity	0	171
Excess tax benefit from stock-based award activity	0	(171)
Other non-cash items	37	243
Changes in operating assets and liabilities:
Commissions receivable	(44)	(1,207)
Prepaid expenses	1,144	2,068
Prepaid rent	(1,803)	(2,408)
Asset held in rabbi trust	(700)	(1,263)
Other assets	(10,625)	(216)
Accounts payable and accrued expenses	(989)	(1,533)
Income tax receivable/payable	4,096	9,352
Accrued bonuses and other employee related expenses	(7,418)	(15,653)
Deferred compensation and commissions	(19,036)	(15,837)
Deferred rent obligation and other liabilities	566	461
Net cash provided by operating activities	462	12,260
Cash flows from investing activities
Purchases of marketable securities, available-for-sale	(25,510)	(60,839)
Proceeds from sales and maturities of marketable securities, available-for-sale	7,215	50,847
Issuances of employee notes receivable	(344)	(307)
Payments received on employee notes receivable	6	2
Proceeds from sale of property and equipment	10	15
Purchase of property and equipment	(3,384)	(4,252)
Net cash used in investing activities	(22,007)	(14,534)
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(1,402)	(1,109)
Proceeds from issuance of shares pursuant to employee stock purchase plan	392	402
Principal payments on notes payable to former stockholders	(986)	(938)
Excess tax benefit from stock-based award activity	0	171
Net cash used in financing activities	(1,996)	(1,474)
Net decrease in cash and cash equivalents	(23,541)	(3,748)
Cash and cash equivalents at beginning of period	187,371	96,185
Cash and cash equivalents at end of period	163,830	92,437
Supplemental disclosures of cash flow information
Interest paid during the period	1,881	563
Income taxes paid, net	12,318	11,240
Supplemental disclosures of noncash investing and financing activities
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	243	198
Change in property and equipment included in accounts payable and accrued expenses	$ (46)	$ 741

Description of business, basis

Description of business, basis of presentation and recent accounting pronouncements	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Description of business, basis of presentation and recent accounting pronouncements	1. Description of business, basis of presentation and recent accounting pronouncements 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 June 30, 2017, MMI operates 80 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”). Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority owned subsidiary, MMREIS (“Spin-Off”). 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 on October 30, 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, 2016 included in the Company’s Annual Report on Form 10-K filed on March 16, 2017 with the SEC. The results of the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2017, 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 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. Reclassifications Certain prior-period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported cash flow subtotals. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current captions), investments in marketable securities, available-for-sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash and cash equivalents are placed with high-credit quality financial institutions and invested in high-credit quality money market funds and commercial paper. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and six months ended June 30, 2017 and 2016, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. For the three and six months ended June 30, 2017 and 2016, the Company’s Canadian operations represented less than 1% of total revenues. For the three months ended June 30, 2017, one office represented 10% or more of total revenues. For the three months ended June 30, 2016 and six months ended June 30, 2017 and 2016, no office represented 10% or more of total revenues. Recent Accounting Pronouncements Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting As a result of the adoption, in periods subsequent to December 31, 2016, windfall tax benefits, net are recorded as a discrete item in the Company’s provision for income taxes. See “Note 10 – “Income Taxes” for additional information. Prior to the adoption, any windfall tax benefits, net were recorded in additional paid in capital. Additionally, in periods subsequent to December 31, 2016, excess tax benefits for share-based payments were included in cash flows from operating activities rather than cash flows from financing activities. Further, the Company changed its accounting for forfeitures from estimating awards that are not expected to vest to recording forfeitures when they actually occur. The cumulative effect adjustment as of January 1, 2017 related to forfeitures was a charge to retained earnings of approximately $52,000 (net of tax) and is expected to have a minor impact on the timing of stock based compensation subsequent to January 1, 2017. See Note 9 – “Stock-Based Compensation Plans” for additional information. Pending Adoption In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contacts with Customers: Principal Versus Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2014-09 permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. For the Company, the new standard will be effective January 1, 2018. The Company does not have multiple-element arrangements, variable consideration, licenses or long-term contracts with customers. Accordingly, the adoption of ASU 2014-09, as clarified, will not have a significant effect in the manner or timing of its revenue recognition. In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	2. Property and Equipment Property and equipment, net consist of the following (in thousands): June 30, December 31, Computer software and hardware equipment $ 15,968 $ 14,583 Furniture, fixtures, and equipment 20,873 20,066 Less: accumulated depreciation and amortization (19,767 ) (18,294 ) $ 17,074 $ 16,355 During the six months ended June 30, 2017 and 2016, the Company wrote off approximately $1.1 million and $1.5 million, respectively, of fully depreciated computer software and hardware and furniture, fixtures and equipment.

Selected Balance Sheet Data

Selected Balance Sheet Data	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	3. Selected Balance Sheet Data Other Assets Other assets consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, 2017 2016 2017 2016 Due from independent contractors, net (1) (2) $ 1,585 $ 2,231 $ 20,028 $ 8,702 Security deposits — — 1,134 1,059 Employee notes receivable (3) 273 314 246 132 Customer trust accounts and other 2,496 2,557 62 88 $ 4,354 $ 5,102 $ 21,470 $ 9,981 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $249 and $313 as of June 30, 2017 and December 31, 2016, respectively. The Company recorded a (recovery) provision for bad debt expense of $(10) and $(13) and wrote off $(6) and $11 of these receivables for the three months ended June 30, 2017 and 2016, respectively. The Company recorded a (recovery) provision for bad debt expense of $(54) and $3 and wrote off $10 and $65 of these receivables for the six months ended June 30, 2017 and 2016, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) See Note 6 – “Related-Party Transactions” for additional information. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, 2017 2016 2017 2016 Stock appreciation rights (“SARs”) liability (1) $ 1,734 $ 1,366 $ 19,681 $ 20,949 Commissions payable to investment sales and financing professionals 27,802 42,781 12,917 17,101 Deferred compensation liability (1) 913 607 7,525 6,405 $ 30,449 $ 44,754 $ 40,123 $ 44,455 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as an employee service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current. SARs Liability Prior to the IPO, certain employees of the Company were granted SARs under a stock-based compensation program assumed by MMC. In connection with the IPO, the SARs agreements were revised, the MMC liability of $20.0 million for the SARs was frozen as of March 31, 2013, and was transferred to MMI through a capital distribution. The SARs liability will be settled with each participant in ten annual installments in January of each year upon retirement or termination from service. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year treasury note plus 2%. The rate resets annually. The rates at January 1, 2017 and 2016 were 4.446% and 4.273%, respectively. MMI recorded interest expense related to this liability of $233,000 and $228,000 for the three months ended June 30, 2017 and 2016, respectively and $466,000 and $457,000 for the six months ended June 30, 2017 and 2016, respectively. Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the six months ended June 30, 2017, the Company made total payments (consisting of accumulated interest) of $1.4 million classified as an operating cash flow in the deferred compensation and commissions caption in the accompanying condensed consolidated statements of cash flow. Commissions Payable Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned as they relate to specific transactions closed. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as long-term. Deferred Compensation Liability A select group of management is eligible to participate in a Deferred Compensation Plan. The plan is a 409A plan and permits the participant to defer compensation up to limits as determined by the plan. Amounts are paid out generally when the participant is no longer a service provider; however, an in-service payout election is available to participants. Participants may elect to receive payouts as a lump sum or quarterly over a two to fifteen-year period. The Company elected to fund the Deferred Compensation Plan through company owned variable life insurance policies. 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 assets held in rabbi trust 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 a portion of the trust assets by an amount by which the fair market value of the trust assets exceeds 110% of the aggregate deferred compensation liability represented by the participants’ accounts. Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the six months ended June 30, 2017, the Company made total payments to participants of $74,000. The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Increase in the carrying value of the assets held in the rabbi trust (1) $ 170 $ 150 $ 369 $ 184 Increase in the net carrying value of the deferred compensation obligation (2) $ 188 $ 151 $ 399 $ 188 (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	4. Investments in Marketable Securities Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands): June 30, 2017 December 31, 2016 Amortized Gross Gross Fair Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 59,044 $ — $ (141 ) $ 58,903 $ 24,987 $ — $ (30 ) $ 24,957 U.S. government sponsored entities 7,016 — (12 ) 7,004 2,497 — — 2,497 Corporate debt securities 6,428 — (2 ) 6,426 — — — — $ 72,488 $ — $ (155 ) $ 72,333 $ 27,484 $ — $ (30 ) $ 27,454 Long-term investments: U.S. treasuries $ 16,338 $ 11 $ (114 ) $ 16,235 $ 40,865 $ — $ (229 ) $ 40,636 U.S. government sponsored entities 5,454 — (52 ) 5,402 12,618 — (58 ) 12,560 Corporate debt securities 22,531 291 (48 ) 22,774 17,841 74 (165 ) 17,750 Asset-backed securities and other 6,891 36 (13 ) 6,914 6,557 18 (46 ) 6,529 $ 51,214 $ 338 $ (227 ) $ 51,325 $ 77,881 $ 92 $ (498 ) $ 77,475 The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands): June 30, 2017 December 31, 2016 Unrealized Fair Unrealized Fair Less than 12 months $ (370 ) $ 93,711 $ (491 ) $ 86,105 12 months or longer $ (12 ) $ 697 $ (37 ) $ 721 Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Gross realized gains (1) $ 1 $ 20 $ 1 $ 20 Gross realized losses (1) $ — $ — $ — $ (155 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method. The Company may sell certain of its marketable securities, available-for-sale prior to their stated maturities for strategic reasons including, but not limited to, anticipated capital requirements, anticipated credit deterioration, duration management or when a security no longer meets the criteria of the Company’s investment policy. As of June 30, 2017, the Company considers the declines in market value of its marketable securities, available-for-sale to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. The Company typically invests in highly-rated securities, and its investment policy generally limits the amount of credit exposure to any one issuer. The policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss and matching long-term liabilities. When evaluating an investment for other-than-temporary impairment the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands): June 30, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value Due in one year or less $ 72,488 $ 72,333 $ 27,484 $ 27,454 Due after one year through five years 29,593 29,561 57,309 57,144 Due after five years through ten years 15,525 15,644 14,992 14,841 Due after ten years 6,096 6,120 5,580 5,490 $ 123,702 $ 123,658 $ 105,365 $ 104,929 Weighted average contractual maturity 2.9 years 3.5 years Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.

Notes Payable to Former Stockho

Notes Payable to Former Stockholders	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Notes Payable to Former Stockholders	5. Notes Payable to Former Stockholders In conjunction with the Spin-Off and IPO, notes payable to certain former stockholders of MMREIS were issued in settlement of restricted stock and SARs awards that were redeemed by MMREIS upon the termination of employment by the former stockholders (“the Notes”). Such notes had been previously assumed by MMC, and were transferred to the Company. The Notes are unsecured and bear interest at 5% with annual principal and interest installments with a final principal payment due during the second quarter of 2020. During each of the six months ended June 30, 2017 and 2016, the Company made total payments on the Notes of $1.5 million, including principal and interest. Accrued interest included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets pertaining to the Notes consisted of the following (in thousands): June 30, December 31, Accrued interest $ 86 $ 337 Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest expense $ 113 $ 126 $ 235 $ 259

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	6. Related-Party Transactions Shared and Transition Services Prior to October 2013, the Company operated under a shared services arrangement with MMC whereby the Company was charged for actual costs specifically incurred on behalf of the Company or allocated to the Company on a pro rata basis. Beginning in October 2013, certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company, which replaced the pre-IPO shared services arrangement. The TSA is intended to provide certain services until the Company acquires the services separately. During the three months ended June 30, 2017 and 2016, the Company incurred net costs of $43,000 and $54,000 under the TSA, respectively. During the six months ended June 30, 2017 and 2016, the Company incurred net costs of $125,000 and $124,000 under TSA, respectively. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended June 30, 2017 and 2016, the Company generated real estate brokerage commissions and financing fees of $120,000 and $793,000, respectively, from subsidiaries of MMC. The Company incurred cost of services of $65,000 and $476,000, respectively, related to these revenues. For the six months ended June 30, 2017 and 2016, the Company generated real estate brokerage commissions and financing fees of $323,000 and $2.4 million, respectively, from subsidiaries of MMC. The Company incurred cost of services of $187,000 and $1.4 million, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single story office building located in Palo Alto, California, which expires on May 31, 2022. Rent expense for this lease aggregated $253,000 for each of the three months ended June 30, 2017 and 2016. Rent expense for this lease aggregated $506,000 for each of the six months ended June 30, 2017 and 2016. Rent expense is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Accounts Payable and Accrued Expenses with MMC As of June 30, 2017 and December 31, 2016, accounts payable and accrued expenses with MMC totaling $92,000 and $303,000, respectively, remain unpaid and are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive employees from time-to-time. At June 30, 2017 and December 31, 2016, the aggregate principal amount for employee notes receivable was $519,000 and $446,000, respectively, which is included in other assets, net current and other assets non-current captions in the accompanying condensed consolidated balance sheets. As of June 30, 2017, George M. Marcus, the Company’s founder and Co-Chairman, beneficially owned approximately 53% of the Company’s issued and outstanding common stock, including shares owned by Phoenix Investments Holdings, LLC and the Marcus Family Foundation.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investment carried at fair value and the supporting methodologies and assumptions. The Company uses various pricing sources to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlates with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Level 2: Level 3: Investment in marketable securities, available-for-sale and assets held in the rabbi trust are carried at fair value based on observable inputs available. All these securities are measured as Levels 1 or 2 as appropriate. The Company has no investments measured as Level 3. Recurring Fair Value Measurements The Company values its investments including assets held in rabbi trust, commercial paper, money market funds and investments in marketable securities, available-for-sale at fair value on a recurring basis. Fair values were determined for each individual security in the investment portfolio. Assets carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): June 30, 2017 December 31, 2016 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 8,380 $ — $ 8,380 $ — $ 7,337 $ — $ 7,337 $ — Cash equivalents (1) Commercial paper $ 13,936 $ — $ 13,936 $ — $ 9,987 $ — $ 9,987 $ — Money market funds 124,502 124,502 — — 142,503 142,503 — — $ 138,438 $ 124,502 $ 13,936 $ — $ 152,490 $ 142,503 $ 9,987 $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 58,903 $ 58,903 $ — $ — $ 24,957 $ 24,957 $ — $ — U.S. government sponsored entities 7,004 — 7,004 — 2,497 — 2,497 — Corporate debt securities 6,426 — 6,426 — — — — — $ 72,333 $ 58,903 $ 13,430 $ — $ 27,454 $ 24,957 $ 2,497 $ — Long-term investments: U.S. treasuries $ 16,235 $ 16,235 $ — $ — $ 40,636 $ 40,636 $ — $ — U.S. government sponsored entities 5,402 — 5,402 — 12,560 — 12,560 — Corporate debt securities 22,774 — 22,774 — 17,750 — 17,750 — Asset-backed securities and other 6,914 — 6,914 — 6,529 — 6,529 — $ 51,325 $ 16,235 $ 35,090 $ — $ 77,475 $ 40,636 $ 36,839 $ — (1) Included in cash and cash equivalents. There were no transfers in or out of Level 1 and Level 2 during the three and six months ended June 30, 2017. Assets and Liabilities not Measured at Fair Value The Company’s cash held in financial institutions, commissions receivable, amounts due from employees and investment sales and financing professionals (included in other assets, net current and other assets non-current captions), accounts payable and accrued expenses and commissions payable (included in deferred compensation and commissions current and deferred compensation and commissions non-current captions) are carried at cost, which approximates fair value based on their immediate or short-term maturities and terms which approximate current market rates, or for money market funds, quoted market rates, and are considered to be in the Level 1 classification. The Company’s obligations under notes payable to former stockholders bear fixed interest rates. 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 current and non-current captions) bear interest at a variable rate based on U.S. Treasuries, the Company has determined that the carrying value approximates the fair value.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock As of June 30, 2017 and December 31, 2016, there were 38,117,290 and 37,882,266 shares of common stock, $0.0001 par value, issued and outstanding, which includes unvested restricted stock awards issued to non-employee directors, respectively. See Note 11 – “Earnings per Share” for additional information. Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At June 30, 2017 and December 31, 2016, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income The components of accumulated other comprehensive income as of June 30, 2017, by component, net of income taxes consisted of the following (in thousands): Unrealized available-for- Foreign (2) Total Beginning balance, December 31, 2016 $ (255 ) $ 1,065 $ 810 Other comprehensive income (loss) before reclassifications 221 (25 ) 196 Amounts reclassified from accumulated other comprehensive income (loss) (1) — — — Net current-period other comprehensive income (loss) 221 (25 ) 196 Ending balance, June 30, 2017 $ (34 ) $ 1,040 $ 1,006 (1) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (2) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	9. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The board of directors adopted the 2013 Omnibus Equity Incentive Plan (“2013 Plan”), which became effective upon the Company’s IPO. In February 2017, the board of directors approved an amendment to the 2013 Plan, which was approved by the shareholders in May 2017. Grants are made from time to time by the Company’s board of directors at its discretion subject to certain restrictions as to the number and value of shares that may be granted to any individual. Upon adoption of the 2013 Plan, 5,500,000 shares of common stock were initially reserved for the issuance of awards. Pursuant to the automatic increase previously provided for in the 2013 Plan, the board of directors have approved share reserve increases aggregating 3,300,000. At June 30, 2017, there were 5,513,460 shares available for future grants under the Plan. Awards Granted and Settled Under the 2013 Plan, the Company has issued restricted stock awards (“RSAs”) to non-employee directors and restricted stock units (“RSUs”) to employees and independent contractors. All RSAs vest in equal annual installments over a three-year period from the date of grant. All RSUs vest in equal annual installments over a five-year period from the date of grant. Any unvested awards are canceled upon termination of service. Awards accelerate upon death subject to approval by the compensation committee. During the six months ended June 30, 2017, 250,551 shares of RSUs vested of which 255,709 shares of common stock were delivered and 52,826 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. During the six months ended June 30, 2017, as a result of the adoption of ASU 2016-09, any windfall tax benefits, net were recorded as a discrete item in the Company’s provision for income taxes. During the year ended December 31, 2016, the Company recorded windfall tax benefits, net in the amount of $2.7 million, including $171,000 recorded during the six months ended June 30, 2016 resulting from settlement of stock-based award activity. For the year ended December 31, 2016, such windfall tax benefits, net were excluded from the provision for income taxes and included as a component of additional paid-in capital when the awards were settled. See “Note 10 – “Income Taxes” for additional information. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2016 29,112 566,480 454,838 1,050,430 $ 22.38 Granted February 2017 — 139,013 7,272 146,285 May 2017 13,986 8,156 11,652 33,794 Total granted 13,986 147,169 18,924 180,079 27.17 Vested (15,918 ) (134,347 ) (116,204 ) (266,469 ) 20.00 Transferred — (24,302 ) 24,302 — 26.63 Forfeited/canceled — (19,414 ) — (19,414 ) 23.79 Nonvested shares at June 30, 2017 (1) 27,180 535,586 381,860 944,626 $ 23.93 Unrecognized stock-based compensation expense as of June 30, 2017 (2) $ 663 $ 12,183 $ 7,927 $ 20,773 Weighted average remaining vesting period (years) as of June 30, 2017 2.20 3.46 2.50 3.05 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.05 years. As of June 30, 2017, 930,419 fully vested deferred stock units (“DSUs”) remained outstanding. See “Amendments to Restricted Stock and SARs” section below and Note 11 – “Earnings Per Share” for additional information. Future share settlements of DSUs by year consisted of the following: June 30, 2017 2017 351,801 2018 351,796 2021 60,373 2022 166,449 930,419 Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“ESPP Plan”). The ESPP Plan qualifies under Section 423 of the IRS Code and provides for consecutive, non-overlapping 6-month offering periods. The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. Qualifying employees may purchase shares of the Company stock at a 10% discount based on the lower of the market price at the beginning or end of the offering period, subject to IRS limitations. The Company determined that the ESPP Plan was a compensatory plan and is required to expense the fair value of the awards over each 6-month offering period. The ESPP Plan initially had 366,667 shares of common stock reserved and 258,949 shares of common stock remain available for issuance at June 30, 2017. The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not required in the prior years. At June 30, 2017, total unrecognized compensation cost related to the ESPP Plan was $47,000 and is expected to be recognized over a weighted average period of 0.38 years. Amendments to Restricted Stock and SARs Restricted Stock In connection with the IPO, the formula settlement value of all outstanding shares of stock held by the plan participants was removed, and all such shares of stock are subject to sales restrictions that lapse at a rate of 20% per year for five years if the participant remains employed by the Company. In the event of death or termination of employment after reaching the age of 67, 100% of the shares of stock will be released from the resale restriction. Further, 100% of the shares of stock will be released from the resale restriction upon the consummation of a change of control of the Company. Of the original 3,689,326 shares subject to resale restriction, 1,475,730 shares remain subject to sales restriction at June 30, 2017. SARs and DSUs Prior to the IPO, certain employees were granted SARs. As of March 31, 2013, the outstanding SARs were frozen at the liability amount, and will be paid out to each participant in installments upon retirement or departure under the terms of the revised SARs agreements. To replace beneficial ownership in the SARs, the difference between the book value liability and the fair value of the awards was granted to plan participants in the form of DSUs, which were fully vested upon receipt and will be settled in actual stock at a rate of 20% per year if the participant remains employed by the Company during that period (otherwise all unsettled shares of stock upon termination from service will be settled five years from the termination date, unless otherwise agreed to by the Company). In the event of death or termination of service after reaching the age of 67, 100% of the DSUs will be settled. Summary of Stock-Based Compensation The Company adopted ASU 2016-09 on January 1, 2017 and changed its accounting for forfeitures on a prospective basis from estimating awards that are not expected to vest to recording forfeitures when they actually occur. Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months Six Months 2017 2016 2017 2016 Employee stock purchase plan $ 29 $ 60 $ 75 $ 108 RSAs – non-employee directors 90 109 179 198 RSUs – employees 952 818 1,866 1,476 RSUs – independent contractors (1) 1,044 788 1,861 1,318 $ 2,115 $ 1,775 $ 3,981 $ 3,100 Common stock price at beginning of period $ 24.58 $ 25.39 $ 26.72 $ 29.14 Common stock price at end of period $ 26.36 $ 25.41 $ 26.36 $ 25.41 Increase (decrease) in stock price $ 1.78 $ 0.02 $ (0.36 ) $ (3.73 ) (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees under the accounting standards. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense is therefore impacted by the changes in the Company’s common stock price during each reporting period.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2017 was 39.2% and 38.9%, compared to 39.7% and 39.8% for the three and six months ended June 30, 2016. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The provision for income taxes differs from the amount computed by applying the statutory federal corporate income tax rate of 35% to income before provision for income taxes and consisted of the following (in thousands): Three Months Ended June 30, 2017 2016 Amount Rate Amount Rate Income tax expense at the federal statutory rate of 35% $ 8,967 35.0 % $ 10,173 35.0 % State income tax expense, net of federal benefit 973 3.8 % 1,153 4.0 % Foreign rate differential 25 0.1 % 48 0.2 % Change in valuation allowance 62 0.2 % 120 0.4 % Other 25 0.1 % 48 0.1 % $ 10,052 39.2 % $ 11,542 39.7 % Six Months Ended June 30, 2017 2016 Amount Rate Amount Rate Income tax expense at the federal statutory rate of 35% $ 15,793 35.0 % $ 18,817 35.0 % State income tax expense, net of federal benefit 1,741 3.9 % 2,139 4.0 % Foreign rate differential 47 0.1 % 107 0.2 % Windfall tax benefits, net related to stock-based compensation (156 ) (0.4 )% — — Change in valuation allowance 116 0.3 % 266 0.5 % Other 13 — 95 0.1 % $ 17,554 38.9 % $ 21,424 39.8 %

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	11. Earnings per Share Basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016, respectively consisted of the following (in thousands, except per share data): Three Months Six Months 2017 2016 2017 2016 Numerator (Basic and Diluted): Net income $ 15,569 $ 17,524 $ 27,569 $ 32,339 Denominator: Basic Weighted average common shares issued and outstanding 38,100 37,591 38,075 37,576 Deduct: Unvested RSAs (1) (28 ) (38 ) (29 ) (36 ) Add: Fully vested DSUs (2) 930 1,365 930 1,365 Weighted Average Common Shares Outstanding 39,002 38,918 38,976 38,905 Basic earnings per common share $ 0.40 $ 0.45 $ 0.71 $ 0.83 Diluted Weighted Average Common Shares Outstanding from above 39,002 38,918 38,976 38,905 Add: Dilutive effect of RSUs, RSAs & ESPP 130 136 142 103 Weighted Average Common Shares Outstanding 39,132 39,054 39,118 39,008 Diluted earnings per common share $ 0.40 $ 0.45 $ 0.70 $ 0.83 Antidilutive shares excluded from diluted earnings per common share (3) 317 244 324 449 (1) RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s employees and independent contractors.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (“Bank”), dated as of June 1, 2014 (the “Credit Agreement”). The Credit Agreement provides for a $60.0 million principal amount senior secured revolving credit facility that is guaranteed by all of the Company’s domestic subsidiaries (the “Credit Facility”), which, as amended, matures on June 1, 2019. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at June 30, 2017. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either the (i) Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio. In connection with executing the Credit Agreement, as amended the Company paid bank fees and other expenses, which are being amortized over the remaining term of the Credit Agreement. The Company pays a commitment fee of up to 0.1% per annum, payable quarterly, based on the amount of unutilized commitments under the Credit Facility. The amortization and commitment fee is included in interest expense in the accompanying condensed consolidated statements of net and comprehensive income and was $28,000 and $29,000 during the three months ended June 30, 2017 and 2016, respectively and $55,000 and $59,000 during the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017, there were no amounts outstanding under the Credit Agreement. The Credit Facility contains customary covenants, including financial and other covenant reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end both on a rolling 4-quarter basis. The Credit Facility is secured by substantially all assets of the Company, including pledges of 100% of the stock or other equity interest of each subsidiary except for the capital stock of a controlled foreign corporation (as defined in the Internal Revenue Code). As of June 30, 2017, the Company was in compliance with all financial and non-financial covenants. Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceeding cannot be determined, the Company reviews the need for its accrual for loss contingencies quarterly and records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company believes that the ultimate resolution of the legal proceedings will not have a material adverse effect on its financial condition or results of operations. The Company accrues legal fees for litigation as the legal services are provided. Other In connection with certain agreements with investment sales and financing professionals, the Company may agree to advance amounts to its investment sales and financing professionals upon reaching certain performance goals. Such commitments as of June 30, 2017 aggregated $1.7 million.

Description of business, basi20

Description of business, basis of presentation and recent accounting pronouncements (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Description of Business	Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of June 30, 2017, MMI operates 80 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which includes the operations of Marcus & Millichap Capital Corporation (“MMCC”).
Reorganization and Initial Public Offering	Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority owned subsidiary, MMREIS (“Spin-Off”). 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 on October 30, 2013.
Basis of Presentation	Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q 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, 2016 included in the Company’s Annual Report on Form 10-K filed on March 16, 2017 with the SEC. The results of the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2017, 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 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.
Reclassifications	Reclassifications Certain prior-period amounts in the condensed consolidated statements of cash flows have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported cash flow subtotals.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current captions), investments in marketable securities, available-for-sale, security deposits (included under other assets, non-current caption) and commissions receivables. Cash and cash equivalents are placed with high-credit quality financial institutions and invested in high-credit quality money market funds and commercial paper. To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company requires collateral on a case-by-case basis. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and six months ended June 30, 2017 and 2016, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. For the three and six months ended June 30, 2017 and 2016, the Company’s Canadian operations represented less than 1% of total revenues. For the three months ended June 30, 2017, one office represented 10% or more of total revenues. For the three months ended June 30, 2016 and six months ended June 30, 2017 and 2016, no office represented 10% or more of total revenues.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting As a result of the adoption, in periods subsequent to December 31, 2016, windfall tax benefits, net are recorded as a discrete item in the Company’s provision for income taxes. See “Note 10 – “Income Taxes” for additional information. Prior to the adoption, any windfall tax benefits, net were recorded in additional paid in capital. Additionally, in periods subsequent to December 31, 2016, excess tax benefits for share-based payments were included in cash flows from operating activities rather than cash flows from financing activities. Further, the Company changed its accounting for forfeitures from estimating awards that are not expected to vest to recording forfeitures when they actually occur. The cumulative effect adjustment as of January 1, 2017 related to forfeitures was a charge to retained earnings of approximately $52,000 (net of tax) and is expected to have a minor impact on the timing of stock based compensation subsequent to January 1, 2017. See Note 9 – “Stock-Based Compensation Plans” for additional information. Pending Adoption In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contacts with Customers: Principal Versus Agent Considerations Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ASU 2014-09 permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. For the Company, the new standard will be effective January 1, 2018. The Company does not have multiple-element arrangements, variable consideration, licenses or long-term contracts with customers. Accordingly, the adoption of ASU 2014-09, as clarified, will not have a significant effect in the manner or timing of its revenue recognition. In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): June 30, December 31, Computer software and hardware equipment $ 15,968 $ 14,583 Furniture, fixtures, and equipment 20,873 20,066 Less: accumulated depreciation and amortization (19,767 ) (18,294 ) $ 17,074 $ 16,355

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, 2017 2016 2017 2016 Due from independent contractors, net (1) (2) $ 1,585 $ 2,231 $ 20,028 $ 8,702 Security deposits — — 1,134 1,059 Employee notes receivable (3) 273 314 246 132 Customer trust accounts and other 2,496 2,557 62 88 $ 4,354 $ 5,102 $ 21,470 $ 9,981 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $249 and $313 as of June 30, 2017 and December 31, 2016, respectively. The Company recorded a (recovery) provision for bad debt expense of $(10) and $(13) and wrote off $(6) and $11 of these receivables for the three months ended June 30, 2017 and 2016, respectively. The Company recorded a (recovery) provision for bad debt expense of $(54) and $3 and wrote off $10 and $65 of these receivables for the six months ended June 30, 2017 and 2016, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) See Note 6 – “Related-Party Transactions” for additional information.
Components of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, 2017 2016 2017 2016 Stock appreciation rights (“SARs”) liability (1) $ 1,734 $ 1,366 $ 19,681 $ 20,949 Commissions payable to investment sales and financing professionals 27,802 42,781 12,917 17,101 Deferred compensation liability (1) 913 607 7,525 6,405 $ 30,449 $ 44,754 $ 40,123 $ 44,455 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as an employee service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability	The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Increase in the carrying value of the assets held in the rabbi trust (1) $ 170 $ 150 $ 369 $ 184 Increase in the net carrying value of the deferred compensation obligation (2) $ 188 $ 151 $ 399 $ 188 (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.

Investments in Marketable Sec23

Investments in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security	Amortized cost and fair value of marketable securities, available-for-sale, by type of security consisted of the following (in thousands): June 30, 2017 December 31, 2016 Amortized Gross Gross Fair Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 59,044 $ — $ (141 ) $ 58,903 $ 24,987 $ — $ (30 ) $ 24,957 U.S. government sponsored entities 7,016 — (12 ) 7,004 2,497 — — 2,497 Corporate debt securities 6,428 — (2 ) 6,426 — — — — $ 72,488 $ — $ (155 ) $ 72,333 $ 27,484 $ — $ (30 ) $ 27,454 Long-term investments: U.S. treasuries $ 16,338 $ 11 $ (114 ) $ 16,235 $ 40,865 $ — $ (229 ) $ 40,636 U.S. government sponsored entities 5,454 — (52 ) 5,402 12,618 — (58 ) 12,560 Corporate debt securities 22,531 291 (48 ) 22,774 17,841 74 (165 ) 17,750 Asset-backed securities and other 6,891 36 (13 ) 6,914 6,557 18 (46 ) 6,529 $ 51,214 $ 338 $ (227 ) $ 51,325 $ 77,881 $ 92 $ (498 ) $ 77,475
Amortized Cost and Fair Value of Investments in Available for Sale Securities	The amortized cost and fair value of the Company’s investments in available-for-sale securities that have been in a continuous unrealized loss position consisted of the following (in thousands): June 30, 2017 December 31, 2016 Unrealized Fair Unrealized Fair Less than 12 months $ (370 ) $ 93,711 $ (491 ) $ 86,105 12 months or longer $ (12 ) $ 697 $ (37 ) $ 721
Gross Realized Gains and Losses from Sale of Available for Sale Securities	Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale securities consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Gross realized gains (1) $ 1 $ 20 $ 1 $ 20 Gross realized losses (1) $ — $ — $ — $ (155 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined on the specific identification method.
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity	Amortized cost and fair value of marketable securities, available-for-sale, by contractual maturity consisted of the following (in thousands): June 30, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value Due in one year or less $ 72,488 $ 72,333 $ 27,484 $ 27,454 Due after one year through five years 29,593 29,561 57,309 57,144 Due after five years through ten years 15,525 15,644 14,992 14,841 Due after ten years 6,096 6,120 5,580 5,490 $ 123,702 $ 123,658 $ 105,365 $ 104,929 Weighted average contractual maturity 2.9 years 3.5 years

Notes Payable to Former Stock24

Notes Payable to Former Stockholders (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses Pertaining to Notes	Accrued interest included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets pertaining to the Notes consisted of the following (in thousands): June 30, December 31, Accrued interest $ 86 $ 337
Schedule of Interest Expense Pertaining to Notes	Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest expense $ 113 $ 126 $ 235 $ 259

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets at Fair Value on Recurring Basis	Assets carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): June 30, 2017 December 31, 2016 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets held in rabbi trust $ 8,380 $ — $ 8,380 $ — $ 7,337 $ — $ 7,337 $ — Cash equivalents (1) Commercial paper $ 13,936 $ — $ 13,936 $ — $ 9,987 $ — $ 9,987 $ — Money market funds 124,502 124,502 — — 142,503 142,503 — — $ 138,438 $ 124,502 $ 13,936 $ — $ 152,490 $ 142,503 $ 9,987 $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 58,903 $ 58,903 $ — $ — $ 24,957 $ 24,957 $ — $ — U.S. government sponsored entities 7,004 — 7,004 — 2,497 — 2,497 — Corporate debt securities 6,426 — 6,426 — — — — — $ 72,333 $ 58,903 $ 13,430 $ — $ 27,454 $ 24,957 $ 2,497 $ — Long-term investments: U.S. treasuries $ 16,235 $ 16,235 $ — $ — $ 40,636 $ 40,636 $ — $ — U.S. government sponsored entities 5,402 — 5,402 — 12,560 — 12,560 — Corporate debt securities 22,774 — 22,774 — 17,750 — 17,750 — Asset-backed securities and other 6,914 — 6,914 — 6,529 — 6,529 — $ 51,325 $ 16,235 $ 35,090 $ — $ 77,475 $ 40,636 $ 36,839 $ — (1) Included in cash and cash equivalents.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income, Net of Income Taxes	The components of accumulated other comprehensive income as of June 30, 2017, by component, net of income taxes consisted of the following (in thousands): Unrealized available-for- Foreign (2) Total Beginning balance, December 31, 2016 $ (255 ) $ 1,065 $ 810 Other comprehensive income (loss) before reclassifications 221 (25 ) 196 Amounts reclassified from accumulated other comprehensive income (loss) (1) — — — Net current-period other comprehensive income (loss) 221 (25 ) 196 Ending balance, June 30, 2017 $ (34 ) $ 1,040 $ 1,006 (1) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (2) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan	Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2016 29,112 566,480 454,838 1,050,430 $ 22.38 Granted February 2017 — 139,013 7,272 146,285 May 2017 13,986 8,156 11,652 33,794 Total granted 13,986 147,169 18,924 180,079 27.17 Vested (15,918 ) (134,347 ) (116,204 ) (266,469 ) 20.00 Transferred — (24,302 ) 24,302 — 26.63 Forfeited/canceled — (19,414 ) — (19,414 ) 23.79 Nonvested shares at June 30, 2017 (1) 27,180 535,586 381,860 944,626 $ 23.93 Unrecognized stock-based compensation expense as of June 30, 2017 (2) $ 663 $ 12,183 $ 7,927 $ 20,773 Weighted average remaining vesting period (years) as of June 30, 2017 2.20 3.46 2.50 3.05 (1) Nonvested RSU’s will be settled through the issuance of new shares of common stock. (2) The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.05 years.
Schedule of Future Share Settlements	Future share settlements of DSUs by year consisted of the following: June 30, 2017 2017 351,801 2018 351,796 2021 60,373 2022 166,449 930,419
Stock-Based Compensation Expense	Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands, except common stock price): Three Months Six Months 2017 2016 2017 2016 Employee stock purchase plan $ 29 $ 60 $ 75 $ 108 RSAs – non-employee directors 90 109 179 198 RSUs – employees 952 818 1,866 1,476 RSUs – independent contractors (1) 1,044 788 1,861 1,318 $ 2,115 $ 1,775 $ 3,981 $ 3,100 Common stock price at beginning of period $ 24.58 $ 25.39 $ 26.72 $ 29.14 Common stock price at end of period $ 26.36 $ 25.41 $ 26.36 $ 25.41 Increase (decrease) in stock price $ 1.78 $ 0.02 $ (0.36 ) $ (3.73 ) (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees under the accounting standards. Accordingly, such awards are required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense is therefore impacted by the changes in the Company’s common stock price during each reporting period.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes and Income before Provision for Income Taxes	The provision for income taxes differs from the amount computed by applying the statutory federal corporate income tax rate of 35% to income before provision for income taxes and consisted of the following (in thousands): Three Months Ended June 30, 2017 2016 Amount Rate Amount Rate Income tax expense at the federal statutory rate of 35% $ 8,967 35.0 % $ 10,173 35.0 % State income tax expense, net of federal benefit 973 3.8 % 1,153 4.0 % Foreign rate differential 25 0.1 % 48 0.2 % Change in valuation allowance 62 0.2 % 120 0.4 % Other 25 0.1 % 48 0.1 % $ 10,052 39.2 % $ 11,542 39.7 % Six Months Ended June 30, 2017 2016 Amount Rate Amount Rate Income tax expense at the federal statutory rate of 35% $ 15,793 35.0 % $ 18,817 35.0 % State income tax expense, net of federal benefit 1,741 3.9 % 2,139 4.0 % Foreign rate differential 47 0.1 % 107 0.2 % Windfall tax benefits, net related to stock-based compensation (156 ) (0.4 )% — — Change in valuation allowance 116 0.3 % 266 0.5 % Other 13 — 95 0.1 % $ 17,554 38.9 % $ 21,424 39.8 %

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share	Basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016, respectively consisted of the following (in thousands, except per share data): Three Months Six Months 2017 2016 2017 2016 Numerator (Basic and Diluted): Net income $ 15,569 $ 17,524 $ 27,569 $ 32,339 Denominator: Basic Weighted average common shares issued and outstanding 38,100 37,591 38,075 37,576 Deduct: Unvested RSAs (1) (28 ) (38 ) (29 ) (36 ) Add: Fully vested DSUs (2) 930 1,365 930 1,365 Weighted Average Common Shares Outstanding 39,002 38,918 38,976 38,905 Basic earnings per common share $ 0.40 $ 0.45 $ 0.71 $ 0.83 Diluted Weighted Average Common Shares Outstanding from above 39,002 38,918 38,976 38,905 Add: Dilutive effect of RSUs, RSAs & ESPP 130 136 142 103 Weighted Average Common Shares Outstanding 39,132 39,054 39,118 39,008 Diluted earnings per common share $ 0.40 $ 0.45 $ 0.70 $ 0.83 Antidilutive shares excluded from diluted earnings per common share (3) 317 244 324 449 (1) RSAs were issued and outstanding to the non-employee directors and have a three year vesting term subject to service requirements. See Note 9 – “Stock-Based Compensation Plans” for additional information. (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s employees and independent contractors.

Description of Business and Bas

Description of Business and Basis of Presentation - Additional Information (Detail)	Jan. 01, 2017USD ($)	Jun. 30, 2017USD ($)Office	Jun. 30, 2016Office	Jun. 30, 2017USD ($)Office	Jun. 30, 2016Office	Dec. 31, 2016USD ($)
Class of Stock [Line Items]
Number of offices in the United States and Canada | Office				80
Formation date				2013-06
Percentage of common stock distributed				80.00%
Commission's receivable settled period				10 days
Marketable securities, available for sale		$ 123,658,000		$ 123,658,000		$ 104,929,000
IPO MMI [Member]
Class of Stock [Line Items]
IPO completion date				Oct. 30, 2013
Accounting Standards Update 2016-13 [Member] | Average AA Credit Rating [Member]
Class of Stock [Line Items]
Marketable securities, available for sale		123,700,000		$ 123,700,000
Impairment write-downs marketable securities, available for sale				0
Accounting Standards Update 2016-09 [Member]
Class of Stock [Line Items]
Cumulative effect adjustments, net of tax	$ 52,000
Accounting Standards Update 2016-02 [Member]
Class of Stock [Line Items]
Operating lease obligations		$ 82,800,000		$ 82,800,000
Geographic Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Concentration risk percentage		10.00%	10.00%	10.00%	10.00%
Number of offices | Office		1	0	0	0
Customer Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Concentration risk percentage		10.00%	10.00%	10.00%	10.00%
Customer Concentration Risk [Member] | Commissions receivable [Member]
Class of Stock [Line Items]
Concentration risk percentage		10.00%	10.00%	10.00%	10.00%
International Revenues [Member] | Geographic Concentration Risk [Member] | Total revenues [Member] | Maximum [Member]
Class of Stock [Line Items]
Concentration risk percentage		1.00%	1.00%	1.00%	1.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (19,767)	$ (18,294)
Property and equipment, net	17,074	16,355
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	15,968	14,583
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 20,873	$ 20,066

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Fully depreciated computer software and hardware and furniture, fixtures and equipment write-off	$ 1.1	$ 1.5

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Other Assets [Line Items]
Other assets Current	$ 4,354	$ 5,102
Other assets Non-Current	21,470	9,981
Due from independent contractors [Member]
Other Assets [Line Items]
Other assets Current	1,585	2,231
Other assets Non-Current	20,028	8,702
Security deposits [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,134	1,059
Employee Notes Receivable [Member]
Other Assets [Line Items]
Other assets Current	273	314
Other assets Non-Current	246	132
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	2,496	2,557
Other assets Non-Current	$ 62	$ 88

Selected Balance Sheet Data -34

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Other Assets [Line Items]
Allowance of doubtful accounts	$ 249		$ 249		$ 313
(Recovery) provision for bad debt expense	(10)	$ (13)	(54)	$ 3
Write-off receivables	$ (6)	$ 11	$ 10	$ 65
Minimum [Member]
Other Assets [Line Items]
Notes receivable due period			1 year
Maximum [Member]
Other Assets [Line Items]
Notes receivable due period			5 years

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Balance Sheet Related Disclosures [Abstract]
Stock appreciation rights ("SARs") liability	$ 1,734	$ 1,366
Commissions payable to investment sales and financing professionals	27,802	42,781
Deferred compensation liability	913	607
Total	30,449	44,754
Stock appreciation rights ("SARs") liability	19,681	20,949
Commissions payable to investment sales and financing professionals	12,917	17,101
Deferred compensation liability	7,525	6,405
Total	$ 40,123	$ 44,455

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail)	Jan. 01, 2017	Jan. 01, 2016	Jan. 01, 2014	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Installments	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2013USD ($)
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount				$ 19,681,000		$ 19,681,000		$ 20,949,000
Interest expense				374,000	$ 384,000	$ 756,000	$ 775,000
Maximum payment deferral period for certain commissions payable						3 years
SARs [Member]
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount									$ 20,000,000
SARs liability frozen value date						Mar. 31, 2013
SARs liability interest accrual commencement date						Jan. 1, 2014
Interest expense				$ 233,000	$ 228,000	$ 466,000	$ 457,000
Treasury note term			10 years
Base spread on SARs liability variable rate			2.00%
SARs liability interest accrual rates	4.446%	4.273%
SARs liability number of annual installments | Installments						10
Estimated payouts description						Estimated payouts within the next twelve months for participants that have separated from service have been classified as current.
Payments made during the period						$ 1,400,000
Deferred Compensation Liability [Member]
Schedule Of Accrued Expenses [Line Items]
Estimated payouts description						Estimated payouts within the next twelve months for participants that have separated from service have been classified as current.
Payments made during the period						$ 74,000
Deferred Compensation Liability, Minimum Payout Period						2 years
Deferred Compensation Liability, Maximum Payout Period						15 years
Fair value of deferred compensation plan assets						110.00%

Selected Balance Sheet Data -37

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Increase in the carrying value of the assets held in the rabbi trust	$ 170	$ 150	$ 369	$ 184
Increase in the net carrying value of the deferred compensation obligation	$ 188	$ 151	$ 399	$ 188

Investments in Marketable Sec38

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 123,702	$ 105,365
Fair Value	123,658	104,929
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	72,488	27,484
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(155)	(30)
Fair Value	72,333	27,454
Short-term investments [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	59,044	24,987
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(141)	(30)
Fair Value	58,903	24,957
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,016	2,497
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(12)	0
Fair Value	7,004	2,497
Short-term investments [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,428	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2)	0
Fair Value	6,426	0
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	51,214	77,881
Gross Unrealized Gains	338	92
Gross Unrealized Losses	(227)	(498)
Fair Value	51,325	77,475
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	16,338	40,865
Gross Unrealized Gains	11	0
Gross Unrealized Losses	(114)	(229)
Fair Value	16,235	40,636
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,454	12,618
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(52)	(58)
Fair Value	5,402	12,560
Long-term marketable securities [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	22,531	17,841
Gross Unrealized Gains	291	74
Gross Unrealized Losses	(48)	(165)
Fair Value	22,774	17,750
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,891	6,557
Gross Unrealized Gains	36	18
Gross Unrealized Losses	(13)	(46)
Fair Value	$ 6,914	$ 6,529

Investments in Marketable Sec39

Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale securities continuous unrealized loss position for less than 12 months, unrealized loss	$ (370)	$ (491)
Available for sale securities continuous unrealized loss position for 12 months or longer, unrealized loss	(12)	(37)
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	93,711	86,105
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	$ 697	$ 721

Investments in Marketable Sec40

Investments in Marketable Securities - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract]
Gross realized gains	$ 1	$ 20	$ 1	$ 20
Gross realized losses	$ 0	$ 0	$ 0	$ (155)

Investments in Marketable Sec41

Investments in Marketable Securities - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)
Marketable Securities [Abstract]
Investments other-than-temporarily impaired	$ 0

Investments in Marketable Sec42

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 72,488	$ 27,484
Due after one year through five years, Amortized Cost	29,593	57,309
Due after five years through ten years, Amortized Cost	15,525	14,992
Due after ten years, Amortized Cost	6,096	5,580
Amortized Cost	123,702	105,365
Due in one year or less, Fair Value	72,333	27,454
Due after one year through five years, Fair Value	29,561	57,144
Due after five years through ten years, Fair Value	15,644	14,841
Due after ten years, Fair Value	6,120	5,490
Total Fair Value	$ 123,658	$ 104,929
Weighted average contractual maturity	2 years 10 months 25 days	3 years 6 months

Notes Payable to Former Stock43

Notes Payable to Former Stockholders - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Notes Payable to Former Stockholders [Member]
Debt Instrument [Line Items]
Principal and interest payments on notes payable to former stockholders	$ 1.5	$ 1.5
Restricted Stock - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate	5.00%
Unsecured notes maturity date	Jun. 30, 2020
SARs - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate	5.00%
Unsecured notes maturity date	Jun. 30, 2020

Notes Payable to Former Stock44

Notes Payable to Former Stockholders - Schedule of Accounts Payable and Accrued Expenses Pertaining to Notes (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts Payable and Accrued Expenses [Member]
Accounts Payable And Accrued Expenses [Line Items]
Accrued interest	$ 86	$ 337

Notes Payable to Former Stock45

Notes Payable to Former Stockholders - Schedule of Interest Expense Pertaining to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Expense [Line Items]
Interest expense	$ 374	$ 384	$ 756	$ 775
Notes Payable to Former Stockholders [Member]
Interest Expense [Line Items]
Interest expense	$ 113	$ 126	$ 235	$ 259

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Aggregate principal amount for employee notes receivable	$ 519,000		$ 519,000		$ 446,000
MMC [Member]
Related Party Transaction [Line Items]
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company	120,000	$ 793,000	323,000	$ 2,400,000
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company	65,000	476,000	187,000	1,400,000
Rent expense for lease	253,000	253,000	$ 506,000	506,000
Lease expiration date			May 31, 2022
Accounts payable and other accrued expenses - related party	92,000		$ 92,000		$ 303,000
MMC [Member] | Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense	$ 43,000	$ 54,000	$ 125,000	$ 124,000
Transition services agreement date	Oct. 1, 2013
George M. Marcus [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage	53.00%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 8,380	$ 7,337
Marketable securities, available for sale	123,658	104,929
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	72,333	27,454
Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	58,903	24,957
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	7,004	2,497
Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,426	0
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	51,325	77,475
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,235	40,636
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	5,402	12,560
Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	22,774	17,750
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,914	6,529
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	138,438	152,490
Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	13,936	9,987
Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	124,502	142,503
Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	8,380	7,337
Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	72,333	27,454
Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	58,903	24,957
Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	7,004	2,497
Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,426	0
Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	51,325	77,475
Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,235	40,636
Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	5,402	12,560
Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	22,774	17,750
Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,914	6,529
Level 1 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	124,502	142,503
Level 1 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 1 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	124,502	142,503
Level 1 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	58,903	24,957
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	58,903	24,957
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,235	40,636
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	16,235	40,636
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	13,936	9,987
Level 2 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	13,936	9,987
Level 2 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	8,380	7,337
Level 2 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	13,430	2,497
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	7,004	2,497
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,426	0
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	35,090	36,839
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	5,402	12,560
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	22,774	17,750
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,914	6,529
Level 3 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 3 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	$ 0	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Equity [Abstract]
Common stock, shares issued	38,117,290	37,882,266
Common stock, shares outstanding	38,117,290	37,882,266
Common stock share, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Undistributed earnings of foreign subsidiary	$ 0

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 810
Other comprehensive income (loss) before reclassifications			196
Amounts reclassified from accumulated other comprehensive income (loss)			0
Net current-period other comprehensive income (loss)	$ 151	$ 414	196	$ 1,141
Ending balance	1,006		1,006
Unrealized gains and (losses) of available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(255)
Other comprehensive income (loss) before reclassifications			221
Amounts reclassified from accumulated other comprehensive income (loss)			0
Net current-period other comprehensive income (loss)			221
Ending balance	(34)		(34)
Foreign currency translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			1,065
Other comprehensive income (loss) before reclassifications			(25)
Amounts reclassified from accumulated other comprehensive income (loss)			0
Net current-period other comprehensive income (loss)			(25)
Ending balance	$ 1,040		$ 1,040

Stock-Based Compensation Plan51

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017Incentive_Planshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common stock shares reserved for issuance of awards	5,500,000
Common stock shares available for grant	5,513,460
Increase of common stock share reserve approved	3,300,000
Number of active equity plans | Incentive_Plan	1
Equity incentive plan amendment, shareholder approval date	May 4, 2017
Equity incentive plan amendment, board of directors approval date	2017-02

Stock-Based Compensation Plan52

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	266,469
Tax benefit from stock-based award activity included in additional paid-in capital		$ 171,000	$ 2,700,000
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units remaining outstanding	930,419
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Vested shares	250,551
Number of common stock shares withheld to pay employee statutory withholding taxes	52,826
Vested and delivered shares	255,709

Stock-Based Compensation Plan53

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2017	Feb. 28, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance			1,050,430
Granted	33,794	146,285	180,079
Vested			(266,469)
Transferred			0
Forfeited/canceled			(19,414)
Nonvested shares, ending balance			944,626
Unrecognized stock-based compensation expense as of June 30, 2017			$ 20,773
Weighted average remaining vesting period (years) as of June 30, 2017			3 years 18 days
Nonvested weighted average grant date fair value per share, beginning balance			$ 22.38
Weighted average grant date fair value per share, Granted			27.17
Weighted average grant date fair value, Vested			20
Weighted average grant date fair value, Transferred			26.63
Weighted average grant date fair value, Forfeited/canceled			23.79
Nonvested weighted average grant date fair value per share, ending balance			$ 23.93
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance			29,112
Granted	13,986	0	13,986
Vested			(15,918)
Transferred			0
Forfeited/canceled			0
Nonvested shares, ending balance			27,180
Unrecognized stock-based compensation expense as of June 30, 2017			$ 663
Weighted average remaining vesting period (years) as of June 30, 2017			2 years 2 months 12 days
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance			566,480
Granted	8,156	139,013	147,169
Vested			(134,347)
Transferred			(24,302)
Forfeited/canceled			(19,414)
Nonvested shares, ending balance			535,586
Unrecognized stock-based compensation expense as of June 30, 2017			$ 12,183
Weighted average remaining vesting period (years) as of June 30, 2017			3 years 5 months 16 days
Restricted Stock Units [Member] | Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares, beginning balance			454,838
Granted	11,652	7,272	18,924
Vested			(116,204)
Transferred			24,302
Forfeited/canceled			0
Nonvested shares, ending balance			381,860
Unrecognized stock-based compensation expense as of June 30, 2017			$ 7,927
Weighted average remaining vesting period (years) as of June 30, 2017			2 years 6 months

Stock-Based Compensation Plan54

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 18 days

Stock-Based Compensation Plan55

Stock-Based Compensation Plans - Schedule of Future Share Settlements (Detail) - Deferred stock units [Member]	6 Months Ended
	Jun. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2,017	351,801
2,018	351,796
2,021	60,373
2,022	166,449
Total	930,419

Stock-Based Compensation Plan56

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for issuance	5,513,460
ESPP description	The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not required in the prior years.
Unrecognized stock-based compensation expense | $	$ 20,773,000
Unrecognized stock-based compensation expenses recognition period	3 years 18 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP offering period description	The offering periods generally start on the first trading day on or after May 15 and November 15 of each year.
Length of purchase intervals	6 months
ESPP discount rate	10.00%
Common stock reserved and available for issuance	366,667
Common stock shares available for issuance	258,949
Unrecognized stock-based compensation expense | $	$ 47,000
Unrecognized stock-based compensation expenses recognition period	4 months 17 days
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance authorized annual share increase	366,667
Common stock available for future issuance authorized annual percentage increase	1.00%

Stock-Based Compensation Plan57

Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - shares	Oct. 30, 2013	Jun. 30, 2017
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee termination age	67 years
DSU settlement to common stock percentage	20.00%
DSU settlement into actual stock issued term	5 years
Percentage of shares of deferred stock units settled in the event of death or termination after reaching age 67	100.00%
Restricted Stock Sales Restriction [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sales restriction lapse percentage for restricted stock	20.00%
Employee termination age	67 years
Sales restriction period for restricted stock	5 years
Percentage of shares of stock released from resale restriction upon consummation of change of control	100.00%
Percentage of shares of restricted released from resale restriction in the event of death or termination after reaching age 67	100.00%
Number of original shares subject to resale restriction	3,689,326
Number of shares remain subject to sales restriction		1,475,730

Stock-Based Compensation Plan58

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - Independent contractors	$ 1,044	$ 788	$ 1,861	$ 1,318
Allocated share-based compensation expense	2,115	1,775	3,981	3,100
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	29	60	75	108
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	90	109	179	198
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 952	$ 818	$ 1,866	$ 1,476

Stock-Based Compensation Plan59

Stock-Based Compensation Plans - Changes in Company's Common Stock Price During Reporting Period (Detail) - Stock Based Compensation Expense [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price at beginning of period	$ 24.58	$ 25.39	$ 26.72	$ 29.14
Common stock price at end of period	26.36	25.41	26.36	25.41
Increase (decrease) in stock price	$ 1.78	$ 0.02	$ (0.36)	$ (3.73)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	39.20%	39.70%	38.90%	39.80%
Tax computed at federal rate, percentage	35.00%	35.00%	35.00%	35.00%

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory rate of 35%, amount	$ 8,967	$ 10,173	$ 15,793	$ 18,817
State income tax expense, net of federal benefit, amount	973	1,153	1,741	2,139
Foreign rate differential, amount	25	48	47	107
Windfall tax benefits, net related to stock-based compensation, amount			(156)	0
Change in valuation allowance, amount	62	120	116	266
Other, amount	25	48	13	95
Provision for income taxes, amount	$ 10,052	$ 11,542	$ 17,554	$ 21,424
Income tax expense at the federal statutory rate of 35%, rate	35.00%	35.00%	35.00%	35.00%
State income tax expense, net of federal benefit, rate	3.80%	4.00%	3.90%	4.00%
Foreign rate differential, rate	0.10%	0.20%	0.10%	0.20%
Windfall tax benefits, net related to stock-based compensation, rate			(0.40%)	0.00%
Change in valuation allowance, rate	0.20%	0.40%	0.30%	0.50%
Other, rate	0.10%	0.10%	0.00%	0.10%
Provision for income taxes, rate	39.20%	39.70%	38.90%	39.80%

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator (Basic and Diluted):
Net income	$ 15,569	$ 17,524	$ 27,569	$ 32,339
Denominator:
Weighted average common shares issued and outstanding	38,100	37,591	38,075	37,576
Deduct: Unvested RSAs	(28)	(38)	(29)	(36)
Add: Fully vested DSUs	930	1,365	930	1,365
Weighted Average Common Shares Outstanding	39,002	38,918	38,976	38,905
Basic earnings per common share	$ 0.40	$ 0.45	$ 0.71	$ 0.83
Weighted Average Common Shares Outstanding from above	39,002	38,918	38,976	38,905
Add: Dilutive effect of RSUs, RSAs & ESPP	130	136	142	103
Weighted Average Common Shares Outstanding	39,132	39,054	39,118	39,008
Diluted earnings per common share	$ 0.40	$ 0.45	$ 0.70	$ 0.83
Antidilutive shares excluded from diluted earnings per common share	317	244	324	449

Earnings per Share - Computat63

Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2017
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Line of Credit Facility [Line Items]
Senior secured revolving credit facility maximum borrowing capacity	$ 60,000,000		$ 60,000,000
Revolving credit facility maturity date			Jun. 1, 2019
Date the Company entered into a Credit Agreement			Jun. 18, 2014
Credit agreement date			Jun. 1, 2014
Standby letters of credit borrowing capacity	10,000,000		$ 10,000,000
Standby letters of credit, utilized amount	533,000		$ 533,000
Credit facility interest rate description			Credit Facility will bear interest, at the Company's option, at either the (i) Base Rate (defined as the highest of (a) the Bank's prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month LIBOR plus 1.5%), or (ii) at a variable rate between 0.875% and 1.125% above LIBOR, based upon the total funded debt to EBITDA ratio.
LIBOR rate duration period			1 month
Credit agreement, unused capacity, commitment fee percentage			0.10%
Interest expense	374,000	$ 384,000	$ 756,000	$ 775,000
Credit agreement, amount outstanding	0		$ 0
Credit facility covenants			(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.251.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.01.0
Minimum EBITDAR coverage ratio			1.25%
Maximum Total Funded Debt to EBITDA ratio			2.00%
Credit agreement, pledge percentage			100.00%
Compliance description			As of June 30, 2017, the Company was in compliance with all financial and non-financial covenants.
LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Interest expense	$ 28,000	$ 29,000	$ 55,000	$ 59,000
Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			0.875%
Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.125%

Commitments and Contingencies65

Commitments and Contingencies - Additional Information Other (Detail) $ in Millions	Jun. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other commitment amount	$ 1.7