Marcus & Millichap (MMI) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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
Smaller Reporting Company	false
Emerging Growth Company	true
Entity Extended Transition Period	true
Entity Common Stock, Shares Outstanding		38,651,360

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 181,020	$ 220,786
Commissions receivable	5,548	9,586
Prepaid expenses	6,516	9,661
Income tax receivable	0	1,308
Marketable securities, available-for-sale	120,701	73,560
Other assets, net	7,572	5,529
Total current assets	321,357	320,430
Prepaid rent	14,517	15,392
Property and equipment, net	18,169	17,153
Marketable securities, available-for-sale	85,135	52,099
Assets held in rabbi trust	9,115	8,787
Deferred tax assets, net	23,635	22,640
Goodwill and other intangible assets, net	5,639	0
Other assets	32,568	23,163
Total assets	510,135	459,664
Current liabilities:
Accounts payable and other liabilities	8,780	9,202
Notes payable to former stockholders	1,087	1,035
Deferred compensation and commissions	29,839	49,180
Income tax payable	5,963	0
Accrued bonuses and other employee related expenses	23,103	23,842
Total current liabilities	68,772	83,259
Deferred compensation and commissions	45,418	49,361
Notes payable to former stockholders	6,564	7,651
Deferred rent and other liabilities	6,690	4,505
Total liabilities	127,444	144,776
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value: Authorized shares - 25,000,000; issued and outstanding shares - none at September 30, 2018 and December 31, 2017, respectively	0	0
Common stock, $0.0001 par value: Authorized shares - 150,000,000; issued and outstanding shares - 38,651,360 and 38,374,011 at September 30, 2018 and December 31, 2017, respectively	4	4
Additional paid-in capital	97,375	89,877
Stock notes receivable from employees	(4)	(4)
Retained earnings	285,116	224,071
Accumulated other comprehensive income	200	940
Total stockholders' equity	382,691	314,888
Total liabilities and stockholders' equity	$ 510,135	$ 459,664

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	38,651,360	38,374,011
Common stock, shares outstanding	38,651,360	38,374,011

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Revenue	$ 210,590	$ 183,341	$ 584,533	$ 516,924
Operating expenses:
Cost of services	132,896	114,803	354,414	314,827
Selling, general and administrative expense	48,659	42,480	145,792	129,393
Depreciation and amortization expense	1,651	1,375	4,529	3,975
Total operating expenses	183,206	158,658	504,735	448,195
Operating income	27,384	24,683	79,798	68,729
Other income (expense), net	2,127	1,172	5,060	3,005
Interest expense	(342)	(370)	(1,054)	(1,126)
Income before provision for income taxes	29,169	25,485	83,804	70,608
Provision for income taxes	8,315	10,010	22,772	27,564
Net income	20,854	15,475	61,032	43,044
Other comprehensive (loss) income:
Unrealized (losses) gains on marketable securities, net of tax of $(38), $66, $(259) and $242 for the three months ended September 30, 2018 and 2017 and the nine months ended September 30, 2018 and 2017, respectively	(115)	104	(771)	325
Foreign currency translation (loss) gain, net of tax of $0 for each of the three months ended September 30, 2018 and 2017 and each of the nine months ended September 30, 2018 and 2017	(29)	(40)	44	(65)
Total other comprehensive (loss) income	(144)	64	(727)	260
Comprehensive income	$ 20,710	$ 15,539	$ 60,305	$ 43,304
Earnings per share:
Basic	$ 0.53	$ 0.40	$ 1.56	$ 1.10
Diluted	$ 0.53	$ 0.39	$ 1.55	$ 1.10
Weighted average common shares outstanding:
Basic	39,191	39,033	39,147	38,995
Diluted	39,484	39,204	39,359	39,136
Real Estate Brokerage Commissions [Member]
Revenues:
Revenue	$ 191,980	$ 169,357	$ 536,145	$ 472,069
Financing Fees [Member]
Revenues:
Revenue	15,947	11,368	41,234	34,131
Other Revenues [Member]
Revenues:
Revenue	$ 2,663	$ 2,616	$ 7,154	$ 10,724

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Unrealized (losses) gains on marketable securities, tax	$ (38)	$ 66	$ (259)	$ 242
Foreign currency translation (loss) gain, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Stock Notes Receivable From Employees [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]
Beginning Balance at Dec. 31, 2017	$ 314,888	$ 0	$ 4	$ 89,877	$ (4)	$ 224,071	$ 940
Beginning Balance, Shares at Dec. 31, 2017		0	38,374,011
Balance as adjusted at Dec. 31, 2017	314,888	$ 0	$ 4	89,877	(4)	224,084	927
Net and comprehensive income	60,305	0	0	0	0	61,032	(727)
Stock-based compensation	8,919	$ 0	0	8,919	0	0	0
Stock-based compensation, Shares		0
Shares issued pursuant to employee stock purchase plan	356	$ 0	$ 0	356	0	0	0
Shares issued pursuant to employee stock purchase plan shares		0	13,028
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	305,975
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	12,852
Shares withheld related to net share settlement of stock-based awards	(1,777)	$ 0	$ 0	(1,777)	0	0	0
Shares withheld related to net share settlement of stock-based awards, shares		0	(54,506)
Ending Balance at Sep. 30, 2018	382,691	$ 0	$ 4	97,375	(4)	285,116	200
Ending Balance, Shares at Sep. 30, 2018		0	38,651,360
Cumulative effect of a change in accounting principle	$ 0	$ 0	$ 0	$ 0	$ 0	$ 13	$ (13)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net income	$ 61,032	$ 43,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,529	3,975
Provision for bad debt expense	52	33
Stock-based compensation	8,919	6,173
Deferred taxes, net	(735)	1,541
Net realized (gains) losses on marketable securities, available-for-sale	(12)	(2)
Other non-cash items	(148)	(46)
Changes in operating assets and liabilities:
Commissions receivable	4,183	594
Prepaid expenses	3,145	2,266
Prepaid rent	875	(1,831)
Asset held in rabbi trust	0	(700)
Other assets	(9,066)	(12,780)
Accounts payable and other liabilities	(1,552)	(1,359)
Income tax receivable/payable	7,271	2,477
Accrued bonuses and other employee related expenses	(558)	(1,763)
Deferred compensation and commissions	(23,739)	(16,760)
Deferred rent and other liabilities	817	476
Net cash provided by operating activities	55,013	25,338
Cash flows from investing activities
Acquisitions, net of cash received	(6,990)	0
Purchases of marketable securities, available-for-sale	(168,672)	(37,561)
Proceeds from sales and maturities of marketable securities, available-for-sale	88,027	14,950
Issuances of employee notes receivable	(126)	(432)
Payments received on employee notes receivable	12	9
Proceeds from sale of property and equipment	0	10
Purchase of property and equipment	(4,574)	(4,987)
Net cash used in investing activities	(92,323)	(28,011)
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(1,777)	(1,442)
Proceeds from issuance of shares pursuant to employee stock purchase plan	356	392
Principal payments on notes payable to former stockholders	(1,035)	(986)
Net cash used in financing activities	(2,456)	(2,036)
Net decrease in cash and cash equivalents	(39,766)	(4,709)
Cash and cash equivalents at beginning of period	220,786	187,371
Cash and cash equivalents at end of period	181,020	182,662
Supplemental disclosures of cash flow information
Interest paid during the period	2,180	1,896
Income taxes paid, net	16,237	23,546
Supplemental disclosures of noncash investing and financing activities
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	192	243
Change in property and equipment included in accounts payable and other liabilities	$ 708	$ (203)

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2018, MMI operates 79 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which primarily includes the operations of Marcus & Millichap Capital Corporation (“MMCC”). Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off (“Spin-Off”). Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current), available-for-sale, non-current) available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company requires collateral on a case-by-case During the three and nine months ended September 30, 2018 and 2017, the Company’s Canadian operations represented less than 1% of total revenues. During the three and nine months ended September 30, 2018 and 2017, no office represented 10% or more of total revenues.

Accounting Policies and Recent

Accounting Policies and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Accounting Policies and Recent Accounting Pronouncements	2. Accounting Policies and Recent Accounting Pronouncements Accounting Policies The complete list of the Company’s accounting policies is included in the Company’s Annual Report on Form 10-K Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell commercial properties. The Company generates financing fees from securing financing on purchase transactions as well as fees earned from refinancing its clients’ existing mortgage debt and other financing activities, including mortgage servicing. Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers. The Company’s contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Accordingly, the Company determined that the transaction price is fixed and determinable and collectability is reasonably assured. The Company recognizes revenue in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided or upon closing of the transaction for other revenues. Mortgage Servicing Rights and Fees Mortgage servicing rights (“MSRs”) are recorded at fair value upon acquisition of a servicing contract. The estimated net cash flows on the contracts are discounted over the estimated life of the underlying loan. The life of the underlying loan is estimated giving consideration to the prepayment provisions in the loan. The Company’s model assumes full prepayment of the loan at or near the point where the prepayment provisions have expired. The MSRs have principally similar risk characteristics. The assumptions used to estimate the fair value of MSRs are based on internal models and are periodically compared to assumptions used by other market participants. Due to the relatively few transactions in the MSR market, we have experienced little volatility in the assumptions we use during the periods presented. Additionally, we do not expect to see much volatility in the assumptions for the foreseeable future. Management actively monitors the assumptions used and makes adjustments to those assumptions when market conditions change or other factors indicate such adjustments are warranted. We carry MSRs at the lower of the amortized cost or fair value and evaluate the carrying value for impairment quarterly. We engage a third party to assist in determining the estimated fair value of our existing MSRs quarterly. All MSRs are amortized using the interest method over the period that servicing income is expected to be received. MSRs are included in other assets non-current We recognize mortgage servicing revenues upon the acquisition of a servicing contract. The Company records servicing fees when earned provided the loans are current and the debt service payments are made by the borrowers. MSRs and related servicing fees are recorded in financing fees in the accompanying condensed consolidated statements of net and comprehensive income. Capitalization of Internal Labor Certain costs related to the development or purchases of internal-use Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the consideration for the acquisition is allocated to the assets acquired and liabilities assumed. The Company recognizes identifiable assets acquired and liabilities assumed (both specific and contingent) at their acquisition date fair values as determined by management as of the acquisition date. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed as incurred and not considered in determining the fair value of the acquired assets. The excess of the consideration over the assets acquired net of liabilities assumed is recognized as goodwill. Goodwill The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company currently has only one reporting unit; therefore, all goodwill is allocated to that one reporting unit. Intangible Assets The Company’s intangible assets primarily include non-compete Stock-Based Compensation The Company follows the accounting guidance for share-based payments which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, independent contractors and non-employee After adoption of Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) For awards made to the Company’s employees and directors, the Company initially values restricted stock units and restricted stock awards based on the grant date closing price of the Company’s common stock. For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the portion of the grant date value of the award that has vested through that date. The Company adopted ASU No. 2018-7, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 2018-7”) 2018-7, If there are any modifications or cancellations of the underlying unvested share-based awards, the Company may be required to accelerate, increase or cancel any remaining unrecognized or previously recorded stock-based compensation expense. For awards issued under the ESPP Plan, the Company determined that the plan was a compensatory plan and is required to expense the fair value of the awards over each six-month Recent Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), 2014-09, No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2016-08, Revenue from Contacts with Customers: Principal Versus Agent Considerations No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients 2014-09 2014-09 The Company assessed the impact of the standard and determined that its contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all of its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. The Company determined the transaction price is generally fixed and determinable and collectability is reasonably assured. Revenue was and will continue to be recognized in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided upon closing of the transaction for other revenues. Accordingly, the adoption of ASU 2014-09, In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). 2017-01 2017-01 In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). 2017-04 2017-04 2017-04 In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02”). 2018-02 2018-02 In June 2018, the FASB issued ASU No. 2018-7. 2018-7 Revenue from Contracts with Customers non-employees 2018-7 non-employees non-employee Pending Adoption In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses 2016-13”). 2016-13 2016-13, available-for In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13”). 2018-13 2018-13 2018-13

Acquisitions, Goodwill and Inta

Acquisitions, Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Acquisitions, Goodwill and Intangible Assets	3. Acquisitions, Goodwill and Intangible Assets During the nine months ended September 30, 2018, the Company completed three acquisitions and the results of each of the acquisitions have been included in the condensed consolidated financial statements beginning on their respective acquisition date. The acquisitions expand the Company’s network of its real estate sales and financing professionals and loan originators and provides further diversification to its loan origination platform and financing services. Aggregate terms of these acquisitions included: (i) cash paid at closing of approximately $7.0 million, net of cash received and (ii) the fair value of contingent consideration which may be paid over the next five-year period after the related acquisition based on achievement of certain EBITDA targets or service requirements. The Company determined the fair value of the contingent consideration was $1.7 million using a probability-weighted, discounted cash flow estimate based on achieving EBITDA targets. See Note 9 – “Fair Value Measurements” for additional information on contingent consideration. The acquisitions were accounted for as business combinations. Based on preliminary purchase price allocations, $2.0 million, net, was allocated to mortgage servicing assets ($2.1 million) and liabilities ($0.1 million), $1.6 million was allocated to the fair values of intangible assets, $0.8 million to other assets noncurrent and $0.1 million to acquired working capital, with the remainder of $4.2 million allocated to goodwill. The goodwill recorded as part of the acquisitions primarily arose from the acquired assembled workforce and commercial sales, lending and servicing platforms. The Company expects all of the goodwill to be tax deductible, with the tax-deductible Goodwill and intangible assets, net consisted of the following (in thousands): September 30, 2018 December 31, 2017 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill (1) $ 4,186 $ — $ 4,186 $ — $ — $ — Intangible assets (1) 1,571 (118 ) 1,453 — — — $ 5,757 $ (118 ) $ 5,639 $ — $ — $ — (1) Represents additions from acquisition. The net change in the carrying value of intangible assets consisted of the following (in thousands): September 30, December 31, Beginning balance $ — $ — Additions from acquisition 1,571 — Amortization (118 ) — $ 1,453 $ — Estimated amortization expense for intangible assets for the next five years and thereafter consisted of the following (in thousands): September 30, Remainder of 2018 $ 88 2019 340 2020 327 2021 245 2022 184 Thereafter 269 $ 1,453

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment, net consisted of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 18,311 $ 16,247 Furniture, fixtures, and equipment 23,527 21,695 Less: accumulated depreciation and amortization (23,669 ) (20,789 ) $ 18,169 $ 17,153 During the nine months ended September 30, 2018 and 2017, the Company wrote off approximately $1.4 million and $2.9 million, respectively, of fully depreciated computer software and hardware equipment and furniture, fixtures and equipment.

Selected Balance Sheet Data

Selected Balance Sheet Data	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	5. Selected Balance Sheet Data Other Assets Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, MSRs, net of amortization $ — $ — $ 2,329 $ — Due from independent contractors, net (1) (2) 3,236 3,672 28,032 21,726 Security deposits — — 1,170 1,158 Employee notes receivable (3) 184 366 139 255 Customer trust accounts and other 4,152 1,491 898 24 $ 7,572 $ 5,529 $ 32,568 $ 23,163 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $474 and $494 as of September 30, 2018 and December 31, 2017, respectively. The Company recorded a provision for bad debt expense of $81 and $87 and wrote off $17 and $4 of these receivables for the three months ended September 30, 2018 and 2017, respectively. The Company recorded a provision for bad debt expense of $52 and $33 and wrote off $72 and $14 of these receivables for the nine months ended September 30, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) See Note 8 – “Related-Party Transactions” for additional information. The net change in the carrying value of MSRs consisted of the following (in thousands): September 30, December 31, Beginning balance $ — $ — Additions from acquisition 2,121 — Additions 373 — Amortization (165 ) — $ 2,329 $ — See Note 9 – “Fair Value Measurements” for additional information about MSRs. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Stock appreciation rights (“SARs”) liability (1) $ 1,735 $ 1,662 $ 19,150 $ 20,217 Commissions payable to investment sales and financing professionals 26,843 46,257 18,583 21,924 Deferred compensation liability (1) 1,261 1,261 7,685 7,220 $ 29,839 $ 49,180 $ 45,418 $ 49,361 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months 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, or in full upon consummation of a change in control of the Company. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the nine months ended September 30, 2018, the Company made total payments (consisting of accumulated interest) of $1.7 million classified as an operating cash flow in the deferred compensation and commissions caption in the accompanying condensed consolidated statements of cash flows. Commissions Payable Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned as they relate to specific transactions closed. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as long-term. Deferred Compensation Liability A select group of management is eligible to participate in the Marcus & Millichap Deferred Compensation Plan (the “Deferred Compensation Plan”). The plan is a non-qualified in-service The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Increase in the carrying value of the assets held in the rabbi trust (1) $ 266 $ 202 $ 456 $ 571 Increase in the net carrying value of the deferred compensation obligation (2) $ 267 $ 219 $ 455 $ 618 (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	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Securities	6. Investments in Marketable Securities Amortized cost and fair value of marketable securities, available-for-sale, September 30, 2018 December 31, 2017 Amortized Gross Gross Fair Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 106,291 $ — $ (150 ) $ 106,141 $ 57,712 $ — $ (88 ) $ 57,624 U.S. government sponsored entities 3,502 — (17 ) 3,485 7,016 — (8 ) 7,008 Corporate debt securities 10,988 — (13 ) 10,975 8,931 — (3 ) 8,928 Asset-backed securities and other 100 — — 100 — — — — $ 120,881 $ — $ (180 ) $ 120,701 $ 73,659 $ — $ (99 ) $ 73,560 Long-term investments: U.S. treasuries $ 52,865 $ — $ (343 ) $ 52,522 $ 18,111 $ 7 $ (164 ) $ 17,954 U.S. government sponsored entities 1,603 — (83 ) 1,520 5,306 — (62 ) 5,244 Corporate debt securities 25,374 4 (471 ) 24,907 22,505 268 (54 ) 22,719 Asset-backed securities and other 6,252 1 (67 ) 6,186 6,180 17 (15 ) 6,182 $ 86,094 $ 5 $ (964 ) $ 85,135 $ 52,102 $ 292 $ (295 ) $ 52,099 The amortized cost and fair value of the Company’s investments in available-for-sale September 30, 2018 December 31, 2017 Unrealized Fair Value Unrealized Fair Value Less than 12 months $ (730 ) $ 187,177 $ (158 ) $ 63,229 12 months or longer $ (414 ) $ 17,099 $ (236 ) $ 44,961 Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Three Months Ended Nine Months Ended 2018 2017 2018 2017 Gross realized gains (1) $ — $ 1 $ 12 $ 2 Gross realized losses (1) $ — $ — $ — $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. As of September 30, 2018, the Company considers the declines in market value of its marketable securities, available-for-sale available-for-sale Amortized cost and fair value of marketable securities, available-for-sale, September 30, 2018 December 31, 2017 Amortized Fair Value Amortized Fair Value Due in one year or less $ 120,881 $ 120,701 $ 73,659 $ 73,560 Due after one year through five years 63,511 63,236 30,644 30,517 Due after five years through ten years 16,451 15,955 15,090 15,200 Due after ten years 6,132 5,944 6,368 6,382 $ 206,975 $ 205,836 $ 125,761 $ 125,659 Weighted average contractual maturity 2.0 years 2.6 years Actual maturities may differ from contractual maturities because certain borrowers have the right to prepay certain obligations with or without prepayment penalties.

Notes Payable to Former Stockho

Notes Payable to Former Stockholders	9 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Notes Payable to Former Stockholders	7. Notes Payable to Former Stockholders In conjunction with the Spin-Off Accrued interest included in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets pertaining to the Notes consisted of the following (in thousands): September 30, December 31, Accrued interest $ 175 $ 305 Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Interest expense $ 96 $ 110 $ 307 $ 345

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	8. Related-Party Transactions Shared and Transition Services Prior to October 2013, the Company operated under a shared services arrangement with MMC whereby the Company was charged for actual costs specifically incurred on behalf of the Company or allocated to the Company on a pro rata basis. Beginning in October 2013, certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company, which replaced the pre-IPO Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended September 30, 2018 and 2017, the Company earned real estate brokerage commissions and financing fees of $1.8 million and $309,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $1.1 million and $181,000, respectively, related to these revenues. For the nine months ended September 30, 2018 and 2017, the Company earned real estate brokerage commissions and financing fees of $4.9 million and $632,000, respectively, from subsidiaries of MMC related to these services. The Company incurred cost of services of $2.9 million and $368,000, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires on May 31, 2022. Rent expense for this lease aggregated $257,000 and $253,000 for the three months ended September 30, 2018 and 2017 respectively. Rent expense for this lease aggregated $765,000 and 759,000 for the nine months ended September 30, 2018 and 2017 respectively. Rent expense is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Accounts Payable and Other Liabilities with MMC For each of the periods ended September 30, 2018 and December 31, 2017, accounts payable and other liabilities with MMC totaling $91,000 remain unpaid and are included in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive time-to-time. non-current), As of September 30, 2018, George M. Marcus, the Company’s founder and Co-Chairman,

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. 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 and third parties to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Level 2: Level 3: Recurring Fair Value Measurements The Company values its investments including assets held in rabbi trust, commercial paper, money market funds, investments in marketable securities, available-for-sale available-for-sale Assets and liabilities carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): September 30, 2018 December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 9,115 $ — $ 9,115 $ — $ 8,787 $ — $ 8,787 $ — Cash equivalents (1) Commercial paper $ 8,496 $ — $ 8,496 $ — $ 11,441 $ — $ 11,441 $ — Money market funds 110,231 110,231 — — 157,788 157,788 — — $ 118,727 $ 110,231 $ 8,496 $ — $ 169,229 $ 157,788 $ 11,441 $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 106,141 $ 106,141 $ — $ — $ 57,624 $ 57,624 $ — $ — U.S. government sponsored entities 3,485 — 3,485 — 7,008 — 7,008 — Corporate debt securities 10,975 — 10,975 — 8,928 — 8,928 — Asset-backed securities and other 100 — 100 — — — — — $ 120,701 $ 106,141 $ 14,560 $ — $ 73,560 $ 57,624 $ 15,936 $ — Long-term investments: U.S. treasuries $ 52,522 $ 52,522 $ — $ — $ 17,954 $ 17,954 $ — $ — U.S. government sponsored entities 1,520 — 1,520 — 5,244 — 5,244 — Corporate debt securities 24,907 — 24,907 — 22,719 — 22,719 — Asset-backed securities and other 6,186 — 6,186 — 6,182 — 6,182 — $ 85,135 $ 52,522 $ 32,613 $ — $ 52,099 $ 17,954 $ 34,145 $ — Liabilities: Contingent consideration $ 1,806 $ — $ — $ 1,806 $ — $ — $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. At September 30, 2018, the fair value of the contingent consideration was $1.8 million. Assuming the achievement of the applicable performance criteria, the Company anticipates these earn-out earn-out A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): September 30, December 31, Beginning balance $ — $ — Contingent consideration in connection with acquisitions 1,720 — Change in fair value of contingent consideration 86 — Payments of contingent consideration — — $ 1,806 $ — There were no transfers in or out of Level 1, Level 2 and Level 3 during the nine months ended September 30, 2018. Nonrecurring Fair Value Measurements In accordance with U.S. GAAP, from time to time, the Company measures certain assets at fair value on a nonrecurring basis. These assets include MSRs. MSRs are initially recorded at fair value based on internal models using contractual information and assumptions of a market participant and are measured as Level 3. The Company’s MSRs do not trade in an active, open market with readily observable prices. The Company has elected the amortization method for the subsequent measurement of MSRs. The estimated fair value of the Company’s MSRs were developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. MSRs are carried at the lower of amortized cost or fair value. The fair value of the MSRs approximated the carrying value at September 30, 2018.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2018
Federal Home Loan Banks [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Common Stock As of September 30, 2018 and December 31, 2017, there were 38,651,360 and 38,374,011 shares of common stock, $0.0001 par value, issued and outstanding, which includes unvested restricted stock awards issued to non-employee Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At September 30, 2018 and December 31, 2017, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive (Loss) Income The components of accumulated other comprehensive income as of September 30, 2018, by component, net of income taxes consisted of the following (in thousands): Unrealized available-for- Foreign (3) Total Beginning balance, December 31, 2017 $ (62 ) $ 1,002 $ 940 Cumulative effect of change in accounting principle (1) (13 ) — (13 ) Balance at January 1, 2018, as adjusted (75 ) 1,002 927 Other comprehensive (loss) income before reclassifications (779 ) 44 (735 ) Amounts reclassified from accumulated other comprehensive (loss) income (2) 8 — 8 Net current-period other comprehensive (loss) income (771 ) 44 (727 ) $ (846 ) $ 1,046 $ 200 (1) Relates to reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings as a result of adoption of ASU 2018-02. (2) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (3) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	11. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The board of directors adopted the 2013 Omnibus Equity Incentive Plan (the “2013 Plan”), which became effective upon the Company’s IPO. In February 2017, the board of directors amended and restated the 2013 Plan, which was approved by the Company’s stockholders in May 2017. Grants are made from time to time by the compensation committee of the Company’s board of directors at its discretion subject to certain restrictions as to the number and value of shares that may be granted to any individual. Upon adoption of the 2013 Plan, 5,500,000 shares of common stock were initially reserved for the issuance of awards. Pursuant to the automatic increases previously provided for in the 2013 Plan, the board of directors approved share reserve increases aggregating 3,300,000. Pursuant to the amendment and restatement of the 2013 Plan referenced above, the automatic share increase provision was removed. As of September 30, 2018, there were 5,401,371 shares available for future grants under the 2013 Plan. Awards Granted and Settled Under the 2013 Plan, the Company has issued restricted stock awards (“RSAs”) to non-employee one-year During the nine months ended September 30, 2018, 305,975 shares of RSUs vested and were delivered and 54,506 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2017 30,732 500,859 450,264 981,855 $ 23.90 Granted February 2018 — 106,419 20,293 126,712 March 2018 — 15,000 — 15,000 May 2018 12,852 4,854 14,280 31,986 August 2018 — 10,407 63,651 74,058 Total Granted 12,852 136,680 98,224 247,756 34.92 Vested (16,488 ) (142,433 ) (163,542 ) (322,463 ) 22.06 Transferred — (7,356 ) 7,356 — 26.52 Forfeited/canceled — (1,960 ) (5,744 ) (7,704 ) 28.76 Nonvested shares at September 30, 2018 (1) 27,096 485,790 386,558 899,444 $ 27.56 Unrecognized stock-based compensation expense as of September 30, 2018 (2) $ 526 $ 10,884 $ 10,621 $ 22,031 Weighted average remaining vesting period (years) as of September 30, 2018 0.95 3.27 3.27 3.22 (1) Nonvested RSUs 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 3.22 years. As of September 30, 2018, 578,618 fully vested deferred stock units (“DSUs”) remained outstanding. See “Amendments to Restricted Stock and SARs” section below and Note 13 – “Earnings per Share” for additional information. Future share settlements of DSUs by year consisted of the following: September 30, 2018 237,052 2019 — 2020 — 2021 60,373 2022 281,193 578,618 Employee Stock Purchase Plan In 2013, the Company adopted the ESPP Plan. The ESPP Plan qualifies under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping 6-month 6-month The ESPP Plan initially had 366,667 shares of common stock reserved and 233,867 and 246,895 shares of common stock remain available for issuance for each of the periods at September 30, 2018 and December 31, 2017, respectively. The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the compensation committee of the board of directors. Pursuant to the provisions of the ESPP Plan, the board of directors has determined to not provide for any annual increases to date. As of September 30, 2018, total unrecognized compensation cost related to the ESPP Plan was $18,000 and is expected to be recognized over a weighted average period of 0.12 years. Amendments to Restricted Stock and SARs Restricted Stock In connection with the IPO, the Company entered into sales restriction agreements with certain of its executive officers. The sale restriction agreements provided for vesting acceleration as to all outstanding shares of restricted shares held by the executive officers and termination of certain existing Buy-Sell 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 2018-7 non-employee Three Months Ended Nine Months Ended 2018 2017 2018 2017 Employee stock purchase plan $ 37 $ 31 $ 100 $ 106 RSAs – non-employee 182 105 458 284 RSUs – employees 1,112 975 3,161 2,841 RSUs – independent contractors (1) 1,816 1,081 5,200 2,942 $ 3,147 $ 2,192 $ 8,919 $ 6,173 (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees. 2018-7,

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2018 was 28.5% and 27.2%, respectively, compared to 39.3% and 39.0% for the three and nine months ended September 30, 2017, respectively. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (in thousands): Three Months Ended September 30, 2018 2017 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 6,125 21.0 % $ 8,920 35.0 % State income tax expense, net of federal benefit 1,462 5.0 % 993 3.9 % Effect of foreign operations (28 ) (0.1 )% 16 0.1 % Windfall tax benefits, net related to stock-based compensation (17 ) (0.1 )% 32 0.1 % Change in valuation allowance 162 0.6 % 38 0.2 % Permanent items and other (1) 611 2.1 % 11 — $ 8,315 28.5 % $ 10,010 39.3 % (1) 2018 includes the impact of the changes in tax laws under the Act, primarily relating to changes to Section 162(m) of the Internal Revenue Code and the tax rules regarding the deductibility of entertainment expenses and recording of uncertain tax positions. Nine Months Ended September 30, 2018 2017 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 17,599 21.0 % $ 24,713 35.0 % State income tax expense, net of federal benefit 3,974 4.7 % 2,734 3.9 % Effect of foreign operations (48 ) — 63 0.1 % Windfall tax benefits, net related to stock-based compensation (261 ) (0.3 )% (124 ) (0.2 )% Change in valuation allowance 284 0.3 % 154 0.2 % Permanent items and other (1) 1,224 1.5 % 24 — $ 22,772 27.2 % $ 27,564 39.0 % (1) 2018 includes the impact of the changes in tax laws under the Act, primarily relating to changes to Section 162(m) of the Internal Revenue Code and the tax rules regarding the deductibility of entertainment expenses and recording of uncertain tax positions. On December 22, 2017, the Act was enacted, which significantly changed the U.S. corporate income tax laws by, among other items, reducing the U.S. corporate income tax rate to 21% from 35% starting in 2018, eliminating certain exceptions to Section 162(m) of the Internal Revenue Code and expanding the employees, companies and types of compensation covered by Section 162(m), and creating a territorial tax system with a one-time

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share	13. Earnings per Share Basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017, respectively consisted of the following (in thousands, except per share data): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator (Basic and Diluted): Net income $ 20,854 $ 15,475 $ 61,032 $ 43,044 Denominator: Basic Weighted average common shares issued and outstanding 38,641 38,132 38,598 38,094 Deduct: Unvested RSAs (1) (29 ) (29 ) (30 ) (29 ) Add: Fully vested DSUs (2) 579 930 579 930 Weighted Average Common Shares Outstanding 39,191 39,033 39,147 38,995 Basic earnings per common share $ 0.53 $ 0.40 $ 1.56 $ 1.10 Diluted Weighted Average Common Shares Outstanding from above 39,191 39,033 39,147 38,995 Add: Dilutive effect of RSUs, RSAs & ESPP 293 171 212 141 Weighted Average Common Shares Outstanding 39,484 39,204 39,359 39,136 Diluted earnings per common share $ 0.53 $ 0.39 $ 1.55 $ 1.10 Antidilutive shares excluded from diluted earnings per common share (3) 76 205 250 381 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 11 – “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	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (“Bank”), dated as of June 1, 2014 (the “Credit Agreement”). The Credit Agreement provides for a $60.0 million principal amount senior secured revolving credit facility that is guaranteed by all of the Company’s domestic subsidiaries (the “Credit Facility”), which, as amended, matures on June 1, 2020. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at September 30, 2018. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either the (i) Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) the Federal Funds Rate plus 1.5% and (c) one-month The Credit Facility contains customary covenants, including financial and other covenant reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end both on a rolling 4-quarter non-financial Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance, which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceeding cannot be determined, the Company reviews the need for its accrual for loss contingencies quarterly and records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company believes that the ultimate resolution of the legal proceedings will not have a material adverse effect on its financial condition or results of operations. The Company accrues legal fees for litigation as the legal services are provided. Other In connection with certain agreements with current and prospective investment sales and financing professionals, the Company has committed to advance amounts to these investment sales and financing professionals, subject to certain conditions and/or reaching performance goals. Such commitments aggregated $11.3 million, including amounts committed to through the date the condensed consolidated financial statements were issued.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Description of Business	Description of Business Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of September 30, 2018, MMI operates 79 offices in the United States and Canada through its wholly-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”), which primarily includes the operations of Marcus & Millichap Capital Corporation (“MMCC”).
Reorganization and Initial Public Offering	Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off (“Spin-Off”).
Basis of Presentation	Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K
Consolidation	Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, due from independent contractors (included under other assets, net current and other assets non-current), available-for-sale, non-current) available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions that hold the Company’s cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company requires collateral on a case-by-case During the three and nine months ended September 30, 2018 and 2017, the Company’s Canadian operations represented less than 1% of total revenues. During the three and nine months ended September 30, 2018 and 2017, no office represented 10% or more of total revenues.
Revenue Recognition	Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell commercial properties. The Company generates financing fees from securing financing on purchase transactions as well as fees earned from refinancing its clients’ existing mortgage debt and other financing activities, including mortgage servicing. Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers. The Company’s contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Accordingly, the Company determined that the transaction price is fixed and determinable and collectability is reasonably assured. The Company recognizes revenue in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided or upon closing of the transaction for other revenues.
Mortgage Servicing Rights and Fees	Mortgage Servicing Rights and Fees Mortgage servicing rights (“MSRs”) are recorded at fair value upon acquisition of a servicing contract. The estimated net cash flows on the contracts are discounted over the estimated life of the underlying loan. The life of the underlying loan is estimated giving consideration to the prepayment provisions in the loan. The Company’s model assumes full prepayment of the loan at or near the point where the prepayment provisions have expired. The MSRs have principally similar risk characteristics. The assumptions used to estimate the fair value of MSRs are based on internal models and are periodically compared to assumptions used by other market participants. Due to the relatively few transactions in the MSR market, we have experienced little volatility in the assumptions we use during the periods presented. Additionally, we do not expect to see much volatility in the assumptions for the foreseeable future. Management actively monitors the assumptions used and makes adjustments to those assumptions when market conditions change or other factors indicate such adjustments are warranted. We carry MSRs at the lower of the amortized cost or fair value and evaluate the carrying value for impairment quarterly. We engage a third party to assist in determining the estimated fair value of our existing MSRs quarterly. All MSRs are amortized using the interest method over the period that servicing income is expected to be received. MSRs are included in other assets non-current We recognize mortgage servicing revenues upon the acquisition of a servicing contract. The Company records servicing fees when earned provided the loans are current and the debt service payments are made by the borrowers. MSRs and related servicing fees are recorded in financing fees in the accompanying condensed consolidated statements of net and comprehensive income.
Capitalization of Internal Labor	Capitalization of Internal Labor Certain costs related to the development or purchases of internal-use
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the consideration for the acquisition is allocated to the assets acquired and liabilities assumed. The Company recognizes identifiable assets acquired and liabilities assumed (both specific and contingent) at their acquisition date fair values as determined by management as of the acquisition date. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed as incurred and not considered in determining the fair value of the acquired assets. The excess of the consideration over the assets acquired net of liabilities assumed is recognized as goodwill.
Goodwill	Goodwill The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing which indicate that it is more likely than not an impairment loss has occurred. The Company currently has only one reporting unit; therefore, all goodwill is allocated to that one reporting unit.
Intangible Assets	Intangible Assets The Company’s intangible assets primarily include non-compete
Stock-Based Compensation	Stock-Based Compensation The Company follows the accounting guidance for share-based payments which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, independent contractors and non-employee After adoption of Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) For awards made to the Company’s employees and directors, the Company initially values restricted stock units and restricted stock awards based on the grant date closing price of the Company’s common stock. For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the portion of the grant date value of the award that has vested through that date. The Company adopted ASU No. 2018-7, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 2018-7”) 2018-7, If there are any modifications or cancellations of the underlying unvested share-based awards, the Company may be required to accelerate, increase or cancel any remaining unrecognized or previously recorded stock-based compensation expense. For awards issued under the ESPP Plan, the Company determined that the plan was a compensatory plan and is required to expense the fair value of the awards over each six-month
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), 2014-09, No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2016-08, Revenue from Contacts with Customers: Principal Versus Agent Considerations No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients 2014-09 2014-09 The Company assessed the impact of the standard and determined that its contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate and provide that it is operating as a principal in all of its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. The Company determined the transaction price is generally fixed and determinable and collectability is reasonably assured. Revenue was and will continue to be recognized in principally all cases at the close of escrow for real estate brokerage, close of loan for financing and when services are provided upon closing of the transaction for other revenues. Accordingly, the adoption of ASU 2014-09, In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). 2017-01 2017-01 In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). 2017-04 2017-04 2017-04 In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018-02”). 2018-02 2018-02 In June 2018, the FASB issued ASU No. 2018-7. 2018-7 Revenue from Contracts with Customers non-employees 2018-7 non-employees non-employee Pending Adoption In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses 2016-13”). 2016-13 2016-13, available-for In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13”). 2018-13 2018-13 2018-13
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 and third parties to validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: Level 1: Level 2: Level 3: Nonrecurring Fair Value Measurements In accordance with U.S. GAAP, from time to time, the Company measures certain assets at fair value on a nonrecurring basis. These assets include MSRs. MSRs are initially recorded at fair value based on internal models using contractual information and assumptions of a market participant and are measured as Level 3. The Company’s MSRs do not trade in an active, open market with readily observable prices. The Company has elected the amortization method for the subsequent measurement of MSRs. The estimated fair value of the Company’s MSRs were developed using discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. MSRs are carried at the lower of amortized cost or fair value. The fair value of the MSRs approximated the carrying value at September 30, 2018.

Acquisitions, Goodwill and In_2

Acquisitions, Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Summary of Goodwill and Intangible Assets	Goodwill and intangible assets, net consisted of the following (in thousands): September 30, 2018 December 31, 2017 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill (1) $ 4,186 $ — $ 4,186 $ — $ — $ — Intangible assets (1) 1,571 (118 ) 1,453 — — — $ 5,757 $ (118 ) $ 5,639 $ — $ — $ — (1) Represents additions from acquisition.
Summary of Net Change in Carrying Value of Intangible Assets	The net change in the carrying value of intangible assets consisted of the following (in thousands): September 30, December 31, Beginning balance $ — $ — Additions from acquisition 1,571 — Amortization (118 ) — $ 1,453 $ —
Schedule of Estimated Amortization Expense for Intangible Assets	Estimated amortization expense for intangible assets for the next five years and thereafter consisted of the following (in thousands): September 30, Remainder of 2018 $ 88 2019 340 2020 327 2021 245 2022 184 Thereafter 269 $ 1,453

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 18,311 $ 16,247 Furniture, fixtures, and equipment 23,527 21,695 Less: accumulated depreciation and amortization (23,669 ) (20,789 ) $ 18,169 $ 17,153

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets	Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, MSRs, net of amortization $ — $ — $ 2,329 $ — Due from independent contractors, net (1) (2) 3,236 3,672 28,032 21,726 Security deposits — — 1,170 1,158 Employee notes receivable (3) 184 366 139 255 Customer trust accounts and other 4,152 1,491 898 24 $ 7,572 $ 5,529 $ 32,568 $ 23,163 (1) Represents amounts advanced, notes receivable and other receivables due from the Company’s investment sales and financing professionals. The notes receivable along with interest, are typically collected from future commissions and are generally due in one to five years. (2) Includes allowance for doubtful accounts related to current receivables of $474 and $494 as of September 30, 2018 and December 31, 2017, respectively. The Company recorded a provision for bad debt expense of $81 and $87 and wrote off $17 and $4 of these receivables for the three months ended September 30, 2018 and 2017, respectively. The Company recorded a provision for bad debt expense of $52 and $33 and wrote off $72 and $14 of these receivables for the nine months ended September 30, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) See Note 8 – “Related-Party Transactions” for additional information.
Summary of Net Change in Carrying Value of MSRs	The net change in the carrying value of MSRs consisted of the following (in thousands): September 30, December 31, Beginning balance, December 31, 2017 $ — $ — Additions from acquisition 2,121 — Additions 373 — Amortization (165 ) — $ 2,329 $ —
Components of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Stock appreciation rights (“SARs”) liability (1) $ 1,735 $ 1,662 $ 19,150 $ 20,217 Commissions payable to investment sales and financing professionals 26,843 46,257 18,583 21,924 Deferred compensation liability (1) 1,261 1,261 7,685 7,220 $ 29,839 $ 49,180 $ 45,418 $ 49,361 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months 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 Nine Months Ended 2018 2017 2018 2017 Increase in the carrying value of the assets held in the rabbi trust (1) $ 266 $ 202 $ 456 $ 571 Increase in the net carrying value of the deferred compensation obligation (2) $ 267 $ 219 $ 455 $ 618 (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 Sec_2

Investments in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security	Amortized cost and fair value of marketable securities, available-for-sale, September 30, 2018 December 31, 2017 Amortized Gross Gross Fair Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 106,291 $ — $ (150 ) $ 106,141 $ 57,712 $ — $ (88 ) $ 57,624 U.S. government sponsored entities 3,502 — (17 ) 3,485 7,016 — (8 ) 7,008 Corporate debt securities 10,988 — (13 ) 10,975 8,931 — (3 ) 8,928 Asset-backed securities and other 100 — — 100 — — — — $ 120,881 $ — $ (180 ) $ 120,701 $ 73,659 $ — $ (99 ) $ 73,560 Long-term investments: U.S. treasuries $ 52,865 $ — $ (343 ) $ 52,522 $ 18,111 $ 7 $ (164 ) $ 17,954 U.S. government sponsored entities 1,603 — (83 ) 1,520 5,306 — (62 ) 5,244 Corporate debt securities 25,374 4 (471 ) 24,907 22,505 268 (54 ) 22,719 Asset-backed securities and other 6,252 1 (67 ) 6,186 6,180 17 (15 ) 6,182 $ 86,094 $ 5 $ (964 ) $ 85,135 $ 52,102 $ 292 $ (295 ) $ 52,099
Amortized Cost and Fair Value of Investments in Available for Sale Securities	The amortized cost and fair value of the Company’s investments in available-for-sale September 30, 2018 December 31, 2017 Unrealized Fair Value Unrealized Fair Value Less than 12 months $ (730 ) $ 187,177 $ (158 ) $ 63,229 12 months or longer $ (414 ) $ 17,099 $ (236 ) $ 44,961
Gross Realized Gains and Losses from Sale of Available for Sale Securities	Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Three Months Ended Nine Months Ended 2018 2017 2018 2017 Gross realized gains (1) $ — $ 1 $ 12 $ 2 Gross realized losses (1) $ — $ — $ — $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based 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, September 30, 2018 December 31, 2017 Amortized Fair Value Amortized Fair Value Due in one year or less $ 120,881 $ 120,701 $ 73,659 $ 73,560 Due after one year through five years 63,511 63,236 30,644 30,517 Due after five years through ten years 16,451 15,955 15,090 15,200 Due after ten years 6,132 5,944 6,368 6,382 $ 206,975 $ 205,836 $ 125,761 $ 125,659 Weighted average contractual maturity 2.0 years 2.6 years

Notes Payable to Former Stock_2

Notes Payable to Former Stockholders (Tables)	9 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Other Liabilities Pertaining to Notes	Accrued interest included in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets pertaining to the Notes consisted of the following (in thousands): September 30, December 31, Accrued interest $ 175 $ 305
Schedule of Interest Expense Pertaining to Notes	Interest expense pertaining to the Notes consisted of the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Interest expense $ 96 $ 110 $ 307 $ 345

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities at Fair Value on Recurring Basis	Assets and liabilities carried at fair value are categorized into one of the three categories described above and consisted of the following (in thousands): September 30, 2018 December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 9,115 $ — $ 9,115 $ — $ 8,787 $ — $ 8,787 $ — Cash equivalents (1) Commercial paper $ 8,496 $ — $ 8,496 $ — $ 11,441 $ — $ 11,441 $ — Money market funds 110,231 110,231 — — 157,788 157,788 — — $ 118,727 $ 110,231 $ 8,496 $ — $ 169,229 $ 157,788 $ 11,441 $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 106,141 $ 106,141 $ — $ — $ 57,624 $ 57,624 $ — $ — U.S. government sponsored entities 3,485 — 3,485 — 7,008 — 7,008 — Corporate debt securities 10,975 — 10,975 — 8,928 — 8,928 — Asset-backed securities and other 100 — 100 — — — — — $ 120,701 $ 106,141 $ 14,560 $ — $ 73,560 $ 57,624 $ 15,936 $ — Long-term investments: U.S. treasuries $ 52,522 $ 52,522 $ — $ — $ 17,954 $ 17,954 $ — $ — U.S. government sponsored entities 1,520 — 1,520 — 5,244 — 5,244 — Corporate debt securities 24,907 — 24,907 — 22,719 — 22,719 — Asset-backed securities and other 6,186 — 6,186 — 6,182 — 6,182 — $ 85,135 $ 52,522 $ 32,613 $ — $ 52,099 $ 17,954 $ 34,145 $ — Liabilities: Contingent consideration $ 1,806 $ — $ — $ 1,806 $ — $ — $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis	A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): September 30, December 31, Beginning balance $ — $ — Contingent consideration in connection with acquisitions 1,720 — Change in fair value of contingent consideration 86 — Payments of contingent consideration — — $ 1,806 $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Federal Home Loan Banks [Abstract]
Changes in Accumulated Other Comprehensive Income, Net of Income Taxes	The components of accumulated other comprehensive income as of September 30, 2018, by component, net of income taxes consisted of the following (in thousands): Unrealized available-for- Foreign (3) Total Beginning balance, December 31, 2017 $ (62 ) $ 1,002 $ 940 Cumulative effect of change in accounting principle (1) (13 ) — (13 ) Balance at January 1, 2018, as adjusted (75 ) 1,002 927 Other comprehensive (loss) income before reclassifications (779 ) 44 (735 ) Amounts reclassified from accumulated other comprehensive (loss) income (2) 8 — 8 Net current-period other comprehensive (loss) income (771 ) 44 (727 ) $ (846 ) $ 1,046 $ 200 (1) Relates to reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings as a result of adoption of ASU 2018-02. (2) Included as a component of other income (expense), net in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. (3) The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan	Activity under the 2013 Plan consisted of the following (dollars in thousands, except per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2017 30,732 500,859 450,264 981,855 $ 23.90 Granted February 2018 — 106,419 20,293 126,712 March 2018 — 15,000 — 15,000 May 2018 12,852 4,854 14,280 31,986 August 2018 — 10,407 63,651 74,058 Total Granted 12,852 136,680 98,224 247,756 34.92 Vested (16,488 ) (142,433 ) (163,542 ) (322,463 ) 22.06 Transferred — (7,356 ) 7,356 — 26.52 Forfeited/canceled — (1,960 ) (5,744 ) (7,704 ) 28.76 Nonvested shares at September 30, 2018 (1) 27,096 485,790 386,558 899,444 $ 27.56 Unrecognized stock-based compensation expense as of September 30, 2018 (2) $ 526 $ 10,884 $ 10,621 $ 22,031 Weighted average remaining vesting period (years) as of September 30, 2018 0.95 3.27 3.27 3.22 (1) Nonvested RSUs 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 3.22 years.
Schedule of Future Share Settlements	Future share settlements of DSUs by year consisted of the following: September 30, 2018 237,052 2019 — 2020 — 2021 60,373 2022 281,193 578,618
Stock-Based Compensation Expense	Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income consisted of the following (in thousands): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Employee stock purchase plan $ 37 $ 31 $ 100 $ 106 RSAs – non-employee 182 105 458 284 RSUs – employees 1,112 975 3,161 2,841 RSUs – independent contractors (1) 1,816 1,081 5,200 2,942 $ 3,147 $ 2,192 $ 8,919 $ 6,173 (1) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees. 2018-7,

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes and Income before Provision for Income Taxes	The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (in thousands): Three Months Ended September 30, 2018 2017 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 6,125 21.0 % $ 8,920 35.0 % State income tax expense, net of federal benefit 1,462 5.0 % 993 3.9 % Effect of foreign operations (28 ) (0.1 )% 16 0.1 % Windfall tax benefits, net related to stock-based compensation (17 ) (0.1 )% 32 0.1 % Change in valuation allowance 162 0.6 % 38 0.2 % Permanent items and other (1) 611 2.1 % 11 — $ 8,315 28.5 % $ 10,010 39.3 % (1) 2018 includes the impact of the changes in tax laws under the Act, primarily relating to changes to Section 162(m) of the Internal Revenue Code and the tax rules regarding the deductibility of entertainment expenses and recording of uncertain tax positions. Nine Months Ended September 30, 2018 2017 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 17,599 21.0 % $ 24,713 35.0 % State income tax expense, net of federal benefit 3,974 4.7 % 2,734 3.9 % Effect of foreign operations (48 ) — 63 0.1 % Windfall tax benefits, net related to stock-based compensation (261 ) (0.3 )% (124 ) (0.2 )% Change in valuation allowance 284 0.3 % 154 0.2 % Permanent items and other (1) 1,224 1.5 % 24 — $ 22,772 27.2 % $ 27,564 39.0 % (1) 2018 includes the impact of the changes in tax laws under the Act, primarily relating to changes to Section 162(m) of the Internal Revenue Code and the tax rules regarding the deductibility of entertainment expenses and recording of uncertain tax positions.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share	Basic and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017, respectively consisted of the following (in thousands, except per share data): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator (Basic and Diluted): Net income $ 20,854 $ 15,475 $ 61,032 $ 43,044 Denominator: Basic Weighted average common shares issued and outstanding 38,641 38,132 38,598 38,094 Deduct: Unvested RSAs (1) (29 ) (29 ) (30 ) (29 ) Add: Fully vested DSUs (2) 579 930 579 930 Weighted Average Common Shares Outstanding 39,191 39,033 39,147 38,995 Basic earnings per common share $ 0.53 $ 0.40 $ 1.56 $ 1.10 Diluted Weighted Average Common Shares Outstanding from above 39,191 39,033 39,147 38,995 Add: Dilutive effect of RSUs, RSAs & ESPP 293 171 212 141 Weighted Average Common Shares Outstanding 39,484 39,204 39,359 39,136 Diluted earnings per common share $ 0.53 $ 0.39 $ 1.55 $ 1.10 Antidilutive shares excluded from diluted earnings per common share (3) 76 205 250 381 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 11 – “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 B_3

Description of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2018TransactionsOffice	Sep. 30, 2017TransactionsOffice	Sep. 30, 2018TransactionsOffice	Sep. 30, 2017TransactionsOffice
Class of Stock [Line Items]
Number of offices | Office			79
Formation date			2013-06
Percentage of common stock distributed			80.00%
Commission's receivable settled period	10 days
Customer Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
Number of transactions | Transactions	0	0	0	0
Customer Concentration Risk [Member] | Commissions receivable [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
Number of transactions | Transactions	1	1	1	1
Geographic Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Number of offices | Office	0	0	0	0
Concentration risk percentage	10.00%	10.00%	10.00%	10.00%
Geographic Concentration Risk [Member] | Total revenues [Member] | International Revenues [Member] | Maximum [Member]
Class of Stock [Line Items]
Concentration risk percentage	1.00%	1.00%	1.00%	1.00%
IPO MMI [Member]
Class of Stock [Line Items]
IPO completion date			Oct. 30, 2013

Accounting Policies and Recen_2

Accounting Policies and Recent Accounting Pronouncements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018USD ($)Segment	Dec. 31, 2017USD ($)
Accounting Policies [Line Items]
Number of reporting units | Segment	1
Finite-lived intangible asset, amortization method	Straight-line
Marketable securities, available for sale	$ 205,836,000	$ 125,659,000
Contingent consideration liability	1,806,000
Accounting Standards Update 2018-02 [Member]
Accounting Policies [Line Items]
Reclassification of stranded tax effects from accumulated other comprehensive income to retained earnings	13,000
Accounting Standards Update 2016-02 [Member]
Accounting Policies [Line Items]
Operating lease obligations	89,600,000
Accounting Standards Update 2018-13 [Member]
Accounting Policies [Line Items]
Contingent consideration liability	$ 1,806,000
Minimum [Member]
Accounting Policies [Line Items]
Finite-lived intangible asset, useful life	1 year
Maximum [Member]
Accounting Policies [Line Items]
Finite-lived intangible asset, useful life	6 years
Average AA + Credit Rating [Member] | Accounting Standards Update 2016-13 [Member]
Accounting Policies [Line Items]
Marketable securities, available for sale	$ 205,800,000
Impairment write-downs marketable securities, available for sale	$ 0
Capitalization of Internal Labor [Member]
Accounting Policies [Line Items]
Property and equipment, useful life	5 years
Costs related to development or purchases of internal -use software, depreciation method	Straight-line

Acquisitions, Goodwill and In_3

Acquisitions, Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)Acquisition	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Contingent consideration	$ 1,700
Cash consideration	$ 6,990	$ 0
Earn-out period for contingent consideration	5 years
Number of acquisitions | Acquisition	3
Mortgage servicing assets, net	$ 2,000
Mortgage servicing assets	2,100
Mortgage servicing liabilities	100
Fair values of intangible assets	1,571		$ 0
Acquired working capital	100
Goodwill	4,186		$ 0
Other assets noncurrent	$ 800

Acquisitions, Goodwill and In_4

Acquisitions, Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Jan. 01, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross carrying amount	$ 4,186	$ 0
Intangible assets, gross carrying amount	1,571	0
Goodwill and intangible assets, gross carrying amount, total	5,757	0
Intangible assets, accumulated amortization	(118)	0
Goodwill, net book value	4,186	0
Intangible assets, net book value	1,453	0	$ 0
Goodwill and intangible assets, net book value	$ 5,639	$ 0

Acquisitions, Goodwill and In_5

Acquisitions, Goodwill and Intangible Assets - Summary of Net Change in Carrying Value of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets, Net [Abstract]
Beginning balance	$ 0	$ 0
Additions from acquisition	1,571	0
Amortization	(118)	0
Ending balance	$ 1,453	$ 0

Acquisitions, Goodwill and In_6

Acquisitions, Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Jan. 01, 2017
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2018	$ 88
2,019	340
2,020	327
2,021	245
2,022	184
Thereafter	269
Total	$ 1,453	$ 0	$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (23,669)	$ (20,789)
Property and equipment, net	18,169	17,153
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	18,311	16,247
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 23,527	$ 21,695

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Fully depreciated computer software and hardware and furniture, fixtures and equipment write-off	$ 1.4	$ 2.9

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other Assets [Line Items]
Other assets Current	$ 7,572	$ 5,529
Other assets Non-Current	32,568	23,163
MSRs, net of amortization [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	2,329	0
Due from independent contractors, net [Member]
Other Assets [Line Items]
Other assets Current	3,236	3,672
Other assets Non-Current	28,032	21,726
Security deposits [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,170	1,158
Employee Notes Receivable [Member]
Other Assets [Line Items]
Other assets Current	184	366
Other assets Non-Current	139	255
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	4,152	1,491
Other assets Non-Current	$ 898	$ 24

Selected Balance Sheet Data -_2

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Other Assets [Line Items]
Allowance of doubtful accounts	$ 474		$ 474		$ 494
Provision for bad debt expense	81	$ 87	52	$ 33
Write-off receivables	$ 17	$ 4	$ 72	$ 14
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 -_3

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of MSRs (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	$ 0	$ 0
Additions from acquisition	2,121	0
Additions	373	0
Amortization	(165)	0
Ending balance	$ 2,329	$ 0

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock appreciation rights ("SARs") liability	$ 1,735	$ 1,662
Deferred compensation liability	1,261	1,261
Deferred compensation and commissions, current	29,839	49,180
Stock appreciation rights ("SARs") liability	19,150	20,217
Deferred compensation liability	7,685	7,220
Deferred compensation and commissions, non-current	45,418	49,361
Current [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Commissions payable to investment sales and financing professionals	26,843	46,257
Non-Current [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Commissions payable to investment sales and financing professionals	$ 18,583	$ 21,924

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail)	Jan. 01, 2018	Jan. 01, 2017	Jan. 01, 2014	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Installments	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2013USD ($)
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount				$ 19,150,000		$ 19,150,000		$ 20,217,000
Interest expense				342,000	$ 370,000	$ 1,054,000	$ 1,126,000
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				$ 220,000	$ 233,000	$ 669,000	$ 699,000
Treasury note term			10 years
Base spread on SARs liability variable rate			2.00%
SARs liability interest accrual rates	4.409%	4.446%
SARs liability number of annual installments | Installments						10
Estimated payouts description						Estimated payouts within the next twelve months for participants that have separated from service have been classified as current.
Payments made during the period						$ 1,700,000
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						$ 946,000
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 -_4

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Balance Sheet Related Disclosures [Abstract]
Increase in the carrying value of the assets held in the rabbi trust	$ 266	$ 202	$ 456	$ 571
Increase in the net carrying value of the deferred compensation obligation	$ 267	$ 219	$ 455	$ 618

Investments in Marketable Sec_3

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	Sep. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 206,975	$ 125,761
Fair Value	205,836	125,659
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	120,881	73,659
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(180)	(99)
Fair Value	120,701	73,560
Short-term investments [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	106,291	57,712
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(150)	(88)
Fair Value	106,141	57,624
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,502	7,016
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(17)	(8)
Fair Value	3,485	7,008
Short-term investments [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,988	8,931
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(13)	(3)
Fair Value	10,975	8,928
Short-term investments [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	100	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	100	0
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	86,094	52,102
Gross Unrealized Gains	5	292
Gross Unrealized Losses	(964)	(295)
Fair Value	85,135	52,099
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	52,865	18,111
Gross Unrealized Gains	0	7
Gross Unrealized Losses	(343)	(164)
Fair Value	52,522	17,954
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,603	5,306
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(83)	(62)
Fair Value	1,520	5,244
Long-term marketable securities [Member] | Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	25,374	22,505
Gross Unrealized Gains	4	268
Gross Unrealized Losses	(471)	(54)
Fair Value	24,907	22,719
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,252	6,180
Gross Unrealized Gains	1	17
Gross Unrealized Losses	(67)	(15)
Fair Value	$ 6,186	$ 6,182

Investments in Marketable Sec_4

Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Available for sale securities continuous unrealized loss position for less than 12 months, unrealized loss	$ (730)	$ (158)
Available for sale securities continuous unrealized loss position for 12 months or longer, unrealized loss	(414)	(236)
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	187,177	63,229
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	$ 17,099	$ 44,961

Investments in Marketable Sec_5

Investments in Marketable Securities - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 0	$ 1	$ 12	$ 2
Gross realized losses	$ 0	$ 0	$ 0	$ 0

Investments in Marketable Sec_6

Investments in Marketable Securities - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018USD ($)
Marketable Securities [Abstract]
Investments other-than-temporarily impaired	$ 0

Investments in Marketable Sec_7

Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 120,881	$ 73,659
Due after one year through five years, Amortized Cost	63,511	30,644
Due after five years through ten years, Amortized Cost	16,451	15,090
Due after ten years, Amortized Cost	6,132	6,368
Amortized Cost	206,975	125,761
Due in one year or less, Fair Value	120,701	73,560
Due after one year through five years, Fair Value	63,236	30,517
Due after five years through ten years, Fair Value	15,955	15,200
Due after ten years, Fair Value	5,944	6,382
Total Fair Value	$ 205,836	$ 125,659
Weighted average contractual maturity	2 years	2 years 7 months 6 days

Notes Payable to Former Stock_3

Notes Payable to Former Stockholders - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
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 Stockholders [Member]
Debt Instrument [Line Items]
Principal and interest payments on notes payable to former stockholders	$ 1.5	$ 1.5

Notes Payable to Former Stock_4

Notes Payable to Former Stockholders - Schedule of Accounts Payable and Other Liabilities Pertaining to Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts Payable and Accrued Expenses [Member]
Accounts Payable And Accrued Expenses [Line Items]
Accrued interest	$ 175	$ 305

Notes Payable to Former Stock_5

Notes Payable to Former Stockholders - Schedule of Interest Expense Pertaining to Notes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Interest Expense [Line Items]
Interest expense	$ 342	$ 370	$ 1,054	$ 1,126
Notes Payable to Former Stockholders [Member]
Interest Expense [Line Items]
Interest expense	$ 96	$ 110	$ 307	$ 345

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Aggregate principal amount for employee notes receivable	$ 323,000		$ 323,000		$ 621,000
MMC [Member]
Related Party Transaction [Line Items]
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company	1,800,000	$ 309,000	4,900,000	$ 632,000
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company	1,100,000	181,000	2,900,000	368,000
Rent expense for lease	257,000	253,000	$ 765,000	759,000
Lease expiration date			May 31, 2022
Accounts payable and other liabilities - related party	91,000		$ 91,000		$ 91,000
MMC [Member] | Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense	$ 20,000	$ 43,000	$ 147,000	$ 168,000
Transition services agreement date			Oct. 1, 2013
George M. Marcus [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage			42.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Jan. 01, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 9,115	$ 8,787
Marketable securities, available for sale	205,836	125,659
Contingent consideration	1,806
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	120,701	73,560
Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	106,141	57,624
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	3,485	7,008
Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	10,975	8,928
Short-term investments [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	100	0
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	85,135	52,099
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	52,522	17,954
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	1,520	5,244
Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,907	22,719
Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,186	6,182
Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,806	0	$ 0
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	118,727	169,229
Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	8,496	11,441
Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	110,231	157,788
Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	9,115	8,787
Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	120,701	73,560
Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	106,141	57,624
Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	3,485	7,008
Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	10,975	8,928
Recurring [Member] | Short-term investments [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	100	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	85,135	52,099
Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	52,522	17,954
Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	1,520	5,244
Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,907	22,719
Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,186	6,182
Level 1 [Member] | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 1 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	110,231	157,788
Level 1 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 1 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	110,231	157,788
Level 1 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	106,141	57,624
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	106,141	57,624
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Short-term investments [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 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	52,522	17,954
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	52,522	17,954
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	8,496	11,441
Level 2 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	8,496	11,441
Level 2 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	9,115	8,787
Level 2 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	14,560	15,936
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	3,485	7,008
Level 2 [Member] | Recurring [Member] | Short-term investments [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	10,975	8,928
Level 2 [Member] | Recurring [Member] | Short-term investments [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	100	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	32,613	34,145
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	0	0
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	1,520	5,244
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	24,907	22,719
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member] | Asset-backed securities and other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	6,186	6,182
Level 3 [Member] | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,806	0
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] | Short-term investments [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 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

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018USD ($)
Fair Value Disclosures [Abstract]
Contingent consideration	$ 1,806,000
Earn-out period for contingent consideration	5 years
Fair value, assets, level 1 to level 2 transfers, amount	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0
Fair value, assets, level 1 to level 3 transfers, amount	0
Fair value, assets, level 3 to level 1 transfers, amount	0
Fair value, assets, level 2 to level 3 transfers, amount	0
Fair value, assets, level 3 to level 2 transfers, amount	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Fair Value Assets Measured On Recurring and Nonrecurring Basis [Line Items]
Ending Balance	$ 1,806
Contingent Consideration [Member]
Fair Value Assets Measured On Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0	$ 0
Contingent consideration in connection with acquisitions	1,720	0
Change in fair value of contingent consideration	86	0
Payments of contingent consideration	0	0
Ending Balance	$ 1,806	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Equity [Abstract]
Common stock, shares issued	38,651,360	38,374,011
Common stock, shares outstanding	38,651,360	38,374,011
Common stock share, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 314,888
Balance as adjusted	314,888
Ending Balance	382,691
Unrealized gains and (losses) of available-for-sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as adjusted	(75)
Other comprehensive (loss) income before reclassifications	(779)
Amounts reclassified from accumulated other comprehensive (loss) income	8
Net current-period other comprehensive (loss) income	(771)
Ending Balance	(846)
Unrealized gains and (losses) of available-for-sale securities [Member] | Previously Reported [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(62)
Unrealized gains and (losses) of available-for-sale securities [Member] | Scenario, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle	(13)
Foreign currency translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as adjusted	1,002
Other comprehensive (loss) income before reclassifications	44
Amounts reclassified from accumulated other comprehensive (loss) income	0
Net current-period other comprehensive (loss) income	44
Ending Balance	1,046
Foreign currency translation [Member] | Previously Reported [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	1,002
Foreign currency translation [Member] | Scenario, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle	0
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	940
Balance as adjusted	927
Other comprehensive (loss) income before reclassifications	(735)
Amounts reclassified from accumulated other comprehensive (loss) income	8
Net current-period other comprehensive (loss) income	(727)
Ending Balance	200
Accumulated Other Comprehensive Income [Member] | Previously Reported [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	940
Accumulated Other Comprehensive Income [Member] | Scenario, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative effect of change in accounting principle	$ (13)

Stockholders' Equity - Change_2

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Income Taxes (Parenthetical) (Detail)	Sep. 30, 2018USD ($)
Equity [Abstract]
Undistributed earnings of foreign subsidiary	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018Incentive_Planshares
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Common stock shares reserved for issuance of awards	5,500,000
Common stock shares available for grant	5,401,371
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 Plan_3

Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	322,463
2013 Omnibus Equity Incentive Plan [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested deferred stock units remaining outstanding	578,618
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Vested shares	305,975
Number of common stock shares withheld to pay employee statutory withholding taxes	54,506
Vested and delivered shares	305,975
2013 Omnibus Equity Incentive Plan [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				9 Months Ended
	Aug. 31, 2018	May 31, 2018	Mar. 31, 2018	Feb. 28, 2018	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2017					981,855
Granted	74,058	31,986	15,000	126,712	247,756
Vested					(322,463)
Transferred					0
Forfeited/canceled					(7,704)
Nonvested shares at September 30, 2018					899,444
Unrecognized stock-based compensation expense as of September 30, 2018					$ 22,031
Weighted average remaining vesting period (years) as of September 30, 2018					3 years 2 months 19 days
Nonvested weighted average grant date fair value per share, beginning balance					$ 23.90
Weighted average grant date fair value per share, Granted	$ 0	$ 0	$ 0	$ 0	34.92
Weighted average grant date fair value, Vested					22.06
Weighted average grant date fair value, Transferred					26.52
Weighted average grant date fair value, Forfeited/canceled					28.76
Nonvested weighted average grant date fair value per share, ending balance					$ 27.56
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2017					30,732
Granted	0	12,852	0	0	12,852
Vested					(16,488)
Transferred					0
Forfeited/canceled					0
Nonvested shares at September 30, 2018					27,096
Unrecognized stock-based compensation expense as of September 30, 2018					$ 526
Weighted average remaining vesting period (years) as of September 30, 2018					11 months 12 days
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2017					500,859
Granted	10,407	4,854	15,000	106,419	136,680
Vested					(142,433)
Transferred					(7,356)
Forfeited/canceled					(1,960)
Nonvested shares at September 30, 2018					485,790
Unrecognized stock-based compensation expense as of September 30, 2018					$ 10,884
Weighted average remaining vesting period (years) as of September 30, 2018					3 years 3 months 7 days
Restricted Stock Units [Member] | Independent Contractors [member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at December 31, 2017					450,264
Granted	63,651	14,280	0	20,293	98,224
Vested					(163,542)
Transferred					7,356
Forfeited/canceled					(5,744)
Nonvested shares at September 30, 2018					386,558
Unrecognized stock-based compensation expense as of September 30, 2018					$ 10,621
Weighted average remaining vesting period (years) as of September 30, 2018					3 years 3 months 7 days

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 2 months 19 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Schedule of Future Share Settlements (Detail) - 2013 Omnibus Equity Incentive Plan [Member] - Deferred stock units [Member]	Sep. 30, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2,018	237,052
2,019	0
2,020	0
2,021	60,373
2,022	281,193
Total	578,618

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for issuance	5,401,371
Unrecognized stock-based compensation expense	$ 22,031,000
Unrecognized stock-based compensation expenses recognition period	3 years 2 months 19 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	233,867	246,895
Unrecognized stock-based compensation expense	$ 18,000
Unrecognized stock-based compensation expenses recognition period	1 month 13 days
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance authorized annual share increase	366,667
Common stock available for future issuance authorized annual percentage increase	1.00%
ESPP description	The ESPP Plan provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the board. Pursuant to the provisions of the ESPP Plan, the board of directors determined a share reserve increase was not required in the prior years.

Stock-Based Compensation Plan_8

Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - shares	Oct. 30, 2013	Oct. 01, 2013	Sep. 30, 2018	Dec. 31, 2018
Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee termination age	67 years
DSU settlement to common stock percentage	20.00%
DSU settlement into actual stock issued term	5 years
Percentage of shares of deferred stock units settled in the event of death or termination after reaching age 67	100.00%
Restricted Stock Sales Restriction [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sales restriction lapse percentage for restricted stock	20.00%
Employee termination age	67 years
Sales restriction period for restricted stock	5 years
Percentage of shares of stock released from resale restriction upon consummation of change of control	100.00%
Percentage of shares of restricted released from resale restriction in the event of death or termination after reaching age 67	100.00%
Number of original shares subject to resale restriction		3,689,326
Number of shares remain subject to sales restriction			732,020
Restricted Stock Sales Restriction [Member] | Scenario, Forecast [member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remain subject to sales restriction to be released				732,020

Stock-Based Compensation Plan_9

Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense - Independent contractors	$ 1,816	$ 1,081	$ 5,200	$ 2,942
Allocated share-based compensation expense	3,147	2,192	8,919	6,173
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	37	31	100	106
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	182	105	458	284
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 1,112	$ 975	$ 3,161	$ 2,841

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes, rate	28.50%	39.30%	27.20%	39.00%
Tax computed at federal rate, percentage	21.00%	35.00%	21.00%	35.00%	35.00%
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense					$ 11.6

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		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory rate	$ 6,125	$ 8,920	$ 17,599	$ 24,713
State income tax expense, net of federal benefit	1,462	993	3,974	2,734
Effect of foreign operations	(28)	16	(48)	63
Windfall tax benefits, net related to stock-based compensation	(17)	32	(261)	(124)
Change in valuation allowance	162	38	284	154
Permanent items and other	611	11	1,224	24
Provision for income taxes, amount	$ 8,315	$ 10,010	$ 22,772	$ 27,564
Income tax expense at the federal statutory rate	21.00%	35.00%	21.00%	35.00%	35.00%
State income tax expense, net of federal benefit	5.00%	3.90%	4.70%	3.90%
Effect of foreign operations	(0.10%)	0.10%	0.00%	0.10%
Windfall tax benefits, net related to stock-based compensation	(0.10%)	0.10%	(0.30%)	(0.20%)
Change in valuation allowance	0.60%	0.20%	0.30%	0.20%
Permanent items and other	2.10%	0.00%	1.50%	0.00%
Provision for income taxes, rate	28.50%	39.30%	27.20%	39.00%

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator (Basic and Diluted):
Net income	$ 20,854	$ 15,475	$ 61,032	$ 43,044
Denominator:
Weighted average common shares issued and outstanding	38,641	38,132	38,598	38,094
Deduct: Unvested RSAs	(29)	(29)	(30)	(29)
Add: Fully vested DSUs	579	930	579	930
Weighted Average Common Shares Outstanding	39,191	39,033	39,147	38,995
Basic earnings per common share	$ 0.53	$ 0.40	$ 1.56	$ 1.10
Weighted Average Common Shares Outstanding from above	39,191	39,033	39,147	38,995
Add: Dilutive effect of RSUs, RSAs & ESPP	293	171	212	141
Weighted Average Common Shares Outstanding	39,484	39,204	39,359	39,136
Diluted earnings per common share	$ 0.53	$ 0.39	$ 1.55	$ 1.10
Antidilutive shares excluded from diluted earnings per common share	76	205	250	381

Earnings per Share - Computat_2

Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Parenthetical) (Detail) - Restricted Stock Awards [Member] - 2013 Omnibus Equity Incentive Plan [Member]	9 Months Ended
	Sep. 30, 2018
Minimum [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	1 year
Maximum [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
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, 2020
Date the Company entered into a Credit Agreement			Jun. 18, 2014
Credit agreement date			Jun. 1, 2014
Standby letters of credit borrowing capacity	10,000,000		$ 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-monthLIBOR 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	$ 342,000	$ 370,000	$ 1,054,000	$ 1,126,000
Credit agreement, amount outstanding	0		$ 0		$ 0
Credit facility covenants			(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
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 September 30, 2018, the Company was in compliance with all financial and non-financial covenants.
LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate			1.50%
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Interest expense	$ 26,000	$ 28,000	$ 78,000	$ 83,000
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 Contingencies_2

Commitments and Contingencies - Additional Information Other (Detail) $ in Millions	Nov. 09, 2018USD ($)
Subsequent Event [Member]
Other Commitments [Line Items]
Other commitment amount	$ 11.3