Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Registrant Name | Marcus & Millichap, Inc. | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MMI | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-36155 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 35-2478370 | ||
Entity Address, Address Line One | 23975 Park Sorrento, Suite 400 | ||
Entity Address, City or Town | Calabasas | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91302 | ||
City Area Code | 818 | ||
Local Phone Number | 212-2250 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001578732 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 704 | ||
Entity Common Stock, Shares Outstanding | 39,192,372 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 232,670 | $ 214,683 |
Commissions receivable | 5,003 | 4,948 |
Prepaid expenses | 10,676 | 7,904 |
Income tax receivable | 4,999 | 0 |
Marketable securities, available-for-sale | 150,752 | 137,436 |
Other assets, net | 6,067 | 6,368 |
Total current assets | 410,167 | 371,339 |
Prepaid rent | 0 | 13,892 |
Property and equipment, net | 22,643 | 19,550 |
Operating lease right-of-use assets, net | 90,535 | 0 |
Marketable securities, available-for-sale | 60,809 | 83,209 |
Assets held in rabbi trust | 9,452 | 8,268 |
Deferred tax assets, net | 22,122 | 22,959 |
Goodwill and other intangible assets, net | 22,312 | 15,385 |
Other assets | 70,994 | 31,778 |
Total assets | 709,034 | 566,380 |
Current liabilities: | ||
Accounts payable and other liabilities | 10,790 | 11,035 |
Notes payable to former stockholders | 6,564 | 1,087 |
Deferred compensation and commissions | 44,301 | 47,910 |
Income tax payable | 0 | 4,486 |
Operating lease liabilities | 17,762 | 0 |
Accrued bonuses and other employee related expenses | 22,388 | 28,338 |
Total current liabilities | 101,805 | 92,856 |
Deferred compensation and commissions | 45,628 | 49,887 |
Notes payable to former stockholders | 0 | 6,564 |
Operating lease liabilities | 63,155 | 0 |
Deferred rent and other liabilities | 3,539 | 7,499 |
Total liabilities | 214,127 | 156,806 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: Authorized shares – 25,000,000; issued and outstanding shares – none at December 31, 2019 and 2018, respectively | 0 | 0 |
Common stock, $0.0001 par value: Authorized shares – 150,000,000; issued and outstanding shares – 39,153,195 and 38,814,464 at December 31, 2019 and 2018, respectively | 4 | 4 |
Additional paid-in capital | 104,658 | 97,458 |
Stock notes receivable from employees | (4) | (4) |
Retained earnings | 388,271 | 311,341 |
Accumulated other comprehensive income | 1,978 | 775 |
Total stockholders' equity | 494,907 | 409,574 |
Total liabilities and stockholders' equity | $ 709,034 | $ 566,380 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 39,153,195 | 38,814,464 |
Common stock, shares outstanding | 39,153,195 | 38,814,464 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Total revenues | $ 806,428 | $ 814,816 | $ 719,700 |
Operating expenses: | |||
Cost of services | 498,878 | 502,883 | 446,557 |
Selling, general and administrative expense | 203,110 | 193,349 | 171,648 |
Depreciation and amortization expense | 8,017 | 6,297 | 5,363 |
Total operating expenses | 710,005 | 702,529 | 623,568 |
Operating income | 96,423 | 112,287 | 96,132 |
Other income (expense), net | 12,477 | 6,333 | 4,590 |
Interest expense | (1,388) | (1,400) | (1,496) |
Income before provision for income taxes | 107,512 | 117,220 | 99,226 |
Provision for income taxes | 30,582 | 29,963 | 47,702 |
Net income | 76,930 | 87,257 | 51,524 |
Marketable securities, available-for-sale: | |||
Change in unrealized gains (losses) | 1,822 | (536) | 193 |
Less: reclassification adjustment for net (gains) losses included in other income (expense), net | (43) | 7 | 0 |
Net change, net of tax of $611, $(177) and $139 for the years ended December 31, 2019, 2018 and 2017, respectively | 1,779 | (529) | 193 |
Foreign currency translation (loss) gain, net of tax of $0 for each of the years ended December 31, 2019, 2018 and 2017, respectively | (576) | 377 | (63) |
Total other comprehensive income (loss) | 1,203 | (152) | 130 |
Comprehensive income | $ 78,133 | $ 87,105 | $ 51,654 |
Earnings per share: | |||
Basic | $ 1.95 | $ 2.23 | $ 1.32 |
Diluted | $ 1.95 | $ 2.22 | $ 1.32 |
Weighted average common shares outstanding: | |||
Basic | 39,404 | 39,149 | 38,988 |
Diluted | 39,548 | 39,383 | 39,100 |
Real Estate Brokerage Commissions [Member] | |||
Revenues: | |||
Total revenues | $ 729,356 | $ 747,355 | $ 649,393 |
Financing Fees [Member] | |||
Revenues: | |||
Total revenues | 66,293 | 57,817 | 49,653 |
Other Revenues [Member] | |||
Revenues: | |||
Total revenues | $ 10,779 | $ 9,644 | $ 20,654 |
CONSOLIDATED STATEMENTS OF NE_2
CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Marketable securities net change, tax | $ 611 | $ (177) | $ 139 |
Foreign currency translation (loss) gain, tax | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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 (Loss) [Member] |
Beginning Balance at Dec. 31, 2016 | $ 258,854 | $ 0 | $ 4 | $ 85,445 | $ (4) | $ 172,599 | $ 810 |
Beginning Balance, Shares at Dec. 31, 2016 | 0 | 37,882,266 | |||||
Cumulative effect of a change in accounting principle, net of tax at Dec. 31, 2016 | 33 | $ 0 | $ 0 | 85 | 0 | (52) | 0 |
Balance as adjusted at Dec. 31, 2016 | 258,887 | $ 0 | $ 4 | 85,530 | (4) | 172,547 | 810 |
Balance as adjusted, Shares at Dec. 31, 2016 | 0 | 37,882,266 | |||||
Net and comprehensive income (loss) | 51,654 | $ 0 | $ 0 | 0 | 0 | 51,524 | 130 |
Stock-based compensation | 9,145 | $ 0 | $ 0 | 9,145 | 0 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 653 | $ 0 | $ 0 | 653 | 0 | 0 | 0 |
Issuance of common stock pursuant to employee stock purchase plan, Shares | 0 | 30,209 | |||||
Issuance of common stock for settlement of deferred stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for settlement of deferred stock units, Shares | 0 | 351,801 | |||||
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 | 284,837 | |||||
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 | 17,538 | |||||
Shares withheld related to net share settlement of stock-based awards | (5,451) | $ 0 | $ 0 | (5,451) | 0 | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (192,640) | |||||
Ending Balance at Dec. 31, 2017 | 314,888 | $ 0 | $ 4 | 89,877 | (4) | 224,071 | 940 |
Ending Balance, Shares at Dec. 31, 2017 | 0 | 38,374,011 | |||||
Cumulative effect of a change in accounting principle, net of tax at Dec. 31, 2017 | 0 | $ 0 | $ 0 | 0 | 0 | 13 | (13) |
Balance as adjusted at Dec. 31, 2017 | 314,888 | $ 0 | $ 4 | 89,877 | (4) | 224,084 | 927 |
Balance as adjusted, Shares at Dec. 31, 2017 | 0 | 38,374,011 | |||||
Net and comprehensive income (loss) | 87,105 | $ 0 | $ 0 | 0 | 0 | 87,257 | (152) |
Stock-based compensation | 11,983 | $ 0 | $ 0 | 11,983 | 0 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 621 | $ 0 | $ 0 | 621 | 0 | 0 | 0 |
Issuance of common stock pursuant to employee stock purchase plan, Shares | 0 | 21,001 | |||||
Issuance of common stock for settlement of deferred stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for settlement of deferred stock units, Shares | 0 | 237,052 | |||||
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 | 317,236 | |||||
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 | (5,023) | $ 0 | $ 0 | (5,023) | 0 | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (147,688) | |||||
Ending Balance at Dec. 31, 2018 | 409,574 | $ 0 | $ 4 | 97,458 | (4) | 311,341 | 775 |
Ending Balance, Shares at Dec. 31, 2018 | 0 | 38,814,464 | |||||
Net and comprehensive income (loss) | 78,133 | $ 0 | $ 0 | 0 | 0 | 76,930 | 1,203 |
Stock-based compensation | 9,278 | $ 0 | $ 0 | 9,278 | 0 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 657 | $ 0 | $ 0 | 657 | 0 | 0 | 0 |
Issuance of common stock pursuant to employee stock purchase plan, Shares | 0 | 21,421 | |||||
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 | 378,194 | |||||
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 | 12,806 | |||||
Shares withheld related to net share settlement of stock-based awards | (2,735) | $ 0 | $ 0 | (2,735) | 0 | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (73,690) | |||||
Ending Balance at Dec. 31, 2019 | $ 494,907 | $ 0 | $ 4 | $ 104,658 | $ (4) | $ 388,271 | $ 1,978 |
Ending Balance, Shares at Dec. 31, 2019 | 0 | 39,153,195 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 76,930 | $ 87,257 | $ 51,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 8,017 | 6,297 | 5,363 |
Amortization of right-of-use assets | 21,207 | 0 | 0 |
Provision for bad debt expense | 114 | 291 | 219 |
Stock-based compensation | 9,278 | 11,983 | 9,145 |
Deferred taxes, net | 226 | (142) | 12,825 |
Net realized gains on marketable securities, available-for-sale | (87) | (10) | (2) |
Other non-cash items | (176) | (194) | 108 |
Changes in operating assets and liabilities: | |||
Commissions receivable | (55) | 4,783 | (4,777) |
Prepaid expenses | (2,740) | 1,757 | (1,567) |
Prepaid rent | 0 | 1,500 | (2,107) |
Assets held in rabbi trust | 0 | 0 | (700) |
Other assets, net | (45,176) | (7,247) | (13,665) |
Accounts payable and other liabilities | (486) | 226 | (572) |
Income tax receivable/payable | (9,485) | 5,794 | (126) |
Accrued bonuses and other employee related expenses | (5,889) | 4,676 | 1,782 |
Deferred compensation and commissions | (8,975) | (438) | 8,427 |
Operating lease liabilities | (17,102) | 0 | 0 |
Deferred rent and other liabilities | (314) | 781 | 660 |
Net cash provided by operating activities | 25,287 | 117,314 | 66,537 |
Cash flows from investing activities | |||
Acquisitions, net of cash received | (6,083) | (14,926) | 0 |
Purchases of marketable securities, available-for-sale | (168,083) | (208,460) | (65,093) |
Proceeds from sales and maturities of marketable securities, available-for-sale | 179,693 | 113,911 | 44,753 |
Payments received on employee notes receivable | 42 | 18 | 27 |
Issuances of employee notes receivable | (200) | (451) | (481) |
Purchase of property and equipment | (8,812) | (8,072) | (6,554) |
Proceeds from sale of property and equipment | 21 | 0 | 10 |
Net cash used in investing activities | (3,422) | (117,980) | (27,338) |
Cash flows from financing activities | |||
Proceeds from issuance of shares pursuant to employee stock purchase plan | 657 | 621 | 653 |
Taxes paid related to net share settlement of stock-based awards | (2,735) | (5,023) | (5,451) |
Principal payments on notes payable to former stockholders | (1,087) | (1,035) | (986) |
Principal payments on stock appreciation rights liability | (185) | 0 | 0 |
Payments of contingent consideration | (528) | 0 | 0 |
Net cash used in financing activities | (3,878) | (5,437) | (5,784) |
Net increase (decrease) in cash and cash equivalents | 17,987 | (6,103) | 33,415 |
Cash and cash equivalents at beginning of year | 214,683 | 220,786 | 187,371 |
Cash and cash equivalents at end of year | 232,670 | 214,683 | 220,786 |
Supplemental disclosures of cash flow information | |||
Interest paid during the period | 2,107 | 2,195 | 1,912 |
Income taxes paid, net | $ 39,841 | $ 24,311 | $ 35,002 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2019, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation. Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The 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. Reclassifications Certain prior-period amounts in Note 13 – “Income Taxes” have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations or any totals or subtotals therein. |
Accounting Policies and Recent
Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies and Recent Accounting Pronouncements | 2. Accounting Policies and Recent Accounting Pronouncements Accounting Policies Cash and Cash Equivalents The Company considers cash and cash equivalents to include short-term, highly liquid investments with maturities of three months or less when purchased. At December 31, 2019 and 2018, portions of the balance of cash and cash equivalents were held in financial institutions, various money market funds with fixed and floating net asset values and short-term commercial paper. Money market funds have floating net asset values and may be subject to gating or liquidity fees. Management believes the likelihood of realizing material losses from cash and cash equivalents, including the excess of cash balances over federally insured limits, is remote. 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, 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, at the close of loan for financing, 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 Company has elected the amortization method for the subsequent measurement of MSRs. MSRs are carried at the lower of amortized cost or fair value. 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 The Company measures MSRs at fair value on a nonrecurring basis. MSRs are a Level 3 measurement. The Company’s MSRs do not trade in an active, open market with readily observable prices. The estimated fair value of the Company’s MSRs were developed using a discounted cash flow model that calculates the present value of estimated future net servicing income. The model considers contractual provisions and assumptions of market participants including 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. In connection with MSR activities, the Company holds funds in escrow for the benefit of the lenders. These funds and the offsetting obligations are not presented in the Company’s consolidated financial statements as they do not represent assets and liabilities of the Company. The Company recognizes 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 consolidated statements of net and comprehensive income. Capitalization of Internal Software Certain costs related to the development or purchase of internal-use Commissions Receivable Commissions receivable consists of commissions earned on brokerage and financing transactions for which payment has not yet been received. The Company evaluates the need for an allowance for doubtful accounts based on the specific-identification of potentially uncollectible accounts. The majority of commissions receivable are settled within 10 days after the close of escrow. As a result, the Company did not require an allowance for commissions receivable at December 31, 2019 and 2018. Cost of Services Cost of services principally consists of variable commissions, compensation-related costs related to the Company’s financing activities, and other costs for the Company’s investment sales and financing professionals related to transactions closed in the period. Commissions are accrued based on revenue from transactions generated by the Company’s investment sales and financing professionals. Investment sales and financing professionals are compensated at commission rates based on individual agreements, and a portion of the commissions due upon the closing of a transaction may be deferred in accordance with their contracts. Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments in a variety of fixed and variable rate debt securities, including U.S. treasuries, U.S. government sponsored entities, corporate debt, asset-backed securities (“ABS”) and other. The Company considers its investment in marketable securities to be available-for-sale. The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires a high degree of judgment. Assets Held in Rabbi Trust The Company maintains a non-qualified 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 fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and 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 commercial paper and floating NAV money market funds recorded in cash and cash equivalents, investments in marketable securities, available-for-sale, available-for-sale Fair values for assets held in the rabbi trust and related deferred compensation liability were determined based on the cash surrender value of the company owned variable life insurance policies and underlying investments in the trust, and are Level 2 and Level 1 measurements, respectively. Contingent consideration in connection with acquisitions, is carried at fair value and determined on a contract-by-contract 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. The Company reviews the carrying value of MSRs, intangibles, goodwill and other assets for indications of impairment quarterly. When indications of potential impairment are identified, the Company may be required to determine the fair value of those assets and record an adjustment for the carrying amount in excess of the fair value determined. Any fair value determination would be based on valuation approaches, which are appropriate under the circumstances and utilize Level 2 and Level 3 measurements as required. Assets and Liabilities not Measured at Fair Value The Company’s commissions receivable, amounts due from employees and investment sales and financing professionals (included in the other assets, net current and other assets non-current non - The Company’s obligations under notes payable to former stockholders bear interest at fixed rates. The Company has determined that the carrying value on these instruments approximates fair value. As the Company’s obligations under stock appreciation rights (“SARs”) liability (included in the deferred compensation and commissions current and deferred compensation and commissions non-current Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. The Company uses the straight-line method for depreciation and amortization. Depreciation and amortization are generally provided over estimated useful lives ranging from three The Company evaluates its fixed assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Other Assets Other assets consist primarily of amounts due from the Company’s investment sales and financing professionals, MSRs, security deposits made in connection with operating leases, customer trust accounts, employee notes receivable and other assets and receivables. The Company, from time to time, advances funds to its investment sales and financing professionals. Certain amounts may bear a nominal interest rate, with any cash receipts on notes applied first to any unpaid principal balance prior to any income being recognized. The Company generally has the ability to collect a portion of these amounts from future commissions due to the investment sales and financing professional. The Company may forgive a portion of the amount over time depending on the nature of the advance, which will generally be ratably over a contracted service period, or in reaching contractual performance criteria. Amounts forgiven are charged to selling, general and administrative expense at the time the amounts are forgiven. The Company evaluates the need for an allowance for these amounts based on the specific identification of potentially uncollectible amounts and provides an allowance based on consideration of historical experience. Amounts are generally written off upon separation from the Company of the investment sales and financing professional as a service provider, or when amounts are determined to be no longer collectable. In connection with a brokerage transaction, the Company may need to, or be required to, hold cash in escrow for a transaction participant. These amounts are deposited into separate customer trust accounts controlled by the Company. The amounts are included in current other assets, net, with a corresponding liability included in accounts payable and other liabilities, both in the consolidated balance sheets. Leases The Company utilizes operating leases for all its facilities and autos. The Company determines if an arrangement is a lease at inception. Right-of-use non-current, non-current Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Lease agreements may contain periods of free rent or reduced rent, predetermined fixed increases in the minimum rent and renewal or termination options, all of which add complexity and impact the determination of the lease term and lease payments to be used in calculating the lease liability. Certain facility leases provide for rental escalations related to increases in the lessors’ direct operating expenses. The Company uses the implicit rate in the lease when determinable. As most of the Company’s leases do not have a determinable implicit rate, determining the rate to be used in its calculations is judgmental. The Company uses a derived incremental borrowing rate based on borrowing options under its credit agreement and applies a spread over treasury rates for the indicated term of the lease based on the information available on the commencement date of the lease. The Company typically leases general purpose built-out The Company has lease agreements with lease and non-lease 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 proceedings cannot be determined, the Company uses judgment in the evaluation of claims and the need for accrual for loss contingencies quarterly. The Company records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company accrues legal fees for litigation as the legal services are provided. Advertising Costs Advertising costs are expensed as incurred. Advertising costs are included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. Advertising costs for the years ended December 31, 2019, 2018 and 2017 were $889,000, $1.1 million and $824,000, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and (ii) operating losses and tax credit carryforwards. The Company measures existing deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to have temporary differences realized or settled. The Company recognizes in the provision for income taxes, the effect on deferred tax assets and liabilities of a change in tax rates in the period that includes the enactment date. The Company periodically evaluates deferred tax assets to assess whether it is likely that the deferred tax assets will be realized. In determining whether a valuation allowance is required, the Company considers the timing of deferred tax reversals, current year taxable income and historical performance. Valuation allowances are provided against deferred tax assets when it is more-likely-than-not Because of the nature of the Company’s business, which includes activity in the U.S. and Canada, incorporating numerous states and provinces as well as local jurisdictions, the Company’s tax position can be complex. As such, the Company’s effective tax rate is subject to changes as a result of fluctuations in the mix of its activity in the various jurisdictions in which the Company operates including changes in tax rates, state apportionment, tax related interest and penalties, valuation allowances and other permanent items. Calculating some of the amounts involves a high degree of judgment. The Company evaluates its tax positions quarterly. The threshold for recognizing the benefits of tax return positions in the financial statements is “more likely than not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not The Company recognizes interest and penalties incurred as income tax expense. 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 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 accounts for forfeitures prospectively as they occur. The Company adopted Accounting Standards Update (“ASU”) No. 2018-7, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 2018-7”) 2018-7, 2018-7, contractors on or subsequent to July 1, 2018 are measured based on the grant date closing price of the Company’s common stock consistent with awards made to the Company’s employees and directors. Unvested awards issued to independent contractors as of the adoption date of July 1, 2018 were remeasured at the adoption date stock price. The Company will recognize the remaining unrecognized value of unvested awards over the remaining performance period based on the adoption date stock price, with no further remeasurement through the performance completion date. 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 shares issued under the ESPP, the Company determined that the plan was a compensatory plan and is required to expense the fair value of the awards over each six Earnings per Share Basic weighted average shares outstanding includes vested, but un-issued, Foreign Currency Translation The Company prepares the financial statements of its Canadian subsidiary using the local currency as the functional currency. The assets and liabilities of the Company’s Canadian subsidiary are translated in to U.S. dollars at the rates of exchange at the balance sheet date with the resulting translation adjustments included as a separate component of stockholder’s equity through other comprehensive income (loss) in the consolidated statements of net and comprehensive income. Income and expenses are translated at the average monthly rates of exchange. The Company includes realized gains and losses from foreign currency transactions in other income (expense), net in the consolidated statements of net and comprehensive income. The effect of foreign currency translation on cash and cash equivalents is reflected in cash flows from operating activities on the consolidated statements of cash flows, and is not material for any period presented. Taxes Collected from Clients and Remitted to Governmental Authorities The Company accounts for tax assessed by any governmental authority that is based on revenue or transaction value (e.g. sales, use and value added taxes) on a net basis, and, accordingly, such amounts are not included in revenue. Collected amounts are recorded as a current liability until paid. Use of Estimates The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable securities, available-for-sale, non-current) available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions 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 maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the years ended December 31, 2019, 2018 and 2017, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. During the years ended December 31, 2019, 2018 and 2017, the Company’s Canadian operations represented less than 1% of total revenues. During the years ended December 31, 2019, 2018 and 2017, no office represented 10% or more of total revenues. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the consideration for the acquisition, including the fair value of any contingent consideration, 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. The excess of the consideration over the assets acquired net of liabilities assumed is recognized as goodwill. In connection with certain acquisitions, the Company enters into agreements to pay additional cash amounts based on the achievement of certain performance measures and/or service and time requirements. Subsequent to the completion of the acquisition, the Company evaluates the fair value of contingent consideration quarterly based on estimates of the probability of achieving certain financial metrics and/or service and time requirements. Adjustments to contingent consideration in periods subsequent to the completion of an acquisition are reflected in selling, general and administrative expense in the consolidated statements of net and comprehensive income. 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. Acquisition-related costs are reflected in selling, general and administrative expense in the consolidated statements of net and comprehensive income. 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 one Segment Reporting The Company follows U.S. GAAP for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to its customers including real estate investment sales, financing (including MSRs revenue) and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. Recent Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases , r The adoption of the new standard had a material impact on the Company’s consolidated balance sheet, but did not have a material impact on the Company’s consolidated statement of net and comprehensive income. The Company elected available practical expedients permitted under the guidance, which among other items, allow the Company to (i) carry forward its historical lease classification, (ii) not reassess leases for the definition of “lease” under the new standard, (iii) utilize a discount rate as of the effective date and (iv) not record leases that expired or were terminated prior to the effective date. The Company made an accounting policy election to account for lease and non-lease In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities 2017-08”). 2017-08 2017-08 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 2018-13 2018-13 Pending Adoption In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses 2016-13”). 2016-13 2016-13, available-for available-for-sale available-for-sale 2016-13 In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2018-15”). 2018-15 2018-15 internal-use internal-use 2018-15 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 step-up 2019-12 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 3. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2019 2018 Computer software and hardware equipment $ 25,252 $ 20,427 Furniture, fixtures and equipment 23,468 24,227 Less: accumulated depreciation and amortization (26,077 ) (25,104 ) $ $ During the years ended December 31, 2019 and 2018, the Company wrote-off As of December 31, 2019 and 2018, noncash investing activity related to property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $619,000 and $246,000, respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | 4. Operating Leases The Company has operating leases for all of its facilities and autos. As of December 31, 2019, operating lease ROU assets were $111.1 million and the related accumulated amortization was $20.6 million. The operating lease cost, included in selling, general and administrative expense in the consolidated statement of net and comprehensive income, consisted of the following (in thousands): Year Ended December 31, 2019 Operating lease cost: Lease cost (1) $ 24,372 Variable lease cost (2) 5,305 Sublease income (305 ) $ 29,372 (1) Includes short-term lease cost and ROU asset amortization. (2) Primarily relates to common area maintenance, property taxes, insurance, utilities and parking. Maturities of lease liabilities consisted of the following (in thousands): Year Ended December 31, 2020 $ 21,262 2021 19,002 2022 14,887 2023 11,657 2024 9,660 Thereafter 12,773 Total future minimum lease payments 89,241 Less imputed interest (8,324 ) Present value of operating lease liabilities $ 80,917 Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands): Year Ended December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 20,266 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 21,548 Tenant improvements owned by lessor related to ROU assets (1) $ 5,952 (1) Reclassification from other assets current. Additional noncash activity in connection with the adoption of the new lease standard on January 1, 2019 included recording of $76.7 million of ROU assets and operating lease liabilities, and reclassifying $7.8 million in prepaid rent and deferred rent to ROU assets. Other information related to the operating leases consisted of the following: December 31, 2019 Weighted average remaining operating lease term 5.04 years Weighted average discount rate 3.8 % As of the December 31, 2018, prior t |
Investments in Marketable Secur
Investments in Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Securities | 5. Investments in Marketable Securities Amortized cost and fair value of marketable securities, available-for-sale, December 31, 2019 December 31, 2018 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 124,389 $ 196 $ (5 ) $ 124,580 $ 121,252 $ 7 $ (79 ) $ 121,180 U.S. government sponsored entities — — — — 3,512 — (7 ) 3,505 Corporate debt 26,128 44 — 26,172 11,962 — (11 ) 11,951 ABS and other — — — — 806 — (6 ) 800 $ 150,517 $ 240 $ (5 ) $ 150,752 $ 137,532 $ 7 $ (103 ) $ 137,436 Long-term investments: U.S. treasuries $ 24,188 $ 235 $ — $ 24,423 $ 44,997 $ 128 $ (115 ) $ 45,010 U.S. government sponsored entities 1,353 3 (1 ) 1,355 1,569 — (62 ) 1,507 Corporate debt 25,447 1,027 (3 ) 26,471 32,467 3 (633 ) 31,837 ABS and other 8,480 93 (13 ) 8,560 4,889 12 (46 ) 4,855 $ 59,468 $ 1,358 $ (17 ) $ 60,809 $ 83,922 $ 143 $ (856 ) $ 83,209 The amortized cost and fair value of the Company’s investments in available-for-sale December 31, 2019 December 31, 2018 Unrealized Fair Unrealized Fair Value Less than 12 months $ (21 ) $ 47,823 $ (576 ) $ 127,326 12 months or longer $ (1 ) $ 566 $ (383 ) $ 30,609 Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Years Ended December 31, 2019 2018 2017 Gross realized gains (1) $ 134 $ 12 $ 2 Gross realized losses (1) $ (47 ) $ (2 ) $ — (1) Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. As of December 31, 2019, the Company considered the declines in market value of its marketable securities, available-for-sale required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company may sell certain of its marketable securities, available-for-sale Amortized cost and fair value of marketable securities, available-for-sale, December 31, 2019 December 31, 2018 Amortized Fair Value Amortized Fair Value Due in one year or less $ 150,517 $ 150,752 $ 137,532 $ 137,436 Due after one year through five years 41,123 41,794 61,875 61,846 Due after five years through ten years 12,813 13,467 17,310 16,747 Due after ten years 5,532 5,548 4,737 4,616 $ 209,985 $ 211,561 $ 221,454 $ 220,645 Weighted average contractual maturity 1.7 1.8 Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | 6. Acquisitions, Goodwill and Other Intangible Assets During 2019, the Company expanded its network of its real estate sales professionals and provided further diversification to its real estate brokerage services. In the fourth quarter, the Company completed an acquisition of one business that was accounted for as a business combination and the results have been included in the consolidated financial statements beginning on the acquisition date. The acquisition included aggregate consideration of $8.5 million and included: (i) cash paid at closing and (ii) the fair value of contingent consideration and deferred payments using a probability-weighted, discounted cash flow estimate on achieving certain financial metrics or service and time requirements. Contingent consideration and deferred payments are included in accounts payable and other liabilities and deferred rent and other liabilities in the consolidated balance sheets. See Note 10 – “Fair Value Measurements” for additional information on contingent consideration. The goodwill recorded as part of the acquisition primarily arose from the acquired assembled workforce and commercial sales platforms. tax-deductible Goodwill and intangible assets, net consisted of the following (in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill (1) $ 15,072 $ — $ 15,072 $ 11,459 $ — $ 11,459 Intangible assets (1)(2) 9,050 (1,810 ) 7,240 4,240 (314 ) 3,926 $ 24,122 $ (1,810 ) $ 22,312 $ 15,699 $ (314 ) $ 15,385 (1) Represents additions from acquisitions. (2) Total weighted average amortization period was 4.37 years and 5.14 years as of December 31, 2019 and 2018, respectively. The changes in the carrying amount of goodwill consisted of the following (in thousands): Years Ended December 31, 2019 2018 Beginning balance $ 11,459 $ — Additions from acquisitions 3,613 11,459 Impairment losses — — Ending balance $ 15,072 $ 11,459 Estimated amortization expense for intangible assets for the next five years and thereafter consisted of the following (in thousands): Year Ended 2020 $ 2,493 2021 1,623 2022 1,245 2023 1,242 2024 637 $ 7,240 |
Selected Balance Sheet Data
Selected Balance Sheet Data | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Selected Balance Sheet Data | 7. Selected Balance Sheet Data Other Assets Other assets consisted of the following (in thousands): Current December 31, Non-Current December 31, 2019 2018 2019 2018 MSRs, net of amortization $ — $ — $ 2,002 $ 2,209 Due from independent contractors, net (1)(2) 2,882 3,831 66,647 27,157 Security deposits — — 1,345 1,196 Employee notes receivable (3) 65 156 323 370 Customer trust accounts and other 3,120 2,381 677 846 $ 6,067 $ 6,368 $ 70,994 $ 31,778 (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 (2) Includes allowance for doubtful accounts related to current receivables of $512 and $514 as of December 31, 2019 and 2018, respectively. The Company recorded a provision for bad debt expense of $114, $291 and $219 and wrote off $116, $271 and $38 of these receivables for the years ended December 31, 2019, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable represents noncash investing activity and was MSRs The net change in the carrying value of MSRs consisted of the following (in thousands): December 31, 2019 2018 Beginning balance $ 2,209 $ — Additions from acquisition — 2,121 Additions 337 391 Amortization (544 ) (303 ) Ending balance $ 2,002 $ 2,209 The portfolio of loans serviced by the Company aggregated $1.6 billion as of December 31, 2019 and 2018. See Note 10 – “Fair Value Measurements” for additional information on MSRs. The funds held in escrow for the benefit of the lenders totaled $ million and $ million as of December 31, 2019 and December 31, 2018, respectively. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current December 31, Non-Current December 31, 2019 2018 2019 2018 SARs liability (1) $ 2,080 $ 1,810 $ 18,122 $ 19,299 Commissions payable to investment sales and financing professionals 40,668 44,812 20,818 23,983 Deferred compensation liability (1) 1,553 1,288 6,688 6,605 $ 44,301 $ 47,910 $ 45,628 $ 49,887 (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 separation as a service provider 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 years ended December 31, 2019 and 2018, the Company made total payments of $1.8 million, consisting of principal ($185,000) and accumulated interest ($1.6 million) and $1.7 million, consisting of accumulated interest, respectively. 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 Deferred Compensation Plan is a non-qualified compensation plan that is intended to comply with Section 409A of the Internal Revenue Code and permits participants to defer compensation up to the limits set forth in the Deferred Compensation Plan. Amounts are paid out generally when the participant is no longer a service provider; however, an in-service two fifteen-year The assets held in the rabbi trust are carried at the cash surrender value of the variable life insurance policies, which represents its fair value. 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): Years Ended December 31, 2019 2018 2017 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 1,353 $ (326 ) $ 849 Increase (decrease) in the net carrying value of the deferred compensation (2) $ 1,293 $ (306 ) $ 904 (1) Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. Deferred Rent and Other Liabilities Deferred rent and other liabilities consisted of the following (in thousands): December 31, 2019 2018 Deferred rent (1) $ — $ 5,445 Contingent consideration and other (2) 3,539 2,054 $ 3,539 $ 7,499 (1) The Company does not have deferred rent in 2019 due to adoption of the new lease standard on January 1, 2019. (2) The current portion of contingent consideration in the amounts of $1,238 and $821 as of December 31, 2019 and 2018, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. |
Notes Payable to Former Stockho
Notes Payable to Former Stockholders | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Notes Payable to Former Stockholders | 8. Notes Payable to Former Stockholders In conjunction with the spin-off 2020 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 9. Related-Party Transactions Shared and Transition Services Certain services are provided to the Company under a Transition Services Agreement (“TSA”) between MMC and the Company. The TSA is intended to provide certain services until the Company acquires the services separately. Under the TSA, the Company incurred net costs during the years ended December 31, 2019, 2018 and 2017 of $127,000, $197,000 and $210,000, respectively. These amounts are included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the years ended December 31, 2019, 2018 and 2017, the Company earned real estate brokerage commissions and financing fees of $5.2 million, $7.7 million and $2.1 million, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $3.0 million, $4.6 million and $1.2 million, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires on May 31, 2022. The related operating lease cost was $1.3 million for the year ended December 31, 2019 and $1.0 million for each of the years ended December 31, 2018 and 2017, respectively. Operating lease cost is included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. See Note 4 – “Operating Leases” for additional information. Accounts Payable and Other Liabilities with MMC As of December 31, 2019 and 2018, accounts payable and other liabilities with MMC totaling $88,000 and $101,000, respectively, remain unpaid and are included in accounts payable and other liabilities in the accompanying consolidated balance sheets. Other The Company makes advances to non-executive time-to-time. non-current) As of December 31, 2019, George M. Marcus, the Company’s founder and Co-Chairman, |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements Recurring Fair Value Measurements Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): December 31, 2019 December 31, 2018 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 9,452 $ — $ 9,452 $ $ 8,268 $ — $ 8,268 $ — Cash equivalents (1) Commercial paper and other $ 5,087 $ — $ 5,087 $ — $ 1,599 $ 1,599 $ — $ — Money market funds 185,513 185,513 — — 163,126 163,126 — — $ 190,600 $ 185,513 $ 5,087 $ — $ 164,725 $ 164,725 $ — $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 124,580 $ 124,580 $ — $ — $ 121,180 $ 121,180 $ — $ — U.S. government sponsored entities — — — — 3,505 — 3,505 — Corporate debt 26,172 — 26,172 — 11,951 — 11,951 — ABS and other — — — — 800 — 800 — $ 150,752 $ 124,580 $ 26,172 $ — $ 137,436 $ 121,180 $ 16,256 $ — Long-term investments: U.S. treasuries $ 24,423 $ 24,423 $ — $ — $ 45,010 $ 45,010 $ — $ — U.S. government sponsored entities 1,355 — 1,355 — 1,507 — 1,507 — Corporate debt 26,471 — 26,471 — 31,837 — 31,837 — ABS and other 8,560 — 8,560 — 4,855 — 4,855 — $ 60,809 $ 24,423 $ 36,386 $ — $ 83,209 $ 45,010 $ 38,199 $ — Liabilities: Contingent consideration $ 4,788 $ — $ — $ 4,788 $ 2,875 $ — $ — $ 2,875 Deferred compensation liability $ 8,241 $ 8,241 $ — $ — $ 7,893 $ 7,893 $ — $ — (1) Included in cash and cash equivalents on the accompanying consolidated balance sheets. There were no transfers in or out of Level 3 during the year ended December 31, 2019. As of December 31, 2019 and 2018, contingent consideration has a maximum undiscounted payment of $7.3 million and $4.2 million, respectively. Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these earn-out one seven-year in the consolidated statements of net and comprehensive income. A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): December 31, 2019 2018 Beginning balance $ 2,875 $ — Contingent consideration in connection with acquisitions (1) 2,382 2,674 Change in fair value of contingent consideration 202 201 Payments of contingent consideration (671 ) — Ending balance $ 4,788 $ 2,875 (1) Contingent consideration in connections with acquisitions represents noncash investing activity. Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2019 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 4,788 Discounted cash flow Expected life of cash flows 0.4-5.8 Discount rate 3.6%-5.0% Probability of achievement 33.0%-100.0% (1) Unobservable inputs were weighted by the relative fair value of the instruments. Nonrecurring Fair Value Measurements MSRs are carried at the lower of amortized cost or fair value. The fair value of the MSRs approximated the carrying value at December 31, 2019 and 2018. Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial assets measured at fair value on a nonrecurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2019 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,204 Discounted cash flow Constant prepayment rates 0.0%-20.0% Constant default rate 2.0%-2.0% Loss severity 40.0%-40.0% Discount rate 9.5%-9.7% (1) Weighted average is based on the 10 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Common Stock As of December 31, 2019 and 2018, there were 39,153,195 and 38,814,464 shares of common stock, $0.0001 par value, issued and outstanding, which include 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 December 31, 2019 and 2018, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income/Loss Amounts reclassified from accumulated other comprehensive income/loss are included as a component of other income (expense), net in the consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. 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 | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The Company’s board of directors adopted the 2013 Plan, which became effective upon the Company’s IPO. In February 2017, the board of directors amended 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. In addition, non-employee Awards Granted and Settled Under the 2013 Plan, the Company has issued restricted stock awards (“RSAs”) to non-employee one-year three-year five-year 9 During the year ended December 31, 2019, 378,194 shares of RSUs were vested and 73,690 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. During the year ended December 31, 2019, there were no DSUs that settled Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except weighted average per share data): RSA Grants Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2017 (1) 30,732 500,859 450,264 981,855 $ 23.90 Granted 12,852 142,760 102,466 258,078 34.94 Vested (16,488 ) (146,122 ) (171,114 ) (333,724 ) 22.31 Transferred — (23,755 ) 23,755 — 30.69 Forfeited/canceled — (1,960 ) (12,674 ) (14,634 ) 30.17 Nonvested shares at December 31, 2018 (1) 27,096 471,782 392,697 891,575 $ 27.59 Granted 12,806 260,274 82,050 355,130 38.51 Vested (22,422 ) (186,311 ) (191,883 ) (400,616 ) 24.29 Transferred — (8,136 ) 8,136 — 29.68 Forfeited/canceled — (12,494 ) (33,520 ) (46,014 ) 30.65 Nonvested shares at December 31, 2019 (1) 17,480 525,115 257,480 800,075 $ 33.91 Unrecognized stock-based compensation expense as of December 31, 2019 (2) $ 234 $ 13,959 $ 7,821 $ 22,014 Weighted average remaining vesting period (years) as of December 31, 2019 0.39 3.61 3.34 3.48 (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 3.48 years. The aggregate fair value of RSUs and RSAs that vested were $14.6 million, $11.1 million and $7.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. The fair value of fully vested DSUs that settled was $0, $8.3 million and $10.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. See “SARs and DSUs” section below and Note 15 – “Earnings per Share” for additional information. The remaining outstanding fully vested DSUs were 341,566 as of December 31, 2019 and 2018, and 578,618 as of December 31, 2017. Future share settlements of DSUs by year consisted of the following: December 31, 2021 60,373 2022 281,193 341,566 ESPP In 2013, the Company adopted the ESPP. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping 6-month 6-month The ESPP initially had 366,667 shares of common stock reserved, and 204,473 and 225,894 shares of common stock remain available for issuance for each of the periods at December 31, 2019 and 2018, respectively. The ESPP 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, the board of directors has determined to not provide for any annual increases to date. At December 31, 2019, total unrecognized compensation cost related to the ESPP was $69,000 and is expected to be recognized over a weighted average period of 0.37 years. 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 Components of stock-based compensation are included in selling, general and administrative expense in the consolidated statements of net and comprehensive income and consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 ESPP $ 139 $ 109 $ 128 RSAs – non-employee 643 632 397 RSUs – employees (1) 5,419 4,233 3,750 RSUs – independent contractors (2) 3,077 7,009 4,870 $ 9,278 $ 11,983 $ 9,145 (1) 2019 includes expense related to the acceleration of vesting of certain RSUs. (2) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees. 2018-07 non-employee |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The components of income (loss) from continuing operations before provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 United States $ 112,425 $ 119,446 $ 100,031 Foreign (4,913 ) (2,226 ) (805 ) $ 107,512 $ 117,220 $ 99,226 The provision ( benefit Years Ended December 31, 2019 2018 2017 Federal: Current $ 22,638 $ 24,101 $ 28,993 Deferred 665 (268 ) 13,249 $ 23,303 $ 23,833 $ 42,242 State: Current $ 7,718 $ 6,004 $ 5,883 Deferred (507 ) 162 (423 ) $ 7,211 $ 6,166 $ 5,460 Foreign: Current $ — $ — $ — Deferred 68 (36 ) — $ 68 $ (36 ) $ — $ 30,582 $ 29,963 $ 47,702 Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands): December 31, 2019 2018 Deferred Tax Assets: Accrued expenses and bonuses $ 2,481 $ 2,258 Bad debt and other reserves 2,744 1,840 Deferred compensation 13,346 13,337 Operating lease ROU assets, net 21,761 — Stock-based compensation 7,847 8,912 Deferred rent — 1,470 Net operating and capital loss carryforwards 3,612 2,335 Other comprehensive income — 330 State taxes 139 11 Other 328 25 Deferred tax assets before valuation allowance 52,258 30,518 Valuation allowance (3,921 ) (2,570 ) Deferred Tax Assets $ 48,337 $ 27,948 Deferred Tax Liabilities: Fixed assets $ (4,422 ) $ (4,086 ) Operating lease liabilities (20,117 ) — Prepaid expenses (940 ) (789 ) Other comprehensive income (552 ) — Other (184 ) (114 ) Deferred Tax Liabilities (26,215 ) (4,989 ) Deferred Tax Assets, Net $ 22,122 $ 22,959 As of December 31, 2019, and 2018, the Company had state and Canadian net operating loss carryforwards of approximately $14.0 million and $9.4 million, respectively, principally all of which will begin to expire in 2033. A valuation allowance is required when it is more-likely-than not that all or a portion of a deferred tax asset will not be realized. Realization of a deferred tax asset is dependent upon taxable income in prior carryback years, estimates of future taxable income, tax planning strategies and reversals of existing taxable temporary differences. The Company determined that as of December 31, 2019 and 2018, $3.9 million and $2.6 million, respectively, of the deferred tax assets related to state and Canadian losses do not satisfy the recognition criteria. The Company has therefore recorded a valuation allowance for this amount. The valuation allowance for deferred tax assets was increased by $1.4 million, $677,000 and $170,000 during 2019, 2018 and 2017, respectively. The increases are primarily related to the Company’s Canadian operations. The provision for income taxes differs from the amount computed by applying the statutory federal corporate income tax rate to income before provision for income taxes and consisted of the following (dollars in thousands): Years Ended December 31, 2019 2018 2017 Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 22,578 21.0 % $ 24,616 21.0 % $ 34,729 35.0 % State income tax expense, net of federal benefit 5,698 5.3 % 4,550 3.9 % 3,577 3.6 % Wind (196 ) (0.2 )% (1,535 ) (1.3 )% (2,568 ) (2.6 )% Change in valuation allowance 1,351 1.3 % 677 0.6 % 170 0.2 % Effect of rate and other changes on federal deferred taxes, net due to enactment of Tax Cuts and Jobs Act (“the Act”) (1) — — — — 11,644 11.7 % Permanent and other items (2) 1,151 1.0 % 1,655 1.4 % 150 0.2 % $ 30,582 28.4 % $ 29,963 25.6 % $ 47,702 48.1 % (1) 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, further limiting 162(m) deductions and creating a territorial tax system with a one-time (2) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions and meals and entertainment. A reconciliation of the beginning and ending amounts of unrecognized tax benefits consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 Beginning balance $ 1,246 $ — $ Gross increase (decrease) as a result of positions taken: Prior periods — 1,246 — Current period — — — Settlement with tax authorities — — — Expiration of applicable statutes of limitation (471 ) — — Ending balance $ 775 $ 1,246 $ — It is reasonably possible that the unrecognized tax benefits balance may decrease by $701,000 during the next 12 months due to the expiration of the statute of limitations. During the years ended December 31, 2019 and 2018, penalties of $136,000 and $167,000, respectively, were recorded relating to unrecognized tax benefits. The Company is subject to tax in various jurisdictions and, as a matter of ordinary course, the Company may be subject to income tax examinations by the federal, state and foreign taxing authorities for the tax years 2015 to 2019. The Company is not currently under income tax examination by any taxing authority. The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as this subsidiary 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 translation adjustments. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 14. Retirement Plans Effective January 2014, the Company has its own defined contribution plan (the “Contribution Plan”) under Section 401(k) of the Internal Revenue Code for all eligible employees who have completed one month of service. The Contribution Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Participants may contribute up to 100% of their annual eligible compensation, subject to IRS limitations and ERISA. The Company makes matching contributions of 50% on the first 8% of employee contributions per pay period up to a maximum of $4,000. Employees become vested in these Company contributions 33% upon one year of service, 66% upon two years of service and 100% upon three years of service. Company matching contributions aggregated $1.1 million, $920,000 and $733,000 for the years ended December 31, 2019, 2018 and 2017, respectively, which is included in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 15. Earnings per Share Basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 consisted of the following (in thousands, except per share data): Years Ended December 31, 2019 2018 2017 Numerator (Basic and Diluted): Net income $ 76,930 $ 87,257 $ 51,524 Denominator: Basic Weighted Average Common Shares Issued and Outstanding 39,083 38,637 38,142 Deduct: Unvested RSAs (1) (21 ) (30 ) (29 ) Add: Fully vested DSUs (2) 342 542 875 Weighted Average Common Shares Outstanding 39,404 39,149 38,988 Basic earnings per common share $ 1.95 $ 2.23 $ 1.32 Diluted Weighted Average Common Shares Outstanding from above 39,404 39,149 38,988 Add: Dilutive effect of RSUs, RSAs & ESPP 144 234 112 Weighted Average Common Shares Outstanding 39,548 39,383 39,100 Diluted earnings per common share $ 1.95 $ 2.22 $ 1.32 Antidilutive shares excluded from diluted earnings per common share (3) 348 137 512 (1) RSAs were issued and outstanding to the non-employee one-year three-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 12 – “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 | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (the “Bank”), as amended and restated on May 28, 2019, which was amended on November 27, 2019 (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”) and matures on June 1, 2022. 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 December 31, 2019. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either (i) a fluctuating rate per annum 2.00% below the Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) 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, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also limit investments in foreign entities and cap certain other loans. The Credit Facility is secured by substantially all assets of the Company, including pledges of 100% of the stock or other equity interest of each subsidiary except for the capital stock of a controlled foreign corporation (as defined in the Internal Revenue Code), in which case no such pledge is required. As of December 31, 2019, the Company was in compliance with all financial and non-financial covenants and has not experienced any limitation in its operations as a result of the covenants. Other In connection with certain agreements with investment sales and financing professionals, the Company may agree to advance amounts to certain investment sales and financing professionals upon reaching certain performance goals. Such commitments as of December 31, 2019 aggregated $1.2 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events In January 2020, the Company completed the acquisition of a real estate brokerage business in the United States. In connection with agreements in principal with investment sales and financing professionals and business acquisitions, the Company entered into commitments through the date these consolidated financial statements were issued, aggregating $48.2 million, of which $33.6 million has been paid. Such commitments to investment sales and financing professionals may be subject to various conditions. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 18. Selected Quarterly Financial Data (Unaudited) The Company’s real estate brokerage commissions and financing fees are seasonal, which can affect an investor’s ability to compare the Company’s financial condition and results of operation on a quarter-by-quarter Three Months Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2019 2019 2019 2019 2018 2018 2018 2018 Consolidated Financial Statement Data: (in thousands, except per share data) Total revenues $ 237,908 $ 198,220 $ 209,593 $ 160,707 $ 230,283 $ 210,590 $ 199,402 $ 174,541 Cost of services 155,196 124,147 127,847 91,688 148,469 132,896 119,869 101,649 Operating income 27,104 24,072 26,978 18,269 32,489 27,384 28,950 23,464 Net income 20,721 19,292 21,279 15,638 26,225 20,854 22,167 18,011 Earnings per share: Basic $ 0.53 $ 0.49 $ 0.54 $ 0.40 $ 0.67 $ 0.53 $ 0.57 $ 0.46 Diluted $ 0.52 $ 0.49 $ 0.54 $ 0.40 $ 0.66 $ 0.53 $ 0.56 $ 0.46 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation. |
Reorganization and Initial Public Offering | Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The 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. |
Reclassifications | Reclassifications Certain prior-period amounts in Note 13 – “Income Taxes” have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported consolidated results of operations or any totals or subtotals therein. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash and cash equivalents to include short-term, highly liquid investments with maturities of three months or less when purchased. At December 31, 2019 and 2018, portions of the balance of cash and cash equivalents were held in financial institutions, various money market funds with fixed and floating net asset values and short-term commercial paper. Money market funds have floating net asset values and may be subject to gating or liquidity fees. Management believes the likelihood of realizing material losses from cash and cash equivalents, including the excess of cash balances over federally insured limits, is remote. |
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, 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, at the close of loan for financing, 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 Company has elected the amortization method for the subsequent measurement of MSRs. MSRs are carried at the lower of amortized cost or fair value. 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 The Company measures MSRs at fair value on a nonrecurring basis. MSRs are a Level 3 measurement. The Company’s MSRs do not trade in an active, open market with readily observable prices. The estimated fair value of the Company’s MSRs were developed using a discounted cash flow model that calculates the present value of estimated future net servicing income. The model considers contractual provisions and assumptions of market participants including 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. In connection with MSR activities, the Company holds funds in escrow for the benefit of the lenders. These funds and the offsetting obligations are not presented in the Company’s consolidated financial statements as they do not represent assets and liabilities of the Company. The Company recognizes 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 consolidated statements of net and comprehensive income. |
Capitalization of Internal Software | Capitalization of Internal Software Certain costs related to the development or purchase of internal-use |
Commissions Receivable | Commissions Receivable Commissions receivable consists of commissions earned on brokerage and financing transactions for which payment has not yet been received. The Company evaluates the need for an allowance for doubtful accounts based on the specific-identification of potentially uncollectible accounts. The majority of commissions receivable are settled within 10 days after the close of escrow. As a result, the Company did not require an allowance for commissions receivable at December 31, 2019 and 2018. |
Cost of Services | Cost of Services Cost of services principally consists of variable commissions, compensation-related costs related to the Company’s financing activities, and other costs for the Company’s investment sales and financing professionals related to transactions closed in the period. Commissions are accrued based on revenue from transactions generated by the Company’s investment sales and financing professionals. Investment sales and financing professionals are compensated at commission rates based on individual agreements, and a portion of the commissions due upon the closing of a transaction may be deferred in accordance with their contracts. |
Investments in Marketable Securities, Available-for-Sale | Investments in Marketable Securities, Available-for-Sale The Company maintains a portfolio of investments in a variety of fixed and variable rate debt securities, including U.S. treasuries, U.S. government sponsored entities, corporate debt, asset-backed securities (“ABS”) and other. The Company considers its investment in marketable securities to be available-for-sale. The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period that any such determination is made. Calculating an impairment charge requires a high degree of judgment. |
Assets Held in Rabbi Trust | Assets Held in Rabbi Trust The Company maintains a non-qualified |
Fair Value Measurements | 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 fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and 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 commercial paper and floating NAV money market funds recorded in cash and cash equivalents, investments in marketable securities, available-for-sale, available-for-sale Fair values for assets held in the rabbi trust and related deferred compensation liability were determined based on the cash surrender value of the company owned variable life insurance policies and underlying investments in the trust, and are Level 2 and Level 1 measurements, respectively. Contingent consideration in connection with acquisitions, is carried at fair value and determined on a contract-by-contract 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. The Company reviews the carrying value of MSRs, intangibles, goodwill and other assets for indications of impairment quarterly. When indications of potential impairment are identified, the Company may be required to determine the fair value of those assets and record an adjustment for the carrying amount in excess of the fair value determined. Any fair value determination would be based on valuation approaches, which are appropriate under the circumstances and utilize Level 2 and Level 3 measurements as required. Assets and Liabilities not Measured at Fair Value The Company’s commissions receivable, amounts due from employees and investment sales and financing professionals (included in the other assets, net current and other assets non-current non - The Company’s obligations under notes payable to former stockholders bear interest at fixed rates. The Company has determined that the carrying value on these instruments approximates fair value. As the Company’s obligations under stock appreciation rights (“SARs”) liability (included in the deferred compensation and commissions current and deferred compensation and commissions non-current |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. The Company uses the straight-line method for depreciation and amortization. Depreciation and amortization are generally provided over estimated useful lives ranging from three The Company evaluates its fixed assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. |
Other Assets | Other Assets Other assets consist primarily of amounts due from the Company’s investment sales and financing professionals, MSRs, security deposits made in connection with operating leases, customer trust accounts, employee notes receivable and other assets and receivables. The Company, from time to time, advances funds to its investment sales and financing professionals. Certain amounts may bear a nominal interest rate, with any cash receipts on notes applied first to any unpaid principal balance prior to any income being recognized. The Company generally has the ability to collect a portion of these amounts from future commissions due to the investment sales and financing professional. The Company may forgive a portion of the amount over time depending on the nature of the advance, which will generally be ratably over a contracted service period, or in reaching contractual performance criteria. Amounts forgiven are charged to selling, general and administrative expense at the time the amounts are forgiven. The Company evaluates the need for an allowance for these amounts based on the specific identification of potentially uncollectible amounts and provides an allowance based on consideration of historical experience. Amounts are generally written off upon separation from the Company of the investment sales and financing professional as a service provider, or when amounts are determined to be no longer collectable. In connection with a brokerage transaction, the Company may need to, or be required to, hold cash in escrow for a transaction participant. These amounts are deposited into separate customer trust accounts controlled by the Company. The amounts are included in current other assets, net, with a corresponding liability included in accounts payable and other liabilities, both in the consolidated balance sheets. |
Leases | Leases The Company utilizes operating leases for all its facilities and autos. The Company determines if an arrangement is a lease at inception. Right-of-use non-current, non-current Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Lease agreements may contain periods of free rent or reduced rent, predetermined fixed increases in the minimum rent and renewal or termination options, all of which add complexity and impact the determination of the lease term and lease payments to be used in calculating the lease liability. Certain facility leases provide for rental escalations related to increases in the lessors’ direct operating expenses. The Company uses the implicit rate in the lease when determinable. As most of the Company’s leases do not have a determinable implicit rate, determining the rate to be used in its calculations is judgmental. The Company uses a derived incremental borrowing rate based on borrowing options under its credit agreement and applies a spread over treasury rates for the indicated term of the lease based on the information available on the commencement date of the lease. The Company typically leases general purpose built-out The Company has lease agreements with lease and non-lease |
Litigation | 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 proceedings cannot be determined, the Company uses judgment in the evaluation of claims and the need for accrual for loss contingencies quarterly. The Company records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company accrues legal fees for litigation as the legal services are provided. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs are included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. Advertising costs for the years ended December 31, 2019, 2018 and 2017 were $889,000, $1.1 million and $824,000, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and (ii) operating losses and tax credit carryforwards. The Company measures existing deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to have temporary differences realized or settled. The Company recognizes in the provision for income taxes, the effect on deferred tax assets and liabilities of a change in tax rates in the period that includes the enactment date. The Company periodically evaluates deferred tax assets to assess whether it is likely that the deferred tax assets will be realized. In determining whether a valuation allowance is required, the Company considers the timing of deferred tax reversals, current year taxable income and historical performance. Valuation allowances are provided against deferred tax assets when it is more-likely-than-not Because of the nature of the Company’s business, which includes activity in the U.S. and Canada, incorporating numerous states and provinces as well as local jurisdictions, the Company’s tax position can be complex. As such, the Company’s effective tax rate is subject to changes as a result of fluctuations in the mix of its activity in the various jurisdictions in which the Company operates including changes in tax rates, state apportionment, tax related interest and penalties, valuation allowances and other permanent items. Calculating some of the amounts involves a high degree of judgment. The Company evaluates its tax positions quarterly. The threshold for recognizing the benefits of tax return positions in the financial statements is “more likely than not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not The Company recognizes interest and penalties incurred as income tax expense. |
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 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 accounts for forfeitures prospectively as they occur. The Company adopted Accounting Standards Update (“ASU”) No. 2018-7, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 2018-7”) 2018-7, 2018-7, contractors on or subsequent to July 1, 2018 are measured based on the grant date closing price of the Company’s common stock consistent with awards made to the Company’s employees and directors. Unvested awards issued to independent contractors as of the adoption date of July 1, 2018 were remeasured at the adoption date stock price. The Company will recognize the remaining unrecognized value of unvested awards over the remaining performance period based on the adoption date stock price, with no further remeasurement through the performance completion date. 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 shares issued under the ESPP, the Company determined that the plan was a compensatory plan and is required to expense the fair value of the awards over each six |
Earnings per Share | Earnings per Share Basic weighted average shares outstanding includes vested, but un-issued, |
Foreign Currency Translation | Foreign Currency Translation The Company prepares the financial statements of its Canadian subsidiary using the local currency as the functional currency. The assets and liabilities of the Company’s Canadian subsidiary are translated in to U.S. dollars at the rates of exchange at the balance sheet date with the resulting translation adjustments included as a separate component of stockholder’s equity through other comprehensive income (loss) in the consolidated statements of net and comprehensive income. Income and expenses are translated at the average monthly rates of exchange. The Company includes realized gains and losses from foreign currency transactions in other income (expense), net in the consolidated statements of net and comprehensive income. The effect of foreign currency translation on cash and cash equivalents is reflected in cash flows from operating activities on the consolidated statements of cash flows, and is not material for any period presented. |
Taxes Collected from Clients and Remitted to Governmental Authorities | Taxes Collected from Clients and Remitted to Governmental Authorities The Company accounts for tax assessed by any governmental authority that is based on revenue or transaction value (e.g. sales, use and value added taxes) on a net basis, and, accordingly, such amounts are not included in revenue. Collected amounts are recorded as a current liability until paid. |
Use of Estimates | Use of Estimates The preparation of 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 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 | Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable securities, available-for-sale, non-current) available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions 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 maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the years ended December 31, 2019, 2018 and 2017, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. During the years ended December 31, 2019, 2018 and 2017, the Company’s Canadian operations represented less than 1% of total revenues. During the years ended December 31, 2019, 2018 and 2017, no office represented 10% or more of total revenues. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the consideration for the acquisition, including the fair value of any contingent consideration, 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. The excess of the consideration over the assets acquired net of liabilities assumed is recognized as goodwill. In connection with certain acquisitions, the Company enters into agreements to pay additional cash amounts based on the achievement of certain performance measures and/or service and time requirements. Subsequent to the completion of the acquisition, the Company evaluates the fair value of contingent consideration quarterly based on estimates of the probability of achieving certain financial metrics and/or service and time requirements. Adjustments to contingent consideration in periods subsequent to the completion of an acquisition are reflected in selling, general and administrative expense in the consolidated statements of net and comprehensive income. 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. Acquisition-related costs are reflected in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
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 one |
Segment Reporting | Segment Reporting The Company follows U.S. GAAP for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to its customers including real estate investment sales, financing (including MSRs revenue) and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases , r The adoption of the new standard had a material impact on the Company’s consolidated balance sheet, but did not have a material impact on the Company’s consolidated statement of net and comprehensive income. The Company elected available practical expedients permitted under the guidance, which among other items, allow the Company to (i) carry forward its historical lease classification, (ii) not reassess leases for the definition of “lease” under the new standard, (iii) utilize a discount rate as of the effective date and (iv) not record leases that expired or were terminated prior to the effective date. The Company made an accounting policy election to account for lease and non-lease In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities 2017-08”). 2017-08 2017-08 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 2018-13 2018-13 Pending Adoption In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses 2016-13”). 2016-13 2016-13, available-for available-for-sale available-for-sale 2016-13 In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract 2018-15”). 2018-15 2018-15 internal-use internal-use 2018-15 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”). 2019-12 2019-12 step-up 2019-12 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2019 2018 Computer software and hardware equipment $ 25,252 $ 20,427 Furniture, fixtures and equipment 23,468 24,227 Less: accumulated depreciation and amortization (26,077 ) (25,104 ) $ $ |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Cost, Included in Selling, General and Administrative Expense | The operating lease cost, included in selling, general and administrative expense in the consolidated statement of net and comprehensive income, consisted of the following (in thousands): Year Ended December 31, 2019 Operating lease cost: Lease cost (1) $ 24,372 Variable lease cost (2) 5,305 Sublease income (305 ) $ 29,372 (1) Includes short-term lease cost and ROU asset amortization. (2) Primarily relates to common area maintenance, property taxes, insurance, utilities and parking. |
Maturities of lease liabilities | Maturities of lease liabilities consisted of the following (in thousands): Year Ended December 31, 2020 $ 21,262 2021 19,002 2022 14,887 2023 11,657 2024 9,660 Thereafter 12,773 Total future minimum lease payments 89,241 Less imputed interest (8,324 ) Present value of operating lease liabilities $ 80,917 |
Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases | Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands): Year Ended December 31, 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 20,266 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 21,548 Tenant improvements owned by lessor related to ROU assets (1) $ 5,952 (1) Reclassification from other assets current. |
Schedule of Other Information Related to Operating Leases | Other information related to the operating leases consisted of the following: December 31, 2019 Weighted average remaining operating lease term 5.04 years Weighted average discount rate 3.8 % |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, December 31, 2019 December 31, 2018 Amortized Gross Gross Fair Value Amortized Gross Gross Fair Short-term investments: U.S. treasuries $ 124,389 $ 196 $ (5 ) $ 124,580 $ 121,252 $ 7 $ (79 ) $ 121,180 U.S. government sponsored entities — — — — 3,512 — (7 ) 3,505 Corporate debt 26,128 44 — 26,172 11,962 — (11 ) 11,951 ABS and other — — — — 806 — (6 ) 800 $ 150,517 $ 240 $ (5 ) $ 150,752 $ 137,532 $ 7 $ (103 ) $ 137,436 Long-term investments: U.S. treasuries $ 24,188 $ 235 $ — $ 24,423 $ 44,997 $ 128 $ (115 ) $ 45,010 U.S. government sponsored entities 1,353 3 (1 ) 1,355 1,569 — (62 ) 1,507 Corporate debt 25,447 1,027 (3 ) 26,471 32,467 3 (633 ) 31,837 ABS and other 8,480 93 (13 ) 8,560 4,889 12 (46 ) 4,855 $ 59,468 $ 1,358 $ (17 ) $ 60,809 $ 83,922 $ 143 $ (856 ) $ 83,209 |
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 December 31, 2019 December 31, 2018 Unrealized Fair Unrealized Fair Value Less than 12 months $ (21 ) $ 47,823 $ (576 ) $ 127,326 12 months or longer $ (1 ) $ 566 $ (383 ) $ 30,609 |
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 Years Ended December 31, 2019 2018 2017 Gross realized gains (1) $ 134 $ 12 $ 2 Gross realized losses (1) $ (47 ) $ (2 ) $ — (1) Recorded in other income (expense), net in the 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, December 31, 2019 December 31, 2018 Amortized Fair Value Amortized Fair Value Due in one year or less $ 150,517 $ 150,752 $ 137,532 $ 137,436 Due after one year through five years 41,123 41,794 61,875 61,846 Due after five years through ten years 12,813 13,467 17,310 16,747 Due after ten years 5,532 5,548 4,737 4,616 $ 209,985 $ 211,561 $ 221,454 $ 220,645 Weighted average contractual maturity 1.7 1.8 |
Acquisitions, Goodwill and Ot_2
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Goodwill and Intangible Assets | Goodwill and intangible assets, net consisted of the following (in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill (1) $ 15,072 $ — $ 15,072 $ 11,459 $ — $ 11,459 Intangible assets (1)(2) 9,050 (1,810 ) 7,240 4,240 (314 ) 3,926 $ 24,122 $ (1,810 ) $ 22,312 $ 15,699 $ (314 ) $ 15,385 (1) Represents additions from acquisitions. (2) Total weighted average amortization period was 4.37 years and 5.14 years as of December 31, 2019 and 2018, respectively. |
Summary of Changes in Carrying Carrying Amount of Goodwill | The changes in the carrying amount of goodwill consisted of the following (in thousands): Years Ended December 31, 2019 2018 Beginning balance $ 11,459 $ — Additions from acquisitions 3,613 11,459 Impairment losses — — Ending balance $ 15,072 $ 11,459 |
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): Year Ended 2020 $ 2,493 2021 1,623 2022 1,245 2023 1,242 2024 637 $ 7,240 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (in thousands): Current December 31, Non-Current December 31, 2019 2018 2019 2018 MSRs, net of amortization $ — $ — $ 2,002 $ 2,209 Due from independent contractors, net (1)(2) 2,882 3,831 66,647 27,157 Security deposits — — 1,345 1,196 Employee notes receivable (3) 65 156 323 370 Customer trust accounts and other 3,120 2,381 677 846 $ 6,067 $ 6,368 $ 70,994 $ 31,778 (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 (2) Includes allowance for doubtful accounts related to current receivables of $512 and $514 as of December 31, 2019 and 2018, respectively. The Company recorded a provision for bad debt expense of $114, $291 and $219 and wrote off $116, $271 and $38 of these receivables for the years ended December 31, 2019, 2018 and 2017, respectively. Any cash receipts on notes are applied first to unpaid principal balance prior to any income being recognized. (3) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable represents noncash investing activity and was |
Summary of Net Change in Carrying Value of MSRs | The net change in the carrying value of MSRs consisted of the following (in thousands): December 31, 2019 2018 Beginning balance $ 2,209 $ — Additions from acquisition — 2,121 Additions 337 391 Amortization (544 ) (303 ) Ending balance $ 2,002 $ 2,209 |
Components of Deferred Compensation and Commissions | Deferred compensation and commissions consisted of the following (in thousands): Current December 31, Non-Current December 31, 2019 2018 2019 2018 SARs liability (1) $ 2,080 $ 1,810 $ 18,122 $ 19,299 Commissions payable to investment sales and financing professionals 40,668 44,812 20,818 23,983 Deferred compensation liability (1) 1,553 1,288 6,688 6,605 $ 44,301 $ 47,910 $ 45,628 $ 49,887 (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 separation as a service provider 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): Years Ended December 31, 2019 2018 2017 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 1,353 $ (326 ) $ 849 Increase (decrease) in the net carrying value of the deferred compensation (2) $ 1,293 $ (306 ) $ 904 (1) Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
Summary of Deferred Rent and Other Liabilities | Deferred rent and other liabilities consisted of the following (in thousands): December 31, 2019 2018 Deferred rent (1) $ — $ 5,445 Contingent consideration and other (2) 3,539 2,054 $ 3,539 $ 7,499 (1) The Company does not have deferred rent in 2019 due to adoption of the new lease standard on January 1, 2019. (2) The current portion of contingent consideration in the amounts of $1,238 and $821 as of December 31, 2019 and 2018, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and liabilities at Fair Value on Recurring Basis | Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): December 31, 2019 December 31, 2018 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 9,452 $ — $ 9,452 $ $ 8,268 $ — $ 8,268 $ — Cash equivalents (1) Commercial paper and other $ 5,087 $ — $ 5,087 $ — $ 1,599 $ 1,599 $ — $ — Money market funds 185,513 185,513 — — 163,126 163,126 — — $ 190,600 $ 185,513 $ 5,087 $ — $ 164,725 $ 164,725 $ — $ — Marketable securities, available-for-sale: Short-term investments: U.S. treasuries $ 124,580 $ 124,580 $ — $ — $ 121,180 $ 121,180 $ — $ — U.S. government sponsored entities — — — — 3,505 — 3,505 — Corporate debt 26,172 — 26,172 — 11,951 — 11,951 — ABS and other — — — — 800 — 800 — $ 150,752 $ 124,580 $ 26,172 $ — $ 137,436 $ 121,180 $ 16,256 $ — Long-term investments: U.S. treasuries $ 24,423 $ 24,423 $ — $ — $ 45,010 $ 45,010 $ — $ — U.S. government sponsored entities 1,355 — 1,355 — 1,507 — 1,507 — Corporate debt 26,471 — 26,471 — 31,837 — 31,837 — ABS and other 8,560 — 8,560 — 4,855 — 4,855 — $ 60,809 $ 24,423 $ 36,386 $ — $ 83,209 $ 45,010 $ 38,199 $ — Liabilities: Contingent consideration $ 4,788 $ — $ — $ 4,788 $ 2,875 $ — $ — $ 2,875 Deferred compensation liability $ 8,241 $ 8,241 $ — $ — $ 7,893 $ 7,893 $ — $ — (1) Included in cash and cash equivalents on the accompanying consolidated balance sheets. |
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis | Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these earn-out one seven-year in the consolidated statements of net and comprehensive income. A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): December 31, 2019 2018 Beginning balance $ 2,875 $ — Contingent consideration in connection with acquisitions (1) 2,382 2,674 Change in fair value of contingent consideration 202 201 Payments of contingent consideration (671 ) — Ending balance $ 4,788 $ 2,875 (1) Contingent consideration in connections with acquisitions represents noncash investing activity. |
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2019 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 4,788 Discounted cash flow Expected life of cash flows 0.4-5.8 Discount rate 3.6%-5.0% Probability of achievement 33.0%-100.0% (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Fair Value Liabilities Measured On NonRecurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial assets measured at fair value on a nonrecurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2019 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,204 Discounted cash flow Constant prepayment rates 0.0%-20.0% Constant default rate 2.0%-2.0% Loss severity 40.0%-40.0% Discount rate 9.5%-9.7% (1) Weighted average is based on the 10 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 weighted average per share data): RSA Grants Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2017 (1) 30,732 500,859 450,264 981,855 $ 23.90 Granted 12,852 142,760 102,466 258,078 34.94 Vested (16,488 ) (146,122 ) (171,114 ) (333,724 ) 22.31 Transferred — (23,755 ) 23,755 — 30.69 Forfeited/canceled — (1,960 ) (12,674 ) (14,634 ) 30.17 Nonvested shares at December 31, 2018 (1) 27,096 471,782 392,697 891,575 $ 27.59 Granted 12,806 260,274 82,050 355,130 38.51 Vested (22,422 ) (186,311 ) (191,883 ) (400,616 ) 24.29 Transferred — (8,136 ) 8,136 — 29.68 Forfeited/canceled — (12,494 ) (33,520 ) (46,014 ) 30.65 Nonvested shares at December 31, 2019 (1) 17,480 525,115 257,480 800,075 $ 33.91 Unrecognized stock-based compensation expense as of December 31, 2019 (2) $ 234 $ 13,959 $ 7,821 $ 22,014 Weighted average remaining vesting period (years) as of December 31, 2019 0.39 3.61 3.34 3.48 (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 3.48 years. |
Schedule of Future Share Settlements | Future share settlements of DSUs by year consisted of the following: December 31, 2021 60,373 2022 281,193 341,566 |
Stock-Based Compensation Expense | Components of stock-based compensation are included in selling, general and administrative expense in the consolidated statements of net and comprehensive income and consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 ESPP $ 139 $ 109 $ 128 RSAs – non-employee 643 632 397 RSUs – employees (1) 5,419 4,233 3,750 RSUs – independent contractors (2) 3,077 7,009 4,870 $ 9,278 $ 11,983 $ 9,145 (1) 2019 includes expense related to the acceleration of vesting of certain RSUs. (2) The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees. 2018-07 non-employee |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Income (Loss) from Continuing Operations before Provision for Income Taxes | The components of income (loss) from continuing operations before provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 United States $ 112,425 $ 119,446 $ 100,031 Foreign (4,913 ) (2,226 ) (805 ) $ 107,512 $ 117,220 $ 99,226 |
Schedule of Provision (Benefit) for Income Taxes | The provision ( benefit Years Ended December 31, 2019 2018 2017 Federal: Current $ 22,638 $ 24,101 $ 28,993 Deferred 665 (268 ) 13,249 $ 23,303 $ 23,833 $ 42,242 State: Current $ 7,718 $ 6,004 $ 5,883 Deferred (507 ) 162 (423 ) $ 7,211 $ 6,166 $ 5,460 Foreign: Current $ — $ — $ — Deferred 68 (36 ) — $ 68 $ (36 ) $ — $ 30,582 $ 29,963 $ 47,702 |
Significant Components of Deferred Tax Assets (Liabilities), Net | Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands): December 31, 2019 2018 Deferred Tax Assets: Accrued expenses and bonuses $ 2,481 $ 2,258 Bad debt and other reserves 2,744 1,840 Deferred compensation 13,346 13,337 Operating lease ROU assets, net 21,761 — Stock-based compensation 7,847 8,912 Deferred rent — 1,470 Net operating and capital loss carryforwards 3,612 2,335 Other comprehensive income — 330 State taxes 139 11 Other 328 25 Deferred tax assets before valuation allowance 52,258 30,518 Valuation allowance (3,921 ) (2,570 ) Deferred Tax Assets $ 48,337 $ 27,948 Deferred Tax Liabilities: Fixed assets $ (4,422 ) $ (4,086 ) Operating lease liabilities (20,117 ) — Prepaid expenses (940 ) (789 ) Other comprehensive income (552 ) — Other (184 ) (114 ) Deferred Tax Liabilities (26,215 ) (4,989 ) Deferred Tax Assets, Net $ 22,122 $ 22,959 |
Components of Provision for Income Taxes and Income before Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the statutory federal corporate income tax rate to income before provision for income taxes and consisted of the following (dollars in thousands): Years Ended December 31, 2019 2018 2017 Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 22,578 21.0 % $ 24,616 21.0 % $ 34,729 35.0 % State income tax expense, net of federal benefit 5,698 5.3 % 4,550 3.9 % 3,577 3.6 % Wind (196 ) (0.2 )% (1,535 ) (1.3 )% (2,568 ) (2.6 )% Change in valuation allowance 1,351 1.3 % 677 0.6 % 170 0.2 % Effect of rate and other changes on federal deferred taxes, net due to enactment of Tax Cuts and Jobs Act (“the Act”) (1) — — — — 11,644 11.7 % Permanent and other items (2) 1,151 1.0 % 1,655 1.4 % 150 0.2 % $ 30,582 28.4 % $ 29,963 25.6 % $ 47,702 48.1 % (1) 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, further limiting 162(m) deductions and creating a territorial tax system with a one-time (2) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions and meals and entertainment. |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 Beginning balance $ 1,246 $ — $ Gross increase (decrease) as a result of positions taken: Prior periods — 1,246 — Current period — — — Settlement with tax authorities — — — Expiration of applicable statutes of limitation (471 ) — — Ending balance $ 775 $ 1,246 $ — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 consisted of the following (in thousands, except per share data): Years Ended December 31, 2019 2018 2017 Numerator (Basic and Diluted): Net income $ 76,930 $ 87,257 $ 51,524 Denominator: Basic Weighted Average Common Shares Issued and Outstanding 39,083 38,637 38,142 Deduct: Unvested RSAs (1) (21 ) (30 ) (29 ) Add: Fully vested DSUs (2) 342 542 875 Weighted Average Common Shares Outstanding 39,404 39,149 38,988 Basic earnings per common share $ 1.95 $ 2.23 $ 1.32 Diluted Weighted Average Common Shares Outstanding from above 39,404 39,149 38,988 Add: Dilutive effect of RSUs, RSAs & ESPP 144 234 112 Weighted Average Common Shares Outstanding 39,548 39,383 39,100 Diluted earnings per common share $ 1.95 $ 2.22 $ 1.32 Antidilutive shares excluded from diluted earnings per common share (3) 348 137 512 (1) RSAs were issued and outstanding to the non-employee one-year three-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 12 – “Stock-Based Compensation Plans” for additional information. (3) Primarily pertaining to RSU grants to the Company’s employees and independent contractors. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Three Months Ended Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2019 2019 2019 2019 2018 2018 2018 2018 Consolidated Financial Statement Data: (in thousands, except per share data) Total revenues $ 237,908 $ 198,220 $ 209,593 $ 160,707 $ 230,283 $ 210,590 $ 199,402 $ 174,541 Cost of services 155,196 124,147 127,847 91,688 148,469 132,896 119,869 101,649 Operating income 27,104 24,072 26,978 18,269 32,489 27,384 28,950 23,464 Net income 20,721 19,292 21,279 15,638 26,225 20,854 22,167 18,011 Earnings per share: Basic $ 0.53 $ 0.49 $ 0.54 $ 0.40 $ 0.67 $ 0.53 $ 0.57 $ 0.46 Diluted $ 0.52 $ 0.49 $ 0.54 $ 0.40 $ 0.66 $ 0.53 $ 0.56 $ 0.46 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Office | |
Class of Stock [Line Items] | |
Number of offices in the United States and Canada | 82 |
Formation date | 2013-06 |
Percentage of common stock distributed | 80.00% |
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) | 12 Months Ended | |||
Dec. 31, 2019USD ($)OfficeSegment | Dec. 31, 2018USD ($)Office | Dec. 31, 2017USD ($)Office | Jan. 01, 2019USD ($) | |
Accounting Policies [Line Items] | ||||
Commission's receivable settled period | 10 days | |||
Number of offices | Office | 82 | |||
Operating lease right-of-use assets | $ 90,535,000 | $ 0 | ||
Operating lease liabilities | 80,917,000 | |||
Prepaid Rent Reclassified to Other Assets, Current | 6,067,000 | 6,368,000 | ||
Advertising Costs | $ 889,000 | 1,100,000 | $ 824,000 | |
Income tax benefit realized, percentage | 50.00% | |||
Property and equipment, amortization method | straight-line | |||
Allowance for commissions receivable | $ 0 | $ 0 | ||
Number of reporting units | Segment | 1 | |||
Finite-lived intangible asset, amortization method | straight-line | |||
Employee Stock Purchase Plan [Member] | ||||
Accounting Policies [Line Items] | ||||
Length of purchase intervals | 6 months | |||
Expected dividend yield | 0.00% | |||
Forfeiture rate | 0.00% | |||
Payment of dividend | $ 0 | |||
Customer Concentration Risk [Member] | Total revenues [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |
Customer Concentration Risk [Member] | Commissions receivable [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |
Geographic Concentration Risk [Member] | Total revenues [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | |
Number of offices | Office | 0 | 0 | 0 | |
Accounting Standards Update 2016-02 [Member] | ||||
Accounting Policies [Line Items] | ||||
Operating lease right-of-use assets | $ 76,700,000 | |||
Operating lease liabilities | 76,700,000 | |||
Prepaid Rent Reclassified to Other Assets, Current | 462,000,000 | |||
Accounting Standards Update 2016-02 [Member] | Deferred rent reclassified to Operating Lease ROU Asset [Member] | ||||
Accounting Policies [Line Items] | ||||
Operating lease right-of-use assets | 5,600,000 | |||
Accounting Standards Update 2016-02 [Member] | Prepaid rent reclassified to Operating Lease ROU Asset [Member] | ||||
Accounting Policies [Line Items] | ||||
Operating lease right-of-use assets | $ 13,400,000 | |||
Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Property and equipment, estimated useful lives | 7 years | |||
Finite-lived intangible asset, useful life | 6 years | |||
Maximum [Member] | Geographic Concentration Risk [Member] | Total revenues [Member] | International Revenues [Member] | ||||
Accounting Policies [Line Items] | ||||
Concentration risk percentage | 1.00% | 1.00% | 1.00% | |
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Property and equipment, estimated useful lives | 3 years | |||
Finite-lived intangible asset, useful life | 1 year | |||
Capitalization of Internal Labor [Member] | ||||
Accounting Policies [Line Items] | ||||
Property and equipment, estimated useful lives | 5 years |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and amortization | $ (26,077) | $ (25,104) |
Property and equipment, net | 22,643 | 19,550 |
Computer software and hardware equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 25,252 | 20,427 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 23,468 | $ 24,227 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Fully depreciated computer software and hardware equipment and furniture, fixtures and equipment write-off | $ 5,000,000 | $ 1,400,000 |
Property and equipment additions incurred but not yet paid | $ 619,000 | $ 246,000 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 |
Leases [Abstract] | ||||
Operating lease right-of-use assets | $ 111.1 | |||
Operating lease right-of-use assets, accumulated amortization | $ 20.6 | |||
ROU assets and operating lease liabilities in connection with adoption of new lease standard | $ 76.7 | |||
Reclassification of prepaid rent and deferred rent to ROU assets in connection with adoption of new lease standard | $ 7.8 | |||
Deferred rent | $ 5.6 | |||
Rental expense | $ 27.7 | $ 25.6 |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Lease Cost, Included in Selling, General and Administrative Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease cost: | |
Lease cost | $ 24,372 |
Variable lease cost | 5,305 |
Sublease income | (305) |
Total operating lease cost | $ 29,372 |
Operating Leases - Maturities o
Operating Leases - Maturities of lease liabilities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 21,262 |
2021 | 19,002 |
2022 | 14,887 |
2023 | 11,657 |
2024 | 9,660 |
Thereafter | 12,773 |
Total future minimum lease payments | 89,241 |
Less imputed interest | (8,324) |
Present value of operating lease liabilities | $ 80,917 |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating cash flow information: | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 20,266 |
Noncash activity: | |
ROU assets obtained in exchange for operating lease liabilities | 21,548 |
Tenant improvements owned by lessor related to ROU assets | $ 5,952 |
Operating Leases - Schedule o_3
Operating Leases - Schedule of Other Information Related to Operating Leases (Detail) | Dec. 31, 2019 |
Leases, Operating [Abstract] | |
Weighted average remaining operating lease term | 5 years 14 days |
Weighted average discount rate | 3.80% |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 209,985 | $ 221,454 |
Fair Value | 211,561 | 220,645 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 150,517 | 137,532 |
Gross Unrealized Gains | 240 | 7 |
Gross Unrealized Losses | (5) | (103) |
Fair Value | 150,752 | 137,436 |
Short-term investments [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 124,389 | 121,252 |
Gross Unrealized Gains | 196 | 7 |
Gross Unrealized Losses | (5) | (79) |
Fair Value | 124,580 | 121,180 |
Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 3,512 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (7) |
Fair Value | 0 | 3,505 |
Short-term investments [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,128 | 11,962 |
Gross Unrealized Gains | 44 | 0 |
Gross Unrealized Losses | 0 | (11) |
Fair Value | 26,172 | 11,951 |
Short-term investments [Member] | ABS and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 0 | 806 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (6) |
Fair Value | 0 | 800 |
Long-term marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,468 | 83,922 |
Gross Unrealized Gains | 1,358 | 143 |
Gross Unrealized Losses | (17) | (856) |
Fair Value | 60,809 | 83,209 |
Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,188 | 44,997 |
Gross Unrealized Gains | 235 | 128 |
Gross Unrealized Losses | 0 | (115) |
Fair Value | 24,423 | 45,010 |
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,353 | 1,569 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (1) | (62) |
Fair Value | 1,355 | 1,507 |
Long-term marketable securities [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,447 | 32,467 |
Gross Unrealized Gains | 1,027 | 3 |
Gross Unrealized Losses | (3) | (633) |
Fair Value | 26,471 | 31,837 |
Long-term marketable securities [Member] | ABS and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,480 | 4,889 |
Gross Unrealized Gains | 93 | 12 |
Gross Unrealized Losses | (13) | (46) |
Fair Value | $ 8,560 | $ 4,855 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale securities continuous unrealized loss position for less than 12 months, unrealized loss | $ (21) | $ (576) |
Available for sale securities continuous unrealized loss position for 12 months or longer, unrealized loss | (1) | (383) |
Available for sale securities continuous unrealized loss position for less than 12 months, fair value | 47,823 | 127,326 |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | $ 566 | $ 30,609 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 134 | $ 12 | $ 2 |
Gross realized losses | $ (47) | $ (2) | $ 0 |
Investments in Marketable Sec_6
Investments in Marketable Securities - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 150,517 | $ 137,532 |
Due after one year through five years, Amortized Cost | 41,123 | 61,875 |
Due after five years through ten years, Amortized Cost | 12,813 | 17,310 |
Due after ten years, Amortized Cost | 5,532 | 4,737 |
Amortized Cost | 209,985 | 221,454 |
Due in one year or less, Fair Value | 150,752 | 137,436 |
Due after one year through five years, Fair Value | 41,794 | 61,846 |
Due after five years through ten years, Fair Value | 13,467 | 16,747 |
Due after ten years, Fair Value | 5,548 | 4,616 |
Total Fair Value | $ 211,561 | $ 220,645 |
Weighted average contractual maturity | 1 year 8 months 12 days | 1 year 9 months 18 days |
Acquisitions, Goodwill and Ot_3
Acquisitions, Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019Business | Dec. 31, 2019USD ($)Segment | |
Business Combinations [Abstract] | ||
Number of businesses acquired | Business | 1 | |
Aggregate Consideration for Acquisition | $ | $ 8.5 | |
Number of reporting units | Segment | 1 |
Acquisitions, Goodwill and Ot_4
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, gross carrying amount | $ 15,072 | $ 11,459 | |
Intangible assets, gross carrying amount | 9,050 | 4,240 | |
Goodwill and intangible assets, gross carrying amount, total | 24,122 | 15,699 | |
Intangible assets, accumulated amortization | (1,810) | (314) | |
Goodwill, net book value | 15,072 | 11,459 | $ 0 |
Intangible assets, net book value | 7,240 | 3,926 | |
Goodwill and intangible assets, net book value | $ 22,312 | $ 15,385 |
Acquisitions, Goodwill and Ot_5
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Weighted average amortization intangible assets | 4 years 4 months 13 days | 5 years 1 month 20 days |
Acquisitions, Goodwill and Ot_6
Acquisitions, Goodwill and Other Intangible Assets - Summary of Net Change in Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 11,459 | $ 0 |
Additions from acquisitions | 3,613 | 11,459 |
Impairment losses | 0 | 0 |
Ending balance | $ 15,072 | $ 11,459 |
Acquisitions, Goodwill and Ot_7
Acquisitions, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | $ 2,493 | |
2021 | 1,623 | |
2022 | 1,245 | |
2023 | 1,242 | |
2024 | 637 | |
Total | $ 7,240 | $ 3,926 |
Selected Balance Sheet Data - S
Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Line Items] | ||
Other assets Current | $ 6,067 | $ 6,368 |
Other assets Non-Current | 70,994 | 31,778 |
Mortgage servicing rights [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 2,002 | 2,209 |
Due from independent contractors, net [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 2,882 | 3,831 |
Other assets Non-Current | 66,647 | 27,157 |
Security deposits [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,345 | 1,196 |
Employee Notes Receivable [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 65 | 156 |
Other assets Non-Current | 323 | 370 |
Customer trust accounts and other [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 3,120 | 2,381 |
Other assets Non-Current | $ 677 | $ 846 |
Selected Balance Sheet Data -_2
Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Assets [Line Items] | |||
Allowance of doubtful accounts | $ 512 | $ 514 | |
Provision of bad debt expense | 114 | 291 | $ 219 |
Write-off receivables | 116 | 271 | $ 38 |
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable | $ 60 | $ 192 | |
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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning balance | $ 2,209 | $ 0 |
Additions from acquisition | 0 | 2,121 |
Additions | 337 | 391 |
Amortization | (544) | (303) |
Ending balance | $ 2,002 | $ 2,209 |
Selected Balance Sheet Data - A
Selected Balance Sheet Data - Additional Information (Detail) | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | Jan. 01, 2014 | Dec. 31, 2019USD ($)Installments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2013USD ($) |
Schedule Of Accrued Expenses [Line Items] | ||||||||
SARs frozen liability amount | $ 18,122,000 | $ 19,299,000 | ||||||
Interest expense | $ 1,388,000 | 1,400,000 | $ 1,496,000 | |||||
Maximum payment deferral period for certain commissions payable | 3 years | |||||||
Mortgage servicing rights [Member] | ||||||||
Schedule Of Accrued Expenses [Line Items] | ||||||||
Servicing portfolio of commercial real estate loans, unpaid principal balance | $ 1,600,000,000 | 1,600,000,000 | ||||||
Escrow Funds | $ 2,600,000 | 2,100,000 | ||||||
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 number of annual installments | Installments | 10 | |||||||
SARs liability interest accrual commencement date | Jan. 1, 2014 | |||||||
SARs liability interest accrual rates | 4.684% | 4.409% | 4.446% | |||||
Interest expense | $ 904,000 | 891,000 | $ 931,000 | |||||
Treasury note term | 10 years | |||||||
Base spread on SARs liability variable rate | 2.00% | |||||||
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 | $ 1,800,000 | 1,700,000 | ||||||
Sars liability principal paid | 185,000 | |||||||
Sars liability interest paid | $ 1,600,000 | |||||||
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 or elected in service payout have been classified as current. | |||||||
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% | |||||||
Payments made during the period | $ 1,600,000 | $ 1,300,000 |
Selected Balance Sheet Data - C
Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
SARs liability | $ 2,080 | $ 1,810 |
Deferred compensation liability | 1,553 | 1,288 |
Deferred compensation and commissions, current | 44,301 | 47,910 |
SARs liability | 18,122 | 19,299 |
Deferred compensation liability | 6,688 | 6,605 |
Deferred compensation and commissions, non-current | 45,628 | 49,887 |
Current [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Commissions payable to investment sales and financing professionals | 40,668 | 44,812 |
Non-Current [Member] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Commissions payable to investment sales and financing professionals | $ 20,818 | $ 23,983 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |||
Increase (decrease) in the carrying value of the assets held in the rabbi trust | $ 1,353 | $ (326) | $ 849 |
Increase (decrease) in the net carrying value of the deferred compensation obligation | $ 1,293 | $ (306) | $ 904 |
Selected Balance Sheet Data -_5
Selected Balance Sheet Data - Summary of Deferred Rent and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Rent And Other Liabilities [Abstract] | ||
Deferred rent | $ 0 | $ 5,445 |
Contingent consideration and other | 3,539 | 2,054 |
Deferred rent and other liabilities | $ 3,539 | $ 7,499 |
Selected Balance Sheet Data -_6
Selected Balance Sheet Data - Summary of Deferred Rent and Other Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Member] | ||
Deferred Rent and other liabilities [Line Items] | ||
Contingent consideration, current | $ 1,238 | $ 821 |
Notes Payable to Former Stock_2
Notes Payable to Former Stockholders - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Principal and interest payments on notes payable to former stockholders | $ 6.6 | ||
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 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Operating lease cost | $ 24,372,000 | ||
Aggregate principal amount for employee notes receivable | 388,000 | $ 526,000 | |
MMC [Member] | |||
Related Party Transaction [Line Items] | |||
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company | 5,200,000 | 7,700,000 | $ 2,100,000 |
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company | 3,000,000 | 4,600,000 | 1,200,000 |
Operating lease cost | $ 1,300,000 | 1,000,000 | 1,000,000 |
Lease expiration date | May 31, 2022 | ||
Accounts payable and other liabilities - related party | $ 88,000 | 101,000 | |
MMC [Member] | Transition Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative expense | $ 127,000 | $ 197,000 | $ 210,000 |
George M. Marcus [Member] | |||
Related Party Transaction [Line Items] | |||
Beneficial ownership percentage | 40.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held in rabbi trust | $ 9,452 | $ 8,268 | |
Marketable securities, available for sale | 211,561 | 220,645 | |
Deferred compensation liability | 8,241 | 7,893 | |
Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 150,752 | 137,436 | |
Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 60,809 | 83,209 | |
U.S. Treasuries [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 124,580 | 121,180 | |
U.S. Treasuries [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 24,423 | 45,010 | |
U.S. Government Sponsored Entities [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 0 | 3,505 | |
U.S. Government Sponsored Entities [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 1,355 | 1,507 | |
Corporate debt securities [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 26,172 | 11,951 | |
Corporate debt securities [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 26,471 | 31,837 | |
Asset-backed securities and other [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 0 | 800 | |
Asset-backed securities and other [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 8,560 | 4,855 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 190,600 | 164,725 | |
Recurring [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 150,752 | 137,436 | |
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 | 60,809 | 83,209 | |
Recurring [Member] | Commercial Paper and Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,087 | 1,599 | |
Recurring [Member] | Money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 185,513 | 163,126 | |
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 | 9,452 | 8,268 | |
Recurring [Member] | U.S. Treasuries [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 124,580 | 121,180 | |
Recurring [Member] | U.S. Treasuries [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 24,423 | 45,010 | |
Recurring [Member] | U.S. Government Sponsored Entities [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 0 | 3,505 | |
Recurring [Member] | U.S. Government Sponsored Entities [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 1,355 | 1,507 | |
Recurring [Member] | Corporate debt securities [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 26,172 | 11,951 | |
Recurring [Member] | Corporate debt securities [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 26,471 | 31,837 | |
Recurring [Member] | Asset-backed securities and other [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 0 | 800 | |
Recurring [Member] | Asset-backed securities and other [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 8,560 | 4,855 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation liability | 8,241 | 7,893 | |
Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 185,513 | 164,725 | |
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 | 124,580 | 121,180 | |
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 | 24,423 | 45,010 | |
Level 1 [Member] | Recurring [Member] | Commercial Paper and Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 1,599 | |
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 | 185,513 | 163,126 | |
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] | U.S. Treasuries [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 124,580 | 121,180 | |
Level 1 [Member] | Recurring [Member] | U.S. Treasuries [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 24,423 | 45,010 | |
Level 1 [Member] | Recurring [Member] | U.S. Government Sponsored Entities [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 1 [Member] | Recurring [Member] | U.S. Government Sponsored Entities [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 1 [Member] | Recurring [Member] | Corporate debt securities [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 1 [Member] | Recurring [Member] | Corporate debt securities [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 1 [Member] | Recurring [Member] | Asset-backed securities and other [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 1 [Member] | Recurring [Member] | Asset-backed securities and other [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 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation liability | 0 | 0 | |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,087 | 0 | |
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 | 26,172 | 16,256 | |
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 | 36,386 | 38,199 | |
Level 2 [Member] | Recurring [Member] | Commercial Paper and Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,087 | 0 | |
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 | 9,452 | 8,268 | |
Level 2 [Member] | Recurring [Member] | U.S. Treasuries [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 2 [Member] | Recurring [Member] | U.S. Treasuries [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 2 [Member] | Recurring [Member] | U.S. Government Sponsored Entities [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 0 | 3,505 | |
Level 2 [Member] | Recurring [Member] | U.S. Government Sponsored Entities [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 1,355 | 1,507 | |
Level 2 [Member] | Recurring [Member] | Corporate debt securities [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 26,172 | 11,951 | |
Level 2 [Member] | Recurring [Member] | Corporate debt securities [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 26,471 | 31,837 | |
Level 2 [Member] | Recurring [Member] | Asset-backed securities and other [Member] | Short-term investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 0 | 800 | |
Level 2 [Member] | Recurring [Member] | Asset-backed securities and other [Member] | Long-term marketable securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities, available for sale | 8,560 | 4,855 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation liability | 0 | 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] | 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] | 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] | Commercial Paper and Other [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 | ||
Level 3 [Member] | Recurring [Member] | U.S. Treasuries [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] | U.S. Treasuries [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] | U.S. Government Sponsored Entities [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] | U.S. Government Sponsored Entities [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] | Corporate debt securities [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] | Corporate debt securities [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] | Asset-backed securities and other [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] | Asset-backed securities and other [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 | |
Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration | 4,788 | 2,875 | $ 0 |
Contingent Consideration [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration | 0 | 0 | |
Contingent Consideration [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration | 0 | 0 | |
Contingent Consideration [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration | $ 4,788 | $ 2,875 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis (Detail) - Contingent Consideration [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 2,875 | $ 0 |
Contingent consideration in connection with acquisitions | 2,382 | 2,674 |
Change in fair value of contingent consideration | 202 | 201 |
Payments of contingent consideration | (671) | 0 |
Ending balance | $ 4,788 | $ 2,875 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Recurring Basis Valuation Techniques (Detail) - Contingent Consideration [Member] $ in Thousands | Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Amount | $ | $ 4,788 | $ 2,875 | $ 0 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Amount | $ | $ 4,788 | $ 2,875 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | yr | 5.8 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | yr | 0.4 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | yr | 2.3 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discount rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.050 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discount rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.036 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discount rate [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.041 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Probability of achievement [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 1 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Probability of achievement [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.330 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Probability of achievement [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.818 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Amount | $ | $ 4,788 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Detail) - Mortgage Rights [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Constant prepayment rates [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.200 |
Constant prepayment rates [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0 |
Constant prepayment rates [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.100 |
Constant default rate [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.020 |
Constant default rate [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.020 |
Constant default rate [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.020 |
Loss severity [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.400 |
Loss severity [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.400 |
Loss severity [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.400 |
Discount rate [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.097 |
Discount rate [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.095 |
Discount rate [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Range | 0.097 |
Discounted cash flow [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Amount | $ 2,204 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, assets, level 3 transfers, amount | $ 0 | |
Contingent consideration, maximum undiscounted payment | $ 7,300,000 | $ 4,200,000 |
Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Asset, Measurement Input | 0.1 | 0.1 |
Recurring [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Earn-out period for contingent consideration | 7 years | |
Recurring [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Earn-out period for contingent consideration | 1 year |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Common stock, shares issued | 39,153,195 | 38,814,464 |
Common stock, shares outstanding | 39,153,195 | 38,814,464 |
Common stock share, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Undistributed earnings of foreign subsidiary | $ 0 | $ 0 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Common stock shares available for grant | shares | 5,255,735 |
Equity incentive plan amendment, shareholder approval date | 2017-05 |
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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested shares | 400,616 | 333,724 | |
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] | 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 | 378,194 | ||
Number of common stock shares withheld to pay employee statutory withholding taxes | 73,690 | ||
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 | ||
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested shares | 0 | ||
Fair value of vested, during period | $ 0 | $ 8.3 | $ 10.2 |
Fully vested deferred stock units remaining outstanding | 341,566 | 341,566 | 578,618 |
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested, during period | $ 14.6 | $ 11.1 | $ 7.8 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested shares at beginning | 891,575 | 981,855 |
Granted | 355,130 | 258,078 |
Vested | (400,616) | (333,724) |
Transferred | 0 | 0 |
Forfeited/canceled | (46,014) | (14,634) |
Nonvested shares at ending | 800,075 | 891,575 |
Unrecognized stock-based compensation expense as of December 31, 2019 | $ 22,014 | |
Weighted average remaining vesting period (years) as of December 31, 2019 | 3 years 5 months 23 days | |
Nonvested weighted average grant date fair value per share, beginning balance | $ 27.59 | $ 23.90 |
Weighted average grant date fair value per share, Granted | 38.51 | 34.94 |
Weighted average grant date fair value per share, Vested | 24.29 | 22.31 |
Weighted average grant date fair value per share, Transferred | 29.68 | 30.69 |
Weighted average grant date fair value per share, Forfeited/canceled | 30.65 | 30.17 |
Nonvested weighted average grant date fair value per share, ending balance | $ 33.91 | $ 27.59 |
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested shares at beginning | 27,096 | 30,732 |
Granted | 12,806 | 12,852 |
Vested | (22,422) | (16,488) |
Transferred | 0 | 0 |
Forfeited/canceled | 0 | 0 |
Nonvested shares at ending | 17,480 | 27,096 |
Unrecognized stock-based compensation expense as of December 31, 2019 | $ 234 | |
Weighted average remaining vesting period (years) as of December 31, 2019 | 4 months 20 days | |
Restricted Stock Units [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested shares at beginning | 471,782 | 500,859 |
Granted | 260,274 | 142,760 |
Vested | (186,311) | (146,122) |
Transferred | (8,136) | (23,755) |
Forfeited/canceled | (12,494) | (1,960) |
Nonvested shares at ending | 525,115 | 471,782 |
Unrecognized stock-based compensation expense as of December 31, 2019 | $ 13,959 | |
Weighted average remaining vesting period (years) as of December 31, 2019 | 3 years 7 months 9 days | |
Restricted Stock Units [Member] | Independent Contractors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested shares at beginning | 392,697 | 450,264 |
Granted | 82,050 | 102,466 |
Vested | (191,883) | (171,114) |
Transferred | 8,136 | 23,755 |
Forfeited/canceled | (33,520) | (12,674) |
Nonvested shares at ending | 257,480 | 392,697 |
Unrecognized stock-based compensation expense as of December 31, 2019 | $ 7,821 | |
Weighted average remaining vesting period (years) as of December 31, 2019 | 3 years 4 months 2 days |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized stock-based compensation expenses recognition period | 3 years 5 months 23 days |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares available for issuance | 5,255,735 | |
Unrecognized stock-based compensation expense | $ 22,014,000 | |
Unrecognized stock-based compensation expenses recognition period | 3 years 5 months 23 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 | 204,473 | 225,894 |
Unrecognized stock-based compensation expense | $ 69,000 | |
Unrecognized stock-based compensation expenses recognition period | 4 months 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 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. |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - Deferred stock units [Member] | Oct. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
DSU settlement to common stock percentage | 20.00% |
DSU settlement into actual stock issued term | 5 years |
Employee termination age | 67 years |
Percentage of shares of deferred stock units settled in the event of death or termination after reaching age 67 | 100.00% |
Stock-Based Compensation Plan_8
Stock-Based Compensation Plans - Schedule of Future Share Settlements (Detail) - 2013 Omnibus Equity Incentive Plan [Member] - Deferred stock units [Member] | Dec. 31, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2021 | 60,373 |
2022 | 281,193 |
Total | 341,566 |
Stock-Based Compensation Plan_9
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 9,278 | $ 11,983 | $ 9,145 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 139 | 109 | 128 |
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 643 | 632 | 397 |
Restricted Stock Units [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 5,419 | 4,233 | 3,750 |
Restricted Stock Units [Member] | Independent Contractors, Subsequent to Adoption of New Standard [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 3,077 | ||
Restricted Stock Units [Member] | Independent Contractors, Prior to Adoption of New Standard [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense - Independent contractors | $ 7,009 | $ 4,870 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income from Continuing Operations before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before provision for income taxes: | |||
Income before provision for income taxes | $ 107,512 | $ 117,220 | $ 99,226 |
United States [Member] | |||
Income (loss) before provision for income taxes: | |||
Income before provision for income taxes | 112,425 | 119,446 | 100,031 |
Foreign [Member] | |||
Income (loss) before provision for income taxes: | |||
Income before provision for income taxes | $ (4,913) | $ (2,226) | $ (805) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal: | |||
Current | $ 22,638 | $ 24,101 | $ 28,993 |
Deferred | 665 | (268) | 13,249 |
Provision for Income Taxes, Federal | 23,303 | 23,833 | 42,242 |
State: | |||
Current | 7,718 | 6,004 | 5,883 |
Deferred | (507) | 162 | (423) |
Provision for Income Taxes, State | 7,211 | 6,166 | 5,460 |
Foreign: | |||
Current | 0 | 0 | 0 |
Deferred | 68 | (36) | 0 |
Provision for Income Taxes, Foreign | 68 | (36) | 0 |
Provision for income taxes, amount | $ 30,582 | $ 29,963 | $ 47,702 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Liabilities), Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets: | ||
Accrued expenses and bonuses | $ 2,481 | $ 2,258 |
Bad debt and other reserves | 2,744 | 1,840 |
Deferred compensation | 13,346 | 13,337 |
Operating lease ROU assets, net | 21,761 | |
Stock-based compensation | 7,847 | 8,912 |
Deferred rent | 1,470 | |
Net operating and capital loss carryforwards | 3,612 | 2,335 |
Other comprehensive income | 330 | |
State taxes | 139 | 11 |
Other | 328 | 25 |
Deferred tax assets before valuation allowance | 52,258 | 30,518 |
Valuation allowance | (3,921) | (2,570) |
Deferred Tax Assets | 48,337 | 27,948 |
Deferred Tax Liabilities: | ||
Fixed assets | (4,422) | (4,086) |
Operating lease liabilities | (20,117) | |
Prepaid expenses | (940) | (789) |
Other comprehensive income | (552) | |
Other | (184) | (114) |
Deferred Tax Liabilities | (26,215) | (4,989) |
Deferred Tax Assets, Net | $ 22,122 | $ 22,959 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at the federal statutory rate, amount | $ 22,578 | $ 24,616 | $ 34,729 |
State income tax expense, net of federal benefit, amount | 5,698 | 4,550 | 3,577 |
Windfall tax benefits, net related to stock-based compensation, amount | (196) | (1,535) | (2,568) |
Change in valuation allowance, amount | 1,351 | 677 | 170 |
Effect of rate and other changes on federal deferred taxes, net due to enactment of Tax Cuts and Jobs Act ("the Act"), amount | 0 | 0 | 11,644 |
Permanent and other items, amount | 1,151 | 1,655 | 150 |
Provision for income taxes, amount | $ 30,582 | $ 29,963 | $ 47,702 |
Income tax expense at the federal statutory rate, rate | 21.00% | 21.00% | 35.00% |
State income tax expense, net of federal benefit, rate | 5.30% | 3.90% | 3.60% |
Windfall tax benefits, net related to stock-based compensation, rate | (0.20%) | (1.30%) | (2.60%) |
Change in valuation allowance, rate | 1.30% | 0.60% | 0.20% |
Effect of rate and other changes on federal deferred taxes, net due to enactment of Tax Cuts and Jobs Act ("the Act"), rate | 0.00% | 0.00% | 11.70% |
Permanent and other items, rate | 1.00% | 1.40% | 0.20% |
Provision for income taxes, rate | 28.40% | 25.60% | 48.10% |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 1,246 | $ 0 | $ 0 |
Prior periods | 0 | 1,246 | 0 |
Current period | 0 | 0 | 0 |
Settlement with tax authorities | 0 | 0 | 0 |
Expiration of applicable statutes of limitation | (471) | 0 | 0 |
Ending balance | $ 775 | $ 1,246 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Tax computed at federal rate, percentage | 21.00% | 21.00% | 35.00% |
Tax Cuts and Jobs Act of 2017, completed accounting, income tax expense | $ 0 | $ 0 | $ 11,644,000 |
State and Canadian net operating losses (NOLs) | $ 14,000,000 | 9,400,000 | |
State and Canadian net operating losses (NOLs), expiration year | 2033 | ||
Valuation allowance, deferred tax assets | $ 3,900,000 | 2,600,000 | |
Change in valuation allowance, deferred tax assets | 1,400,000 | 677,000 | $ 170,000 |
Decrease in unrecognized tax benefits that is reasonably possible | 701,000 | ||
Unrecognized tax benefits related to penalties | $ 136,000 | 167,000 | |
Income Tax Examination, Description | The Company is not currently under income tax examination by any taxing authority. | ||
Undistributed earnings of foreign subsidiary | $ 0 | $ 0 | |
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Open tax years subject to tax examinations | 2015 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Open tax years subject to tax examinations | 2019 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, new plan effective date | 2014-01 | ||
Contribution Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan minimum eligible period | have completed one month of service. | ||
Defined contribution plan, maximum percentage of employee contribution | 100.00% | ||
Defined contribution plan, percentage of employer matching contribution percent of match | 50.00% | ||
Defined contribution plan, employer contribution percentage | 8.00% | ||
Defined contribution plan, maximum annual employer contribution per employee | $ 4,000 | ||
Defined contribution plan, matching employer contributions | $ 1,100,000 | $ 920,000 | $ 733,000 |
Contribution Plan [Member] | One Year of Service [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, vesting percentage per year | 33.00% | ||
Contribution Plan [Member] | Two Year of Service [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, vesting percentage per year | 66.00% | ||
Contribution Plan [Member] | Three Year of Service [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, vesting percentage per year | 100.00% |
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator (Basic and Diluted): | |||||||||||
Net income | $ 20,721 | $ 19,292 | $ 21,279 | $ 15,638 | $ 26,225 | $ 20,854 | $ 22,167 | $ 18,011 | $ 76,930 | $ 87,257 | $ 51,524 |
Denominator: | |||||||||||
Weighted Average Common Shares Issued and Outstanding | 39,083 | 38,637 | 38,142 | ||||||||
Deduct: Unvested RSAs | (21) | (30) | (29) | ||||||||
Add: Fully vested DSUs | 342 | 542 | 875 | ||||||||
Weighted Average Common Shares Outstanding | 39,404 | 39,149 | 38,988 | ||||||||
Basic earnings per common share | $ 0.53 | $ 0.49 | $ 0.54 | $ 0.40 | $ 0.67 | $ 0.53 | $ 0.57 | $ 0.46 | $ 1.95 | $ 2.23 | $ 1.32 |
Weighted Average Common Shares Outstanding from above | 39,404 | 39,149 | 38,988 | ||||||||
Add: Dilutive effect of RSUs, RSAs & ESPP | 144 | 234 | 112 | ||||||||
Weighted Average Common Shares Outstanding | 39,548 | 39,383 | 39,100 | ||||||||
Diluted earnings per common share | $ 0.52 | $ 0.49 | $ 0.54 | $ 0.40 | $ 0.66 | $ 0.53 | $ 0.56 | $ 0.46 | $ 1.95 | $ 2.22 | $ 1.32 |
Antidilutive shares excluded from diluted earnings per common share | 348 | 137 | 512 |
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] | 12 Months Ended |
Dec. 31, 2019 | |
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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | |||
Senior secured revolving credit facility maximum borrowing capacity | $ 60,000,000 | ||
Revolving credit facility maturity date | Jun. 1, 2022 | ||
Date the company entered into a credit Agreement | Jun. 18, 2014 | ||
Credit agreement amended and restated date | May 28, 2019 | ||
Credit agreement date | Nov. 27, 2019 | ||
Standby letters of credit borrowing capacity | $ 10,000,000 | ||
Standby letters of credit, utilized amount | $ 533,000 | ||
Credit facility interest rate description | Credit Facility will bear interest, at the Company’s option, at either (i) a fluctuating rate per annum 2.00% below the Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) one-month LIBOR plus 1.50%, and (c) the federal funds rate plus 1.50%), or (ii) at a fixed rate per annum determined by Bank to be 0.875% above LIBOR. | ||
LIBOR rate duration period | 1 month | ||
Credit agreement, unused capacity, commitment fee percentage | 0.10% | ||
Interest expense | $ 1,388,000 | $ 1,400,000 | $ 1,496,000 |
Credit agreement, amount outstanding | $ 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, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also limit investments in foreign entities and cap certain other loans. | ||
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 December 31, 2019, the Company was in compliance with all financial and non-financial covenants and has not experienced any limitation in its operations as a result of the covenants. | ||
Fluctuating rate per annum | 2.00% | ||
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 | $ 94,000 | $ 104,000 | $ 110,000 |
Minimum [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Base spread on variable rate | 0.875% |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information Other (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Other commitment amount | $ 1.2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions | Jan. 01, 2020USD ($) |
Subsequent Event [Line Items] | |
Total consideration for business acquisitions and other commitments | $ 48.2 |
Payments for business acquisitions and other commitments | $ 33.6 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Financial Statement Data: | |||||||||||
Total revenues | $ 237,908 | $ 198,220 | $ 209,593 | $ 160,707 | $ 230,283 | $ 210,590 | $ 199,402 | $ 174,541 | |||
Cost of services | 155,196 | 124,147 | 127,847 | 91,688 | 148,469 | 132,896 | 119,869 | 101,649 | |||
Operating income | 27,104 | 24,072 | 26,978 | 18,269 | 32,489 | 27,384 | 28,950 | 23,464 | $ 96,423 | $ 112,287 | $ 96,132 |
Net income | $ 20,721 | $ 19,292 | $ 21,279 | $ 15,638 | $ 26,225 | $ 20,854 | $ 22,167 | $ 18,011 | $ 76,930 | $ 87,257 | $ 51,524 |
Earnings per share: | |||||||||||
Basic | $ 0.53 | $ 0.49 | $ 0.54 | $ 0.40 | $ 0.67 | $ 0.53 | $ 0.57 | $ 0.46 | $ 1.95 | $ 2.23 | $ 1.32 |
Diluted | $ 0.52 | $ 0.49 | $ 0.54 | $ 0.40 | $ 0.66 | $ 0.53 | $ 0.56 | $ 0.46 | $ 1.95 | $ 2.22 | $ 1.32 |