Marcus & Millichap (MMI) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
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
Entity Common Stock, Shares Outstanding		39,273,941
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001578732
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

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

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Amortized cost, current	$ 143,115
Allowance for credit losses, current	0
Amortized cost, noncurrent	44,954
Allowance for credit losses, noncurrent	$ 0
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	39,272,429	39,153,195
Common stock, shares outstanding	39,272,429	39,153,195

CONDENSED CONSOLIDATED STATEMEN

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

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Marketable debt securities net change, tax	$ (168)	$ 288
Foreign currency translation gain (loss), tax	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED 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 [Member]
Beginning Balance at Dec. 31, 2018	$ 409,574	$ 0	$ 4	$ 97,458	$ (4)	$ 311,341	$ 775
Beginning Balance, Shares at Dec. 31, 2018		0	38,814,464
Net and comprehensive income (loss)	16,389	$ 0	$ 0	0	0	15,638	751
Stock-based compensation	2,341	$ 0	$ 0	2,341	0	0	0
Stock-based compensation, Shares		0	0
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	284,396
Shares withheld related to net share settlement of stock-based awards	(2,212)	$ 0	$ 0	(2,212)	0	0	0
Shares withheld related to net share settlement of stock-based awards, shares		0	(56,426)
Ending Balance at Mar. 31, 2019	426,092	$ 0	$ 4	97,587	(4)	326,979	1,526
Ending Balance, Shares at Mar. 31, 2019		0	39,042,434
Beginning Balance at Dec. 31, 2019	494,907	$ 0	$ 4	104,658	(4)	388,271	1,978
Beginning Balance, Shares at Dec. 31, 2019		0	39,153,195
Cumulative effect of a change in accounting principle, net of tax at Dec. 31, 2019	(33)	$ 0	$ 0	0	0	(33)	0
Balance as adjusted at Dec. 31, 2019	494,874	$ 0	$ 4	104,658	(4)	388,238	1,978
Balance as adjusted, Shares at Dec. 31, 2019		0	39,153,195
Net and comprehensive income (loss)	13,475	$ 0	$ 0	0	0	13,070	405
Stock-based compensation	2,632	$ 0	$ 0	2,632	0	0	0
Stock-based compensation, Shares		0	0
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	170,106
Shares withheld related to net share settlement of stock-based awards	(1,689)	$ 0	$ 0	(1,689)	0	0	0
Shares withheld related to net share settlement of stock-based awards, shares		0	(50,872)
Ending Balance at Mar. 31, 2020	$ 509,292	$ 0	$ 4	$ 105,601	$ (4)	$ 401,308	$ 2,383
Ending Balance, Shares at Mar. 31, 2020		0	39,272,429

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 13,070	$ 15,638
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense	2,464	1,832
Amortization of right-of-use assets	5,500	5,081
Credit loss recovery	(120)	(104)
Stock-based compensation	2,632	2,341
Deferred taxes, net	1,345	2,243
Unrealized foreign exchange loss	1,024	0
Net realized (gains) losses on marketable debt securities, available-for-sale	(53)	12
Other non-cash items	485	28
Changes in operating assets and liabilities:
Commissions receivable	1,350	(1,171)
Prepaid expenses	1,576	(929)
Advances and loans	(29,441)	(6,663)
Other assets	(100)	(2,149)
Accounts payable and other liabilities	(923)	2,067
Income tax receivable/payable	4,070	3,117
Accrued bonuses and other employee related expenses	(17,035)	(20,060)
Deferred compensation and commissions	(33,898)	(35,838)
Operating lease liabilities	(4,477)	(4,110)
Other liabilities	(262)	67
Net cash used in operating activities	(52,793)	(38,598)
Cash flows from investing activities
Acquisition, net of cash received	(6,000)	0
Purchases of marketable debt securities, available-for-sale	(28,919)	(30,117)
Proceeds from sales and maturities of marketable debt securities, available-for-sale	50,623	55,833
Issuances of employee notes receivable	(211)	0
Payments received on employee notes receivable	1	1
Purchase of property and equipment	(2,397)	(1,644)
Net cash provided by investing activities	13,097	24,073
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(1,689)	(2,212)
Principal payments on stock appreciation rights liability	(1,251)	186
Net cash used in financing activities	(2,940)	(2,026)
Effect of currency exchange rate changes on cash and cash equivalents	(274)	0
Net decrease in cash and cash equivalents	(42,910)	(16,551)
Cash and cash equivalents at beginning of period	232,670	214,683
Cash and cash equivalents at end of period	189,760	198,132
Supplemental disclosures of cash flow information
Interest paid during the period	845	1,751
Income taxes paid, net	$ 503	$ 296

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation. Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off i November 2013 Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q 10-01 S-X. 10-K Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Segment Reporting The Company follows U.S. GAAP for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to our customers including real estate investment sales, financing (including mortgage servicing) and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. Reclassifications Certain prior-period amounts in the condensed consolidated balance sheet and statement of cash flows, Note 7 – “Selected Balance Sheet Data” and Note 10 – “Fair Value Measurements” have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported condensed consolidated results of operations.

Accounting Policies and Recent

Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Accounting Policies and Recent Accounting Pronouncements	2. Accounting Policies and Recent Accounting Pronouncements Accounting Policies The complete list of the Company’s accounting policies is included in the Company’s Annual Report on Form 10-K Cash and Cash Equivalents The Company considers cash equivalents to include short-term, highly liquid investments with maturities of three months or less when purchased. 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. The Company assesses short-term commercial papers for impairment in connection with investments in marketable debt securities, available-for-sale. Commissions Receivable, Net Commissions receivable, net 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 credit losses based on consideration of historical experience, current conditions and forecasts of future economic conditions. The majority of commissions receivable are settled within 10 days after the close of escrow. The allowance for credit losses for commissions receivable was not material as of March 31, 2020 and December 31, 2019. Advances and Loans, Net Advances and loans, net includes amounts advanced and loans due from the Company’s investment sales and financing professionals. In order to attract and retain highly skilled professionals, from time to time, the Company advances funds to its investment sales and financing professionals. The advances are typically in the form of forgivable loans that have terms that are generally between 5 and 10 years. The principal amount of a forgivable loan and accrued interest are forgiven over the term of the loan, so long as the investment sales and financing professionals continue to be a service provider with the Company, or upon achieving contractual performance criteria. Amounts forgiven are charged to selling, general and administrative expense at the time the amounts are forgiven. If the investment sales and financing professional’s relationship with the Company is terminated before the amount advanced is forgiven, the unforgiven amount becomes due and payable. The Company evaluates the need for an allowance for credit losses based on amounts advanced and expected forgiveness, in consideration of historical experience, current conditions and forecasts of future economic conditions. Estimated credit losses, net of any reversals, are charged to credit loss expense included in selling, general and administrative expense. Amounts are generally written off when amounts are determined to be no longer collectable. Accrued interest, when applicable, has historically been immaterial. The Company, from time to time, enters into various agreements with certain of its investment sales and financing professionals whereby these individuals receive loans. The notes receivable along with stated interest, are typically collected from future commissions or repaid based on the terms stipulated in the respective agreements that are generally between 1 and 7 years . The Company evaluates the need for an allowance for credit losses for the loans based on historical experience, current conditions and reasonable and forecasts of future economic conditions. Estimated credit losses, net of any reversals, are charged to credit loss expense included in selling, general and administrative expense. Amounts are generally written off when amounts are determined to be no longer collectable. Investments in Marketable Debt 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 investments in marketable debt securities to be available-for-sale, The Company reviews quarterly its investment portfolio of all securities in an unrealized loss position to determine if an impairment charge or credit reserve is required. The Company excludes accrued interest from both the fair value and the amortized cost basis of marketable debt securities, available-for-sale, write-off Determining whether a credit loss exists requires a high degree of judgment and the Company considers both qualitative and quantitative factors in making its determination. The Company evaluates its intent to sell, or whether the Company will more likely than not be required to sell, the security before recovery of its amortized cost basis. For all securities in an unrealized loss position, the Company evaluates, among other items, the extent and length of time the fair market value of a security is less than its amortized cost, time to maturity, duration, seniority, the financial condition of the issuer including credit ratings, any changes thereto and relative default rates, leverage ratios, availability of liquidity to make principle and interest payments, performance indicators of the underlying assets, analyst reports and recommendations and changes in base and market interest rates. If qualitative and quantitative analysis is sufficient to conclude that an impairment related to credit losses does not exist, the Company typically does not perform further quantitative analysis to estimate the present value of cash flows expected to be collected from the debt security. Estimates of expected future cash flows are the Company’s best estimate based on past events, current conditions and reasonable and supportable economic forecasts. 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 debt securities, available-for-sale, non-current) available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions money market funds that represent amounts recorded as cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three months ended March 31, 2020 and 2019, 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 three months ended March 31, 2020 and 2019, the Company’s Canadian operations represented approximately 2% and 1% of total revenues, respectively. During the three months ended March 31, 2020, one office represented 10% or more of total revenues. During the three months ended March 31, 2019, no office represented 10% or more of total revenues. Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses 2016-13”). available-for available-for-sale, 2016-13 available-for-sale. available-for-sale, 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 internal-use internal-use 2018-15 Pending Adoption 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 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04”). 2020-04 2020-04 2020-04

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	3. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, 2020 December 31, Computer software and hardware equipment $ 27,191 $ 25,252 Furniture, fixtures, and equipment 23,375 23,468 Less: accumulated depreciation and amortization (27,393 ) (26,077 ) $ 23,173 $ 22,643 During the three months ended March 31, 2020 and 2019, the Company wrote-off As of March 31, 2020 and 2019, property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $259,000 and $473,000, respectively. 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. As of March 31, 2020, the Company considered the novel coronavirus (“COVID-19”)

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Operating Leases	4. Operating Leases The Company has operating leases for all of its facilities and autos. As of March 31, 2020 and December 31, 2019, operating lease right-of-use The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost: Lease cost (1) $ 6,263 $ 5,909 Variable lease cost (2) 1,396 1,206 Sublease income (77 ) (88 ) $ 7,582 $ 7,027 (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 by year consisted of the following (in thousands): March 31, Remainder of 2020 $ 15,952 2021 19,294 2022 15,342 2023 12,065 2024 9,887 Thereafter 14,838 Total future minimum lease payments 87,378 Less imputed interest (7,986 ) Present value of operating lease liabilities $ 79,392 Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 5,223 $ 4,842 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 3,109 $ 3,227 Tenant improvements owned by lessor related to ROU assets (1) $ 317 $ 1,306 (1) Reclassification from other assets current. Other information related to the operating leases consisted of the following: March 31, 2020 December 31, 2019 Weighted average remaining operating lease term 5.04 years 5.04 years Weighted average discount rate 3.7 % 3.8 %

Investments in Marketable Debt

Investments in Marketable Debt Securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment in Marketable Debt Securities	5. Investments in Marketable Debt Securities Amortized cost, allowance for credit losses, gross unrealized gains/losses in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, March 31, 2020 Amortized Allowance Gross Gross Fair Value Short-term investments: U.S. treasuries $ 113,885 $ — $ 835 $ — $ 114,720 U.S. government sponsored entities 9,128 — 9 — 9,137 Corporate debt 19,801 — 5 (95 ) 19,711 ABS and other 301 — — (5 ) 296 $ 143,115 $ — $ 849 $ (100 ) $ 143,864 Long-term investments: U.S. treasuries $ 10,015 $ — $ 495 $ — $ 10,510 U.S. government sponsored entities 1,299 — 29 — 1,328 Corporate debt 25,633 — 634 (661 ) 25,606 ABS and other 8,007 — 44 (285 ) 7,766 $ 44,954 $ — $ 1,202 $ (946 ) $ 45,210 December 31, 2019 Amortized Gross Gross Fair Value Short-term investments: U.S. treasuries $ 124,389 $ 196 $ (5 ) $ 124,580 U.S. government sponsored entities — — — — Corporate debt 26,128 44 — 26,172 $ 150,517 $ 240 $ (5 ) $ 150,752 Long-term investments: U.S. treasuries $ 24,188 $ 235 $ — $ 24,423 U.S. government sponsored entities 1,353 3 (1 ) 1,355 Corporate debt 25,447 1,027 (3 ) 26,471 ABS and other 8,480 93 (13 ) 8,560 $ 59,468 $ 1,358 $ (17 ) $ 60,809 The Company’s investments in available-for-sale March 31, 2020 Less than 12 months 12 months or Total Fair Value Gross Fair Value Gross Fair Value Gross Corporate debt $ 17,553 $ (756 ) $ — $ — $ 17,553 $ (756 ) ABS and other 6,207 (290 ) — — 6,207 (290 ) $ 23,760 $ (1,046 ) $ — $ — $ 23,760 $ (1,046 ) December 31, 2019 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross U.S. treasuries $ 39,823 $ (5 ) $ — $ — $ $ (5 ) U.S. government sponsored entities — — 566 (1 ) 566 (1 ) Corporate debt 6,029 (3 ) — — 6,029 (3 ) ABS and other 1,971 (13 ) — — 1,971 (13 ) $ 47,823 $ (21 ) $ 566 $ (1 ) $ 48,389 $ (22 ) Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Three Months Ended March 31, 2020 2019 Gross realized gains (1) $ 53 $ 35 Gross realized losses (1) $ — $ (47 ) (1) Recorded in other (expense) income, net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of March 31, 2020, the portfolio had an average credit rating of AA+ and weighted term to final maturity of 1.8 years, with 54 securities in the portfolio with an unrealized loss aggregating $1.0 million, or 0.6% of amortized cost, and an average credit rating of A. As of March 31, 2020, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic situation and a review of an issuer’s liquidity and financial strength, as needed. The Company concluded that it would receive all scheduled interest and principle payments. The Company, therefore, determined qualitatively that the unrealized loss was related to changes in interest rates and other market factors and that no allowance for credit losses was required. Amortized cost and fair value of marketable debt securities, available-for-sale, March 31, 2020 December 31, 2019 Amortized Fair Value Amortized Fair Value Due in one year or less $ 143,115 $ 143,864 $ 150,517 $ 150,752 Due after one year through five years 28,923 29,204 41,123 41,794 Due after five years through ten years 10,840 10,960 12,813 13,467 Due after ten years 5,191 5,046 5,532 5,548 $ 188,069 $ 189,074 $ 209,985 $ 211,561 Weighted average contractual maturity 1.8 years 1.7 years 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	3 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions, Goodwill and Other Intangible Assets	6. Acquisitions, Goodwill and Other Intangible Assets Through acquisitions, the Company expanded its network of its real estate sales professionals and provided further diversification to its real estate brokerage services. Acquisitions are accounted for as a business combination, and the results are included in the condensed consolidated financial statements beginning on the acquisition date. The aggregate consideration generally includes: (i) cash paid at closing and (ii) the fair value of contingent and deferred consideration using a probability-weighted, discounted cash flow estimate on achieving certain financial metrics or service and time requirements. Contingent and deferred consideration are included in accounts payable and other liabilities and other liabilities captions in the condensed consolidated balance sheets. The goodwill recorded as part of the acquisitions primarily arises from the acquired assembled workforce and commercial sales platform. The Company expects all of the goodwill to be tax deductible, with the tax-deductible Goodwill and intangible assets, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill (1) $ 19,062 $ — $ 19,062 $ 15,072 $ — $ 15,072 Intangible assets (2) 14,851 (2,659 ) 12,192 9,050 (1,810 ) 7,240 $ 33,913 $ (2,659 ) $ 31,254 $ 24,122 $ (1,810 ) $ 22,312 (1) Represents additions from acquisitions. (2) Total weighted average amortization period was 5.00 years and 4.37 years as of March 31, 2020 and December 31, 2019, respectively. The changes in the carrying amount of goodwill consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 15,072 $ 11,459 Additions from acquisitions 3,990 — Impairment losses — — Ending balance $ 19,062 $ 11,459 Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands): March 31, 2020 Remainder of 2020 $ 2,589 2021 2,594 2022 2,212 2023 2,209 2024 1,622 Thereafter 966 $ 12,192 The Company evaluates goodwill and intangible assets 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. As of March 31, 2020, the Company considered the COVID-19 assets for impairment testing. The Company considered the impact from the COVID-19 induced economic slowdown and current projected recovery timeframes and their impact on goodwill and intangible assets. The Company concluded that as of March 31, 2020, there was no impairment of its goodwill and intangible assets.

Selected Balance Sheet Data

Selected Balance Sheet Data	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	7. Selected Balance Sheet Data Advances and Loans, Net Allowance for credit losses for advances and loans consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 512 $ 514 Credit loss recovery (120 ) (104 ) Write-offs (2 ) (3 ) Ending balance $ 390 $ 407 Other Assets Other assets consisted of the following (in thousands): Current Non-Current March 31, 2020 December 31, March 31, 2020 December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ 1,950 $ 2,002 Security deposits — — 1,391 1,345 Employee notes receivable (1) 166 65 432 323 Customer trust accounts and other 2,705 3,120 592 677 $ 2,871 $ 3,185 $ 4,365 $ 4,347 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $0 and $60 for the three months ended March 31, 2020 and 2019, respectively. See Note 9 – “Related-Party Transactions” for additional information. MSRs The net change in the carrying value of MSRs consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 2,002 $ 2,209 Additions from acquisition — — Additions 77 129 Amortization (129 ) (135 ) Ending balance $ 1,950 $ 2,203 The portfolio of loans serviced by the Company aggregated $1.6 billion for each of the periods ended March 31, 2020 and December 31, 2019, respectively. See Note 10 – “Fair Value Measurements” for additional information on MSRs. In connection with MSR activities, the Company holds funds in escrow for the benefit of the lenders. These funds, which totaled $3.5 million and $2.6 million as of March 31, 2020 and December 31, 2019, respectively, and the offsetting obligations are not presented in the Company’s condensed consolidated financial statements as they do not represent assets and liabilities of the Company. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current March 31, 2020 December 31, March 31, 2020 December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,162 $ 2,080 $ 16,138 $ 18,122 Commissions payable to investment sales and financing professionals 21,159 40,235 6,391 20,818 Deferred compensation liability (1) 1,553 1,553 5,691 6,688 Other 379 433 — — $ 25,253 $ 44,301 $ 28,220 $ 45,628 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current. SARs Liability Prior to the IPO, certain employees of the Company were granted SARs under a stock-based compensation program assumed by MMC. In connection with the IPO, the SARs agreements were revised, the MMC liability of $20.0 million for the SARs was frozen as of March 31, 2013 and was transferred to MMI through a capital distribution. The SARs liability will be settled with each participant in ten annual installments in January of each year upon retirement or termination from service, or in full upon consummation of a change in control of the Company. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the three months ended March 31, 2020 and 2019, the Company made total payments of $2.1 million and $1.7 million, consisting of principal and 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 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): Three Months Ended March 31, 2020 2019 (Decrease) increase in the carrying value of the assets held in the rabbi trust (1) $ (1,388 ) $ 703 (Decrease) increase in the net carrying value of the deferred compensation obligation (2) $ (1,273 ) $ 685 (1) Recorded in other (expense) income, net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. Other Liabilities Other liabilities consisted of the following (in thousands): Non-Current March 31, 2020 December 31, Deferred consideration and other (1) (2) $ 3,129 $ 830 Contingent consideration (1) (2) 2,498 2,709 $ 5,627 $ 3,539 (1) The current portions of deferred consideration in the amounts of $1,783 and $560 as of March 31, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. The current portions of contingent consideration in the amounts of $664 and $678 as of March 31, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. (2) Deferred consideration in the aggregate amount of $1,401 was reclassified from contingent consideration during the three months ended March 31, 2020 and of this amount, $560 and $841 pertained to the current and non-current

Notes Payable to Former Stockho

Notes Payable to Former Stockholders	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Notes Payable to Former Stockholders	8. Notes Payable to Former Stockholders In conjunction with the spin-off

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019 of $26,000 and $43,000, respectively. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended March 31, 2020 and 2019, the Company earned real estate brokerage commissions and financing fees of $766,000 and $882,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $453,000 and $522,000, respectively, related to these revenues. Operating Lease with MMCC 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 $333,000 for the three months ended March 31, 2020 and 2019, respectively. Operating lease cost is included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. See Note 4 – “Operating Leases” for additional information. Accounts Payable and Other Liabilities with MMC As of March 31, 2020, and December 31, 2019, accounts payable and other liabilities with MMC totaling $86,000 and $88,000, respectively, remain unpaid and are included in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive time-to-time. non-current) As of March 31, 2020, George M. Marcus, the Company’s founder and Co-Chairman,

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. 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 net asset value money market funds recorded in cash and cash equivalents, investments in marketable debt 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 COVID-19 Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): March 31, 2020 December 31, 2019 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 7,992 $ — $ 7,992 $ — $ 9,452 $ — $ 9,452 $ — Cash equivalents (1) : Commercial paper and other $ 9,498 $ — $ 9,498 $ — $ 5,087 $ — $ 5,087 $ — Money market funds 146,769 146,769 — — 185,513 185,513 — — $ 156,267 $ 146,769 $ 9,498 $ — $ 190,600 $ 185,513 $ 5,087 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 114,720 $ 114,720 $ — $ — $ 124,580 $ 124,580 $ — $ — U.S. government sponsored entities 9,137 — 9,137 — — — — — Corporate debt 19,711 — 19,711 — 26,172 — 26,172 — ABS and other 296 — 296 — — — — — $ 143,864 $ 114,720 $ 29,144 $ — $ 150,752 $ 124,580 $ 26,172 $ — Long-term investments: U.S. treasuries $ 10,510 $ 10,510 $ — $ — $ 24,423 $ 24,423 $ — $ — U.S. government sponsored entities 1,328 — 1,328 — 1,355 — 1,355 — Corporate debt 25,606 — 25,606 — 26,471 — 26,471 — ABS and other 7,766 — 7,766 — 8,560 — 8,560 — $ 45,210 $ 10,510 $ 34,700 $ — $ 60,809 $ 24,423 $ 36,386 $ — Liabilities: Contingent consideration $ 3,162 $ — $ — $ $ 3,387 $ — $ — $ 3,387 Deferred compensation liability $ 7,244 $ 7,244 $ — $ — $ $ 8,241 $ $ (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. There were no transfers in or out of Level 3 during the three months ended March 31, 2020 and 2019. As of March 31, 2020 and December 31, 2019, contingent consideration has a maximum undiscounted payment of $7.0 million and $7.3 million, respectively. Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these earn-out one seven Three Months Ended March 31, 2020 2019 Beginning balance (1) $ $ 2,875 Contingent consideration in connection with acquisitions (2) — — Change in fair value of contingent consideration (225 ) 48 Payments of contingent consideration — — Ending balance $ 3,162 $ 2,923 (1) Beginning balance for 2020 reflects the reclassification of $1,401 from contingent consideration related to deferred consideration. See Note 7 – “Selected Balance Sheet Data – Other Liabilities” for additional information. (2) Contingent consideration in connections with acquisitions represents a 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 March 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 3,162 Discounted cash flow Expected life of cash flows 0.2-5.5 Discount rate 6.7%-6.9% Probability of achievement 33.0%-100.0% Fair Value at December 31, 2019 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 3,387 Discounted cash flow Expected life of cash flows 0.4-5.8 Discount rate 3.6%-4.9% Probability of achievement 33.0%-100.0% (1) Unobservable inputs were weighted by the relative fair value of the instruments. 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 at least annually . 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. 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. 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 to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. Management made revisions to the assumptions used in the determination of fair value for MSRs considering the economic impact of the COVID-19 As market conditions change, the Company will re-evaluate 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 March 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,125 Discounted cash flow Constant prepayment rates 0.0%-20.0% Constant default rate 1.5%-1.5% Loss severity 30.2%-30.2% Discount rate 10.0%-10.0% 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	3 Months Ended
	Mar. 31, 2020
Federal Home Loan Banks [Abstract]
Stockholders' Equity	11. Stockholders’ Equity Common Stock As of March 31, 2020 and December 31, 2019, there were 39,272,429 and 39,153,195 shares of common stock, $0.0001 par value, issued and outstanding, which include unvested restricted stock awards (“RSAs”) issued to non-employee directors, respectively. See Note – “Earnings per Share” for additional information. Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At March 31, 2020 and December 31, 2019, 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 (expense) income, net in the condensed 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	3 Months Ended
	Mar. 31, 2020
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 Omnibus Equity Incentive Plan (the “2013 Plan”), which became effective upon the Company’s IPO. In February 2017, the board of directors amended and restated the 2013 Plan, which was approved by the Company’s stockholders in May 2017. Grants are made from time to time by the compensation committee of the Company’s board of directors at its discretion subject to certain restrictions as to the number and value of shares that may be granted to any individual. In addition, non-employee Awards Granted and Settled Under the 2013 Plan, the Company has issued RSAs to non-employee one-year During the three months ended March 31, 2020, 170,106 shares of RSUs were vested and 50,872 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 three months ended March 31, 2020, there were no deferred stock units (“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 to Non-employee RSU Grants to RSU Grants to Total Weighted- Average Grant Nonvested shares at December 31, 2019 17,480 525,115 257,480 800,075 $ 33.91 Granted — 229,315 20,384 249,699 36.74 Vested — (139,152 ) (30,954 ) (170,106 ) 31.75 Transferred — (14,911 ) 14,911 — 32.26 Forfeited/canceled — (8,087 ) (223 ) (8,310 ) 38.19 Nonvested shares at March 31, 2020 (1) 17,480 592,280 261,598 871,358 $ 35.10 Unrecognized stock-based compensation expense as of March 31, 2020 (2) $ 74 $ 20,079 $ 8,132 $ 28,285 Weighted average remaining vesting period (years) as of March 31, 2020 0.17 4.05 3.30 3.83 (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 3.83 years. Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“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 shares of common stock remain available for issuance for each of the periods ended as of March 31, 2020 and December 31, 2019, 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 March 31, 2020, total unrecognized compensation cost related to the ESPP was $23,000 and is expected to be recognized over a weighted average period of 0.12 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. As of March 31, 2020, the remaining future share settlements of fully vested DSUs by year consisted of the following: March 31, 2020 2021 60,373 2022 281,193 341,566 Summary of Stock-Based Compensation Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income and consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 ESPP $ 47 $ 30 RSAs – non-employee 160 170 RSUs – employees (1) 1,656 1,345 RSUs – independent contractors 769 796 $ 2,632 $ 2,341 (1) Includes expense related to the acceleration of vesting of certain RSUs.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company’s effective tax rate for the three months ended March 31, 2020 and 2019 was 31.2% and 26.6%, respectively. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for the tax effects of items that relate discretely to the period, if any. The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands): Three Months Ended March 31, 2020 2019 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 3,987 21.0 % $ 4,472 21.0 % State income tax expense, net of federal benefit 1,018 5.4 % 894 4.2 % Windfall tax benefits, net related to stock-based compensation (17 ) (0.1 )% (265 ) (1.2 )% Change in valuation allowance 367 1.9 % 259 1.2 % Permanent and other items (1) 562 3.0 % 297 1.4 % $ 5,917 31.2 % $ 5,657 26.6 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions, meals and entertainment and our tax-exempt

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	14. Earnings per Share Basic and diluted earnings per share for the three months ended March 31, 2020 and 2019, respectively consisted of the following (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Numerator (Basic and Diluted): Net income $ 13,070 $ 15,638 Denominator: Basic Weighted average common shares issued and outstanding 39,217 38,996 Deduct: Unvested RSAs (1) (18 ) (27 ) Add: Fully vested DSUs (2) 342 342 Weighted Average Common Shares Outstanding 39,541 39,311 Basic earnings per common share $ 0.33 $ 0.40 Diluted Weighted Average Common Shares Outstanding from above 39,541 39,311 Add: Dilutive effect of RSUs, RSAs & ESPP 105 204 Weighted Average Common Shares Outstanding 39,646 39,515 Diluted earnings per common share $ 0.33 $ 0.40 Antidilutive shares excluded from diluted earnings per common share (3) 521 212 (1) RSAs were issued and outstanding to the non-employee one three (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	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 March 31, 2020. 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 March 31, 2020, the Company was in compliance with all financial and non-financial 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 March 31, 2020 aggregated $11.6 million. COVID-19 The Company could experience other potential impacts as a result of COVID-19. COVID-19 scope and COVID-19

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events In April 2020, the Company completed the acquisition of a commercial real estate finance intermediary specializing in arranging debt and equity for commercial real estate on behalf of developers, investors and owners 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 condensed consolidated financial statements were issued, aggregating $17.9 million. Such commitments to investment sales and financing professionals may be subject to various conditions. During the second quarter of 2020, the Company’s management approved, committed to and initiated a plan to reduce its controllable expenses, including layoffs, furloughs and a reduction of salaries of senior executives, management and key Company personnel. To date, the plan included a reduction of the Company’s employee workforce of approximately 20%. The Company does not expect to incur material one-time terminations benefits related to this plan.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation.
Reorganization and Initial Public Offering	Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off i November 2013
Basis of Presentation	Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q 10-01 S-X. 10-K
Consolidation	Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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 our customers including real estate investment sales, financing (including mortgage servicing) and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes.
Reclassifications	Reclassifications Certain prior-period amounts in the condensed consolidated balance sheet and statement of cash flows, Note 7 – “Selected Balance Sheet Data” and Note 10 – “Fair Value Measurements” have been reclassified to conform to the current period presentation. These changes had no impact on the previously reported condensed consolidated results of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash equivalents to include short-term, highly liquid investments with maturities of three months or less when purchased. 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. The Company assesses short-term commercial papers for impairment in connection with investments in marketable debt securities, available-for-sale.
Commissions Receivable, Net	Commissions Receivable, Net Commissions receivable, net 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 credit losses based on consideration of historical experience, current conditions and forecasts of future economic conditions. The majority of commissions receivable are settled within 10 days after the close of escrow. The allowance for credit losses for commissions receivable was not material as of March 31, 2020 and December 31, 2019.
Advances and Loans, Net	Advances and Loans, Net Advances and loans, net includes amounts advanced and loans due from the Company’s investment sales and financing professionals. In order to attract and retain highly skilled professionals, from time to time, the Company advances funds to its investment sales and financing professionals. The advances are typically in the form of forgivable loans that have terms that are generally between 5 and 10 years. The principal amount of a forgivable loan and accrued interest are forgiven over the term of the loan, so long as the investment sales and financing professionals continue to be a service provider with the Company, or upon achieving contractual performance criteria. Amounts forgiven are charged to selling, general and administrative expense at the time the amounts are forgiven. If the investment sales and financing professional’s relationship with the Company is terminated before the amount advanced is forgiven, the unforgiven amount becomes due and payable. The Company evaluates the need for an allowance for credit losses based on amounts advanced and expected forgiveness, in consideration of historical experience, current conditions and forecasts of future economic conditions. Estimated credit losses, net of any reversals, are charged to credit loss expense included in selling, general and administrative expense. Amounts are generally written off when amounts are determined to be no longer collectable. Accrued interest, when applicable, has historically been immaterial. The Company, from time to time, enters into various agreements with certain of its investment sales and financing professionals whereby these individuals receive loans. The notes receivable along with stated interest, are typically collected from future commissions or repaid based on the terms stipulated in the respective agreements that are generally between 1 and 7 years . The Company evaluates the need for an allowance for credit losses for the loans based on historical experience, current conditions and reasonable and forecasts of future economic conditions. Estimated credit losses, net of any reversals, are charged to credit loss expense included in selling, general and administrative expense. Amounts are generally written off when amounts are determined to be no longer collectable.
Investments in Marketable Securities, Available-for-Sale	Investments in Marketable Debt 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 investments in marketable debt securities to be available-for-sale, The Company reviews quarterly its investment portfolio of all securities in an unrealized loss position to determine if an impairment charge or credit reserve is required. The Company excludes accrued interest from both the fair value and the amortized cost basis of marketable debt securities, available-for-sale, write-off Determining whether a credit loss exists requires a high degree of judgment and the Company considers both qualitative and quantitative factors in making its determination. The Company evaluates its intent to sell, or whether the Company will more likely than not be required to sell, the security before recovery of its amortized cost basis. For all securities in an unrealized loss position, the Company evaluates, among other items, the extent and length of time the fair market value of a security is less than its amortized cost, time to maturity, duration, seniority, the financial condition of the issuer including credit ratings, any changes thereto and relative default rates, leverage ratios, availability of liquidity to make principle and interest payments, performance indicators of the underlying assets, analyst reports and recommendations and changes in base and market interest rates. If qualitative and quantitative analysis is sufficient to conclude that an impairment related to credit losses does not exist, the Company typically does not perform further quantitative analysis to estimate the present value of cash flows expected to be collected from the debt security. Estimates of expected future cash flows are the Company’s best estimate based on past events, current conditions and reasonable and supportable economic forecasts.
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 debt securities, available-for-sale, non-current) available-for-sale To reduce its credit risk, the Company monitors the credit standing of the financial institutions money market funds that represent amounts recorded as cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents. The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three months ended March 31, 2020 and 2019, 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 three months ended March 31, 2020 and 2019, the Company’s Canadian operations represented approximately 2% and 1% of total revenues, respectively. During the three months ended March 31, 2020, one office represented 10% or more of total revenues. During the three months ended March 31, 2019, no office represented 10% or more of total revenues.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses 2016-13”). available-for available-for-sale, 2016-13 available-for-sale. available-for-sale, 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 internal-use internal-use 2018-15 Pending Adoption 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 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04”). 2020-04 2020-04 2020-04

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, 2020 December 31, Computer software and hardware equipment $ 27,191 $ 25,252 Furniture, fixtures, and equipment 23,375 23,468 Less: accumulated depreciation and amortization (27,393 ) (26,077 ) $ 23,173 $ 22,643

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2020
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 condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Operating lease cost: Lease cost (1) $ 6,263 $ 5,909 Variable lease cost (2) 1,396 1,206 Sublease income (77 ) (88 ) $ 7,582 $ 7,027 (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 by year consisted of the following (in thousands): March 31, Remainder of 2020 $ 15,952 2021 19,294 2022 15,342 2023 12,065 2024 9,887 Thereafter 14,838 Total future minimum lease payments 87,378 Less imputed interest (7,986 ) Present value of operating lease liabilities $ 79,392
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): Three Months Ended March 31, 2020 2019 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 5,223 $ 4,842 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 3,109 $ 3,227 Tenant improvements owned by lessor related to ROU assets (1) $ 317 $ 1,306 (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: March 31, 2020 December 31, 2019 Weighted average remaining operating lease term 5.04 years 5.04 years Weighted average discount rate 3.7 % 3.8 %

Investments in Marketable Secur

Investments in Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
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, allowance for credit losses, gross unrealized gains/losses in accumulated other comprehensive income (loss) and fair value of marketable debt securities, available-for-sale, March 31, 2020 Amortized Allowance Gross Gross Fair Value Short-term investments: U.S. treasuries $ 113,885 $ — $ 835 $ — $ 114,720 U.S. government sponsored entities 9,128 — 9 — 9,137 Corporate debt 19,801 — 5 (95 ) 19,711 ABS and other 301 — — (5 ) 296 $ 143,115 $ — $ 849 $ (100 ) $ 143,864 Long-term investments: U.S. treasuries $ 10,015 $ — $ 495 $ — $ 10,510 U.S. government sponsored entities 1,299 — 29 — 1,328 Corporate debt 25,633 — 634 (661 ) 25,606 ABS and other 8,007 — 44 (285 ) 7,766 $ 44,954 $ — $ 1,202 $ (946 ) $ 45,210 December 31, 2019 Amortized Gross Gross Fair Value Short-term investments: U.S. treasuries $ 124,389 $ 196 $ (5 ) $ 124,580 U.S. government sponsored entities — — — — Corporate debt 26,128 44 — 26,172 $ 150,517 $ 240 $ (5 ) $ 150,752 Long-term investments: U.S. treasuries $ 24,188 $ 235 $ — $ 24,423 U.S. government sponsored entities 1,353 3 (1 ) 1,355 Corporate debt 25,447 1,027 (3 ) 26,471 ABS and other 8,480 93 (13 ) 8,560 $ 59,468 $ 1,358 $ (17 ) $ 60,809
Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position	The Company’s investments in available-for-sale March 31, 2020 Less than 12 months 12 months or Total Fair Value Gross Fair Value Gross Fair Value Gross Corporate debt $ 17,553 $ (756 ) $ — $ — $ 17,553 $ (756 ) ABS and other 6,207 (290 ) — — 6,207 (290 ) $ 23,760 $ (1,046 ) $ — $ — $ 23,760 $ (1,046 ) December 31, 2019 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross U.S. treasuries $ 39,823 $ (5 ) $ — $ — $ $ (5 ) U.S. government sponsored entities — — 566 (1 ) 566 (1 ) Corporate debt 6,029 (3 ) — — 6,029 (3 ) ABS and other 1,971 (13 ) — — 1,971 (13 ) $ 47,823 $ (21 ) $ 566 $ (1 ) $ 48,389 $ (22 )
Gross Realized Gains and Losses from Sale of Available for Sale Securities	Gross realized gains and gross realized losses from the sales of the Company’s available-for-sale Three Months Ended March 31, 2020 2019 Gross realized gains (1) $ 53 $ 35 Gross realized losses (1) $ — $ (47 ) (1) Recorded in other (expense) income, net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method.
Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity	Amortized cost and fair value of marketable debt securities, available-for-sale, March 31, 2020 December 31, 2019 Amortized Fair Value Amortized Fair Value Due in one year or less $ 143,115 $ 143,864 $ 150,517 $ 150,752 Due after one year through five years 28,923 29,204 41,123 41,794 Due after five years through ten years 10,840 10,960 12,813 13,467 Due after ten years 5,191 5,046 5,532 5,548 $ 188,069 $ 189,074 $ 209,985 $ 211,561 Weighted average contractual maturity 1.8 years 1.7 years

Acquisitions, Goodwill and Ot_2

Acquisitions, Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Summary of Goodwill and Intangible Assets, Net	Goodwill and intangible assets, net consisted of the following (in thousands): March 31, 2020 December 31, 2019 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill (1) $ 19,062 $ — $ 19,062 $ 15,072 $ — $ 15,072 Intangible assets (2) 14,851 (2,659 ) 12,192 9,050 (1,810 ) 7,240 $ 33,913 $ (2,659 ) $ 31,254 $ 24,122 $ (1,810 ) $ 22,312 (1) Represents additions from acquisitions. (2) Total weighted average amortization period was 5.00 years and 4.37 years as of March 31, 2020 and December 31, 2019, respectively.
Summary of Changes in Carrying Carrying Amount of Goodwill	The changes in the carrying amount of goodwill consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 15,072 $ 11,459 Additions from acquisitions 3,990 — Impairment losses — — Ending balance $ 19,062 $ 11,459
Schedule of Estimated Amortization Expense for Intangible Assets	Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands): March 31, 2020 Remainder of 2020 $ 2,589 2021 2,594 2022 2,212 2023 2,209 2024 1,622 Thereafter 966 $ 12,192

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets [Line Items]
Schedule of Allowance for Credit Losses for Advances and Loans	Allowance for credit losses for advances and loans consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 512 $ 514 Credit loss recovery (120 ) (104 ) Write-offs (2 ) (3 ) Ending balance $ 390 $ 407
Schedule of Other Assets	Other assets consisted of the following (in thousands): Current Non-Current March 31, 2020 December 31, March 31, 2020 December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ 1,950 $ 2,002 Security deposits — — 1,391 1,345 Employee notes receivable (1) 166 65 432 323 Customer trust accounts and other 2,705 3,120 592 677 $ 2,871 $ 3,185 $ 4,365 $ 4,347 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $0 and $60 for the three months ended March 31, 2020 and 2019, respectively. See Note 9 – “Related-Party Transactions” for additional information.
Summary of Net Change in Carrying Value of MSRs	The net change in the carrying value of MSRs consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 2,002 $ 2,209 Additions from acquisition — — Additions 77 129 Amortization (129 ) (135 ) Ending balance $ 1,950 $ 2,203
Scedule of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current March 31, 2020 December 31, March 31, 2020 December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,162 $ 2,080 $ 16,138 $ 18,122 Commissions payable to investment sales and financing professionals 21,159 40,235 6,391 20,818 Deferred compensation liability (1) 1,553 1,553 5,691 6,688 Other 379 433 — — $ 25,253 $ 44,301 $ 28,220 $ 45,628 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability	Three Months Ended March 31, 2020 2019 (Decrease) increase in the carrying value of the assets held in the rabbi trust (1) $ (1,388 ) $ 703 (Decrease) increase in the net carrying value of the deferred compensation obligation (2) $ (1,273 ) $ 685 (1) Recorded in other (expense) income, net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.
Summary of Other Liabilities	Other liabilities consisted of the following (in thousands): Non-Current March 31, 2020 December 31, Deferred consideration and other (1) (2) $ 3,129 $ 830 Contingent consideration (1) (2) 2,498 2,709 $ 5,627 $ 3,539 (1) The current portions of deferred consideration in the amounts of $1,783 and $560 as of March 31, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. The current portions of contingent consideration in the amounts of $664 and $678 as of March 31, 2020 and December 31, 2019, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. (2) Deferred consideration in the aggregate amount of $1,401 was reclassified from contingent consideration during the three months ended March 31, 2020 and of this amount, $560 and $841 pertained to the current and non-current

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 7,992 $ — $ 7,992 $ — $ 9,452 $ — $ 9,452 $ — Cash equivalents (1) : Commercial paper and other $ 9,498 $ — $ 9,498 $ — $ 5,087 $ — $ 5,087 $ — Money market funds 146,769 146,769 — — 185,513 185,513 — — $ 156,267 $ 146,769 $ 9,498 $ — $ 190,600 $ 185,513 $ 5,087 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 114,720 $ 114,720 $ — $ — $ 124,580 $ 124,580 $ — $ — U.S. government sponsored entities 9,137 — 9,137 — — — — — Corporate debt 19,711 — 19,711 — 26,172 — 26,172 — ABS and other 296 — 296 — — — — — $ 143,864 $ 114,720 $ 29,144 $ — $ 150,752 $ 124,580 $ 26,172 $ — Long-term investments: U.S. treasuries $ 10,510 $ 10,510 $ — $ — $ 24,423 $ 24,423 $ — $ — U.S. government sponsored entities 1,328 — 1,328 — 1,355 — 1,355 — Corporate debt 25,606 — 25,606 — 26,471 — 26,471 — ABS and other 7,766 — 7,766 — 8,560 — 8,560 — $ 45,210 $ 10,510 $ 34,700 $ — $ 60,809 $ 24,423 $ 36,386 $ — Liabilities: Contingent consideration $ 3,162 $ — $ — $ $ 3,387 $ — $ — $ 3,387 Deferred compensation liability $ 7,244 $ 7,244 $ — $ — $ $ 8,241 $ $ (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis	Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these earn-out one seven Three Months Ended March 31, 2020 2019 Beginning balance (1) $ $ 2,875 Contingent consideration in connection with acquisitions (2) — — Change in fair value of contingent consideration (225 ) 48 Payments of contingent consideration — — Ending balance $ 3,162 $ 2,923 (1) Beginning balance for 2020 reflects the reclassification of $1,401 from contingent consideration related to deferred consideration. See Note 7 – “Selected Balance Sheet Data – Other Liabilities” for additional information. (2) Contingent consideration in connections with acquisitions represents a noncash investing activity.
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques	Fair Value at March 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 3,162 Discounted cash flow Expected life of cash flows 0.2-5.5 Discount rate 6.7%-6.9% Probability of achievement 33.0%-100.0% Fair Value at December 31, 2019 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 3,387 Discounted cash flow Expected life of cash flows 0.4-5.8 Discount rate 3.6%-4.9% 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	Fair Value at March 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,125 Discounted cash flow Constant prepayment rates 0.0%-20.0% Constant default rate 1.5%-1.5% Loss severity 30.2%-30.2% Discount rate 10.0%-10.0% 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)	3 Months Ended
	Mar. 31, 2020
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 to Non-employee RSU Grants to RSU Grants to Total Weighted- Average Grant Nonvested shares at December 31, 2019 17,480 525,115 257,480 800,075 $ 33.91 Granted — 229,315 20,384 249,699 36.74 Vested — (139,152 ) (30,954 ) (170,106 ) 31.75 Transferred — (14,911 ) 14,911 — 32.26 Forfeited/canceled — (8,087 ) (223 ) (8,310 ) 38.19 Nonvested shares at March 31, 2020 (1) 17,480 592,280 261,598 871,358 $ 35.10 Unrecognized stock-based compensation expense as of March 31, 2020 (2) $ 74 $ 20,079 $ 8,132 $ 28,285 Weighted average remaining vesting period (years) as of March 31, 2020 0.17 4.05 3.30 3.83 (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 3.83 years.
Schedule of Future Share Settlements	March 31, 2020 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 condensed consolidated statements of net and comprehensive income and consisted of the following (in thousands): Three Months Ended March 31, 2020 2019 ESPP $ 47 $ 30 RSAs – non-employee 160 170 RSUs – employees (1) 1,656 1,345 RSUs – independent contractors 769 796 $ 2,632 $ 2,341 (1) Includes expense related to the acceleration of vesting of certain RSUs.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes and Income before Provision for Income Taxes	The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands): Three Months Ended March 31, 2020 2019 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 3,987 21.0 % $ 4,472 21.0 % State income tax expense, net of federal benefit 1,018 5.4 % 894 4.2 % Windfall tax benefits, net related to stock-based compensation (17 ) (0.1 )% (265 ) (1.2 )% Change in valuation allowance 367 1.9 % 259 1.2 % Permanent and other items (1) 562 3.0 % 297 1.4 % $ 5,917 31.2 % $ 5,657 26.6 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions, meals and entertainment and our tax-exempt

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share	Basic and diluted earnings per share for the three months ended March 31, 2020 and 2019, respectively consisted of the following (in thousands, except per share data): Three Months Ended March 31, 2020 2019 Numerator (Basic and Diluted): Net income $ 13,070 $ 15,638 Denominator: Basic Weighted average common shares issued and outstanding 39,217 38,996 Deduct: Unvested RSAs (1) (18 ) (27 ) Add: Fully vested DSUs (2) 342 342 Weighted Average Common Shares Outstanding 39,541 39,311 Basic earnings per common share $ 0.33 $ 0.40 Diluted Weighted Average Common Shares Outstanding from above 39,541 39,311 Add: Dilutive effect of RSUs, RSAs & ESPP 105 204 Weighted Average Common Shares Outstanding 39,646 39,515 Diluted earnings per common share $ 0.33 $ 0.40 Antidilutive shares excluded from diluted earnings per common share (3) 521 212 (1) RSAs were issued and outstanding to the non-employee one three (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.

Description of Business and B_3

Description of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Office
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	Nov. 5, 2013

Accounting Policies and Recen_2

Accounting Policies and Recent Accounting Pronouncements - Additional Information (Detail)	Jan. 01, 2020USD ($)	Mar. 31, 2020USD ($)Office	Mar. 31, 2019Office	Dec. 31, 2019USD ($)
Accounting Policies [Line Items]
Commission's receivable settled period		10 days
Number of offices | Office		82
Allowance for commissions receivable | $		$ 0		$ 0
Transaction Risk [Member]
Accounting Policies [Line Items]
Concentration risk percentage		0.00%	0.00%
Transaction Risk [Member] | Total revenues [Member]
Accounting Policies [Line Items]
Concentration risk percentage		10.00%	10.00%
Transaction Risk [Member] | Commissions receivable, net [Member]
Accounting Policies [Line Items]
Concentration risk percentage		10.00%
Geographic Concentration Risk [Member] | Total revenues [Member]
Accounting Policies [Line Items]
Concentration risk percentage		10.00%	10.00%
Number of offices | Office		1	0
Accounting Standards Update 2016-13 [Member]
Accounting Policies [Line Items]
Cumulative effect adjustment, net | $	$ 33,000,000
Minimum [Member] | Loan [Member]
Accounting Policies [Line Items]
Loans to Investment Sales and Financing Professionals, Repayment Term		1 year
Minimum [Member] | Advances To Investment Sales And Financing Professionals [Member]
Accounting Policies [Line Items]
Advances to Investment Sales and Financing Professionals, Repayment Term		5 years
Maximum [Member] | Loan [Member]
Accounting Policies [Line Items]
Loans to Investment Sales and Financing Professionals, Repayment Term		7 years
Maximum [Member] | Advances To Investment Sales And Financing Professionals [Member]
Accounting Policies [Line Items]
Advances to Investment Sales and Financing Professionals, Repayment Term		10 years
Maximum [Member] | Geographic Concentration Risk [Member] | Total revenues [Member] | International Revenues [Member]
Accounting Policies [Line Items]
Concentration risk percentage		2.00%	1.00%

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (27,393)	$ (26,077)
Property and equipment, net	23,173	22,643
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	27,191	25,252
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 23,375	$ 23,468

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Fully depreciated computer software and hardware equipment and furniture, fixtures and equipment write-off	$ 191,000	$ 233,000
Property and equipment additions incurred but not yet paid	259,000	$ 473,000
Impairment of Long-Lived Assets Held-for-use	$ 0

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 114.5	$ 111.1
Operating lease right-of-use assets, accumulated amortization	$ 26	$ 20.6

Operating Leases - Schedule of

Operating Leases - Schedule of Operating Lease Cost, Included in Selling, General and Administrative Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease cost:
Lease cost	$ 6,263	$ 5,909
Variable lease cost	1,396	1,206
Sublease income	(77)	(88)
Total operating lease cost	$ 7,582	$ 7,027

Operating Leases - Maturities o

Operating Leases - Maturities of lease liabilities (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2020	$ 15,952
2021	19,294
2022	15,342
2023	12,065
2024	9,887
Thereafter	14,838
Total future minimum lease payments	87,378
Less imputed interest	(7,986)
Present value of operating lease liabilities	$ 79,392

Operating Leases - Schedule o_2

Operating Leases - Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 5,223	$ 4,842
Noncash activity:
ROU assets obtained in exchange for operating lease liabilities	3,109	3,227
Tenant improvements owned by lessor related to ROU assets	$ 317	$ 1,306

Operating Leases - Schedule o_3

Operating Leases - Schedule of Other Information Related to Operating Leases (Detail)	Mar. 31, 2020	Dec. 31, 2019
Leases, Operating [Abstract]
Weighted average remaining operating lease term	5 years 14 days	5 years 14 days
Weighted average discount rate	3.70%	3.80%

Investments in Marketable Sec_2

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	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 188,069	$ 209,985
Allowance for Credit Losses	0
Fair Value	189,074	211,561
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	143,115	150,517
Allowance for Credit Losses	0
Gross Unrealized Gains	849	240
Gross Unrealized Losses	(100)	(5)
Fair Value	143,864	150,752
Short-term investments [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	113,885	124,389
Allowance for Credit Losses	0
Gross Unrealized Gains	835	196
Gross Unrealized Losses	0	(5)
Fair Value	114,720	124,580
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,128	0
Allowance for Credit Losses	0
Gross Unrealized Gains	9	0
Gross Unrealized Losses	0	0
Fair Value	9,137	0
Short-term investments [Member] | Corporate debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,801	26,128
Allowance for Credit Losses	0
Gross Unrealized Gains	5	44
Gross Unrealized Losses	(95)	0
Fair Value	19,711	26,172
Short-term investments [Member] | ABS and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	301
Allowance for Credit Losses	0
Gross Unrealized Gains	0
Gross Unrealized Losses	(5)
Fair Value	296
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	44,954	59,468
Allowance for Credit Losses	0
Gross Unrealized Gains	1,202	1,358
Gross Unrealized Losses	(946)	(17)
Fair Value	45,210	60,809
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,015	24,188
Allowance for Credit Losses	0
Gross Unrealized Gains	495	235
Gross Unrealized Losses	0	0
Fair Value	10,510	24,423
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,299	1,353
Allowance for Credit Losses	0
Gross Unrealized Gains	29	3
Gross Unrealized Losses	0	(1)
Fair Value	1,328	1,355
Long-term marketable securities [Member] | Corporate debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	25,633	25,447
Allowance for Credit Losses	0
Gross Unrealized Gains	634	1,027
Gross Unrealized Losses	(661)	(3)
Fair Value	25,606	26,471
Long-term marketable securities [Member] | ABS and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,007	8,480
Allowance for Credit Losses	0
Gross Unrealized Gains	44	93
Gross Unrealized Losses	(285)	(13)
Fair Value	$ 7,766	$ 8,560

Investments in Marketable Sec_3

Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	$ 23,760	$ 47,823
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	(1,046)	(21)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	0	566
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss	0	(1)
Available for sale securities continuous unrealized loss position, fair value	23,760	48,389
Available for sale securities continuous unrealized loss position, gross unrealized loss	(1,046)	(22)
U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value		39,823
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss		(5)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value		0
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss		0
Available for sale securities continuous unrealized loss position, fair value		39,823
Available for sale securities continuous unrealized loss position, gross unrealized loss		(5)
U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value		0
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss		0
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value		566
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss		(1)
Available for sale securities continuous unrealized loss position, fair value		566
Available for sale securities continuous unrealized loss position, gross unrealized loss		(1)
Corporate debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	17,553	6,029
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	(756)	(3)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	0	0
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss	0	0
Available for sale securities continuous unrealized loss position, fair value	17,553	6,029
Available for sale securities continuous unrealized loss position, gross unrealized loss	(756)	(3)
ABS and other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	6,207	1,971
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	(290)	(13)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	0	0
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss	0	0
Available for sale securities continuous unrealized loss position, fair value	6,207	1,971
Available for sale securities continuous unrealized loss position, gross unrealized loss	$ (290)	$ (13)

Investments in Marketable Sec_4

Investments in Marketable Securities - Additional Information (Detail) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, securities in unrealized loss positions, accumulated loss	$ 1,046	$ 22
Allowance for credit losses	$ 0
Weighted average contractual maturity	1 year 9 months 18 days	1 year 8 months 12 days
Fitch, AA+ Rating [Member] | Moody's, Aaa Rating [Member] | Standard & Poor's, AA+ Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Weighted average contractual maturity	1 year 9 months 18 days
Fitch, A Rating [Member] | Moody's, A1 Rating [Member] | Weighted Average Credit A Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, securities number of positions	54
Available-for-sale, securities in unrealized loss positions, accumulated loss	$ 1,000
Percentage of amortized cost	0.60%

Investments in Marketable Sec_5

Investments in Marketable Securities - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 53	$ 35
Gross realized losses	$ 0	$ (47)

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	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 143,115	$ 150,517
Due after one year through five years, Amortized Cost	28,923	41,123
Due after five years through ten years, Amortized Cost	10,840	12,813
Due after ten years, Amortized Cost	5,191	5,532
Amortized Cost	188,069	209,985
Due in one year or less, Fair Value	143,864	150,752
Due after one year through five years, Fair Value	29,204	41,794
Due after five years through ten years, Fair Value	10,960	13,467
Due after ten years, Fair Value	5,046	5,548
Total Fair Value	$ 189,074	$ 211,561
Weighted average contractual maturity	1 year 9 months 18 days	1 year 8 months 12 days

Acquisitions, Goodwill and Ot_3

Acquisitions, Goodwill and Other Intangible Assets - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Business Combinations [Abstract]
Number of reporting units	1

Acquisitions, Goodwill and Ot_4

Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross carrying amount	$ 19,062	$ 15,072
Intangible assets, gross carrying amount	14,851	9,050
Goodwill and intangible assets, gross carrying amount, total	33,913	24,122
Goodwill, accumulated amortization	0	0
Intangible assets, accumulated amortization	(2,659)	(1,810)
Goodwill, net book value	19,062	15,072	$ 11,459	$ 11,459
Intangible assets, net book value	12,192	7,240
Goodwill and intangible assets, net book value	$ 31,254	$ 22,312

Acquisitions, Goodwill and Ot_5

Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Parenthetical) (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Weighted average amortization intangible assets	5 years	4 years 4 months 13 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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill [Roll Forward]
Beginning balance	$ 15,072	$ 11,459
Additions from acquisitions	3,990	0
Impairment losses	0	0
Ending balance	$ 19,062	$ 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	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2020	$ 2,589
2021	2,594
2022	2,212
2023	2,209
2024	1,622
Thereafter	966
Total	$ 12,192	$ 7,240

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Advances and Loans, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Advances And Loans Allowance For Credit Losses [Line Items]
Beginning balance	$ 512	$ 514
Credit loss recovery	(120)	(104)
Write-offs	(2)	(3)
Ending balance	$ 390	$ 407

Selected Balance Sheet Data -_2

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Line Items]
Other assets Current	$ 2,871	$ 3,185
Other assets Non-Current	4,365	4,347
Mortgage servicing rights [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,950	2,002
Security deposits [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,391	1,345
Employee Notes Receivable [Member]
Other Assets [Line Items]
Other assets Current	166	65
Other assets Non-Current	432	323
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	2,705	3,120
Other assets Non-Current	$ 592	$ 677

Selected Balance Sheet Data -_3

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Assets [Line Items]
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	$ 0	$ 60

Selected Balance Sheet Data -_4

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of MSRs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	$ 2,002	$ 2,209
Additions from acquisition	0	0
Additions	77	129
Amortization	(129)	(135)
Ending balance	$ 1,950	$ 2,203

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail) - USD ($)	Jan. 01, 2020	Jan. 01, 2019	Jan. 01, 2014	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 31, 2013
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount				$ 16,138,000		$ 18,122,000
Interest expense				$ 283,000	$ 349,000
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				$ 3,500,000		$ 2,600,000
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 interest accrual commencement date				Jan. 1, 2014
SARs liability interest accrual rates	3.92%	4.684%
Interest expense				$ 178,000	226,000
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				$ 2,100,000	1,700,000
Deferred Compensation Liability [Member]
Schedule Of Accrued Expenses [Line Items]
Estimated payouts description				Estimated payouts within the next twelve months for participants that have separated from service 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				$ 358,000	$ 315,000

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
SARs liability	$ 2,162	$ 2,080
Commissions payable to investment sales and financing professionals	21,159	40,235
Deferred compensation liability	1,553	1,553
Other	379	433
Deferred compensation and commissions, current	25,253	44,301
SARs liability	16,138	18,122
Commissions payable to investment sales and financing professionals	6,391	20,818
Deferred compensation liability	5,691	6,688
Other, non-current	0	0
Deferred compensation and commissions, non-current	$ 28,220	$ 45,628

Selected Balance Sheet Data -_5

Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Increase (decrease) in the carrying value of the assets held in the rabbi trust	$ (1,388)	$ 703
Increase (decrease) in the net carrying value of the deferred compensation obligation	$ (1,273)	$ 685

Selected Balance Sheet Data -_6

Selected Balance Sheet Data - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities [Abstract]
Deferred consideration and other	$ 3,129	$ 830
Contingent consideration	2,498	2,709
Other liabilities	$ 5,627	$ 3,539

Selected Balance Sheet Data -_7

Selected Balance Sheet Data - Schedule of Other Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Other liabilities [Line Items]
Reclassification to deferred consideration	$ 1,401
Reclassification to deferred consideration, current portion	560
Reclassification to deferred consideration, noncurrent portion	841
Accounts payable and other liabilities [Member]
Other liabilities [Line Items]
Deferred consideration current	1,783	$ 560
Contingent Consideration	$ 664	$ 678

Notes Payable to Former Stock_2

Notes Payable to Former Stockholders - Additional Information (Detail) - USD ($) $ in Millions	Apr. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Principal payments on notes payable to former stockholders	$ 6.6
Restricted Stock - Notes Payable [Member]
Debt Instrument [Line Items]
Unsecured notes interest rate		5.00%

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Operating lease cost	$ 6,263,000	$ 5,909,000
Aggregate principal amount for employee notes receivable	598,000		$ 388,000
MMC [Member]
Related Party Transaction [Line Items]
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company	766,000	882,000
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company	453,000	522,000
Operating lease cost	333,000	333,000
Accounts payable and other liabilities - related party	86,000		$ 88,000
MMC [Member] | Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense	$ 26,000	$ 43,000
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	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 7,992	$ 9,452
Marketable securities, available for sale	189,074	211,561
Deferred compensation liability	7,244	8,241
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	143,864	150,752
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	45,210	60,809
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	114,720	124,580
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	10,510	24,423
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	9,137	0
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	1,328	1,355
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	19,711	26,172
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	25,606	26,471
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	296
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	7,766	8,560
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	156,267	190,600
Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, available for sale	143,864	150,752
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	45,210	60,809
Recurring [Member] | Commercial Paper and Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	9,498	5,087
Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146,769	185,513
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	7,992	9,452
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	114,720	124,580
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	10,510	24,423
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	9,137	0
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	1,328	1,355
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	19,711	26,172
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	25,606	26,471
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	296	0
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	7,766	8,560
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	7,244	8,241
Level 1 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146,769	185,513
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	114,720	124,580
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	10,510	24,423
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	0
Level 1 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146,769	185,513
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	114,720	124,580
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	10,510	24,423
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	9,498	5,087
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	29,144	26,172
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	34,700	36,386
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	9,498	5,087
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	7,992	9,452
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	9,137	0
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	1,328	1,355
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	19,711	26,172
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	25,606	26,471
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	296	0
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	7,766	8,560
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	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	3,162	3,387	$ 2,923	$ 2,875
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	$ 3,162	$ 3,387

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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 3,387	$ 2,875
Contingent consideration in connection with acquisitions	0	0
Change in fair value of contingent consideration	(225)	48
Payments of contingent consideration	0	0
Ending balance	$ 3,162	$ 2,923

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value Disclosures [Abstract]
Reclassification to deferred consideration	$ 1,401

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Recurring Basis Valuation Techniques (Detail) - Contingent Consideration [Member] $ in Thousands	Mar. 31, 2020USD ($)yr	Dec. 31, 2019USD ($)yr	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Amount | $	$ 3,162	$ 3,387	$ 2,923	$ 2,875
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Amount | $	$ 3,162	$ 3,387
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	5.5	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	0.2	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	2.1	2.4
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	6.9	4.9
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	6.7	3.6
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	6.8	4.1
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	100	100
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	33	33
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	74	74.3
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 | $	$ 3,162	$ 3,387

Fair Value Measurements - Sch_5

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	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Amount	$ 2,125	$ 2,204
Constant prepayment rates [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0	0
Constant prepayment rates [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.200	0.200
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	0.100
Constant default rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.015	0.020
Constant default rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.015	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	0.015	0.020
Loss severity [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.302	0.400
Loss severity [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.302	0.400
Loss severity [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.302	0.400
Discount rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.100	0.095
Discount rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.100	0.097
Discount rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.100	0.097

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 3 transfers, amount	$ 0	$ 0
Contingent consideration, maximum undiscounted payment	$ 7,000,000		$ 7,300,000
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 ($)	Mar. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Common stock, shares issued	39,272,429	39,153,195
Common stock, shares outstanding	39,272,429	39,153,195
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)	3 Months Ended
	Mar. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Common stock shares available for grant | shares	5,065,218
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)	3 Months Ended
	Mar. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	170,106
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 Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	170,106
Number of common stock shares withheld to pay employee statutory withholding taxes	50,872
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]
Number of deferred stock units settled	0

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	800,075
Granted	249,699
Vested	(170,106)
Transferred	0
Forfeited/canceled	(8,310)
Nonvested shares at ending	871,358
Unrecognized stock-based compensation expense as of March 31, 2020 | $	$ 28,285
Weighted average remaining vesting period (years) as of March 31, 2020	3 years 9 months 29 days
Nonvested weighted average grant date fair value per share, beginning balance | $ / shares	$ 33.91
Weighted average grant date fair value per share, Granted | $ / shares	36.74
Weighted average grant date fair value per share, Vested | $ / shares	31.75
Weighted average grant date fair value per share, Transferred | $ / shares	32.26
Weighted average grant date fair value per share, Forfeited/canceled | $ / shares	38.19
Nonvested weighted average grant date fair value per share, ending balance | $ / shares	$ 35.10
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	17,480
Granted	0
Vested	0
Transferred	0
Forfeited/canceled	0
Nonvested shares at ending	17,480
Unrecognized stock-based compensation expense as of March 31, 2020 | $	$ 74
Weighted average remaining vesting period (years) as of March 31, 2020	2 months 1 day
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	525,115
Granted	229,315
Vested	(139,152)
Transferred	(14,911)
Forfeited/canceled	(8,087)
Nonvested shares at ending	592,280
Unrecognized stock-based compensation expense as of March 31, 2020 | $	$ 20,079
Weighted average remaining vesting period (years) as of March 31, 2020	4 years 18 days
Restricted Stock Units [Member] | Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	257,480
Granted	20,384
Vested	(30,954)
Transferred	14,911
Forfeited/canceled	(223)
Nonvested shares at ending	261,598
Unrecognized stock-based compensation expense as of March 31, 2020 | $	$ 8,132
Weighted average remaining vesting period (years) as of March 31, 2020	3 years 3 months 18 days

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 9 months 29 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for issuance	5,065,218
Unrecognized stock-based compensation expense | $	$ 28,285,000
Unrecognized stock-based compensation expenses recognition period	3 years 9 months 29 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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
Unrecognized stock-based compensation expense | $	$ 23,000
Unrecognized stock-based compensation expenses recognition period	1 month 13 days
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance authorized annual share increase	366,667
Common stock available for future issuance authorized annual percentage increase	1.00%

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%
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]	Mar. 31, 2020shares
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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 2,632	$ 2,341
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	47	30
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	160	170
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,656	1,345
Restricted Stock Units [Member] | Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 769	$ 796

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory rate, amount	$ 3,987	$ 4,472
State income tax expense, net of federal benefit, amount	1,018	894
Windfall tax benefits, net related to stock-based compensation, amount	(17)	(265)
Change in valuation allowance, amount	367	259
Permanent and other items, amount	562	297
Provision for income taxes, amount	$ 5,917	$ 5,657
Income tax expense at the federal statutory rate, rate	21.00%	21.00%
State income tax expense, net of federal benefit, rate	5.40%	4.20%
Windfall tax benefits, net related to stock-based compensation, rate	(0.10%)	(1.20%)
Change in valuation allowance, rate	1.90%	1.20%
Permanent and other items, rate	3.00%	1.40%
Provision for income taxes, rate	31.20%	26.60%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Line Items]
Provision for income taxes, rate	31.20%	26.60%

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
	Mar. 31, 2020	Mar. 31, 2019
Numerator (Basic and Diluted):
Net income	$ 13,070	$ 15,638
Denominator:
Weighted Average Common Shares Issued and Outstanding	39,217	38,996
Deduct: Unvested RSAs	(18)	(27)
Add: Fully vested DSUs	342	342
Weighted Average Common Shares Outstanding	39,541	39,311
Basic earnings per common share	$ 0.33	$ 0.40
Weighted Average Common Shares Outstanding from above	39,541	39,311
Add: Dilutive effect of RSUs, RSAs & ESPP	105	204
Weighted Average Common Shares Outstanding	39,646	39,515
Diluted earnings per common share	$ 0.33	$ 0.40
Antidilutive shares excluded from diluted earnings per common share	521	212

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]	3 Months Ended
	Mar. 31, 2020
Minimum [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	1 year
Maximum [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	3 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Line of Credit Facility [Line Items]
Senior secured revolving credit facility maximum borrowing capacity	$ 60,000,000
Standby letters of credit borrowing capacity	10,000,000
Standby letters of credit, utilized amount	$ 533,000
Credit agreement, unused capacity, commitment fee percentage	0.10%
Interest expense	$ 283,000	$ 349,000
Minimum EBITDAR coverage ratio	1.25%
Maximum Total Funded Debt to EBITDA ratio	2.00%
Credit agreement, pledge percentage	100.00%
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	$ 22,000	$ 26,000
Credit agreement, amount outstanding	$ 0
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	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other commitment amount	$ 11.6

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	1 Months Ended
	May 11, 2020USD ($)
Subsequent Event [Line Items]
Total consideration for business acquisitions and other commitments	$ 17.9
COVID-19 [Member]
Subsequent Event [Line Items]
Reduction of employee workforce	20.00%