Marcus & Millichap (MMI) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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		39,530,910
Amendment Flag	false
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 221,708	$ 243,152
Commissions receivable, net	8,205	10,391
Prepaid expenses	10,084	10,153
Marketable debt securities, available-for-sale (includes amortized cost of $134,460 and $158,148 at March 31, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses)	134,494	158,258
Advances and loans, net	2,106	2,413
Other assets	5,642	4,711
Total current assets	382,239	429,078
Property and equipment, net	22,931	23,436
Operating lease right-of-use assets, net	81,105	84,024
Marketable debt securities, available-for-sale (includes amortized cost of $65,114 and $45,181 at March 31, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses)	66,931	47,773
Assets held in rabbi trust	10,574	10,295
Deferred tax assets, net	20,629	21,374
Goodwill and other intangible assets, net	50,817	52,053
Advances and loans, net	111,781	106,913
Other assets	4,075	4,176
Total assets	751,082	779,122
Current liabilities:
Accounts payable and other liabilities	18,919	18,288
Deferred compensation and commissions	33,199	58,106
Income tax payable	8,512	3,726
Operating lease liabilities	19,209	19,190
Accrued bonuses and other employee related expenses	11,478	21,007
Total current liabilities	91,317	120,317
Deferred compensation and commissions	28,745	38,745
Operating lease liabilities	57,134	59,408
Other liabilities	12,217	13,816
Total liabilities	189,413	232,286
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, 2021 and December 31, 2020, respectively	0	0
Common stock, $0.0001 par value:Authorized shares – 150,000,000; issued and outstanding shares – 39,500,966 and 39,401,976 at March 31, 2021 and December 31, 2020, respectively	4	4
Additional paid-in capital	113,737	113,182
Retained earnings	446,088	431,076
Accumulated other comprehensive income	1,840	2,574
Total stockholders' equity	561,669	546,836
Total liabilities and stockholders' equity	$ 751,082	$ 779,122

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Amortized cost, current	$ 134,460	$ 158,148
Allowance for credit losses, current	0	0
Amortized cost, noncurrent	65,114	45,181
Allowance for credit losses, noncurrent	$ 0	$ 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	39,500,966	39,401,976
Common stock, shares outstanding	39,500,966	39,401,976

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 183,977	$ 190,717
Operating expenses:
Cost of services	109,103	113,757
Selling, general and administrative	51,677	54,860
Depreciation and amortization	2,997	2,464
Total operating expenses	163,777	171,081
Operating income	20,200	19,636
Other income (expense), net	1,044	(366)
Interest expense	(146)	(283)
Income before provision for income taxes	21,098	18,987
Provision for income taxes	6,086	5,917
Net income	15,012	13,070
Marketable debt securities, available-for-sale:
Change in net unrealized - (losses) gains	(621)	(497)
Less: reclassification adjustment for net losses included in other income (expense), net	0	11
Net change, net of tax of $(215) and $(168) for the three months ended March 31, 2021 and 2020, respectively	(621)	(486)
Foreign currency translation (loss) gain, net of tax of $0 for each of the three months ended March 31, 2021 and 2020	(113)	891
Total other comprehensive (loss) income	(734)	405
Comprehensive income	$ 14,278	$ 13,475
Earnings per share:
Basic	$ 0.38	$ 0.33
Diluted	$ 0.37	$ 0.33
Weighted average common shares outstanding:
Basic	39,757	39,541
Diluted	40,124	39,646
Real Estate Brokerage Commissions [Member]
Revenues:
Total revenues	$ 162,796	$ 171,829
Financing Fees [Member]
Revenues:
Total revenues	17,843	15,351
Other Revenues [Member]
Revenues:
Total revenues	$ 3,338	$ 3,537

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Marketable debt securities, available-for-sale, net change, tax	$ (215)	$ (168)
Foreign currency translation (loss) gain, tax	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Preferred Stock [Member]	Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Preferred Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]	Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-In Capital [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Stock Notes Receivable From Employees [Member]	Stock Notes Receivable From Employees [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Stock Notes Receivable From Employees [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Beginning Balance at Dec. 31, 2019	$ 494,907	$ (33)	$ 494,874	$ 0	$ 0	$ 0	$ 4	$ 0	$ 4	$ 104,658	$ 0	$ 104,658	$ (4)	$ 0	$ (4)	$ 388,271	$ (33)	$ 388,238	$ 1,978	$ 0	$ 1,978
Beginning Balance, Shares at Dec. 31, 2019				0	0	0	39,153,195	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
Beginning Balance at Dec. 31, 2020	546,836			$ 0			$ 4			113,182			0			431,076			2,574
Beginning Balance, Shares at Dec. 31, 2020				0			39,401,976
Net and comprehensive income (loss)	14,278			$ 0			$ 0			0			0			15,012			(734)
Stock-based compensation	2,288			$ 0			$ 0			2,288			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			149,117
Shares withheld related to net share settlement of stock-based awards	(1,733)			$ 0			$ 0			(1,733)			0			0			0
Shares withheld related to net share settlement of stock-based awards, shares				0			(50,127)
Ending Balance at Mar. 31, 2021	$ 561,669			$ 0			$ 4			$ 113,737			$ 0			$ 446,088			$ 1,840
Ending Balance, Shares at Mar. 31, 2021				0			39,500,966

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 15,012	$ 13,070
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,997	2,464
Amortization of right-of-use assets	6,009	5,500
Credit loss recovery	(146)	(120)
Stock-based compensation	2,288	2,632
Deferred taxes, net	909	1,345
Unrealized foreign exchange (gains) losses	(157)	1,024
Net realized gains on marketable debt securities, available-for-sale	(1)	(53)
Other non-cash items	(49)	485
Changes in operating assets and liabilities:
Commissions receivable	1,776	1,350
Prepaid expenses	74	1,576
Advances and loans	(4,440)	(29,441)
Other assets	(1,187)	(100)
Accounts payable and other liabilities	2,071	(923)
Income tax payable	4,786	4,070
Accrued bonuses and other employee related expenses	(9,362)	(17,035)
Deferred compensation and commissions	(33,781)	(33,898)
Operating lease liabilities	(5,275)	(4,477)
Other liabilities	(1,626)	(262)
Net cash used in operating activities	(20,102)	(52,793)
Cash flows from investing activities
Acquisition of businesses, net of cash received	229	(6,000)
Purchases of marketable debt securities, available-for-sale	(81,264)	(28,919)
Proceeds from sales and maturities of marketable debt securities, available-for-sale	85,065	50,623
Issuances of employee notes receivable	(40)	(211)
Payments received on employee notes receivable	250	1
Purchase of property and equipment	(1,099)	(2,397)
Net cash provided by investing activities	3,141	13,097
Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards	(1,733)	(1,689)
Principal payments on stock appreciation rights liability	(1,481)	(1,251)
Principal payments on deferred consideration	(1,302)	0
Net cash used in financing activities	(4,516)	(2,940)
Effect of currency exchange rate changes on cash and cash equivalents	33	(274)
Net decrease in cash and cash equivalents	(21,444)	(42,910)
Cash and cash equivalents at beginning of period	243,152	232,670
Cash and cash equivalents at end of period	221,708	189,760
Supplemental disclosures of cash flow information
Interest paid during the period	697	845
Income taxes paid, net	$ 339	$ 503

Description of Business, Basis

Description of Business, Basis of Presentation and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Description of Business, Basis of Presentation and Recent Accounting Pronouncements	1. Description of Business, Basis of Presentation and Recent Accounting Pronouncements Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of March 31, 2021, MMI operates 84 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 its majority-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”). Prior to the initial public offering (“IPO”) of MMI, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed November 2013 Basis of Presentation The financial information presented in th e 10-Q Article 10-01 Regulation S-X. 10-K Considerations Related to the COVID-19 The Company could continue to experience operational and financial impacts due to the COVID-19 COVID-19 COVID-19 COVID-19 See Note 2 – “Property and Equipment, Net”, N o COVID-19. 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. 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, 2021 and 2020, 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, 2021, the Company’s Canadian operations represented less than 2% of total revenues. During the three months ended March 31, 2020, the Company’s Canadian operations represented approximately 2% of total revenues. During the three months ended March 31, 2021, no office represented 10% or more of total revenues. During the three months ended March 31, 2020, one office represented 10% or more of total revenues. Recent Accounting Pronouncements Pending Adoption 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 but 2020-04

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	2. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): March 31, December 31, Computer software and hardware equipment $ 32,049 $ 30,955 Furniture, fixtures and equipment 23,504 23,418 Less: accumulated depreciation and amortization (32,622 ) (30,937 ) $ 22,931 $ 23,436 During the three months ended March 31, 2021 and 2020, the Company wrote-off As of March 31, 2021 and 2020, property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $275,000 and $259,000, 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, 2021, the Company considered the impact of the COVID-19

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Operating Leases	3. Operating Leases The Company has operating leases for all of its facilities and autos. As of March 31, 2021 and December 31, 2020, 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 2021 2020 Operating lease cost: Lease cost (1) $ 6,589 $ 6,263 Variable lease cost (2) 1,400 1,396 Sublease income (33 ) (77 ) $7,956 $7,582 (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, 2021 Remainder of 2021 $ 17,205 2022 17,722 2023 14,331 2024 12,089 2025 9,877 Thereafter 10,835 Total future minimum lease payments 82,059 Less imputed interest (5,716 ) Present value of operating lease liabilities $ 76,343 Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands): Three Months Ended 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 5,862 $ 5,223 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 3,004 $ 3,109 Tenant improvements owned by lessor related to ROU assets (1) $ 55 $ 317 (1) Reclassification from other assets current. Other information related to the operating leases consisted of the following: March 31, 2021 December 31, 2020 Weighted average remaining operating lease term 4.71 years 4.70 years Weighted average discount rate 3.0 % 3.1 %

Investments in Marketable Debt

Investments in Marketable Debt Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in Marketable Debt Securities	4. 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, 2021 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 69,217 $ — $ 23 $ — $ 69,240 U.S. government sponsored entities 11,450 — 4 — 11,454 Corporate debt 53,793 — 7 — 53,800 $ 134,460 $ — $ 34 $ — $ 134,494 Long-term investments: U.S. treasuries $ 22,342 $ — $ 179 $ — $ 22,521 U.S. government sponsored entities 1,012 — 36 (3 ) 1,045 Corporate debt 35,424 — 1,505 (60 ) 36,869 Asset-backed securities (“ABS”) and other 6,336 — 166 (6 ) 6,496 $ 65,114 $ — $ 1,886 $ (69 ) $ 66,931 December 31, 2020 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 75,887 $ — $ 88 $ (5 ) $ 75,970 U.S. government sponsored entities 32,439 — 8 — 32,447 Corporate debt 49,822 — 20 (1 ) 49,841 $ 158,148 $ — $ 116 $ (6 ) $ 158,258 Long-term investments: U.S. treasuries $ 3,375 $ — $ 266 $ — $ 3,641 U.S. government sponsored entities 1,114 — 38 — 1,152 Corporate debt 34,183 — 2,137 (33 ) 36,287 ABS and other 6,509 — 195 (11 ) 6,693 $ 45,181 $ — $ 2,636 $ (44 ) $ 47,773 The Company’s investments in marketable debt securities, available-for-sale, March 31, 2021 Less than 12 months 12 months or Total Fair Gross Fair Gross Fair Gross U.S. government sponsored entities $ 139 $ (3 ) $ — $ — $ 139 $ (3 ) Corporate debt 20,447 (52 ) 139 (8 ) 20,586 (60 ) ABS and other 363 — 345 (6 ) 708 (6 ) $ 20,949 $ (55 ) $ 484 $ (14 ) $ 21,433 $ (69 ) 10 December 31, 2020 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross U.S. treasuries $ 41,702 $ (5 ) $ — $ — $ 41,702 $ (5 ) Corporate debt 29,810 (34 ) — — 29,810 (34 ) ABS and other 546 (6 ) 157 (5 ) 703 (11 ) $ 72,058 $ (45 ) $ 157 $ (5 ) $ 72,215 $ (50 ) Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, Three Months Ended 2021 2020 Gross realized gains (1) $ 1 $ 53 Gross realized losses (1) $ — $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. 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, 2021, the portfolio had an average credit rating of AA and weighted term to contractual maturity As of March 31, 2021, 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 and securities’ 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 therefore no allowance for credit losses was required. Amortized cost and fair value of marketable debt securities, available-for-sale, March 31, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Due in one year or less $ 134,460 $ 134,494 $ 158,148 $ 158,258 Due after one year through five years 50,401 51,534 30,604 32,041 Due after five years through ten years 10,323 10,891 10,022 11,044 Due after ten years 4,390 4,506 4,555 4,688 $ 199,574 $ 201,425 $ 203,329 $ 206,031 Weighted average contractual maturity 1.7 years 1.6 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
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions, Goodwill and Other Intangible Assets	5. Acquisitions, Goodwill and Other Intangible Assets During the three months ended March 31, 2021, the Company recognized measurement period adjustments, including additional cash acquired to the provisional amounts that were recognized at the acquisition date for businesses acquired during 2020 to reflect new information obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have affected the measurement of the amounts recognized as of the acquisition date. The impact to amortization expense not previously recognized related to these adjustments was not material. The goodwill recorded as part of the acquisitions primarily arose from the acquired assembled workforce and brokerage and financing sales platforms. The Company expects all of the goodwill to be tax deductible, with the tax-deductible Goodwill and intangible assets, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 34,046 $ — $ 34,046 $ 33,375 $ — $ 33,375 Intangible assets (1) 23,975 (7,204 ) 16,771 24,745 (6,067 ) 18,678 $ 58,021 $ (7,204 ) $ 50,817 $ 58,120 $ (6,067 ) $ 52,053 (1) Total weighted average amortization period was The changes in the carrying amount of goodwill consisted of the following (in thousands): Three Months Ended 2021 2020 Beginning balance $ 33,375 $ 15,072 Additions from acquisitions (1) 671 3,990 Impairment losses — — Ending balance $ 34,046 $ 19,062 (1) The 2021 addition represents a measurement period adjustment. Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands): March 31, 2021 Remainder of 2021 $ 2,737 2022 3,474 2023 3,419 2024 2,891 2025 2,659 Thereafter 1,591 $ 16,771 The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing, which indicate that it is more likely than not an impairment loss has occurred. The Company evaluates its intangible assets that have finite useful lives whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. As of March 31, 2021, the Company considered the impact of COVID-19 COVID-19

Selected Balance Sheet Data

Selected Balance Sheet Data	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Selected Balance Sheet Data	6. Selected Balance Sheet Data Advances and Loans, Net and Commissions Receivable, Net Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands): Advances and Commissions Total Beginning balance as of January 1, 2021 $ 563 $ 94 $ 657 Credit loss recovery (67 ) (79 ) (146 ) Write-offs (2 ) — (2 ) Ending balance as of March 31, 2021 $ 494 $ 15 $ 509 Advances and Commissions Total Beginning balance as of January 1, 2020 $ 512 $ 32 (1) $ 544 Credit loss recovery (120 ) — (120 ) Write-offs (2 ) — (2 ) Ending balance as of March 31, 2020 $ 390 $ 32 $ 422 (1) Includes cumulative-effect adjustment related to the adoption of ASU No. 2016-13, Financial Instruments – Credit Losses. Other Assets Other assets consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ 2,062 $ 1,897 Security deposits — — 1,463 1,461 Employee notes receivable (1) 165 185 13 246 Customer trust accounts and other 5,477 4,526 537 572 $ 5,642 $ 4,711 $ 4,075 $ 4,176 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0 MSRs The net change in the carrying value of MSRs consisted of the following (in thousands): Three Months Ended 2021 2020 Beginning balance $ 1,897 $ 2,002 Additions 303 77 Amortization (138 ) (129 ) Ending balance $ 2,062 $ 1,950 The portfolio of loans serviced by the Company aggregated $1.6 billion for each of the periods ended March 31, 2021 and December 31, 2020, respectively. See Note 8 – “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 $2.0 million and $3.2 million as of March 31, 2021 and December 31, 2020, 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, December 31, March 31, December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,225 $ 2,162 $ 14,568 $ 16,671 Commissions payable to investment sales and financing professionals 29,054 54,082 7,389 15,306 Deferred compensation liability (1) 1,485 1,519 6,788 6,768 Other 435 343 — — $ 33,199 $ 58,106 $ 28,745 $ 38,745 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered 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 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, 2021 and 2020, the Company made total payments of $2.2 million and $2.1 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 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 2021 2020 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 333 $ (1,388 ) Increase (decrease) in the net carrying value of the deferred compensation obligation (2) $ 260 $ (1,273 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. Other Liabilities Other liabilities consisted of the following (in thousands): Non-Current March 31, December 31, Deferred consideration (1) (2) $ 7,171 $ 8,582 Contingent consideration (1) 4,033 4,219 Other 1,013 1,015 $ 12,217 $ 13,816 (1) The current portions of deferred consideration in the amounts of $6,571 and $6,666 as of March 31, 2021 and December 31, 2020, 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 $1,268 and $1,353 as of March 31, 2021 and December 31, 2020, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. (2) Includes a measurement period adjustment made during the three months ended March 31, 2021, which represents a noncash investing activity. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	7 . 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 these services separately. Under the TSA, the Company incurred net costs during the three months ended March 31, 2021 and 2020 of 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, 2021 and 2020, the Company earned real estate brokerage commissions and financing fees of $457,000 and $766,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $274,000 and $453,000, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires on May 31, 2022. The related operating lease cost was $333,000 for each of the three months ended March 31, 2021 and 2020, 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 3 – “Operating Leases” for additional information. Accounts Payable and Other Liabilities with MMC As of March 31, 2021 and December 31, 2020, accounts payable and other liabilities with MMC totaling $93,000 and $89,000, 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, 2021, George M. Marcus, the Company’s founder and Chairman, beneficially owned approximately 39% of the Company’s issued and outstanding common stock, including shares owned by Phoenix Investments Holdings, LLC and the Marcus Family Foundation II.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: • Level 1: • Level 2: • Level 3: Recurring Fair Value Measurements The Company values its investments including commercial paper and floating NAV money market funds recorded in cash and cash equivalents, investments in marketable debt securities, available-for-sale, Fair values for investments included in cash and cash equivalents and marketable debt securities, 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 Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): March 31, 2021 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 10,574 $ — $ 10,574 $ — $ 10,295 $ — $ 10,295 $ — Cash equivalents (1) Commercial paper and other $ 3,899 $ — $ 3,899 $ — $ 9,399 $ — $ 9,399 $ — Money market funds 168,010 168,010 — — 158,271 158,271 — — $ 171,909 $ 168,010 $ 3,899 $ — $ 167,670 $ 158,271 $ 9,399 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 69,240 $ 69,240 $ — $ — $ 75,970 $ 75,970 $ — $ — U.S. government sponsored entities 11,454 — 11,454 — 32,447 — 32,447 — Corporate debt 53,800 — 53,800 — 49,841 — 49,841 — $ 134,494 $ 69,240 $ 65,254 $ — $ 158,258 $ 75,970 $ 82,288 $ — Long-term investments: U.S. treasuries $ 22,521 $ 22,521 $ — $ — $ 3,641 $ 3,641 $ — $ — U.S. government sponsored entities 1,045 — 1,045 — 1,152 — 1,152 — Corporate debt 36,869 — 36,869 — 36,287 — 36,287 — ABS and other 6,496 — 6,496 — 6,693 — 6,693 — $ 66,931 $ 22,521 $ 44,410 $ — $ 47,773 $ 3,641 $ 44,132 $ — Liabilities: Contingent consideration $ 5,301 $ — $ — $ 5,301 $ 5,572 $ — $ — $ 5,572 Deferred consideration $ 13,742 $ — $ 13,742 $ — $ 15,248 $ — $ 15,248 $ — Deferred compensation liability $ 8,273 $ 8,273 $ — $ — $ 8,287 $ 8,287 $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. There were no During the three months ended March 31, 2021, the Company considered the economic impact of the COVID-19 t As of March 31, 2021 and December 31, 2020, contingent and deferred consideration has a maximum undiscounted payment to be settled in cash or stock of $32.0 million and $33.2 million, respectively. Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these payments will be made over the next one A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Three Months Ended 2021 2020 Beginning balance $ 5,572 $ 3,387 Contingent consideration in connection with acquisitions (1) (100 ) — Change in fair value of contingent consideration (171 ) (225 ) Payments of contingent consideration — — Ending balance $ 5,301 $ 3,162 (1) Contingent consideration in connection with acquisitions represents a no 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 Valuation Technique Unobservable inputs Range (1) Contingent consideration $ 5,301 Discounted cash flow Expected life of cash flows 2.2-6.6 years (4.0 years) Discount rate 2.3%-4.3% (3.2%) Probability of achievement 35.3%-100.0% (82.3%) Fair Value at Valuation Technique Unobservable inputs Range (1) Contingent consideration $ 5,572 Discounted cash flow Expected life of cash flows 2.4-6.8 years (4.4 years) Discount rate 2.6%-4.3% (3.4%) Probability of achievement 50.0%-100.0% (86.1%) (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 after 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 Valuation Technique Unobservable inputs Range (1) MSRs $ 2,415 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0%) Constant default rate 0.3%-4.3% Loss severity 26.2%-31.4% (28.0%) Discount rate 10.0%-10.0% Fair Value at Valuation Technique Unobservable inputs Range (1) MSRs $ 2,135 Discounted cash flow Constant prepayment rates 0.0%-20.0% Constant default rate 0.3%-4.1% Loss severity 26.2%-31.4% Discount rate 10.0%-10.0% (1) Weighted average is based on the 10

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Common Stock As of March 31, 2021 and December 31, 2020, there were 39,500,966 and 39,401,976 shares of common stock, $0.0001 par value, issued and outstanding, which include unvested restricted stock awards (“RSAs”) issued to non-employee Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At March 31, 2021 and December 31, 2020, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income/Loss Amounts reclassified from accumulated other comprehensive income/loss include marketable debt securities, available for sale are included as a component of other income (expense), net or selling, general and administrative expense, as applicable, 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, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	10. 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, 2021, 149,117 shares of RSUs vested and 50,127 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, 2021, 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- Nonvested shares at December 31, 2020 (1) 16,728 637,650 264,001 918,379 33.73 Granted — 217,893 9,834 227,727 39.10 Vested — (132,176 ) (16,941 ) (149,117 ) 33.01 Transferred — (3,220 ) 3,220 — 31.05 Forfeited/canceled — (16,476 ) (3,585 ) (20,061 ) 33.05 Nonvested shares at March 31, 2021 (1) 16,728 703,671 256,529 976,928 34.56 Unrecognized stock-based compensation expense as of March 31, 2021 (2) $ 42 $ 24,124 $ 7,212 $ 31,378 Weighted average remaining vesting period (years) as of March 31, 2021 0.10 3.91 3.09 3.72 (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 3.72 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 176,877 shares of common stock remain available for issuance as of March 31, 2021. 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, 2021, total unrecognized compensation cost related to the ESPP was $24,000 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, 2021, the remaining future share settlements of fully vested DSUs by year consisted of the following: March 31, 202 1 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 2021 2020 ESPP $ 50 $ 47 RSAs – non-employee 111 160 RSUs – employees 1,454 1,656 RSUs – independent contractors 673 769 $ 2,288 $ 2,632

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The Company’s effective tax rate for the three months ended March 31, 2021 and 2020 was 28.8% and 31.2%, 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 any 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, 2021 2020 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 4,431 21.0 % $ 3,987 21.0 % State income tax expense, net of federal benefit 1,048 5.0 % 1,018 5.4 % Windfall tax benefits, net related to stock-based compensation (27 ) (0.1 )% (17 ) (0.1 )% Change in valuation allowance 180 0.9 % 367 1.9 % Permanent and other items (1) 454 2.0 % 562 3.0 % $ 6,086 28.8 % $ 5,917 31.2 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	12. Earnings per Share Basic and diluted earnings per share for the three months ended March 31, 2021 and 2020, respectively consisted of the following (in thousands, except per share data): Three Months Ended 2021 2020 Numerator (Basic and Diluted): Net income $ 15,012 $ 13,070 Decrease in value for stock settled consideration 12 — Adjusted net income $ 15,024 $ 13,070 Denominator: Basic Weighted average common shares issued and outstanding 39,432 39,217 Deduct: Unvested RSAs (1) (17 ) (18 ) Add: Fully vested DSUs (2) 342 342 Weighted average common shares outstanding 39,757 39,541 Basic earnings per common share $ 0.38 $ 0.33 Diluted Weighted average common shares outstanding from above 39,757 39,541 Add: Dilutive effect of RSUs, RSAs & ESPP 208 105 Add: Contingently issuable shares (3) 159 — Weighted average common shares outstanding 40,124 39,646 Diluted earnings per common share $ 0.37 $ 0.33 Antidilutive shares excluded from diluted earnings per common share (4) 230 521 (1) RSAs were issued and outstanding to the non-employ e one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 10 – “Stock-Based Compensation Plans” for additional information. (3) Relates to contingently issuable stock settled consideration. (4) Primarily pertaining to RSU grants to the Company’s employees and independent contractors.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. 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, and further, amended on November 27, 2019 and on February 9, 2021 (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. Upon the expiration of the use of the LIBOR as a benchmark, the benchmark will be replaced with the SOFR plus a spread adjustment. 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, 2021. 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 1.5:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also limits investments in foreign entities and 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, 2021, 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 time and performance goals. Such commitments as of March 31, 2021 aggregated $22.3 million.

Description of Business, Basi_2

Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2021, MMI operates 84 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 its majority-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”). Prior to the initial public offering (“IPO”) of MMI, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed November 2013
Basis of Presentation	Basis of Presentation The financial information presented in th e 10-Q Article 10-01 Regulation S-X. 10-K
Considerations Related to the COVID-19 Pandemic	Considerations Related to the COVID-19 The Company could continue to experience operational and financial impacts due to the COVID-19 COVID-19 COVID-19 COVID-19 See Note 2 – “Property and Equipment, Net”, N o COVID-19.
Consolidation	Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration of Credit Risk	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, 2021 and 2020, 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, 2021, the Company’s Canadian operations represented less than 2% of total revenues. During the three months ended March 31, 2020, the Company’s Canadian operations represented approximately 2% of total revenues. During the three months ended March 31, 2021, no office represented 10% or more of total revenues. During the three months ended March 31, 2020, one office represented 10% or more of total revenues.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pending Adoption 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 but 2020-04

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): March 31, December 31, Computer software and hardware equipment $ 32,049 $ 30,955 Furniture, fixtures and equipment 23,504 23,418 Less: accumulated depreciation and amortization (32,622 ) (30,937 ) $ 22,931 $ 23,436

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 Operating lease cost: Lease cost (1) $ 6,589 $ 6,263 Variable lease cost (2) 1,400 1,396 Sublease income (33 ) (77 ) $7,956 $7,582 (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, 2021 Remainder of 2021 $ 17,205 2022 17,722 2023 14,331 2024 12,089 2025 9,877 Thereafter 10,835 Total future minimum lease payments 82,059 Less imputed interest (5,716 ) Present value of operating lease liabilities $ 76,343
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 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 5,862 $ 5,223 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 3,004 $ 3,109 Tenant improvements owned by lessor related to ROU assets (1) $ 55 $ 317 (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, 2021 December 31, 2020 Weighted average remaining operating lease term 4.71 years 4.70 years Weighted average discount rate 3.0 % 3.1 %

Investments in Marketable Deb_2

Investments in Marketable Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss 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, 2021 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 69,217 $ — $ 23 $ — $ 69,240 U.S. government sponsored entities 11,450 — 4 — 11,454 Corporate debt 53,793 — 7 — 53,800 $ 134,460 $ — $ 34 $ — $ 134,494 Long-term investments: U.S. treasuries $ 22,342 $ — $ 179 $ — $ 22,521 U.S. government sponsored entities 1,012 — 36 (3 ) 1,045 Corporate debt 35,424 — 1,505 (60 ) 36,869 Asset-backed securities (“ABS”) and other 6,336 — 166 (6 ) 6,496 $ 65,114 $ — $ 1,886 $ (69 ) $ 66,931 December 31, 2020 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 75,887 $ — $ 88 $ (5 ) $ 75,970 U.S. government sponsored entities 32,439 — 8 — 32,447 Corporate debt 49,822 — 20 (1 ) 49,841 $ 158,148 $ — $ 116 $ (6 ) $ 158,258 Long-term investments: U.S. treasuries $ 3,375 $ — $ 266 $ — $ 3,641 U.S. government sponsored entities 1,114 — 38 — 1,152 Corporate debt 34,183 — 2,137 (33 ) 36,287 ABS and other 6,509 — 195 (11 ) 6,693 $ 45,181 $ — $ 2,636 $ (44 ) $ 47,773
Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position	The Company’s investments in marketable debt securities, available-for-sale, March 31, 2021 Less than 12 months 12 months or Total Fair Gross Fair Gross Fair Gross U.S. government sponsored entities $ 139 $ (3 ) $ — $ — $ 139 $ (3 ) Corporate debt 20,447 (52 ) 139 (8 ) 20,586 (60 ) ABS and other 363 — 345 (6 ) 708 (6 ) $ 20,949 $ (55 ) $ 484 $ (14 ) $ 21,433 $ (69 ) 10 December 31, 2020 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross U.S. treasuries $ 41,702 $ (5 ) $ — $ — $ 41,702 $ (5 ) Corporate debt 29,810 (34 ) — — 29,810 (34 ) ABS and other 546 (6 ) 157 (5 ) 703 (11 ) $ 72,058 $ (45 ) $ 157 $ (5 ) $ 72,215 $ (50 )
Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities	Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, Three Months Ended 2021 2020 Gross realized gains (1) $ 1 $ 53 Gross realized losses (1) $ — $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method.
Schedule of Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity	Amortized cost and fair value of marketable debt securities, available-for-sale, March 31, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Due in one year or less $ 134,460 $ 134,494 $ 158,148 $ 158,258 Due after one year through five years 50,401 51,534 30,604 32,041 Due after five years through ten years 10,323 10,891 10,022 11,044 Due after ten years 4,390 4,506 4,555 4,688 $ 199,574 $ 201,425 $ 203,329 $ 206,031 Weighted average contractual maturity 1.7 years 1.6

Acquisitions, Goodwill and Ot_2

Acquisitions, Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Summary of Goodwill and Intangible Assets, Net	Goodwill and intangible assets, net consisted of the following (in thousands): March 31, 2021 December 31, 2020 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 34,046 $ — $ 34,046 $ 33,375 $ — $ 33,375 Intangible assets (1) 23,975 (7,204 ) 16,771 24,745 (6,067 ) 18,678 $ 58,021 $ (7,204 ) $ 50,817 $ 58,120 $ (6,067 ) $ 52,053 (1) Total weighted average amortization period was
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 2021 2020 Beginning balance $ 33,375 $ 15,072 Additions from acquisitions (1) 671 3,990 Impairment losses — — Ending balance $ 34,046 $ 19,062 (1) The 2021 addition represents a measurement period adjustment.
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, 2021 Remainder of 2021 $ 2,737 2022 3,474 2023 3,419 2024 2,891 2025 2,659 Thereafter 1,591 $ 16,771

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Allowance for Credit Losses for Advances and Loans and Commissions Receivable	Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands): Advances and Commissions Total Beginning balance as of January 1, 2021 $ 563 $ 94 $ 657 Credit loss recovery (67 ) (79 ) (146 ) Write-offs (2 ) — (2 ) Ending balance as of March 31, 2021 $ 494 $ 15 $ 509 Advances and Commissions Total Beginning balance as of January 1, 2020 $ 512 $ 32 (1) $ 544 Credit loss recovery (120 ) — (120 ) Write-offs (2 ) — (2 ) Ending balance as of March 31, 2020 $ 390 $ 32 $ 422 (1) Includes cumulative-effect adjustment related to the adoption of ASU No. 2016-13, Financial Instruments – Credit Losses.
Schedule of Other Assets	Other Assets Other assets consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ 2,062 $ 1,897 Security deposits — — 1,463 1,461 Employee notes receivable (1) 165 185 13 246 Customer trust accounts and other 5,477 4,526 537 572 $ 5,642 $ 4,711 $ 4,075 $ 4,176 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0
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 2021 2020 Beginning balance $ 1,897 $ 2,002 Additions 303 77 Amortization (138 ) (129 ) Ending balance $ 2,062 $ 1,950
Schedule of Deferred Compensation and Commissions	Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current March 31, December 31, March 31, December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,225 $ 2,162 $ 14,568 $ 16,671 Commissions payable to investment sales and financing professionals 29,054 54,082 7,389 15,306 Deferred compensation liability (1) 1,485 1,519 6,788 6,768 Other 435 343 — — $ 33,199 $ 58,106 $ 28,745 $ 38,745 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current.
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability	The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Three Months Ended 2021 2020 Increase (decrease) in the carrying value of the assets held in the rabbi trust (1) $ 333 $ (1,388 ) Increase (decrease) in the net carrying value of the deferred compensation obligation (2) $ 260 $ (1,273 ) (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income.
Summary of Other Liabilities	Other liabilities consisted of the following (in thousands): Non-Current March 31, December 31, Deferred consideration (1) (2) $ 7,171 $ 8,582 Contingent consideration (1) 4,033 4,219 Other 1,013 1,015 $ 12,217 $ 13,816 (1) The current portions of deferred consideration in the amounts of $6,571 and $6,666 as of March 31, 2021 and December 31, 2020, 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 $1,268 and $1,353 as of March 31, 2021 and December 31, 2020, respectively, are included in accounts payable and other liabilities in the condensed consolidated balance sheets. (2) Includes a measurement period adjustment made during the three months ended March 31, 2021, which represents a noncash investing activity. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 10,574 $ — $ 10,574 $ — $ 10,295 $ — $ 10,295 $ — Cash equivalents (1) Commercial paper and other $ 3,899 $ — $ 3,899 $ — $ 9,399 $ — $ 9,399 $ — Money market funds 168,010 168,010 — — 158,271 158,271 — — $ 171,909 $ 168,010 $ 3,899 $ — $ 167,670 $ 158,271 $ 9,399 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 69,240 $ 69,240 $ — $ — $ 75,970 $ 75,970 $ — $ — U.S. government sponsored entities 11,454 — 11,454 — 32,447 — 32,447 — Corporate debt 53,800 — 53,800 — 49,841 — 49,841 — $ 134,494 $ 69,240 $ 65,254 $ — $ 158,258 $ 75,970 $ 82,288 $ — Long-term investments: U.S. treasuries $ 22,521 $ 22,521 $ — $ — $ 3,641 $ 3,641 $ — $ — U.S. government sponsored entities 1,045 — 1,045 — 1,152 — 1,152 — Corporate debt 36,869 — 36,869 — 36,287 — 36,287 — ABS and other 6,496 — 6,496 — 6,693 — 6,693 — $ 66,931 $ 22,521 $ 44,410 $ — $ 47,773 $ 3,641 $ 44,132 $ — Liabilities: Contingent consideration $ 5,301 $ — $ — $ 5,301 $ 5,572 $ — $ — $ 5,572 Deferred consideration $ 13,742 $ — $ 13,742 $ — $ 15,248 $ — $ 15,248 $ — Deferred compensation liability $ 8,273 $ 8,273 $ — $ — $ 8,287 $ 8,287 $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis	A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Three Months Ended 2021 2020 Beginning balance $ 5,572 $ 3,387 Contingent consideration in connection with acquisitions (1) (100 ) — Change in fair value of contingent consideration (171 ) (225 ) Payments of contingent consideration — — Ending balance $ 5,301 $ 3,162 (1) Contingent consideration in connection with acquisitions represents a no
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques	Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at Valuation Technique Unobservable inputs Range (1) Contingent consideration $ 5,301 Discounted cash flow Expected life of cash flows 2.2-6.6 years (4.0 years) Discount rate 2.3%-4.3% (3.2%) Probability of achievement 35.3%-100.0% (82.3%) Fair Value at Valuation Technique Unobservable inputs Range (1) Contingent consideration $ 5,572 Discounted cash flow Expected life of cash flows 2.4-6.8 years (4.4 years) Discount rate 2.6%-4.3% (3.4%) Probability of achievement 50.0%-100.0% (86.1%) (1) Unobservable inputs were weighted by the relative fair value of the instruments.
Fair Value Liabilities Measured On NonRecurring Basis Valuation Techniques	Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial assets measured at fair value on a nonrecurring basis consisted of the following (dollars in thousands): Fair Value at Valuation Technique Unobservable inputs Range (1) MSRs $ 2,415 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0%) Constant default rate 0.3%-4.3% Loss severity 26.2%-31.4% (28.0%) Discount rate 10.0%-10.0% Fair Value at Valuation Technique Unobservable inputs Range (1) MSRs $ 2,135 Discounted cash flow Constant prepayment rates 0.0%-20.0% Constant default rate 0.3%-4.1% Loss severity 26.2%-31.4% Discount rate 10.0%-10.0% (1) Weighted average is based on the 10

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2021
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- Nonvested shares at December 31, 2020 (1) 16,728 637,650 264,001 918,379 33.73 Granted — 217,893 9,834 227,727 39.10 Vested — (132,176 ) (16,941 ) (149,117 ) 33.01 Transferred — (3,220 ) 3,220 — 31.05 Forfeited/canceled — (16,476 ) (3,585 ) (20,061 ) 33.05 Nonvested shares at March 31, 2021 (1) 16,728 703,671 256,529 976,928 34.56 Unrecognized stock-based compensation expense as of March 31, 2021 (2) $ 42 $ 24,124 $ 7,212 $ 31,378 Weighted average remaining vesting period (years) as of March 31, 2021 0.10 3.91 3.09 3.72 (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 3.72 years.
Schedule of Future Share Settlements	March 31, 202 1 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 2021 2020 ESPP $ 50 $ 47 RSAs – non-employee 111 160 RSUs – employees 1,454 1,656 RSUs – independent contractors 673 769 $ 2,288 $ 2,632

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 4,431 21.0 % $ 3,987 21.0 % State income tax expense, net of federal benefit 1,048 5.0 % 1,018 5.4 % Windfall tax benefits, net related to stock-based compensation (27 ) (0.1 )% (17 ) (0.1 )% Change in valuation allowance 180 0.9 % 367 1.9 % Permanent and other items (1) 454 2.0 % 562 3.0 % $ 6,086 28.8 % $ 5,917 31.2 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020, respectively consisted of the following (in thousands, except per share data): Three Months Ended 2021 2020 Numerator (Basic and Diluted): Net income $ 15,012 $ 13,070 Decrease in value for stock settled consideration 12 — Adjusted net income $ 15,024 $ 13,070 Denominator: Basic Weighted average common shares issued and outstanding 39,432 39,217 Deduct: Unvested RSAs (1) (17 ) (18 ) Add: Fully vested DSUs (2) 342 342 Weighted average common shares outstanding 39,757 39,541 Basic earnings per common share $ 0.38 $ 0.33 Diluted Weighted average common shares outstanding from above 39,757 39,541 Add: Dilutive effect of RSUs, RSAs & ESPP 208 105 Add: Contingently issuable shares (3) 159 — Weighted average common shares outstanding 40,124 39,646 Diluted earnings per common share $ 0.37 $ 0.33 Antidilutive shares excluded from diluted earnings per common share (4) 230 521 (1) RSAs were issued and outstanding to the non-employ e one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 10 – “Stock-Based Compensation Plans” for additional information. (3) Relates to contingently issuable stock settled consideration. (4) Primarily pertaining to RSU grants to the Company’s employees and independent contractors.

Description of Business, Basi_3

Description of Business, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)Office	Mar. 31, 2020Office
Class of Stock [Line Items]
Number of offices | Office	84
Formation date	2013-06
Percentage of common stock distributed	80.00%
Commission's receivable settled period	10 days
Line of credit | $	$ 0
Credit Agreement [Member]
Class of Stock [Line Items]
Line of credit | $	$ 0
Transaction Risk [Member]
Class of Stock [Line Items]
Concentration risk percentage	0.00%	0.00%
Customer Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.00%	10.00%
Customer Concentration Risk [Member] | Commissions receivable [Member]
Class of Stock [Line Items]
Concentration risk percentage	10.00%	10.00%
Geographic Concentration Risk [Member] | Total revenues [Member]
Class of Stock [Line Items]
Number of offices | Office	0	1
Concentration risk percentage	10.00%	10.00%
Geographic Concentration Risk [Member] | Total revenues [Member] | Maximum [Member] | CANADA [Member]
Class of Stock [Line Items]
Concentration risk percentage	2.00%	2.00%
IPO MMI [Member]
Class of Stock [Line Items]
IPO completion date	Nov. 5, 2013

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (32,622)	$ (30,937)
Property and equipment, net	22,931	23,436
Computer software and hardware equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	32,049	30,955
Furniture, fixtures, and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 23,504	$ 23,418

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Fully depreciated computer software and hardware equipment and furniture, fixtures and equipment write-off	$ 41,000	$ 191,000
Property and equipment additions incurred but not yet paid	275,000	$ 259,000
Impairment of Long-Lived Assets Held-for-use	$ 0

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 127.7	$ 126.9
Operating lease right-of-use assets, accumulated amortization	$ 46.6	$ 42.9

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, 2021	Mar. 31, 2020
Operating lease cost:
Lease cost	$ 6,589	$ 6,263
Variable lease cost	1,400	1,396
Sublease income	(33)	(77)
Total operating lease cost	$ 7,956	$ 7,582

Operating Leases - Maturities o

Operating Leases - Maturities of lease liabilities (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2021	$ 17,205
2022	17,722
2023	14,331
2024	12,089
2025	9,877
Thereafter	10,835
Total future minimum lease payments	82,059
Less imputed interest	(5,716)
Present value of operating lease liabilities	$ 76,343

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, 2021	Mar. 31, 2020
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities		$ 5,862	$ 5,223
Noncash activity:
ROU assets obtained in exchange for operating lease liabilities		3,004	3,109
Tenant improvements owned by lessor related to ROU assets	[1]	$ 55	$ 317
[1]	Reclassification from other assets current.

Operating Leases - Schedule o_3

Operating Leases - Schedule of Other Information Related to Operating Leases (Detail)	Mar. 31, 2021	Dec. 31, 2020
Leases, Operating [Abstract]
Weighted average remaining operating lease term	4 years 8 months 15 days	4 years 8 months 12 days
Weighted average discount rate	3.00%	3.10%

Investments in Marketable Secur

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, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 199,574	$ 203,329
Allowance for Credit Losses	0
Fair Value	201,425	206,031
Short-term investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	134,460	158,148
Allowance for Credit Losses	0	0
Gross Unrealized Gains	34	116
Gross Unrealized Losses	0	(6)
Fair Value	134,494	158,258
Short-term investments [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	69,217	75,887
Allowance for Credit Losses	0	0
Gross Unrealized Gains	23	88
Gross Unrealized Losses	0	(5)
Fair Value	69,240	75,970
Short-term investments [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,450	32,439
Allowance for Credit Losses	0	0
Gross Unrealized Gains	4	8
Gross Unrealized Losses	0	0
Fair Value	11,454	32,447
Short-term investments [Member] | Corporate debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	53,793	49,822
Allowance for Credit Losses	0	0
Gross Unrealized Gains	7	20
Gross Unrealized Losses	0	(1)
Fair Value	53,800	49,841
Long-term marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	65,114	45,181
Allowance for Credit Losses	0	0
Gross Unrealized Gains	1,886	2,636
Gross Unrealized Losses	(69)	(44)
Fair Value	66,931	47,773
Long-term marketable securities [Member] | U.S. Treasuries [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	22,342	3,375
Allowance for Credit Losses	0	0
Gross Unrealized Gains	179	266
Gross Unrealized Losses	0	0
Fair Value	22,521	3,641
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,012	1,114
Allowance for Credit Losses	0	0
Gross Unrealized Gains	36	38
Gross Unrealized Losses	(3)	0
Fair Value	1,045	1,152
Long-term marketable securities [Member] | Corporate debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	35,424	34,183
Allowance for Credit Losses	0	0
Gross Unrealized Gains	1,505	2,137
Gross Unrealized Losses	(60)	(33)
Fair Value	36,869	36,287
Long-term marketable securities [Member] | Asset-backed Securities ("ABS") and Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,336	6,509
Allowance for Credit Losses	0	0
Gross Unrealized Gains	166	195
Gross Unrealized Losses	(6)	(11)
Fair Value	$ 6,496	$ 6,693

Investments in Marketable Sec_2

Investments in Marketable Securities - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, securities in unrealized loss positions, accumulated loss	$ 69,000	$ 50,000
Allowance for credit losses	$ 0
Weighted average contractual maturity	1 year 8 months 12 days	1 year 7 months 6 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 8 months 12 days
Fitch, A plus Rating [Member] | Moody's, Aa3 Rating [Member] | Standard & Poor's, A+ Rating [Member] | Weighted Average Credit A Plus Rating [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale, securities number of unrealized loss positions	27
Available-for-sale, securities in unrealized loss positions, accumulated loss	$ 69,000
Percentage of amortized cost	0.30%

Investments in Marketable Sec_3

Investments in Marketable Securities - Amortized Cost and Fair Value of Investments in Available for Sale Securities Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities continuous unrealized loss position for less than 12 months, fair value	$ 20,949	$ 72,058
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	(55)	(45)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	484	157
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss	(14)	(5)
Available for sale securities continuous unrealized loss position, fair value	21,433	72,215
Available for sale securities continuous unrealized loss position, gross unrealized loss	(69)	(50)
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		41,702
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		41,702
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	139
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	(3)
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	139
Available for sale securities continuous unrealized loss position, gross unrealized loss	(3)
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	20,447	29,810
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	(52)	(34)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	139	0
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss	(8)	0
Available for sale securities continuous unrealized loss position, fair value	20,586	29,810
Available for sale securities continuous unrealized loss position, gross unrealized loss	(60)	(34)
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	363	546
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss	0	(6)
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value	345	157
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss	(6)	(5)
Available for sale securities continuous unrealized loss position, fair value	708	703
Available for sale securities continuous unrealized loss position, gross unrealized loss	$ (6)	$ (11)

Investments in Marketable Sec_4

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, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 1	$ 53
Gross realized losses	$ 0	$ 0

Investments in Marketable Sec_5

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, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Amortized Cost	$ 134,460	$ 158,148
Due after one year through five years, Amortized Cost	50,401	30,604
Due after five years through ten years, Amortized Cost	10,323	10,022
Due after ten years, Amortized Cost	4,390	4,555
Amortized Cost	199,574	203,329
Due in one year or less, Fair Value	134,494	158,258
Due after one year through five years, Fair Value	51,534	32,041
Due after five years through ten years, Fair Value	10,891	11,044
Due after ten years, Fair Value	4,506	4,688
Total Fair Value	$ 201,425	$ 206,031
Weighted average contractual maturity	1 year 8 months 12 days	1 year 7 months 6 days

Acquisitions, Goodwill and Ot_3

Acquisitions, Goodwill and Other Intangible Assets - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)Segment
Number of reporting units | Segment	1
Goodwill and Intangible Asset Impairment | $	$ 0

Acquisitions, Goodwill and Ot_4

Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross carrying amount	$ 34,046	$ 33,375
Intangible assets, gross carrying amount	23,975	24,745
Goodwill and intangible assets, gross carrying amount, total	58,021	58,120
Intangible assets, accumulated amortization	(7,204)	(6,067)
Goodwill, net book value	34,046	33,375	$ 19,062	$ 15,072
Intangible assets, net book value	16,771	18,678
Goodwill and intangible assets, net book value	$ 50,817	$ 52,053

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, 2021	Dec. 31, 2020
Business Combinations [Abstract]
Weighted average amortization intangible assets	5 years 6 months 10 days	5 years 6 months 25 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, 2021	Mar. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 33,375	$ 15,072
Additions from acquisitions	671	3,990
Impairment losses	0	0
Ending balance	$ 34,046	$ 19,062

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, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 2,737
2022	3,474
2023	3,419
2024	2,891
2025	2,659
Thereafter	1,591
Total	$ 16,771	$ 18,678

Selected Balance Sheet Data - S

Selected Balance Sheet Data - Schedule of Advances and Loans, Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Advances And Loans and Commissions Receivable Allowance For Credit Losses [Line Items]
Beginning balance	$ 563	$ 512
Credit loss recovery	(67)	(120)
Write-offs	(2)	(2)
Ending balance	494	390
Beginning balance	94
Credit loss recovery	(79)	0
Write-offs	0	0
Ending balance	15	32
Beginning balance	657
Credit loss recovery	(146)	(120)
Write-offs	(2)	(2)
Ending balance	$ 509	422
Accounting Standards Update 2016-13 [Member]
Advances And Loans and Commissions Receivable Allowance For Credit Losses [Line Items]
Beginning balance		32
Beginning balance		$ 544

Selected Balance Sheet Data -_2

Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Assets [Line Items]
Other assets Current	$ 5,642	$ 4,711
Other assets Non-Current	4,075	4,176
Mortgage servicing rights, net of amortization [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	2,062	1,897
Security deposits [Member]
Other Assets [Line Items]
Other assets Current	0	0
Other assets Non-Current	1,463	1,461
Employee Notes Receivable [Member]
Other Assets [Line Items]
Other assets Current	165	185
Other assets Non-Current	13	246
Customer trust accounts and other [Member]
Other Assets [Line Items]
Other assets Current	5,477	4,526
Other assets Non-Current	$ 537	$ 572

Selected Balance Sheet Data -_3

Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Assets [Line Items]
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	$ 10	$ 0

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, 2021	Mar. 31, 2020
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	$ 1,897	$ 2,002
Additions	303	77
Amortization	(138)	(129)
Ending balance	$ 2,062	$ 1,950

Selected Balance Sheet Data - A

Selected Balance Sheet Data - Additional Information (Detail) - USD ($)	Jan. 01, 2021	Jan. 01, 2020	Jan. 01, 2014	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 31, 2013
Schedule Of Accrued Expenses [Line Items]
SARs frozen liability amount				$ 14,568,000		$ 16,671,000
Interest expense				$ 146,000	$ 283,000
Commissions Payable [Member]
Schedule Of Accrued Expenses [Line Items]
Estimated payouts description				Commissions payable that are not expected to be paid within twelve months are classified as long-term.
Maximum payment deferral period for certain commissions payable				3 years
Mortgage servicing rights [Member]
Schedule Of Accrued Expenses [Line Items]
Servicing portfolio of commercial real estate loans, unpaid principal balance				$ 1,600,000,000		1,600,000,000
Escrow Funds				$ 2,000,000		$ 3,200,000
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	2.93%	3.92%
Interest expense				$ 122,000	178,000
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				$ 2,200,000	2,100,000
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				$ 371,000	$ 358,000

Selected Balance Sheet Data - C

Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Deferred Compensation and Commissions [Line Items]
Stock appreciation rights ("SARs") liability, current	$ 2,225	$ 2,162
Commissions payable to investment sales and financing professionals, current	29,054	54,082
Deferred compensation liability, current	1,485	1,519
Other, current	435	343
Deferred compensation and commissions, current	33,199	58,106
Stock appreciation rights ("SARs") liability, non-current	14,568	16,671
Commissions payable to investment sales and financing professionals, non-current	7,389	15,306
Deferred compensation liability, non-current	6,788	6,768
Other, non-current	0	0
Deferred compensation and commissions, non-current	$ 28,745	$ 38,745

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, 2021	Mar. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Increase (decrease) in the carrying value of the assets held in the rabbi trust	$ 333	$ (1,388)
Increase (decrease) in the net carrying value of the deferred compensation obligation	$ 260	$ (1,273)

Selected Balance Sheet Data -_6

Selected Balance Sheet Data - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities [Abstract]
Deferred consideration	$ 7,171	$ 8,582
Contingent consideration	4,033	4,219
Other	1,013	1,015
Other liabilities	$ 12,217	$ 13,816

Selected Balance Sheet Data -_7

Selected Balance Sheet Data - Schedule of Other Liabilities (Parenthetical) (Detail) - Accounts payable and other liabilities [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other liabilities [Line Items]
Contingent consideration	$ 1,268	$ 1,353
Deferred consideration current	$ 6,571	$ 6,666

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Operating lease cost	$ 6,589,000	$ 6,263,000
Aggregate principal amount for employee notes receivable	178,000		$ 431,000
MMC [Member]
Related Party Transaction [Line Items]
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company	457,000	766,000
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company	274,000	453,000
Operating lease cost	$ 333,000	333,000
Lease expiration date	May 31, 2022
Accounts payable and other liabilities - related party	$ 93,000		$ 89,000
MMC [Member] | Transition Services Agreement [Member]
Related Party Transaction [Line Items]
Selling, general and administrative expense	$ 19,000	$ 26,000
George M. Marcus [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage	39.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	$ 10,574	$ 10,295
Marketable debt securities, available-for-sale	201,425	206,031
Deferred consideration	13,742	15,248
Deferred compensation liability	8,273	8,287
Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	134,494	158,258
Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	66,931	47,773
U.S. Treasuries [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	69,240	75,970
U.S. Treasuries [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	22,521	3,641
U.S. Government Sponsored Entities [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	11,454	32,447
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 debt securities, available-for-sale	1,045	1,152
Corporate debt securities [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	53,800	49,841
Corporate debt securities [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	36,869	36,287
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 debt securities, available-for-sale	6,496	6,693
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	171,909	167,670
Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	134,494	158,258
Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	66,931	47,773
Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,899	9,399
Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	168,010	158,271
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	10,574	10,295
Recurring [Member] | U.S. Treasuries [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	69,240	75,970
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 debt securities, available-for-sale	22,521	3,641
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 debt securities, available-for-sale	11,454	32,447
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 debt securities, available-for-sale	1,045	1,152
Recurring [Member] | Corporate debt securities [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	53,800	49,841
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 debt securities, available-for-sale	36,869	36,287
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 debt securities, available-for-sale	6,496	6,693
Level 1 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	168,010	158,271
Deferred consideration	0	0
Deferred compensation liability	8,273	8,287
Level 1 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	69,240	75,970
Level 1 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	22,521	3,641
Level 1 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 1 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	168,010	158,271
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 debt securities, available-for-sale	69,240	75,970
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 debt securities, available-for-sale	22,521	3,641
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 debt 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 debt 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 debt 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 debt 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 debt securities, available-for-sale	0	0
Level 2 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,899	9,399
Deferred consideration	13,742	15,248
Deferred compensation liability	0	0
Level 2 [Member] | Recurring [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	65,254	82,288
Level 2 [Member] | Recurring [Member] | Long-term marketable securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities, available-for-sale	44,410	44,132
Level 2 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	3,899	9,399
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	10,574	10,295
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 debt 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 debt 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 debt securities, available-for-sale	11,454	32,447
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 debt securities, available-for-sale	1,045	1,152
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 debt securities, available-for-sale	53,800	49,841
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 debt securities, available-for-sale	36,869	36,287
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 debt securities, available-for-sale	6,496	6,693
Level 3 [Member] | Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Deferred consideration	0	0
Deferred compensation liability	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 debt 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 debt securities, available-for-sale	0	0
Level 3 [Member] | Recurring [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 [Member] | Recurring [Member] | Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 [Member] | Recurring [Member] | Assets held in rabbi trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in rabbi trust	0	0
Level 3 [Member] | Recurring [Member] | U.S. Treasuries [Member] | Short-term investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt 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 debt 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 debt 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 debt 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 debt 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 debt 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 debt securities, available-for-sale	0	0
Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	5,301	5,572	$ 3,162	$ 3,387
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	$ 5,301	$ 5,572

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, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	$ 5,572	$ 3,387
Contingent consideration in connection with acquisitions	(100)	0
Change in fair value of contingent consideration	(171)	(225)
Payments of contingent consideration	0	0
Ending balance	$ 5,301	$ 3,162

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Recurring Basis Valuation Techniques (Detail) - Contingent Consideration [Member] $ in Thousands	Mar. 31, 2021USD ($)yr	Dec. 31, 2020USD ($)yr	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Amount | $	$ 5,301	$ 5,572	$ 3,162	$ 3,387
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Amount | $	$ 5,301	$ 5,572
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	6.6	6.8
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	2.2	2.4
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	4	4.4
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	4.3	4.3
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	2.3	2.6
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	3.2	3.4
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	35.3	50
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	82.3	86.1
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 | $	$ 5,301	$ 5,572

Fair Value Measurements - Sch_4

Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Detail) - Mortgage Rights [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Constant prepayment rates [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	20	20
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] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	10	10
Constant default rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	4.3	4.1
Constant default rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	0.3	0.3
Constant default rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	1.2	1.1
Loss severity [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	31.4	31.4
Loss severity [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	26.2	26.2
Loss severity [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	28	28
Discount rate [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	10	10
Discount rate [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	10	10
Discount rate [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Range	10	10
Discounted cash flow [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Amount	$ 2,415	$ 2,135

Fair Value Measurements - Sch_5

Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Parenthetical) (Detail)	Mar. 31, 2021
Measurement Input, Constant Prepayment Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of fair value weighted average	0.1

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 3 transfers, amount	$ 0	$ 0
Contingent and deferred consideration, maximum undiscounted payment	$ 32,000,000		$ 33,200,000
Recurring [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out period for contingent and deferred 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 and deferred consideration	1 year

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares issued	39,500,966	39,401,976
Common stock, shares outstanding	39,500,966	39,401,976
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, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Common stock shares available for grant | shares	4,757,955
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, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	149,117
2013 Omnibus Equity Incentive Plan [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Vested shares	149,117
Number of common stock shares withheld to pay employee statutory withholding taxes	50,127
2013 Omnibus Equity Incentive Plan [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Performance Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under compensation plan	0
Number of shares outstanding under compensation plan	0
2013 Omnibus Equity Incentive Plan [Member] | Deferred stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested shares	0

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, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	918,379
Granted	227,727
Vested	(149,117)
Transferred	0
Forfeited/canceled	(20,061)
Nonvested shares at ending	976,928
Unrecognized stock-based compensation expense as of March 31, 2021 | $	$ 31,378
Weighted average remaining vesting period (years) as of March 31, 2021	3 years 8 months 19 days
Nonvested weighted average grant date fair value per share, beginning balance | $ / shares	$ 33.73
Weighted average grant date fair value per share, Granted | $ / shares	39.10
Weighted average grant date fair value per share, Vested | $ / shares	33.01
Weighted average grant date fair value per share, Transferred | $ / shares	31.05
Weighted average grant date fair value per share, Forfeited/canceled | $ / shares	33.05
Nonvested weighted average grant date fair value per share, ending balance | $ / shares	$ 34.56
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	16,728
Granted	0
Vested	0
Transferred	0
Forfeited/canceled	0
Nonvested shares at ending	16,728
Unrecognized stock-based compensation expense as of March 31, 2021 | $	$ 42
Weighted average remaining vesting period (years) as of March 31, 2021	1 month 6 days
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	637,650
Granted	217,893
Vested	(132,176)
Transferred	(3,220)
Forfeited/canceled	(16,476)
Nonvested shares at ending	703,671
Unrecognized stock-based compensation expense as of March 31, 2021 | $	$ 24,124
Weighted average remaining vesting period (years) as of March 31, 2021	3 years 10 months 28 days
Restricted Stock Units [Member] | Independent Contractors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares at beginning	264,001
Granted	9,834
Vested	(16,941)
Transferred	3,220
Forfeited/canceled	(3,585)
Nonvested shares at ending	256,529
Unrecognized stock-based compensation expense as of March 31, 2021 | $	$ 7,212
Weighted average remaining vesting period (years) as of March 31, 2021	3 years 1 month 2 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, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized stock-based compensation expenses recognition period	3 years 8 months 19 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for issuance	4,757,955
Unrecognized stock-based compensation expense | $	$ 31,378,000
Unrecognized stock-based compensation expenses recognition period	3 years 8 months 19 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP offering period description	The offering periods generally start on the first trading day on or after May 15 and November 15 of each year.
Length of purchase intervals	6 months
ESPP discount rate	10.00%
Initial Common stock reserved	366,667
Common stock shares available for issuance	176,877
Unrecognized stock-based compensation expense | $	$ 24,000
Unrecognized stock-based compensation expenses recognition period	1 month 13 days
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance authorized annual share increase	366,667
Common stock available for future issuance authorized annual percentage increase	1.00%
ESPP description	The ESPP provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the compensation committee of the board of directors.

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - Deferred stock units [Member]	Nov. 05, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
DSU settlement to common stock percentage	20.00%
DSU settlement into actual stock issued term	5 years
Employee termination age	67 years
Percentage of shares of deferred stock units settled in the event of death or termination after reaching age 67	100.00%
Share Based Compensation Arrangement By Share Based Payment Award Stock Appreciation Rights Offering Date	Mar. 31, 2013

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, 2021shares
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, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 2,288	$ 2,632
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	50	47
Restricted Stock Awards [Member] | Non-Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	111	160
Restricted Stock Units [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,454	1,656
Restricted Stock Units [Member] | Independent Contractors, Subsequent to Adoption of New Standard [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 673	$ 769

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, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense at the federal statutory rate, amount	$ 4,431	$ 3,987
State income tax expense, net of federal benefit, amount	1,048	1,018
Windfall tax benefits, net related to stock-based compensation, amount	(27)	(17)
Change in valuation allowance, amount	180	367
Permanent and other items, amount	454	562
Provision for income taxes, amount	$ 6,086	$ 5,917
Income tax expense at the federal statutory rate, rate	21.00%	21.00%
State income tax expense, net of federal benefit, rate	5.00%	5.40%
Windfall tax benefits, net related to stock-based compensation, rate	(0.10%)	(0.10%)
Change in valuation allowance, rate	0.90%	1.90%
Permanent and other items, rate	2.00%	3.00%
Provision for income taxes, rate	28.80%	31.20%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes [Line Items]
Provision for income taxes, rate	28.80%	31.20%

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, 2021	Mar. 31, 2020
Numerator (Basic and Diluted):
Net income	$ 15,012	$ 13,070
Decrease in value for stock settled consideration, net	12	0
Adjusted net income	$ 15,024	$ 13,070
Denominator:
Weighted Average Common Shares Issued and Outstanding	39,432	39,217
Deduct: Unvested RSAs	(17)	(18)
Add: Fully vested DSUs	342	342
Weighted Average Common Shares Outstanding	39,757	39,541
Basic earnings per common share	$ 0.38	$ 0.33
Weighted Average Common Shares Outstanding from above	39,757	39,541
Add: Dilutive effect of RSUs, RSAs & ESPP	208	105
Add: Contingently issuable shares	159	0
Weighted Average Common Shares Outstanding	40,124	39,646
Diluted earnings per common share	$ 0.37	$ 0.33
Antidilutive shares excluded from diluted earnings per common share	230	521

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)	3 Months Ended
	Mar. 31, 2021
Restricted Stock Awards [Member] | 2013 Omnibus Equity Incentive Plan [Member]
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Vesting period	1 year

Commitments and Contingencies -

Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Line of Credit Facility [Line Items]
Senior secured revolving credit facility maximum borrowing capacity	$ 60,000,000
Revolving credit facility maturity date	Jun. 1, 2022
Date the company entered into a credit Agreement	Jun. 18, 2014
Credit agreement amended and restated date	May 28, 2019
Credit agreement date	Nov. 27, 2019
Standby letters of credit borrowing capacity	$ 10,000,000
Standby letters of credit, utilized amount	$ 533,000
Credit facility interest rate description	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, 2021. 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 LIBOR plus 1.50%, and (c) the federal funds rate plus 1.50%), or (ii) at a fixed rate per annum determined by Bank to be between 0.875% to 1.125% above LIBOR.
LIBOR rate duration period	1 month
Credit agreement, unused capacity, commitment fee percentage	0.10%
Interest expense	$ 146,000	$ 283,000
Credit agreement, amount outstanding	$ 0
Credit facility covenants	(i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 1.5:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also limits investments in foreign entities and certain other loans.
Minimum EBITDAR coverage ratio	1.25%
Maximum Total Funded Debt to EBITDA ratio	1.5:1
Credit agreement, pledge percentage	100.00%
Compliance description	As of March 31, 2021, the Company was in compliance with all financial and non-financial covenants and has not experienced any limitation in its operations as a result of the covenants.
Fluctuating rate per annum	2.00%
LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate	1.50%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate	1.50%
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Credit agreement date	Feb. 9, 2021
Interest expense	$ 24,000	$ 22,000
Credit agreement, amount outstanding	$ 0
Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate	0.875%
Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Base spread on variable rate	1.125%

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information Other (Detail) $ in Millions	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other commitment amount	$ 22.3