Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 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 Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 39,667,728 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001578732 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 281,007 | $ 243,152 |
Commissions receivable, net | 15,377 | 10,391 |
Prepaid expenses | 9,232 | 10,153 |
Marketable debt securities, available-for-sale (includes amortized cost of $116,852 and $158,148 at September 30, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses) | 116,902 | 158,258 |
Advances and loans, net | 3,017 | 2,413 |
Other assets | 4,436 | 4,711 |
Total current assets | 429,971 | 429,078 |
Property and equipment, net | 22,890 | 23,436 |
Operating lease right-of-use assets, net | 85,250 | 84,024 |
Marketable debt securities, available-for-sale (includes amortized cost of $128,788 and $45,181 at September 30, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses) | 130,502 | 47,773 |
Assets held in rabbi trust | 11,056 | 10,295 |
Deferred tax assets, net | 24,410 | 21,374 |
Goodwill and other intangible assets, net | 48,974 | 52,053 |
Advances and loans, net | 108,709 | 106,913 |
Other assets | 13,318 | 4,176 |
Total assets | 875,080 | 779,122 |
Current liabilities: | ||
Accounts payable and other liabilities | 20,025 | 18,288 |
Deferred compensation and commissions | 53,068 | 58,106 |
Income tax payable | 5,658 | 3,726 |
Operating lease liabilities | 19,745 | 19,190 |
Accrued bonuses and other employee related expenses | 32,066 | 21,007 |
Total current liabilities | 130,562 | 120,317 |
Deferred compensation and commissions | 38,638 | 38,745 |
Operating lease liabilities | 60,970 | 59,408 |
Other liabilities | 12,641 | 13,816 |
Total liabilities | 242,811 | 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 September 30, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock, $0.0001 par value:Authorized shares – 25,000,000; issued and outstanding shares – none at September 30, 2021 and December 31, 2020, respectively | 4 | 4 |
Additional paid-in capital | 118,974 | 113,182 |
Retained earnings | 511,544 | 431,076 |
Accumulated other comprehensive income | 1,747 | 2,574 |
Total stockholders' equity | 632,269 | 546,836 |
Total liabilities and stockholders' equity | $ 875,080 | $ 779,122 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Amortized cost, current | $ 116,852 | $ 158,148 |
Allowance for credit losses, current | 0 | 0 |
Amortized cost, noncurrent | 128,788 | 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 | 39,666,785 | 39,401,976 |
Common stock, shares outstanding | 39,666,785 | 39,401,976 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Total revenues | $ 332,383 | $ 158,575 | $ 801,306 | $ 466,692 |
Operating expenses: | ||||
Cost of services | 219,194 | 99,707 | 506,882 | 287,207 |
Selling, general and administrative | 64,673 | 49,722 | 178,147 | 148,101 |
Depreciation and amortization | 2,850 | 2,606 | 8,806 | 7,822 |
Total operating expenses | 286,717 | 152,035 | 693,835 | 443,130 |
Operating income | 45,666 | 6,540 | 107,471 | 23,562 |
Other income (expense), net | 323 | 1,615 | 2,737 | 4,224 |
Interest expense | (144) | (199) | (436) | (695) |
Income before provision for income taxes | 45,845 | 7,956 | 109,772 | 27,091 |
Provision for income taxes | 11,921 | 1,916 | 29,304 | 7,875 |
Net income | 33,924 | 6,040 | 80,468 | 19,216 |
Marketable debt securities, available-for-sale: | ||||
Change in net unrealized gains | (240) | (30) | (715) | 687 |
Less: reclassification adjustment for net losses included in other income (expense), net | 23 | 8 | 26 | 32 |
Net change, net of tax of $(75), $(7), $(239) and $246 for the three and nine months ended September 30, 2021 and 2020, respectively | (217) | (22) | (689) | 719 |
Foreign currency translation gain (loss), net of tax of $0 for each of the three and nine months ended September 30, 2021 and 2020, respectively | 192 | (214) | (138) | 254 |
Total other comprehensive (loss) income | (25) | (236) | (827) | 973 |
Comprehensive income | $ 33,899 | $ 5,804 | $ 79,641 | $ 20,189 |
Earnings per share: | ||||
Basic | $ 0.85 | $ 0.15 | $ 2.02 | $ 0.49 |
Diluted | $ 0.84 | $ 0.15 | $ 2 | $ 0.48 |
Weighted average common shares outstanding: | ||||
Basic | 39,940 | 39,681 | 39,859 | 39,617 |
Diluted | 40,241 | 39,727 | 40,148 | 39,676 |
Real Estate Brokerage Commissions [Member] | ||||
Revenues: | ||||
Total revenues | $ 299,759 | $ 140,844 | $ 715,458 | $ 416,044 |
Financing Fees [Member] | ||||
Revenues: | ||||
Total revenues | 29,391 | 15,620 | 75,448 | 43,674 |
Other Revenues [Member] | ||||
Revenues: | ||||
Total revenues | $ 3,233 | $ 2,111 | $ 10,400 | $ 6,974 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Marketable debt securities, available-for-sale, net change, tax | $ (75) | $ (7) | $ (239) | $ 246 |
Foreign currency translation (loss) gain, tax | $ 0 | $ 0 | $ 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) | 20,189 | $ 0 | $ 0 | 0 | 0 | 19,216 | 973 | ||||||||||||||
Stock-based compensation | 7,551 | $ 0 | $ 0 | 7,551 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation, Shares | 0 | 0 | |||||||||||||||||||
Shares issued pursuant to employee stock purchase plan | 371 | $ 0 | $ 0 | 371 | 0 | 0 | 0 | ||||||||||||||
Shares issued pursuant to employee stock purchase plan, Shares | 0 | 15,923 | |||||||||||||||||||
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 | 248,391 | |||||||||||||||||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 19,516 | |||||||||||||||||||
Shares withheld related to net share settlement of stock-based awards | (1,955) | $ 0 | $ 0 | (1,955) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (60,548) | |||||||||||||||||||
Reduction of stock notes receivable from employees | 4 | $ 0 | $ 0 | 0 | 4 | 0 | 0 | ||||||||||||||
Ending Balance at Sep. 30, 2020 | 521,034 | $ 0 | $ 4 | 110,625 | 0 | 407,454 | 2,951 | ||||||||||||||
Ending Balance, Shares at Sep. 30, 2020 | 0 | 39,376,477 | |||||||||||||||||||
Beginning Balance at Jun. 30, 2020 | 512,913 | $ 0 | $ 4 | 108,308 | 0 | 401,414 | 3,187 | ||||||||||||||
Beginning Balance, Shares at Jun. 30, 2020 | 0 | 39,328,017 | |||||||||||||||||||
Net and comprehensive income (loss) | 5,804 | $ 0 | $ 0 | 0 | 0 | 6,040 | (236) | ||||||||||||||
Stock-based compensation | 2,383 | $ 0 | $ 0 | 2,383 | 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 | 50,912 | |||||||||||||||||||
Shares withheld related to net share settlement of stock-based awards | (66) | $ 0 | $ 0 | (66) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (2,452) | |||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 521,034 | $ 0 | $ 4 | 110,625 | 0 | 407,454 | 2,951 | ||||||||||||||
Ending Balance, Shares at Sep. 30, 2020 | 0 | 39,376,477 | |||||||||||||||||||
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) | 79,641 | $ 0 | $ 0 | 0 | 0 | 80,468 | (827) | ||||||||||||||
Stock-based compensation | 7,653 | $ 0 | $ 0 | 7,653 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation, Shares | 0 | 0 | |||||||||||||||||||
Shares issued pursuant to employee stock purchase plan | 369 | $ 0 | $ 0 | 369 | 0 | 0 | 0 | ||||||||||||||
Shares issued pursuant to employee stock purchase plan, Shares | 0 | 11,635 | |||||||||||||||||||
Issuance of common stock for settlement of deferred stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for settlement of deferred stock units, Shares | 0 | 60,373 | |||||||||||||||||||
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 | 241,726 | |||||||||||||||||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 12,492 | |||||||||||||||||||
Issuance of common stock for stock settled deferred consideration | 1,000 | $ 0 | $ 0 | 1,000 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for stock settled deferred consideration, Shares | 0 | 27,481 | |||||||||||||||||||
Shares withheld related to net share settlement of stock-based awards | (3,230) | $ 0 | $ 0 | (3,230) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (88,898) | |||||||||||||||||||
Ending Balance at Sep. 30, 2021 | 632,269 | $ 0 | $ 4 | 118,974 | 0 | 511,544 | 1,747 | ||||||||||||||
Ending Balance, Shares at Sep. 30, 2021 | 0 | 39,666,785 | |||||||||||||||||||
Beginning Balance at Jun. 30, 2021 | 596,853 | $ 0 | $ 4 | 117,457 | 0 | 477,620 | 1,772 | ||||||||||||||
Beginning Balance, Shares at Jun. 30, 2021 | 0 | 39,578,360 | |||||||||||||||||||
Net and comprehensive income (loss) | 33,899 | $ 0 | $ 0 | 0 | 0 | 33,924 | (25) | ||||||||||||||
Stock-based compensation | 2,703 | $ 0 | $ 0 | 2,703 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation, Shares | 0 | 0 | |||||||||||||||||||
Issuance of common stock for settlement of deferred stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for settlement of deferred stock units, Shares | 0 | 60,373 | |||||||||||||||||||
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 | 58,411 | |||||||||||||||||||
Shares withheld related to net share settlement of stock-based awards | (1,186) | $ 0 | $ 0 | (1,186) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (30,359) | |||||||||||||||||||
Ending Balance at Sep. 30, 2021 | $ 632,269 | $ 0 | $ 4 | $ 118,974 | $ 0 | $ 511,544 | $ 1,747 | ||||||||||||||
Ending Balance, Shares at Sep. 30, 2021 | 0 | 39,666,785 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 80,468 | $ 19,216 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 8,806 | 7,822 |
Amortization of right-of-use assets | 17,773 | 16,883 |
Credit loss recovery | 25 | 55 |
Stock-based compensation | 7,653 | 7,551 |
Deferred taxes, net | (2,847) | 6,050 |
Unrealized foreign exchange (gains) losses | (298) | 276 |
Net realized gains on marketable debt securities, available-for-sale | (78) | (180) |
Other non-cash items | 361 | 930 |
Changes in operating assets and liabilities: | ||
Commissions receivable | (5,297) | (1,928) |
Prepaid expenses | 925 | 1,988 |
Advances and loans | (2,434) | (36,905) |
Other assets | (1,076) | (1,087) |
Accounts payable and other liabilities | 4,020 | (1,373) |
Income tax receivable/payable | 1,932 | (5,024) |
Accrued bonuses and other employee related expenses | 11,223 | (12,145) |
Deferred compensation and commissions | (4,499) | (17,593) |
Operating lease liabilities | (15,889) | (13,504) |
Other liabilities | (1,175) | 702 |
Net cash provided by (used in) operating activities | 99,593 | (28,266) |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash received | 229 | (11,821) |
Purchases of marketable debt securities, available-for-sale | (291,063) | (179,221) |
Proceeds from sales and maturities of marketable debt securities, available-for-sale | 248,540 | 175,226 |
Purchases of securities, held-to-maturity | (9,500) | 0 |
Issuances of employee notes receivable | (40) | (243) |
Payments received on employee notes receivable | 290 | 90 |
Purchase of property and equipment | (4,238) | (5,412) |
Net cash used in investing activities | (55,782) | (21,381) |
Cash flows from financing activities | ||
Taxes paid related to net share settlement of stock-based awards | (3,230) | (1,955) |
Proceeds from issuance of shares pursuant to employee stock purchase plan | 369 | 371 |
Principal payments on notes payable to former stockholders | 0 | (6,564) |
Principal payments on stock appreciation rights liability | (1,481) | (1,251) |
Principal payments on contingent and deferred consideration | (1,739) | (420) |
Net cash used in financing activities | (6,081) | (9,819) |
Effect of currency exchange rate changes on cash and cash equivalents | 125 | (92) |
Net increase (decrease) in cash and cash equivalents | 37,855 | (59,558) |
Cash and cash equivalents at beginning of period | 243,152 | 232,670 |
Cash and cash equivalents at end of period | 281,007 | 173,112 |
Supplemental disclosures of cash flow information | ||
Interest paid during the period | 734 | 1,208 |
Income taxes paid, net | $ 30,168 | $ 6,849 |
Description of Business, Basis
Description of Business, Basis of Presentation and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 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 September 30, 2021, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation. Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off e November 2013 Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K Considerations Related to the COVID-19 T COVID-19 COVID-19, See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” and Note 8 – “Fair Value Measurements” for further discussions on the potential impacts of 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 and nine months ended September 30, 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 each of the three and nine months ended September 30, 2021, the Company’s Canadian operations represented 2.2% of total revenues, respectively. During the three and nine months ended September 30, 2020, the Company’s Canadian operations represented 1.50% and 1.9% of total revenues, respectively. During each of the three and nine months ended September 30, 2021 and 2020, no office represented 10% or more of total revenues. Recent Accounting Pronouncements Pending Adoption In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04”). 2020-04 2020-04 2020-04 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 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): September 30, December 31, Computer software and hardware equipment $ 32,766 $ 30,955 Furniture, fixtures and equipment 23,946 23,418 Less: accumulated depreciation and amortization (33,822 ) (30,937 ) $ 22,890 $ 23,436 During the nine months ended September 30, 2021 and 2020, the Company wrote-off As of September 30, 2021 and 2020, property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $786,000 and $430,000, respectively. |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Operating Leases | 3. Operating Leases The Company has operating leases for all of its facilities and autos. As of September 30, 2021 and December 31, 2020, operating lease right-of-use million and $126.9 million, respectively, and the related accumulated amortization was $58.0 million and $42.9 million, respectively. 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 Nine Months Ended 2021 2020 2021 2020 Operating lease cost: Lease cost (1) $ 6,549 $ 6,355 $ 19,650 $ 18,959 Variable lease cost (2) 1,355 1,485 3,996 4,096 Sublease income (206 ) (50 ) (258 ) (216 ) $ 7,698 $ 7,790 $ 23,388 $ 22,839 (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): September 30, Remainder of 2021 $ 5,958 2022 20,560 2023 17,256 2024 14,769 2025 12,462 Thereafter 15,603 Total future minimum lease payments 86,608 Less imputed interest (5,893 ) Present value of operating lease liabilities $ 80,715 Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands): Nine Months Ended 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 17,697 $ 15,566 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 18,003 $ 7,771 Tenant improvements owned by lessor related to ROU assets (1) $ 1,005 $ 949 (1) Reclassification from other assets current. Other information related to the operating leases consisted of the following: September 30, 2021 December 31, 2020 Weighted average remaining operating lease term 4.71 years 4.70 years Weighted average discount rate 2.9 % 3.1 % |
Investments in Marketable Debt
Investments in Marketable Debt Securities, Available for Sale | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Debt Securities, Available for Sale | 4. Investments in Marketable Debt Securities, Available for Sale 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, September 30, 2021 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 19,984 $ — $ 7 $ — $ 19,991 Corporate debt 96,868 — 43 — 96,911 $ 116,852 $ — $ 50 $ — $ 116,902 Long-term investments: U.S. treasuries $ 86,893 $ — $ 190 $ (26 ) $ 87,057 U.S. government sponsored entities 797 — 27 (2 ) 822 Corporate debt 33,845 — 1,422 (33 ) 35,234 Asset-backed securities (“ABS”) and other 7,253 — 141 (5 ) 7,389 $ 128,788 $ — $ 1,780 $ (66 ) $ 130,502 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 s e available-for-sale, September 30, 2021 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross U.S. treasuries $ 44,428 $ (26 ) $ — $ — $ 44,428 $ (26 ) U.S. government sponsored entities 123 (2 ) — — 123 (2 ) Corporate debt 12,501 (33 ) — — 12,501 (33 ) ABS and other 1,129 (4 ) 221 (1 ) 1,350 (5 ) $ 58,181 $ (65 ) $ 221 $ (1 ) $ 58,402 $ (66 ) 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 Nine Months Ended 2021 2020 2021 2020 Gross realized gains (1) $ 68 $ 97 $ 78 $ 229 Gross realized losses (1) $ — $ (34 ) $ — $ (49 ) (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 September 30, 2021, the portfolio had an average credit rating of AA and weighted term to contractual maturity of 1.9 years, with 37 securities in the portfolio with an unrealized loss aggregating $66,000, or 0.1% of amortized cost, and a weighted average credit rating of AA+. As of September 30, 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 ma i Amortized cost and fair value of marketable debt securities, available-for-sale, September 30, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Due in one year or less $ 116,852 $ 116,902 $ 158,148 $ 158,258 Due after one year through five years 112,288 113,167 30,604 32,041 Due after five years through ten years 11,618 12,334 10,022 11,044 Due after ten years 4,882 5,001 4,555 4,688 $ 245,640 $ 247,404 $ 203,329 $ 206,031 Weighted average contractual maturity 1.9 years 1.6 years Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | 5. Acquisitions, Goodwill and Other Intangible Assets During the nine months ended September 30, 2021, the Company recognized measurement period adjustments, including additional cash expected to be received in excess of the provisional amounts that were recognized at the acquisition date for businesses acquired during 2020. Measurement period adjustments 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 changes in estimates 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): September 30, 2021 December 31, 2020 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 34,071 $ — $ 34,071 $ 33,375 $ — $ 33,375 Intangible assets (1) 23,974 (9,071 ) 14,903 24,745 (6,067 ) 18,678 $ 58,045 $ (9,071 ) $ 48,974 $ 58,120 $ (6,067 ) $ 52,053 (1) Total weighted average amortization period was 5.53 years and 5.57 years as of September 30, 2021 and December 31, 2020, respectively. The changes in the carrying amount of goodwill consisted of the following (in thousands): Nine Months Ended 2021 2020 Beginning balance $ 33,375 $ 15,072 Additions from acquisitions (1) 696 9,247 Impairment losses — — Ending balance $ 34,071 $ 24,319 (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): September 30, 2021 Remainder of 2021 $ 869 2022 3,474 2023 3,407 2024 2,891 2025 2,671 Thereafter 1,591 $ 14,903 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 September 30, 2021, the Company considered the impact of COVID-19 e |
Selected Balance Sheet Data
Selected Balance Sheet Data | 9 Months Ended |
Sep. 30, 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) 116 (91 ) 25 Write-offs (60 ) — (60 ) Ending balance as of September 30, 2021 $ 619 $ 3 $ 622 Advances and Commissions Total Beginning balance as of January 1, 2020 $ 512 $ 32 (1) $ 544 Credit loss expense 13 42 55 Write-offs (50 ) — (50 ) Ending balance as of September 30, 2020 $ 475 $ 74 $ 549 (1) No. 2016-13, Financial Instruments - Credit Losses Other Assets Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ 1,919 $ 1,897 Security deposits — — 1,445 1,461 Employee notes receivable (1) 66 185 — 246 Securities, held-to-maturity — — 9,500 — Customer trust accounts and other 4,370 4,526 454 572 $ 4,436 $ 4,711 $ 13,318 $ 4,176 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0 for the nine months ended September 30, 2021 and 2020, respectively. See Note 7 – “Related-Party Transactions” for additional information. MSRs The net change in the carrying value of MSRs consisted of the following (in thousands): Nine Months Ended 2021 2020 Beginning balance $ 1,897 $ 2,002 Additions 421 425 Amortization (399 ) (404 ) Ending balance $ 1,919 $ 2,023 The portfolio of loans serviced by the Company aggregated $1.7 billion and $1.6 billion for the periods ended September 30, 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 $3.1 million and $3.2 million as of September 30, 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 September 30, December 31, September 30, December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,241 $ 2,162 $ 14,796 $ 16,671 Commissions payable to investment sales and financing professionals 49,175 54,082 17,012 15,306 Deferred compensation liability (1) 1,132 1,519 6,830 6,768 Other 520 343 — — $ 53,068 $ 58,106 $ 38,638 $ 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 January 1, 2014 at a rate based on the 10-year Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the nine months ended September 30, 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 a 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 Nine Months Ended 2021 2020 2021 2020 (Decrease) increase in the carrying value of the assets held in the rabbi trust (1) $ (59 ) $ 434 $ 932 $ 170 (Decrease) increase in the net carrying value of the deferred compensation obligation (2) $ (43 ) $ 388 $ 720 $ 88 (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 September 30, December 31, Deferred consideration (1) (2) $ 5,809 $ 8,582 Contingent consideration (1) (2) 5,812 4,219 Other 1,020 1,015 $ 12,641 $ 13,816 (1) The current portions of deferred consideration in the amounts of $5,418 and $6,666 as of September 30, 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 $2,286 and $1,353 as of September 30, 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 and a reduction in deferred consideration settled in stock made during the nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 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 (charge-back) during the three months ended September 30, 2021 and 2020 of $(11,000) and $10,000, respectively, and during the nine months ended September 30, 2021 and 2020 of $4,000 and $52,000, respectively. These amounts are included in selling, general and administrative expense in the accompanying condensed consolidated statements of net and comprehensive income. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended September 30, 2021 and 2020, the Company earned real estate brokerage commissions and financing fees of $603,000 and $225,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $363,000 and $130,000, respectively, related to these revenues. For the nine months ended September 30, 2021 and 2020, the Company earned real estate brokerage commissions and financing fees of $1.4 million and $1.9 million, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $840,000 and $1.1 million, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires on May 31, 2022. The related operating lease cost was $333,000 for each of the three months ended September 30, 2021 and 2020, respectively, and $998,000 for each of the nine months ended September 30, 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 September 30, 2021 and December 31, 2020, accounts payable and other liabilities with MMC totaling $86,000 and $89,000, respectively, remain unpaid and are included in accounts payable and other liabilities in the accompanying condensed consolidated balance sheets. O T non-executive time-to-time. $66,000 non-current) – “Selected Balance Sheet Data” for additional information. As of September 30, 2021, George M. Marcus, the Company’s founder and Chairman, beneficially owned approximately 38% 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 | 9 Months Ended |
Sep. 30, 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 L e 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): September 30, 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 $ 11,056 $ — $ 11,056 $ — $ 10,295 $ — $ 10,295 $ — Cash equivalents (1) Commercial paper $ — $ — $ — $ — $ 9,399 $ — $ 9,399 $ — Money market funds 223,678 223,678 — — 158,271 158,271 — — $ 223,678 $ 223,678 $ — $ — $ 167,670 $ 158,271 $ 9,399 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 19,991 $ 19,991 $ — $ — $ 75,970 $ 75,970 $ — $ — U.S. government sponsored entities — — — — 32,447 — 32,447 — Corporate debt 96,911 — 96,911 — 49,841 — 49,841 — $ 116,902 $ 19,991 $ 96,911 $ — $ 158,258 $ 75,970 $ 82,288 $ — Long-term investments: U.S. treasuries $ 87,057 $ 87,057 $ — $ — $ 3,641 $ 3,641 $ — $ — U.S. government sponsored entities 822 — 822 — 1,152 — 1,152 — Corporate debt 35,234 — 35,234 — 36,287 — 36,287 — ABS and other 7,389 — 7,389 — 6,693 — 6,693 — $ 130,502 $ 87,057 $ 43,445 $ — $ 47,773 $ 3,641 $ 44,132 $ — Liabilities: Contingent consideration $ 8,098 $ — $ — $ 8,098 $ 5,572 $ — $ — $ 5,572 Deferred consideration $ 11,227 $ — $ 11,227 $ — $ 15,248 $ — $ 15,248 $ — Deferred compensation liability $ 7,962 $ 7,962 $ — $ — $ 8,287 $ 8,287 $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. There were no transfers in or out of Level 3 during the nine months ended September 30, 2021 and 2020. D As of September 30, 2021 and December 31, 2020, contingent and deferred consideration had a maximum undiscounted payment to be settled in cash or stock of $30.3 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 six-year A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Nine Months Ended 2021 2020 Beginning balance $ 5,572 $ 3,387 Contingent consideration in connection with acquisitions (1) (100 ) 1,800 Change in fair value of contingent consideration 3,246 134 Payments of contingent consideration (620 ) (638 ) Ending balance $ 8,098 $ 4,683 (1) Contingent consideration in connection with acquisitions represents a noncash investing activity. Nine months ended September 30, 2021 relates to a measurement period adjustment. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information. 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 $ 8,098 Discounted cash flow Expected life of cash flows 1.7-6.1 years (3.7 years) Discount rate 1.8%-3.6% (2.8%) Probability of achievement 26.9%-100.0% (94.9%) 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 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 uses assumptions in the determination of fair value for MSRs after considering default, severity, prepayment and discount rates related to the specific types and underlying collateral of the various serviced loans, interest rates, refinance rates, and current government and private sector responses on the economic impact of the COVID-19 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 $ 2,351 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0%) Constant default rate 0.3%-4.7 % ( Loss severity 26.2%-31.4% 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% (28.0%) Discount rate 10.0%-10.0% (1) Weighted average is based on the 10% constant prepayment rate scenario which the Company uses as the reported fair value. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock As of September 30, 2021 and December 31, 2020, there were 39,666,785 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 September 30, 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 p r |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 10. Stock-Based Compensation Plans 2 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 nine months ended September 30, 2021, 241,726 shares of RSUs vested and 60,373 shar e 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 12,492 269,474 81,566 363,532 $ 38.74 Vested (16,728 ) (163,758 ) (77,968 ) (258,454 ) $ 31.93 Transferred — (9,057 ) 9,057 — $ 34.49 Forfeited/canceled — (25,470 ) (6,345 ) (31,815 ) $ 33.06 Nonvested shares at September 30, 2021 (1) 12,492 708,839 270,311 991,642 $ 35.52 Unrecognized stock-based compensation expense as of September 30, 2021 (2) $ 265 $ 22,090 $ 8,499 $ 30,854 Weighted average remaining vesting period (years) as of September 30, 2021 0.59 3.60 3.44 3.53 (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 3.53 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 165,242 shares of common stock remain available for issuance as of September 30, 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 September 30, 2021, total unrecognized compensation cost related to the ESPP was $16,000 and is expected to be recognized over a weighted average period of 0.13 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 September 30, 2021, 281,193 shares of fully vested DSUs remained to be settled in 2022. 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 Nine Months Ended 2021 2020 2021 2020 ESPP $ 33 $ 62 $ 107 $ 145 RSAs – non-employee 114 120 338 493 RSUs – employees 1,731 1,413 4,932 4,583 RSUs – independent contractors 825 788 2,276 2,330 $ 2,703 $ 2,383 $ 7,653 $ 7,551 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2021 was 26.0% and 26.7%, respectively, compared to 24.1% and 29.1%, respectively, for the three and nine months ended September 30, 2020. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amount Rate Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 9,627 21.0 % $ 1,671 21.0 % $ 23,052 21.0 % $ 5,689 21.0 % State income tax expense, net of federal benefit 2,111 4.6 % 453 5.7 % 5,157 4.7 % 1,403 5.2 % (Windfall) shortfall tax benefits, net related to stock-based compensation (443 ) (1.0 )% 130 1.6 % (522 ) (0.5 )% 203 0.7 % Change in valuation allowance 55 0.1 % 134 1.7 % 243 0.2 % 594 2.2 % Permanent and other items (1) 571 1.3 % (472 ) (5.9 )% 1,374 1.3 % (14 ) — $ 11,921 26.0 % $ 1,916 24.1 % $ 29,304 26.7 % $ 7,875 29.1 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 12. Earnings per Share Basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020, respectively consisted of the following (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator (Basic and Diluted): Net income $ 33,924 $ 6,040 $ 80,468 $ 19,216 Change in value for stock settled consideration (2 ) — 8 — Adjusted net income $ 33,922 $ 6,040 $ 80,476 $ 19,216 Denominator: Basic Weighted average common shares issued and outstanding 39,634 39,357 39,539 39,293 Deduct: Unvested RSAs (1) (13 ) (18 ) (14 ) (18 ) Add: Fully vested DSUs (2) 319 342 334 342 Weighted average common shares outstanding 39,940 39,681 39,859 39,617 Basic earnings per common share $ 0.85 $ 0.15 $ 2.02 $ 0.49 Diluted Weighted average common shares outstanding from above 39,940 39,681 39,859 39,617 Add: Dilutive effect of RSUs, RSAs & ESPP 188 46 176 59 Add: Contingently issuable shares (3) 113 — 113 — Weighted average common shares outstanding 40,241 39,727 40,148 39,676 Diluted earnings per common share $ 0.84 $ 0.15 $ 2.00 $ 0.48 Antidilutive shares excluded from diluted earnings per common share (4) 112 696 363 719 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 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 | 9 Months Ended |
Sep. 30, 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 Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at September 30, 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 o 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 September 30, 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 such professionals upon reaching certain time and performance goals. Such commitments as of September 30, 2021 aggregated $15.9 million. |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2021, MMI operates 82 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation. |
Reorganization and Initial Public Offering | Reorganization and Initial Public Offering MMI was formed in June 2013 in preparation for Marcus & Millichap Company (“MMC”) to spin-off e November 2013 |
Basis of Presentation | Basis of Presentation The financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K |
Considerations Related to the COVID-19 Pandemic | Considerations Related to the COVID-19 T COVID-19 COVID-19, See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” and Note 8 – “Fair Value Measurements” for further discussions on the potential impacts of 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 and nine months ended September 30, 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 each of the three and nine months ended September 30, 2021, the Company’s Canadian operations represented 2.2% of total revenues, respectively. During the three and nine months ended September 30, 2020, the Company’s Canadian operations represented 1.50% and 1.9% of total revenues, respectively. During each of the three and nine months ended September 30, 2021 and 2020, no office represented 10% or more of total revenues. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Pending Adoption In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04”). 2020-04 2020-04 2020-04 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): September 30, December 31, Computer software and hardware equipment $ 32,766 $ 30,955 Furniture, fixtures and equipment 23,946 23,418 Less: accumulated depreciation and amortization (33,822 ) (30,937 ) $ 22,890 $ 23,436 |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Operating lease cost: Lease cost (1) $ 6,549 $ 6,355 $ 19,650 $ 18,959 Variable lease cost (2) 1,355 1,485 3,996 4,096 Sublease income (206 ) (50 ) (258 ) (216 ) $ 7,698 $ 7,790 $ 23,388 $ 22,839 (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): September 30, Remainder of 2021 $ 5,958 2022 20,560 2023 17,256 2024 14,769 2025 12,462 Thereafter 15,603 Total future minimum lease payments 86,608 Less imputed interest (5,893 ) Present value of operating lease liabilities $ 80,715 |
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): Nine Months Ended 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 17,697 $ 15,566 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 18,003 $ 7,771 Tenant improvements owned by lessor related to ROU assets (1) $ 1,005 $ 949 (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: September 30, 2021 December 31, 2020 Weighted average remaining operating lease term 4.71 years 4.70 years Weighted average discount rate 2.9 % 3.1 % |
Investments in Marketable Deb_2
Investments in Marketable Debt Securities, Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 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, September 30, 2021 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 19,984 $ — $ 7 $ — $ 19,991 Corporate debt 96,868 — 43 — 96,911 $ 116,852 $ — $ 50 $ — $ 116,902 Long-term investments: U.S. treasuries $ 86,893 $ — $ 190 $ (26 ) $ 87,057 U.S. government sponsored entities 797 — 27 (2 ) 822 Corporate debt 33,845 — 1,422 (33 ) 35,234 Asset-backed securities (“ABS”) and other 7,253 — 141 (5 ) 7,389 $ 128,788 $ — $ 1,780 $ (66 ) $ 130,502 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 s e available-for-sale, September 30, 2021 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross U.S. treasuries $ 44,428 $ (26 ) $ — $ — $ 44,428 $ (26 ) U.S. government sponsored entities 123 (2 ) — — 123 (2 ) Corporate debt 12,501 (33 ) — — 12,501 (33 ) ABS and other 1,129 (4 ) 221 (1 ) 1,350 (5 ) $ 58,181 $ (65 ) $ 221 $ (1 ) $ 58,402 $ (66 ) 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 Nine Months Ended 2021 2020 2021 2020 Gross realized gains (1) $ 68 $ 97 $ 78 $ 229 Gross realized losses (1) $ — $ (34 ) $ — $ (49 ) (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. |
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, September 30, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Due in one year or less $ 116,852 $ 116,902 $ 158,148 $ 158,258 Due after one year through five years 112,288 113,167 30,604 32,041 Due after five years through ten years 11,618 12,334 10,022 11,044 Due after ten years 4,882 5,001 4,555 4,688 $ 245,640 $ 247,404 $ 203,329 $ 206,031 Weighted average contractual maturity 1.9 years 1.6 years |
Acquisitions, Goodwill and Ot_2
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Goodwill and Intangible Assets, Net | Goodwill and intangible assets, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 34,071 $ — $ 34,071 $ 33,375 $ — $ 33,375 Intangible assets (1) 23,974 (9,071 ) 14,903 24,745 (6,067 ) 18,678 $ 58,045 $ (9,071 ) $ 48,974 $ 58,120 $ (6,067 ) $ 52,053 (1) Total weighted average amortization period was 5.53 years and 5.57 years as of September 30, 2021 and December 31, 2020, respectively. |
Summary of Changes in Carrying Carrying Amount of Goodwill | The changes in the carrying amount of goodwill consisted of the following (in thousands): Nine Months Ended 2021 2020 Beginning balance $ 33,375 $ 15,072 Additions from acquisitions (1) 696 9,247 Impairment losses — — Ending balance $ 34,071 $ 24,319 (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): September 30, 2021 Remainder of 2021 $ 869 2022 3,474 2023 3,407 2024 2,891 2025 2,671 Thereafter 1,591 $ 14,903 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 9 Months Ended |
Sep. 30, 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) 116 (91 ) 25 Write-offs (60 ) — (60 ) Ending balance as of September 30, 2021 $ 619 $ 3 $ 622 Advances and Commissions Total Beginning balance as of January 1, 2020 $ 512 $ 32 (1) $ 544 Credit loss expense 13 42 55 Write-offs (50 ) — (50 ) Ending balance as of September 30, 2020 $ 475 $ 74 $ 549 (1) No. 2016-13, Financial Instruments - Credit Losses |
Schedule of Other Assets | Other assets consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ 1,919 $ 1,897 Security deposits — — 1,445 1,461 Employee notes receivable (1) 66 185 — 246 Securities, held-to-maturity — — 9,500 — Customer trust accounts and other 4,370 4,526 454 572 $ 4,436 $ 4,711 $ 13,318 $ 4,176 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0 for the nine months ended September 30, 2021 and 2020, respectively. See Note 7 – “Related-Party Transactions” for additional information. |
Summary of Net Change in Carrying Value of MSRs | The net change in the carrying value of MSRs consisted of the following (in thousands): Nine Months Ended 2021 2020 Beginning balance $ 1,897 $ 2,002 Additions 421 425 Amortization (399 ) (404 ) Ending balance $ 1,919 $ 2,023 |
Schedule of Deferred Compensation and Commissions | Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current September 30, December 31, September 30, December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,241 $ 2,162 $ 14,796 $ 16,671 Commissions payable to investment sales and financing professionals 49,175 54,082 17,012 15,306 Deferred compensation liability (1) 1,132 1,519 6,830 6,768 Other 520 343 — — $ 53,068 $ 58,106 $ 38,638 $ 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 Three Months Ended Nine Months Ended 2021 2020 2021 2020 (Decrease) increase in the carrying value of the assets held in the rabbi trust (1) $ (59 ) $ 434 $ 932 $ 170 (Decrease) increase in the net carrying value of the deferred compensation obligation (2) $ (43 ) $ 388 $ 720 $ 88 (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 September 30, December 31, Deferred consideration (1) (2) $ 5,809 $ 8,582 Contingent consideration (1) (2) 5,812 4,219 Other 1,020 1,015 $ 12,641 $ 13,816 (1) The current portions of deferred consideration in the amounts of $5,418 and $6,666 as of September 30, 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 $2,286 and $1,353 as of September 30, 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 and a reduction in deferred consideration settled in stock made during the nine months ended September 30, 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) | 9 Months Ended |
Sep. 30, 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): September 30, 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 $ 11,056 $ — $ 11,056 $ — $ 10,295 $ — $ 10,295 $ — Cash equivalents (1) Commercial paper $ — $ — $ — $ — $ 9,399 $ — $ 9,399 $ — Money market funds 223,678 223,678 — — 158,271 158,271 — — $ 223,678 $ 223,678 $ — $ — $ 167,670 $ 158,271 $ 9,399 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 19,991 $ 19,991 $ — $ — $ 75,970 $ 75,970 $ — $ — U.S. government sponsored entities — — — — 32,447 — 32,447 — Corporate debt 96,911 — 96,911 — 49,841 — 49,841 — $ 116,902 $ 19,991 $ 96,911 $ — $ 158,258 $ 75,970 $ 82,288 $ — Long-term investments: U.S. treasuries $ 87,057 $ 87,057 $ — $ — $ 3,641 $ 3,641 $ — $ — U.S. government sponsored entities 822 — 822 — 1,152 — 1,152 — Corporate debt 35,234 — 35,234 — 36,287 — 36,287 — ABS and other 7,389 — 7,389 — 6,693 — 6,693 — $ 130,502 $ 87,057 $ 43,445 $ — $ 47,773 $ 3,641 $ 44,132 $ — Liabilities: Contingent consideration $ 8,098 $ — $ — $ 8,098 $ 5,572 $ — $ — $ 5,572 Deferred consideration $ 11,227 $ — $ 11,227 $ — $ 15,248 $ — $ 15,248 $ — Deferred compensation liability $ 7,962 $ 7,962 $ — $ — $ 8,287 $ 8,287 $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. There were no transfers in or out of Level 3 during the nine months ended September 30, 2021 and 2020. |
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): Nine Months Ended 2021 2020 Beginning balance $ 5,572 $ 3,387 Contingent consideration in connection with acquisitions (1) (100 ) 1,800 Change in fair value of contingent consideration 3,246 134 Payments of contingent consideration (620 ) (638 ) Ending balance $ 8,098 $ 4,683 (1) Contingent consideration in connection with acquisitions represents a noncash investing activity. Nine months ended September 30, 2021 relates to a measurement period adjustment. See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information. |
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 $ 8,098 Discounted cash flow Expected life of cash flows 1.7-6.1 years (3.7 years) Discount rate 1.8%-3.6% (2.8%) Probability of achievement 26.9%-100.0% (94.9%) 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 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 $ 2,351 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0%) Constant default rate 0.3%-4.7 % ( Loss severity 26.2%-31.4% 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% (28.0%) Discount rate 10.0%-10.0% (1) Weighted average is based on the 10% constant prepayment rate scenario which the Company uses as the reported fair value. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share based Compensation Restricted Stock Awards, RSUs, Unrecognized Stock Based Compensation, Weighted Average Grant Date Fair Value per Share and Weighted Average Remaining Vesting Period [Table Text Block] | 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 12,492 269,474 81,566 363,532 $ 38.74 Vested (16,728 ) (163,758 ) (77,968 ) (258,454 ) $ 31.93 Transferred — (9,057 ) 9,057 — $ 34.49 Forfeited/canceled — (25,470 ) (6,345 ) (31,815 ) $ 33.06 Nonvested shares at September 30, 2021 (1) 12,492 708,839 270,311 991,642 $ 35.52 Unrecognized stock-based compensation expense as of September 30, 2021 (2) $ 265 $ 22,090 $ 8,499 $ 30,854 Weighted average remaining vesting period (years) as of September 30, 2021 0.59 3.60 3.44 3.53 (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 3.53 years. |
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 Nine Months Ended 2021 2020 2021 2020 ESPP $ 33 $ 62 $ 107 $ 145 RSAs – non-employee 114 120 338 493 RSUs – employees 1,731 1,413 4,932 4,583 RSUs – independent contractors 825 788 2,276 2,330 $ 2,703 $ 2,383 $ 7,653 $ 7,551 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Amount Rate Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 9,627 21.0 % $ 1,671 21.0 % $ 23,052 21.0 % $ 5,689 21.0 % State income tax expense, net of federal benefit 2,111 4.6 % 453 5.7 % 5,157 4.7 % 1,403 5.2 % (Windfall) shortfall tax benefits, net related to stock-based compensation (443 ) (1.0 )% 130 1.6 % (522 ) (0.5 )% 203 0.7 % Change in valuation allowance 55 0.1 % 134 1.7 % 243 0.2 % 594 2.2 % Permanent and other items (1) 571 1.3 % (472 ) (5.9 )% 1,374 1.3 % (14 ) — $ 11,921 26.0 % $ 1,916 24.1 % $ 29,304 26.7 % $ 7,875 29.1 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020, respectively consisted of the following (in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator (Basic and Diluted): Net income $ 33,924 $ 6,040 $ 80,468 $ 19,216 Change in value for stock settled consideration (2 ) — 8 — Adjusted net income $ 33,922 $ 6,040 $ 80,476 $ 19,216 Denominator: Basic Weighted average common shares issued and outstanding 39,634 39,357 39,539 39,293 Deduct: Unvested RSAs (1) (13 ) (18 ) (14 ) (18 ) Add: Fully vested DSUs (2) 319 342 334 342 Weighted average common shares outstanding 39,940 39,681 39,859 39,617 Basic earnings per common share $ 0.85 $ 0.15 $ 2.02 $ 0.49 Diluted Weighted average common shares outstanding from above 39,940 39,681 39,859 39,617 Add: Dilutive effect of RSUs, RSAs & ESPP 188 46 176 59 Add: Contingently issuable shares (3) 113 — 113 — Weighted average common shares outstanding 40,241 39,727 40,148 39,676 Diluted earnings per common share $ 0.84 $ 0.15 $ 2.00 $ 0.48 Antidilutive shares excluded from diluted earnings per common share (4) 112 696 363 719 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 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 | 9 Months Ended | ||
Sep. 30, 2021USD ($)Office | Sep. 30, 2020Office | Sep. 30, 2021USD ($)Office | Sep. 30, 2020Office | |
Class of Stock [Line Items] | ||||
Number of offices | Office | 82 | |||
Formation date | 2013-06 | |||
Percentage of common stock distributed | 80.00% | |||
Commission's receivable settled period | 10 days | |||
Line of credit | $ | $ 0 | $ 0 | ||
Credit Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Line of credit | $ | $ 0 | $ 0 | ||
Transaction Risk [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 0.00% | 0.00% | 0.00% | 0.00% |
Customer Concentration Risk [Member] | Total revenues [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Customer Concentration Risk [Member] | Commissions receivable [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Geographic Concentration Risk [Member] | Total revenues [Member] | ||||
Class of Stock [Line Items] | ||||
Number of offices | Office | 0 | 0 | 0 | 0 |
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Geographic Concentration Risk [Member] | Total revenues [Member] | Maximum [Member] | CANADA [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 2.20% | 1.50% | 2.20% | 1.90% |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and amortization | $ (33,822) | $ (30,937) |
Property and equipment, net | 22,890 | 23,436 |
Computer software and hardware equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 32,766 | 30,955 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 23,946 | $ 23,418 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Fully depreciated computer software and hardware equipment and furniture, fixtures and equipment write-off | $ 2,500,000 | $ 968,000 |
Property and equipment additions incurred but not yet paid | $ 786,000 | $ 430,000 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 143.3 | $ 126.9 |
Operating lease right-of-use assets, accumulated amortization | $ 58 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating lease cost: | ||||
Lease cost | $ 6,549 | $ 6,355 | $ 19,650 | $ 18,959 |
Variable lease cost | 1,355 | 1,485 | 3,996 | 4,096 |
Sublease income | (206) | (50) | (258) | (216) |
Total operating lease cost | $ 7,698 | $ 7,790 | $ 23,388 | $ 22,839 |
Operating Leases - Maturities o
Operating Leases - Maturities of lease liabilities (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Remainder of 2021 | $ 5,958 |
2022 | 20,560 |
2023 | 17,256 |
2024 | 14,769 |
2025 | 12,462 |
Thereafter | 15,603 |
Total future minimum lease payments | 86,608 |
Less imputed interest | (5,893) |
Present value of operating lease liabilities | $ 80,715 |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating cash flow information: | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 17,697 | $ 15,566 | |
Noncash activity: | |||
ROU assets obtained in exchange for operating lease liabilities | 18,003 | 7,771 | |
Tenant improvements owned by lessor related to ROU assets | [1] | $ 1,005 | $ 949 |
[1] | Reclassification from other assets current. |
Operating Leases - Schedule o_3
Operating Leases - Schedule of Other Information Related to Operating Leases (Detail) | Sep. 30, 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 | 2.90% | 3.10% |
Investments in Marketable Deb_3
Investments in Marketable Debt Securities, Available for Sale - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 245,640 | $ 203,329 |
Allowance for Credit Losses | 0 | |
Fair Value | 247,404 | 206,031 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 116,852 | 158,148 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 50 | 116 |
Gross Unrealized Losses | 0 | (6) |
Fair Value | 116,902 | 158,258 |
Short-term investments [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,984 | 75,887 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 7 | 88 |
Gross Unrealized Losses | 0 | (5) |
Fair Value | 19,991 | 75,970 |
Short-term investments [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 32,439 | |
Allowance for Credit Losses | 0 | |
Gross Unrealized Gains | 8 | |
Gross Unrealized Losses | 0 | |
Fair Value | 0 | 32,447 |
Short-term investments [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 96,868 | 49,822 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 43 | 20 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 96,911 | 49,841 |
Long-term marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 128,788 | 45,181 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1,780 | 2,636 |
Gross Unrealized Losses | (66) | (44) |
Fair Value | 130,502 | 47,773 |
Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 86,893 | 3,375 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 190 | 266 |
Gross Unrealized Losses | (26) | 0 |
Fair Value | 87,057 | 3,641 |
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 797 | 1,114 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 27 | 38 |
Gross Unrealized Losses | (2) | 0 |
Fair Value | 822 | 1,152 |
Long-term marketable securities [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,845 | 34,183 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1,422 | 2,137 |
Gross Unrealized Losses | (33) | (33) |
Fair Value | 35,234 | 36,287 |
Long-term marketable securities [Member] | Asset-backed Securities ("ABS") and Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,253 | 6,509 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 141 | 195 |
Gross Unrealized Losses | (5) | (11) |
Fair Value | $ 7,389 | $ 6,693 |
Investments in Marketable Deb_4
Investments in Marketable Debt Securities, Available for Sale - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, accumulated loss | $ 66,000 | $ 50,000 |
Allowance for credit losses | $ 0 | |
Weighted average contractual maturity | 1 year 10 months 24 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 10 months 24 days | |
Fitch, AA+ Rating [Member] | Moody's, Aa3 Rating [Member] | Standard & Poor's, AA+ Rating [Member] | Weighted Average Credit AA Plus Rating [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, securities number of unrealized loss positions | 37 | |
Available-for-sale, securities in unrealized loss positions, accumulated loss | $ 66,000 | |
Percentage of amortized cost | 0.10% |
Investments in Marketable Deb_5
Investments in Marketable Debt Securities, Available for Sale - Amortized Cost and Fair Value of Investments in Available for Sale Securities Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 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 | $ 58,181 | $ 72,058 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (65) | (45) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 221 | 157 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (1) | (5) |
Available for sale securities continuous unrealized loss position, fair value | 58,402 | 72,215 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (66) | (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 | 44,428 | 41,702 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (26) | (5) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 0 | 0 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | 0 | 0 |
Available for sale securities continuous unrealized loss position, fair value | 44,428 | 41,702 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (26) | (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 | 123 | |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (2) | |
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 | 123 | |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (2) | |
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 | 12,501 | 29,810 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (33) | (34) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 0 | 0 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | 0 | 0 |
Available for sale securities continuous unrealized loss position, fair value | 12,501 | 29,810 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (33) | (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 | 1,129 | 546 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (4) | (6) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 221 | 157 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (1) | (5) |
Available for sale securities continuous unrealized loss position, fair value | 1,350 | 703 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | $ (5) | $ (11) |
Investments in Marketable Deb_6
Investments in Marketable Debt Securities, Available for Sale - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 68 | $ 97 | $ 78 | $ 229 |
Gross realized losses | $ 0 | $ (34) | $ 0 | $ (49) |
Investments in Marketable Deb_7
Investments in Marketable Debt Securities, Available for Sale - Schedule of Amortized Cost and Fair Value of Marketable Securities, Available-for-Sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 116,852 | $ 158,148 |
Due after one year through five years, Amortized Cost | 112,288 | 30,604 |
Due after five years through ten years, Amortized Cost | 11,618 | 10,022 |
Due after ten years, Amortized Cost | 4,882 | 4,555 |
Amortized Cost | 245,640 | 203,329 |
Due in one year or less, Fair Value | 116,902 | 158,258 |
Due after one year through five years, Fair Value | 113,167 | 32,041 |
Due after five years through ten years, Fair Value | 12,334 | 11,044 |
Due after ten years, Fair Value | 5,001 | 4,688 |
Total Fair Value | $ 247,404 | $ 206,031 |
Weighted average contractual maturity | 1 year 10 months 24 days | 1 year 7 months 6 days |
Acquisitions, Goodwill and Ot_3
Acquisitions, Goodwill and Other Intangible Assets - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, gross carrying amount | $ 34,071 | $ 33,375 | ||
Intangible assets, gross carrying amount | 23,974 | 24,745 | ||
Goodwill and intangible assets, gross carrying amount, total | 58,045 | 58,120 | ||
Intangible assets, accumulated amortization | (9,071) | (6,067) | ||
Goodwill, net book value | 34,071 | 33,375 | $ 24,319 | $ 15,072 |
Intangible assets, net book value | 14,903 | 18,678 | ||
Goodwill and intangible assets, net book value | $ 48,974 | $ 52,053 |
Acquisitions, Goodwill and Ot_5
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 33,375 | $ 15,072 |
Additions from acquisitions | 696 | 9,247 |
Impairment losses | 0 | 0 |
Ending balance | $ 34,071 | $ 24,319 |
Acquisitions, Goodwill and Ot_7
Acquisitions, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | $ 869 | |
2022 | 3,474 | |
2023 | 3,407 | |
2024 | 2,891 | |
2025 | 2,671 | |
Thereafter | 1,591 | |
Total | $ 14,903 | $ 18,678 |
Selected Balance Sheet Data - S
Selected Balance Sheet Data - Schedule of Advances and Loans, Net (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Advances And Loans and Commissions Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 563 | $ 512 |
Credit loss (recovery) expense | 116 | 13 |
Write-offs | (60) | (50) |
Ending balance | 619 | 475 |
Beginning balance | 94 | |
Credit loss (recovery) expense | (91) | 42 |
Write-offs | 0 | 0 |
Ending balance | 3 | 74 |
Beginning balance | 657 | |
Credit loss recovery | 25 | 55 |
Write-offs | (60) | (50) |
Ending balance | $ 622 | 549 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Line Items] | ||
Other assets Current | $ 4,436 | $ 4,711 |
Other assets Non-Current | 13,318 | 4,176 |
Mortgage servicing rights, net of amortization [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,919 | 1,897 |
Security deposits [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,445 | 1,461 |
Employee Notes Receivable [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 66 | 185 |
Other assets Non-Current | 0 | 246 |
Customer trust accounts and other [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 4,370 | 4,526 |
Other assets Non-Current | 454 | 572 |
Held-to-maturity Securities [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | $ 9,500 | $ 0 |
Selected Balance Sheet Data -_3
Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning balance | $ 1,897 | $ 2,002 |
Additions | 421 | 425 |
Amortization | (399) | (404) |
Ending balance | $ 1,919 | $ 2,023 |
Selected Balance Sheet Data - A
Selected Balance Sheet Data - Additional Information (Detail) - USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2014 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2013 |
Schedule Of Accrued Expenses [Line Items] | |||||||||
SARs frozen liability amount | $ 14,796,000 | $ 14,796,000 | $ 16,671,000 | ||||||
Interest expense | 144,000 | $ 199,000 | $ 436,000 | $ 695,000 | |||||
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 | 1,700,000,000 | $ 1,700,000,000 | 1,600,000,000 | ||||||
Escrow Funds | 3,100,000 | $ 3,100,000 | $ 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 | $ 366,000 | 533,000 | |||||
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 | $ 1,200,000 | $ 1,200,000 |
Selected Balance Sheet Data - C
Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred Compensation and Commissions [Line Items] | ||
Stock appreciation rights ("SARs") liability, current | $ 2,241 | $ 2,162 |
Commissions payable to investment sales and financing professionals, current | 49,175 | 54,082 |
Deferred compensation liability, current | 1,132 | 1,519 |
Other, current | 520 | 343 |
Deferred compensation and commissions, current | 53,068 | 58,106 |
Stock appreciation rights ("SARs") liability, non-current | 14,796 | 16,671 |
Commissions payable to investment sales and financing professionals, non-current | 17,012 | 15,306 |
Deferred compensation liability, non-current | 6,830 | 6,768 |
Other, non-current | 0 | 0 |
Deferred compensation and commissions, non-current | $ 38,638 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
(Decrease) increase in the carrying value of the assets held in the rabbi trust | $ (59) | $ 434 | $ 932 | $ 170 |
(Decrease) increase in the net carrying value of the deferred compensation obligation | $ (43) | $ 388 | $ 720 | $ 88 |
Selected Balance Sheet Data -_6
Selected Balance Sheet Data - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities [Abstract] | ||
Deferred consideration | $ 5,809 | $ 8,582 |
Contingent consideration | 5,812 | 4,219 |
Other | 1,020 | 1,015 |
Other liabilities | $ 12,641 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Other liabilities [Line Items] | ||
Contingent consideration | $ 2,286 | $ 1,353 |
Deferred consideration current | $ 5,418 | $ 6,666 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Operating lease cost | $ 6,549,000 | $ 6,355,000 | $ 19,650,000 | $ 18,959,000 | |
Aggregate principal amount for employee notes receivable | 66,000 | 66,000 | $ 431,000 | ||
MMC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company | 603,000 | 225,000 | 1,400,000 | 1,900,000 | |
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company | 363,000 | 130,000 | 840,000 | 1,100,000 | |
Operating lease cost | 333,000 | 333,000 | $ 998,000 | 998,000 | |
Lease expiration date | May 31, 2022 | ||||
Accounts payable and other liabilities - related party | 86,000 | $ 86,000 | $ 89,000 | ||
MMC [Member] | Transition Services Agreement [Member] | Selling, General and Administrative Expenses [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling, general and administrative expense | $ (11,000) | $ 10,000 | $ 4,000 | $ 52,000 | |
George M. Marcus [Member] | |||||
Related Party Transaction [Line Items] | |||||
Beneficial ownership percentage | 38.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held in rabbi trust | $ 11,056 | $ 10,295 | ||
Marketable debt securities, available-for-sale | 247,404 | 206,031 | ||
Deferred consideration | 11,227 | 15,248 | ||
Deferred compensation liability | 7,962 | 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 | 116,902 | 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 | 130,502 | 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 | 19,991 | 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 | 87,057 | 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 | 0 | 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 | 822 | 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 | 96,911 | 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 | 35,234 | 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 | 7,389 | 6,693 | ||
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 223,678 | 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 | 116,902 | 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 | 130,502 | 47,773 | ||
Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 0 | 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 | 223,678 | 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 | 11,056 | 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 | 19,991 | 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 | 87,057 | 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 | 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 | 822 | 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 | 96,911 | 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 | 35,234 | 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 | 7,389 | 6,693 | ||
Level 1 [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 223,678 | 158,271 | ||
Deferred consideration | 0 | 0 | ||
Deferred compensation liability | 7,962 | 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 | 19,991 | 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 | 87,057 | 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 | 223,678 | 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 | 19,991 | 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 | 87,057 | 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 | 0 | 9,399 | ||
Deferred consideration | 11,227 | 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 | 96,911 | 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 | 43,445 | 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 | 0 | 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 | 11,056 | 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 | 0 | 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 | 822 | 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 | 96,911 | 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 | 35,234 | 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 | 7,389 | 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 | 8,098 | 5,572 | $ 4,683 | $ 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 | $ 8,098 | $ 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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 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) | 1,800 |
Change in fair value of contingent consideration | 3,246 | 134 |
Payments of contingent consideration | (620) | (638) |
Ending balance | $ 8,098 | $ 4,683 |
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 | Sep. 30, 2021USD ($)yr | Dec. 31, 2020USD ($)yr | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Amount | $ | $ 8,098 | $ 5,572 | $ 4,683 | $ 3,387 |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Amount | $ | $ 8,098 | $ 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | yr | 6.1 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | yr | 1.7 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | yr | 3.7 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 3.6 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 1.8 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 2.8 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 26.9 | 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] | ||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 94.9 | 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 | $ | $ 8,098 | $ 5,572 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Detail) - Mortgage Servicing Rights [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 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 | [1] | 10 | 10 |
Constant default rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 4.7 | 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] | 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 | [1] | 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 | [1] | 10 | 10 |
Discounted cash flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Amount | $ 2,351 | $ 2,135 | |
[1] | Weighted average is based on the 10% constant prepayment rate scenario which the Company uses as the reported fair value. |
Fair Value Measurements - Sch_5
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Parenthetical) (Detail) | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 10 | 10 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 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 | $ 30,300,000 | $ 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 | 6 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 ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares issued | 39,666,785 | 39,401,976 |
Common stock, shares outstanding | 39,666,785 | 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) | 9 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Common stock shares available for grant | shares | 4,672,675 |
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) | 9 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vested shares | 258,454 |
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 | 241,726 |
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 | 60,373 |
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units and Deferred Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of common stock shares withheld to pay employee statutory withholding taxes | 88,898 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested shares at beginning | 918,379 | [1] |
Granted | 363,532 | |
Vested | (258,454) | |
Transferred | 0 | |
Forfeited/canceled | (31,815) | |
Nonvested shares at ending | 991,642 | [1] |
Unrecognized stock-based compensation expense as of September 30, 2021 | $ | $ 30,854 | [2] |
Weighted average remaining vesting period (years) as of September 30, 2021 | 3 years 6 months 10 days | |
Nonvested weighted average grant date fair value per share, beginning balance | $ / shares | $ 33.73 | [1] |
Weighted average grant date fair value per share, Granted | $ / shares | 38.74 | |
Weighted average grant date fair value per share, Vested | $ / shares | 31.93 | |
Weighted average grant date fair value per share, Transferred | $ / shares | 34.49 | |
Weighted average grant date fair value per share, Forfeited/canceled | $ / shares | 33.06 | |
Nonvested weighted average grant date fair value per share, ending balance | $ / shares | $ 35.52 | [1] |
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 | [1] |
Granted | 12,492 | |
Vested | (16,728) | |
Transferred | 0 | |
Forfeited/canceled | 0 | |
Nonvested shares at ending | 12,492 | [1] |
Unrecognized stock-based compensation expense as of September 30, 2021 | $ | $ 265 | [2] |
Weighted average remaining vesting period (years) as of September 30, 2021 | 7 months 2 days | |
Restricted Stock Units [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested shares at beginning | 637,650 | [1] |
Granted | 269,474 | |
Vested | (163,758) | |
Transferred | (9,057) | |
Forfeited/canceled | (25,470) | |
Nonvested shares at ending | 708,839 | [1] |
Unrecognized stock-based compensation expense as of September 30, 2021 | $ | $ 22,090 | [2] |
Weighted average remaining vesting period (years) as of September 30, 2021 | 3 years 7 months 6 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 | [1] |
Granted | 81,566 | |
Vested | (77,968) | |
Transferred | 9,057 | |
Forfeited/canceled | (6,345) | |
Nonvested shares at ending | 270,311 | [1] |
Unrecognized stock-based compensation expense as of September 30, 2021 | $ | $ 8,499 | [2] |
Weighted average remaining vesting period (years) as of September 30, 2021 | 3 years 5 months 8 days | |
[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 3.53 years. |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized stock-based compensation expenses recognition period | 3 years 6 months 10 days |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2021USD ($)shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares available for issuance | 4,672,675 | |
Unrecognized stock-based compensation expense | $ | $ 30,854,000 | [1] |
Unrecognized stock-based compensation expenses recognition period | 3 years 6 months 10 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 | 165,242 | |
Unrecognized stock-based compensation expense | $ | $ 16,000 | |
Unrecognized stock-based compensation expenses recognition period | 1 month 17 days | |
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for future issuance authorized annual share increase | 366,667 | |
Common stock available for future issuance authorized annual percentage increase | 1.00% | |
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. | |
[1] | The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.53 years. |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - Deferred stock units [Member] | Nov. 05, 2013shares |
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 |
Two Thousand And Thirteen Omnibus Equity Award Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fully Vested Deferred Stock Units Remaining Outstanding | 281,193 |
Stock-Based Compensation Plan_8
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 2,703 | $ 2,383 | $ 7,653 | $ 7,551 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 33 | 62 | 107 | 145 |
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 114 | 120 | 338 | 493 |
Restricted Stock Units [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 1,731 | 1,413 | 4,932 | 4,583 |
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 | $ 825 | $ 788 | $ 2,276 | $ 2,330 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense at the federal statutory rate, amount | $ 9,627 | $ 1,671 | $ 23,052 | $ 5,689 |
State income tax expense, net of federal benefit, amount | 2,111 | 453 | 5,157 | 1,403 |
(Windfall) shortfall tax benefits, net related to stock-based compensation, amount | (443) | 130 | (522) | 203 |
Change in valuation allowance, amount | 55 | 134 | 243 | 594 |
Permanent and other items, amount | 571 | (472) | 1,374 | (14) |
Provision for income taxes, amount | $ 11,921 | $ 1,916 | $ 29,304 | $ 7,875 |
Income tax expense at the federal statutory rate, rate | 21.00% | 21.00% | 21.00% | 21.00% |
State income tax expense, net of federal benefit, rate | 4.60% | 5.70% | 4.70% | 5.20% |
(Windfall) shortfall tax benefits, net related to stock-based compensation, rate | (1.00%) | 1.60% | (0.50%) | 0.70% |
Change in valuation allowance, rate | 0.10% | 1.70% | 0.20% | 2.20% |
Permanent and other items, rate | 1.30% | (5.90%) | 1.30% | 0.00% |
Provision for income taxes, rate | 26.00% | 24.10% | 26.70% | 29.10% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Line Items] | ||||
Provision for income taxes, rate | 26.00% | 24.10% | 26.70% | 29.10% |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator (Basic and Diluted): | ||||
Net income | $ 33,924 | $ 6,040 | $ 80,468 | $ 19,216 |
Change in value for stock settled consideration | (2) | 0 | 8 | 0 |
Adjusted net income | $ 33,922 | $ 6,040 | $ 80,476 | $ 19,216 |
Denominator: | ||||
Weighted Average Common Shares Issued and Outstanding | 39,634 | 39,357 | 39,539 | 39,293 |
Deduct: Unvested RSAs | (13) | (18) | (14) | (18) |
Add: Fully vested DSUs | 319 | 342 | 334 | 342 |
Weighted Average Common Shares Outstanding | 39,940 | 39,681 | 39,859 | 39,617 |
Basic earnings per common share | $ 0.85 | $ 0.15 | $ 2.02 | $ 0.49 |
Weighted Average Common Shares Outstanding from above | 39,940 | 39,681 | 39,859 | 39,617 |
Add: Dilutive effect of RSUs, RSAs & ESPP | 188 | 46 | 176 | 59 |
Add: Contingently issuable shares | 113 | 0 | 113 | 0 |
Weighted Average Common Shares Outstanding | 40,241 | 39,727 | 40,148 | 39,676 |
Diluted earnings per common share | $ 0.84 | $ 0.15 | $ 2 | $ 0.48 |
Antidilutive shares excluded from diluted earnings per common share | 112 | 696 | 363 | 719 |
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) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Line of Credit Facility [Line Items] | ||||
Senior secured revolving credit facility maximum borrowing capacity | $ 60,000,000 | $ 60,000,000 | ||
Revolving credit facility maturity date | Jun. 1, 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 | $ 10,000,000 | ||
Standby letters of credit, utilized amount | 533,000 | $ 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 September 30, 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 | 144,000 | $ 199,000 | $ 436,000 | $ 695,000 |
Credit agreement, amount outstanding | 0 | $ 0 | ||
Credit facility covenants | (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 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 September 30, 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 | 21,000 | $ 22,000 | $ 65,000 | $ 65,000 |
Credit agreement, amount outstanding | $ 0 | $ 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 | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Other commitment amount | $ 15.9 |