Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Registrant Name | MARCUS & MILLICHAP, INC. | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | MMI | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-36155 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 35-2478370 | ||
Entity Address, Address Line One | 23975 Park Sorrento, Suite 400 | ||
Entity Address, City or Town | Calabasas | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91302 | ||
City Area Code | 818 | ||
Local Phone Number | 212-2250 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001578732 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 937.2 | ||
Entity Common Stock, Shares Outstanding | 39,693,316 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Los Angeles, California |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 382,140 | $ 243,152 |
Commissions receivable, net | 17,230 | 10,391 |
Prepaid expenses | 13,220 | 10,153 |
Marketable debt securities, available-for-sale (includes amortized cost of $183,915 and $158,148 at December 31, 2021 and 2020, respectively, and $0 allowance for credit losses) | 183,868 | 158,258 |
Advances and loans, net | 6,403 | 2,413 |
Other assets | 5,270 | 4,711 |
Total current assets | 608,131 | 429,078 |
Property and equipment, net | 23,192 | 23,436 |
Operating lease right-of-use assets, net | 81,528 | 84,024 |
Marketable debt securities, available-for-sale (includes amortized cost of $111,858 and $45,181 at December 31, 2021 and 2020, respectively, and $0 allowance for credit losses) | 112,610 | 47,773 |
Assets held in rabbi trust | 11,508 | 10,295 |
Deferred tax assets, net | 33,736 | 21,374 |
Goodwill and other intangible assets, net | 48,105 | 52,053 |
Advances and loans, net | 113,242 | 106,913 |
Other assets | 13,146 | 4,176 |
Total assets | 1,045,198 | 779,122 |
Current liabilities: | ||
Accounts payable and other liabilities | 24,271 | 18,288 |
Deferred compensation and commissions | 114,685 | 58,106 |
Income tax payable | 17,853 | 3,726 |
Operating lease liabilities | 18,973 | 19,190 |
Accrued bonuses and other employee related expenses | 49,848 | 21,007 |
Total current liabilities | 225,630 | 120,317 |
Deferred compensation and commissions | 53,536 | 38,745 |
Operating lease liabilities | 58,334 | 59,408 |
Other liabilities | 11,394 | 13,816 |
Total liabilities | 348,894 | 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 December 31, 2021 and 2020, respectively | 0 | 0 |
Common stock, $0.0001 par value: Authorized shares – 150,000,000; issued and outstanding shares – 39,692,373 and 39,401,976 at December 31, 2021 and 2020, respectively | 4 | 4 |
Additional paid-in capital | 121,844 | 113,182 |
Retained earnings | 573,546 | 431,076 |
Accumulated other comprehensive income | 910 | 2,574 |
Total stockholders' equity | 696,304 | 546,836 |
Total liabilities and stockholders' equity | $ 1,045,198 | $ 779,122 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Amortized cost, current | $ 183,915 | $ 158,148 |
Allowance for credit losses, current | 0 | 0 |
Amortized cost, noncurrent | 111,858 | 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 | 39,692,373 | 39,401,976 |
Common stock, shares outstanding | 39,692,373 | 39,401,976 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Total revenues | $ 1,296,440 | $ 716,906 | $ 806,428 |
Operating expenses: | |||
Cost of services | 840,209 | 447,879 | 498,878 |
Selling, general and administrative | 255,154 | 204,514 | 203,110 |
Depreciation and amortization | 11,721 | 10,899 | 8,017 |
Total operating expenses | 1,107,084 | 663,292 | 710,005 |
Operating income | 189,356 | 53,614 | 96,423 |
Other income (expense), net | 4,527 | 6,650 | 12,477 |
Interest expense | (580) | (900) | (1,388) |
Income before provision for income taxes | 193,303 | 59,364 | 107,512 |
Provision for income taxes | 50,833 | 16,526 | 30,582 |
Net income | 142,470 | 42,838 | 76,930 |
Marketable debt securities, available-for-sale: | |||
Change in net unrealized gains/losses | (1,554) | 799 | 1,822 |
Less: reclassification adjustment for net losses (gains) included in other income (expense), net | 72 | 34 | (43) |
Net change, net of tax of $(505), $286 and $611 for the years ended December 31, 2021, 2020 and 2019, respectively | (1,482) | 833 | 1,779 |
Foreign currency translation loss, net of tax of $0 for each of the years ended December 31, 2021, 2020 and 2019, respectively | (182) | (237) | (576) |
Total other comprehensive (loss) income | (1,664) | 596 | 1,203 |
Comprehensive income | $ 140,806 | $ 43,434 | $ 78,133 |
Earnings per share: | |||
Basic | $ 3.57 | $ 1.08 | $ 1.95 |
Diluted | $ 3.55 | $ 1.08 | $ 1.95 |
Weighted average common shares outstanding: | |||
Basic | 39,888 | 39,642 | 39,404 |
Diluted | 40,187 | 39,735 | 39,548 |
Real Estate Brokerage Commissions [Member] | |||
Revenues: | |||
Total revenues | $ 1,170,969 | $ 633,164 | $ 729,356 |
Financing Fees [Member] | |||
Revenues: | |||
Total revenues | 109,690 | 70,538 | 66,293 |
Other Revenues [Member] | |||
Revenues: | |||
Total revenues | $ 15,781 | $ 13,204 | $ 10,779 |
CONSOLIDATED STATEMENTS OF NE_2
CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Marketable debt securities, available-for-sale, net change, tax | $ (505) | $ 286 | $ 611 |
Foreign currency translation loss, tax | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
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, 2018 | $ 409,574 | $ 0 | $ 0 | $ 4 | $ 4 | $ 97,458 | $ 104,658 | $ (4) | $ (4) | $ 311,341 | $ 388,238 | $ 775 | $ 1,978 | ||||||||
Beginning Balance, Shares at Dec. 31, 2018 | 0 | 0 | 38,814,464 | 39,153,195 | |||||||||||||||||
Net and comprehensive income (loss) | 78,133 | $ 0 | $ 0 | 0 | 0 | 76,930 | 1,203 | ||||||||||||||
Stock-based compensation | 9,278 | $ 0 | $ 0 | 9,278 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation, Shares | 0 | 0 | |||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 657 | $ 0 | $ 0 | 657 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 0 | 21,421 | |||||||||||||||||||
Issuance of common stock for vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for vesting of restricted stock units, Shares | 0 | 378,194 | |||||||||||||||||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 12,806 | |||||||||||||||||||
Shares withheld related to net share settlement of stock-based awards | (2,735) | $ 0 | $ 0 | (2,735) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (73,690) | |||||||||||||||||||
Ending Balance at Dec. 31, 2019 | 494,907 | $ (33) | $ 494,874 | $ 0 | $ 0 | $ 4 | $ 0 | 104,658 | $ 0 | (4) | $ 0 | 388,271 | $ (33) | 1,978 | $ 0 | ||||||
Ending Balance, Shares at Dec. 31, 2019 | 0 | 0 | 39,153,195 | 0 | |||||||||||||||||
Net and comprehensive income (loss) | 43,434 | $ 0 | $ 0 | 0 | 0 | 42,838 | 596 | ||||||||||||||
Stock-based compensation | 9,905 | $ 0 | $ 0 | 9,905 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation, Shares | 0 | 0 | |||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 642 | $ 0 | $ 0 | 642 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 0 | 27,596 | |||||||||||||||||||
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 | 264,235 | |||||||||||||||||||
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 | (2,023) | $ 0 | $ 0 | (2,023) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (62,566) | |||||||||||||||||||
Reduction of stock notes receivable from employees | 4 | $ 0 | $ 0 | 0 | 4 | 0 | 0 | ||||||||||||||
Ending Balance at Dec. 31, 2020 | 546,836 | $ 0 | $ 4 | 113,182 | 0 | 431,076 | 2,574 | ||||||||||||||
Ending Balance, Shares at Dec. 31, 2020 | 0 | 39,401,976 | |||||||||||||||||||
Net and comprehensive income (loss) | 140,806 | $ 0 | $ 0 | 0 | 0 | 142,470 | (1,664) | ||||||||||||||
Stock-based compensation | 10,361 | $ 0 | $ 0 | 10,361 | 0 | 0 | 0 | ||||||||||||||
Stock-based compensation, Shares | 0 | 0 | |||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 653 | $ 0 | $ 0 | 653 | 0 | 0 | 0 | ||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 0 | 20,152 | |||||||||||||||||||
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 | 260,525 | |||||||||||||||||||
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 | 13,323 | |||||||||||||||||||
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 | (3,352) | $ 0 | $ 0 | (3,352) | 0 | 0 | 0 | ||||||||||||||
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (91,457) | |||||||||||||||||||
Ending Balance at Dec. 31, 2021 | $ 696,304 | $ 0 | $ 4 | $ 121,844 | $ 0 | $ 573,546 | $ 910 | ||||||||||||||
Ending Balance, Shares at Dec. 31, 2021 | 0 | 39,692,373 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 142,470 | $ 42,838 | $ 76,930 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 11,721 | 10,899 | 8,017 |
Noncash lease expense | 23,729 | 22,825 | 21,207 |
Credit loss expense | 166 | 188 | 114 |
Stock-based compensation | 10,361 | 9,905 | 9,278 |
Deferred taxes, net | (11,845) | 473 | 226 |
Unrealized foreign exchange losses (gains) | 3,824 | (299) | 0 |
Net realized gains on marketable debt securities, available-for-sale | (219) | (192) | (87) |
Other non-cash items | 641 | 895 | (176) |
Changes in operating assets and liabilities: | |||
Commissions receivable | (10,832) | (3,290) | (55) |
Prepaid expenses | (3,066) | 774 | (2,740) |
Advances and loans | (12,382) | (39,773) | (38,655) |
Other assets | (3,046) | (2,743) | (6,521) |
Accounts payable and other liabilities | 10,175 | 1,251 | (486) |
Income tax receivable/payable | 14,128 | 8,724 | (9,485) |
Accrued bonuses and other employee related expenses | 29,073 | (2,095) | (5,889) |
Deferred compensation and commissions | 75,047 | 6,421 | (8,975) |
Operating lease liabilities | (21,276) | (18,461) | (17,102) |
Other liabilities | (2,766) | (252) | (314) |
Net cash provided by operating activities | 255,903 | 38,088 | 25,287 |
Cash flows from investing activities | |||
Acquisition of businesses, net of cash received | 229 | (16,298) | (6,083) |
Purchases of marketable debt securities, available-for-sale | (378,106) | (215,606) | (168,083) |
Proceeds from sales and maturities of marketable debt securities, available-for-sale | 285,628 | 221,677 | 179,693 |
Purchases of securities, held-to-maturity | (9,500) | 0 | 0 |
Issuances of employee notes receivable | (40) | (243) | (200) |
Payments received on employee notes receivable | 290 | 187 | 42 |
Purchase of property and equipment | (6,857) | (6,945) | (8,812) |
Proceeds from sale of property and equipment | 0 | 0 | 21 |
Net cash used in investing activities | (108,356) | (17,228) | (3,422) |
Cash flows from financing activities | |||
Taxes paid related to net share settlement of stock-based awards | (3,352) | (2,023) | (2,735) |
Proceeds from issuance of shares pursuant to employee stock purchase plan | 653 | 642 | 657 |
Principal payments on notes payable to former stockholders | 0 | (6,564) | (1,087) |
Principal payments on stock appreciation rights liability | (1,481) | (1,251) | (185) |
Payments of contingent and deferred consideration | (1,739) | (1,134) | (528) |
Net cash used in financing activities | (5,919) | (10,330) | (3,878) |
Effect of currency exchange rate changes on cash and cash equivalents | (2,640) | (48) | 0 |
Net increase in cash and cash equivalents | 138,988 | 10,482 | 17,987 |
Cash and cash equivalents at beginning of year | 243,152 | 232,670 | 214,683 |
Cash and cash equivalents at end of year | 382,140 | 243,152 | 232,670 |
Supplemental disclosures of cash flow information | |||
Interest paid during the period | 749 | 1,223 | 2,107 |
Income taxes paid, net | $ 48,563 | $ 7,329 | $ 39,841 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 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 November 2013. Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Considerations Related to the COVID-19 The Company may continue to experience operational and financial impacts due to the ongoing COVID-19 COVID-19 |
Accounting Policies and Recent
Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies and Recent Accounting Pronouncements | 2. Accounting Policies and Recent Accounting Pronouncements Accounting Policies Cash and Cash Equivalents The Company considers cash equivalents to include short-term, highly liquid investments with maturities of three months or less when purchased. Portions of the balance of cash and cash equivalents were held in financial institutions, various money market funds with fixed and floating net asset values and short-term commercial paper. Money market funds have floating net asset values and may be subject to gating or liquidity fees. The Company assesses short-term commercial paper for impairment in connection with investments in marketable debt securities, available-for-sale. Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell commercial properties. The Company generates financing fees from securing financing on purchase transactions, from refinancing its clients’ existing mortgage debt and other ancillary fees associated with financing activities, including, but not limited to, mortgage servicing, debt and equity advisory services, loan sales and other consulting and due diligence services. The Company recognizes mortgage servicing revenues upon the acquisition of a servicing contract. The Company records servicing fees when earned provided the loans are current and the debt service payments are made by the borrowers. Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers. The Company’s contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate, and provide that it is operating as a principal in all its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Accordingly, the Company determined that the transaction price is fixed and determinable and collectability is reasonably assured. The Company recognizes revenue in principally all cases at the close of escrow for real estate brokerage, at the close of loan for financing, when services are provided, or upon closing of the transaction for other revenues. Capitalization of Internal Software Certain costs related to the development or purchase of internal-use Commissions Receivable, Net Commissions receivable, net consists of commissions earned on brokerage and financing transactions for which payment has not yet been received. The Company evaluates the need for an allowance for credit losses based on consideration of historical experience, current conditions and forecasts of future economic conditions. The majority of commissions receivable are settled within 10 days after the close of escrow. Advances and Loans, Net Advances and loans, net includes amounts advanced and loans due from the Company’s investment sales and financing professionals. In order to attract and retain highly skilled professionals, from time to time, the Company advances funds to its investment sales and financing professionals. The advances are typically in the form of forgivable loans that have terms that are generally between five The principal amount of a forgivable loan and accrued interest are forgiven over the term of the loan, so long as the investment sales and financing professionals continue to be a service provider with the Company, and/or upon achieving contractual performance criteria. Amounts forgiven are charged to selling, general and administrative expense over the period forgiven. If the investment sales and financing professional’s relationship with the Company is terminated before the amount advanced is forgiven, the unforgiven amount becomes due and payable. The Company evaluates the need for an allowance for credit losses based on amounts advanced, expected forgiveness, consideration of historical experience, current conditions and forecasts of future economic conditions. Estimated credit losses, net of any reversals, are charged to credit loss expense included in selling, general and administrative expense. Amounts are generally written off when amounts are determined to be no longer collectable. Accrued interest, when applicable, has historically been immaterial. The Company, from time to time, enters into various agreements with certain of its investment sales and financing professionals whereby these individuals receive loans. The notes receivable, along with stated interest, are typically collected from future commissions or repaid based on the terms stipulated in the respective agreements that are generally between one Cost of Services Cost of services principally consists of variable commissions, compensation-related costs related to the Company’s financing activities, and other costs for the Company’s investment sales and financing professionals related to transactions closed in the period. Commissions are accrued based on revenue from transactions generated by the Company’s investment sales and financing professionals. Investment sales and financing professionals are compensated at commission rates based on individual agreements, and a portion of the commissions due upon the closing of a transaction may be deferred in accordance with their contracts. Some of our most senior investment sales and financing professionals also have the ability to earn additional commissions after meeting certain annual financial thresholds. These additional commissions are recognized as cost of services in the period in which they are earned. Payment of a portion of these additional commissions are generally deferred for a period of one non-current) Investments in Marketable Debt Securities, Available-for-Sale The Company maintains a portfolio of investments in a variety of fixed and variable rate debt securities, including U.S. treasuries, U.S. government sponsored entities, corporate debt, asset-backed securities (“ABS”) and other. The Company considers its investments in marketable debt securities to be available-for-sale, Available-for-Sale” The Company reviews quarterly its investment portfolio of all securities in an unrealized loss position to determine if an impairment charge or credit reserve is required. The Company excludes accrued interest from both the fair value and the amortized cost basis of marketable debt securities, available-for-sale, security or an allowance for credit losses and credit loss expense (included in selling, general and administrative expense), limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded as a credit loss is recorded through other comprehensive income (loss), net of applicable taxes. The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables. The Company evaluates write-off Determining whether a credit loss exists requires a high degree of judgment and the Company considers both qualitative and quantitative factors in making its determination. The Company evaluates its intent to sell, or whether the Company will more likely than not be required to sell, the security before recovery of its amortized cost basis. For all securities in an unrealized loss position, the Company evaluates, among other items, the extent and length of time the fair market value of a security is less than its amortized cost, time to maturity, duration, seniority, the financial condition of the issuer including credit ratings, any changes thereto and relative default rates, leverage ratios, availability of liquidity to make principle and interest payments, performance indicators of the underlying assets, analyst reports and recommendations, and changes in base and market interest rates. If the qualitative and quantitative analysis is sufficient to conclude that an impairment related to credit losses does not exist, the Company typically does not perform further quantitative analysis to estimate the present value of cash flows expected to be collected from the debt security. Estimates of expected future cash flows are the Company’s best estimate based on past events, current conditions and reasonable and supportable economic forecasts. Assets Held in Rabbi Trust The Company maintains a non-qualified Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: • Level 1: • Level 2: • Level 3: Recurring Fair Value Measurements The Company values its investments including commercial paper and floating NAV money market funds recorded in cash and cash equivalents, investments in marketable debt securities, available-for-sale, Fair values for investments included in cash and cash equivalents and marketable debt securities, available-for-sale, Fair values for assets held in the rabbi trust and related deferred compensation liability were determined based on the cash surrender value of the company owned variable life insurance policies and underlying investments in the trust, and are Level 2 and Level 1 measurements, respectively. Contingent consideration in connection with acquisitions, is carried at fair value and determined on a contract-by-contract 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 mortgage servicing rights (“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. Assets and Liabilities not Measured at Fair Value The Company’s commissions receivable, amounts due from employees and investment sales and financing professionals (included in the other assets, net current and other assets non-current non-current The Company’s obligations under stock appreciation rights (“SARs”) liability (included in the deferred compensation and commissions current and deferred compensation and commissions non-current Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. The Company uses the straight-line method for depreciation and amortization. Depreciation and amortization are generally provided over estimated useful lives ranging from three The Company evaluates its fixed assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Other Assets Other assets consist primarily of securities, held-to-maturity, MSRs are recorded at fair value upon acquisition of a servicing contract. The Company has elected the amortization method for the subsequent measurement of MSRs. MSRs are carried at the lower of amortized cost or fair value. All MSRs are amortized using the interest method over the period that servicing income is expected to be received. MSRs are included in other assets non-current The Company measures MSRs at fair value on a nonrecurring basis. MSRs are a Level 3 measurement. The Company’s MSRs do not trade in an active, open market with readily observable prices. The estimated fair value of the Company’s MSRs were developed using a discounted cash flow model that calculates the present value of estimated future net servicing income. The model considers contractual provisions and assumptions of market participants including specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. In connection with MSR activities, the Company holds funds in escrow for the benefit of the lenders. These funds and the offsetting obligations are not presented in the Company’s consolidated financial statements as they do not represent assets and liabilities of the Company. Leases The Company utilizes operating leases for all its facilities and autos. The Company determines if an arrangement is a lease at inception. Right-of-use non-current, non-current Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Lease agreements may contain periods of free rent or reduced rent, predetermined fixed increases in the minimum rent and renewal or termination options, all of which add complexity and impact the determination of the lease term and lease payments to be used in calculating the lease liability. Certain facility leases provide for rental escalations related to increases in the lessors’ direct operating expenses. The Company uses the implicit rate in the lease when determinable. As most of the Company’s leases do not have a determinable implicit rate, determining the rate to be used in its calculations is judgmental. The Company uses an estimated incremental borrowing rate based on borrowing options under its credit agreement and applies a spread over treasury rates for the indicated term of the lease based on the information available on the commencement date of the lease. The Company typically leases general purpose built-out The Company has lease agreements with lease and non-lease Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance, which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceedings cannot be determined, the Company uses judgment in the evaluation of claims and the need for accrual for loss contingencies quarterly. The Company records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company accrues legal fees for litigation as the legal services are provided. Advertising Costs Advertising costs are expensed as incurred. Advertising costs are included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. Advertising costs for the years ended December 31, 2021, 2020 and 2019 were $830,000, $586,000 and $889,000 respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and (ii) operating losses and tax credit carryforwards. The Company measures existing deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to have temporary differences realized or settled. The Company recognizes in the provision for income taxes, the effect on deferred tax assets and liabilities of a change in tax rates in the period that includes the enactment date. The Company periodically evaluates deferred tax assets to assess whether it is likely that the deferred tax assets will be realized. In determining whether a valuation allowance is required, the Company considers the timing of deferred tax reversals, current year taxable income and historical performance. Valuation allowances are provided against deferred tax assets when it is more-likely-than-not Because of the nature of the Company’s business, which includes activity in the U.S. and Canada, incorporating numerous states and provinces as well as local jurisdictions, the Company’s tax position can be complex. As such, the Company’s effective tax rate is subject to changes as a result of fluctuations in the mix of its activity in the various jurisdictions in which the Company operates including changes in tax rates, state apportionment, tax related interest and penalties, valuation allowances and other permanent items. Calculating some of the amounts involves a high degree of judgment. The Company evaluates its tax positions quarterly. The threshold for recognizing the benefits of tax return positions in the financial statements is “more likely than not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not % likely to be realized. The Company assesses its inventory of tax positions with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction) and determines whether uncertain tax positions are required to be recognized in the Company’s consolidated financial statements. The Company recognizes interest and penalties incurred as income tax expense. Stock-Based Compensation The Company follows the accounting guidance for share-based payments, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, independent contractors and non-employee For awards made to the Company’s employees, directors and independent contractors, the Company initially values restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) based on the grant date closing price of the Company’s common stock. For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the portion of the grant date value of the award that has vested through that date. The Company accounts for forfeitures prospectively as they occur. If there are any modifications or cancellations of the underlying unvested share-based awards, the Company may be required to accelerate, increase or cancel any remaining unrecognized or previously recorded stock-based compensation expense. For shares issued under the ESPP, the Company determined that the plan was a compensatory plan and is required to expense the fair value of the awards over each six previously paid dividends. Earnings per Share Basic weighted average shares outstanding includes vested, but un-issued, Foreign Currency Translation The Company prepares the financial statements of its Canadian subsidiary using the local currency as the functional currency. The assets and liabilities of the Company’s Canadian subsidiary are translated into U.S. dollars at the rates of exchange at the balance sheet date with the resulting translation adjustments included as a separate component of stockholder’s equity through other comprehensive income (loss) in the consolidated statements of net and comprehensive income. Income and expenses are translated at the average monthly rates of exchange. The Company includes realized gains and losses from foreign currency transactions in other income (expense), net in the consolidated statements of net and comprehensive income. The effect of foreign currency translation on cash and cash equivalents is reflected in cash flows from operating activities on the consolidated statements of cash flows, and is not material for any period presented. Taxes Collected from Clients and Remitted to Governmental Authorities The Company accounts for tax assessed by any governmental authority that is based on revenue or transaction value (e.g. sales, use and value added taxes) on a net basis, and, accordingly, such amounts are not included in revenue. Collected amounts are recorded as a current liability until paid. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable 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 years ended December 31, 2021, 2020 and 2019, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. During the year ended December 31, 2021, the Company’s Canadian operations represented approximately 2% of total revenues. During the years ended December 31, 2020 and 2019, the Company’s Canadian operations represented less than 2% and 1% of total revenues, respectively. During each of the years ended December 31, 2021, 2020 and 2019, no office represented 10% or more of total revenues. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the consideration for the acquisition, including the fair value of any contingent and deferred consideration, is allocated to the assets acquired and liabilities assumed. The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair values as determined by management as of the acquisition date. The excess of the consideration over the assets acquired net of liabilities assumed is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded as expense in the consolidated statements of net and comprehensive income. In connection with certain acquisitions, the Company enters into agreements to pay additional cash amounts based on the achievement of certain performance measures and/or service and time requirements. Contingent and deferred consideration in connection with the acquisition of a business is measured at fair value on the acquisition date and remeasured at fair value each reporting period thereafter until the consideration is settled in cash or stock, with changes in fair value recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed as incurred and not considered in determining the fair value of the acquired assets. Acquisition-related costs are reflected in selling, general and administrative expense in the consolidated statements of net and comprehensive income. Goodwill and Other Intangible Assets 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 initial impairment evaluation of goodwill is a qualitative assessment and is performed to assess whether the fair value of a reporting unit (“RU”) is less than its carrying amount. The Company completes a quantitative impairment test if evidence from the qualitative assessment indicates that it is more likely than not that the fair value of the RU is less than its carrying amount. If the Company determines the quantitative impairment test is required, the estimated fair value of the RU is determined and compared to its carrying amount, including goodwill. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. The Company currently has only one RU, therefore, all goodwill is allocated to that RU. The Company evaluates its finite-lived intangible assets for impairment at least annually, or as events or changes in circumstances indicate the carrying value may not be recoverable. The Company records an impairment loss if impairment triggers exist and the fair value of the asset is less than the asset’s carrying amount. The Company measures recoverability by comparing the carrying amount to the future undiscounted cash flows that the intangible assets are expected to generate. If the carrying value of the intangible assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value exceeds its fair value. The Company’s intangible assets primarily include non-compete one Segment Reporting The Company follows U.S. GAAP for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to its customers including real estate investment sales, financing and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. Recent Accounting Pronouncements 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 consolidated financial statements. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 3. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): December 31, 2021 2020 Computer software and hardware equipment $ 33,819 $ 30,955 Furniture, fixtures and equipment 24,511 23,418 Less: accumulated depreciation and amortization (35,138 ) (30,937 ) $ 23,192 $ 23,436 During the years ended December 31, 2021 and 2020, the Company wrote-off As of December 31, 2021 and 2020, property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $406,000 and $154,000, respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | 4. Operating Leases The Company has operating leases for all of its facilities and autos. The operating lease cost, included in selling, general and administrative expense in the consolidated statement of net and comprehensive income, consisted of the following (in thousands): Years Ended 2021 2020 Operating lease cost: Lease cost $ 26,209 $ 25,508 Variable lease cost ( 1 5,371 5,438 Sublease income (492 ) (246 ) $ 31,088 $ 30,700 ( 1 Primarily relates to common area maintenance, property taxes, insurance, utilities and parking. Maturities of lease liabilities by year consisted of the following (in thousands): December 31, 2022 $ 20,901 2023 17,728 2024 15,224 2025 12,814 2026 9,335 Thereafter 6,738 Total future minimum lease payments 82,740 Less imputed interest (5,433 ) Present value of operating lease liabilities $ 77,307 Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands): Years Ended 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease $ 23,662 $ 21,131 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 19,981 $ 16,293 Tenant improvements owned by lessor related to ROU assets (1) $ 1,266 $ 971 (1) Reclassification from other assets current. Other information related to the operating leases consisted of the following: December 31, 2021 2020 Weighted average remaining operating lease term 4.57 years 4.70 years Weighted average discount rate 2.9 % 3.1 % |
Investments in Marketable Debt
Investments in Marketable Debt Securities, Available-for-Sale | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Debt Securities, Available-for-Sale | 5. 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, December 31, 2021 Amortized Allowance Gross Gross Fair Value Short-term investments: U.S. treasuries $ 35,767 $ $ — $ ) $ 35,733 Corporate debt 148,148 — 22 (35 ) 148,135 $ 183,915 $ — $ 22 $ (69 ) $ 183,868 Long-term investments: U.S. treasuries $ 70,902 $ — $ 128 $ (263 ) $ 70,767 U.S. government sponsored entities 726 — 22 (3 ) 745 Corporate debt 33,197 — 962 (146 ) 34,013 ABS and other 7,033 — 82 (30 ) 7,085 $ 111,858 $ — $ 1,194 $ (442 ) $ 112,610 December 31, 2020 Amortized Allowance Gross Gross Fair Value Short-term investments: U.S. treasuries $ 75,887 $ $ 88 $ (5 ) $ 75,970 U.S. government sponsored entities 32,439 — 8 — 32,447 Corporate debt 49,822 — 20 (1 ) 49,841 $ 158,148 $ — $ 116 $ (6 ) $ 158,258 Long-term investments: U.S. treasuries $ 3,375 $ — $ 266 $ — $ 3,641 U.S. government sponsored entities 1,114 — 38 — 1,152 Corporate debt 34,183 — 2,137 (33 ) 36,287 ABS and other 6,509 — 195 (11 ) 6,693 $ 45,181 $ — $ 2,636 $ (44 ) $ 47,773 The Company’s investments in marketable debt securities, available-for-sale, December 31, 2021 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross U.S. treasuries $ 103,019 $ (297 ) $ — $ — $ 103,019 $ (297 ) U.S. government sponsored entities 115 (3 ) — — 115 (3 ) Corporate debt 115,908 (173 ) 146 (8 ) 116,054 (181 ) ABS and other 2,915 (30 ) — — 2,915 (30 ) $ 221,957 $ (503 ) $ 146 $ (8 ) $ 222,103 $ (511 ) December 31, 2020 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value 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, Years Ended December 31, 2021 2020 2019 Gross realized gains (1) $ 221 $ 241 $ 134 Gross realized losses (1) $ (2 ) $ (49 ) $ (47 ) (1) Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. 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 December 31, 2021, the portfolio had an average credit rating of AA and weighted term to contractual maturity of 1.5 years, with 98 securities in the portfolio with an unrealized loss aggregating $511,000, or 0.2% of amortized cost, and a weighted average credit rating of AA+. As of December 31, 2021, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic environment and a review of an issuer’s and securities’ liquidity and financial strength, as needed. The Company concluded that it would receive all scheduled interest and principal payments. The Company, therefore, determined qualitatively that the unrealized loss was related to changes in interest rates and other market factors and therefore no allowance for credit losses was required. Amortized cost and fair value of marketable debt securities, available-for-sale, December 31, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Due in one year or less $ 183,915 $ 183,868 $ 158,148 $ 158,258 Due after one year through five years 96,035 96,257 30,604 32,041 Due after five years through ten years 11,129 11,601 10,022 11,044 Due after ten years 4,694 4,752 4,555 4,688 $ 295,773 $ 296,478 $ 203,329 $ 206,031 Weighted average contractual maturity 1.5 year 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 | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | 6. Acquisitions, Goodwill and Other Intangible Assets During the year ended December 31, 2021, the Company recorded measurement period adjustments, including additional cash expected to be received in excess of the provisional amounts that were recognized at the acquisition date for the 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 RU Goodwill and intangible assets, net consisted of the following (in thousands): December 31, 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)(2) 23,974 (9,940 ) 14,034 24,745 (6,067 ) 18,678 $ 58,045 $ (9,940 ) $ 48,105 $ 58,120 $ (6,067 ) $ 52,053 (1) Total weighted average amortization period was 5.53 years and 5.57 years as of December 31, 2021 and 2020, respectively. (2) Amortization expense for the intangible assets was $3.8 million and $4.3 million for the years ended December 31, 2021 and 2020, respectively. The changes in the carrying amount of goodwill consisted of the following (in thousands): Years Ended 2021 2020 Beginning balance $ 33,375 $ 15,072 Additions from acquisitions (1) 696 18,303 Impairment losses — — Ending balance $ 34,071 $ 33,375 (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): Year Ended 2022 $ 3,474 2023 3,407 2024 2,891 2025 2,671 2026 946 Thereafter 645 $ 14,034 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 a result of its evaluations, the Company did not identify any situations where the recording of an impairment was required. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Selected Balance Sheet Data | 7. 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 expense (recovery) 255 (89 ) 166 Write-offs (29 ) — (29 ) Ending balance as of December 31, 2021 $ 789 $ 5 $ 794 Advances and Commissions Total Beginning balance as of January 1, 2020 $ 512 $ 32 (1) $ 544 Credit loss expense 126 62 188 Write-offs (75 ) — (75 ) Ending balance as of December 31, 2020 $ 563 $ 94 $ 657 (1) Includes cumulative-effect adjustment related to the adoption of ASU No. 2016-13, Other Assets Other assets consisted of the following (in thousands): Current December 31, Non-Current December 31, 2021 2020 2021 2020 MSRs, net of amortization $ — $ — $ 1,855 $ 1,897 Security deposits — — 1,395 1,461 Employee notes receivable (1) 40 185 — 246 Securities, held-to-maturity (2) — — 9,500 — Customer trust accounts and other 5,230 4,526 396 572 $ 5,270 $ 4,711 $ 13,146 $ 4,176 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0 for the years ended December 31, 2021 and 2020, respectively. See Note 8 – “Related-Party Transactions” for additional information. (2) Securities, held-to-maturity, 1 MSRs The net change in the carrying value of MSRs consisted of the following (in thousands): December 31, 2021 2020 Beginning balance $ 1,897 $ 2,002 Additions 483 441 Amortization (525 ) (546 ) Ending balance $ 1,855 $ 1,897 The portfolio of loans serviced by the Company aggregated $1.7 billion and $1.6 billion for the periods ended December 31, 2021 and 2020, respectively. See Note 9 – “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 $4.1 million and $3.2 million as of December 31, 2021 and 2020, respectively, and the offsetting obligations are not presented in the Company’s consolidated financial statements as they do not represent assets and liabilities of the Company. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current December 31, Non-Current December 31, 2021 2020 2021 2020 SARs liability (1) $ 2,241 $ 2,162 $ 14,918 $ 16,671 Commissions payable to investment sales and financing professionals 110,769 54,082 31,697 15,306 Deferred compensation liability (1) 1,080 1,519 6,921 6,768 Other 595 343 — — $ 114,685 $ 58,106 $ 53,536 $ 38,745 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current. SARs Liability Prior to the IPO, certain employees of the Company were granted SARs under a stock-based compensation program assumed by MMC. In connection with the IPO, the SARs agreements were revised, the MMC liability of $20.0 million for the SARs was frozen as of March 31, 2013 and was transferred to MMI through a capital distribution. The SARs liability will be settled with each participant in ten annual installments in January of each year upon retirement or termination from service, or in full upon consummation of a change in control of the Company. Under the revised agreements, MMI is required to accrue interest on the outstanding balance beginning on January 1, 2014 at a rate based on the 10-year Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During the years ended December 31, 2021 and 2020, the Company made total payments of $2.2 million and $2.1 million, consisting of principal and accumulated interest, respectively. Commissions Payable Certain investment sales professionals have the ability to earn additional commissions after meeting certain annual revenue thresholds. These commissions are recognized as cost of services in the period in which they are earned as they relate to specific transactions closed. The Company has the ability to defer payment of certain commissions, at its election, for up to three years. Commissions payable that are not expected to be paid within twelve months are classified as long-term. Deferred Compensation Liability A select group of management is eligible to participate in the Marcus & Millichap Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan is a non-qualified compensation plan that is intended to comply with Section 409A of the Internal Revenue Code and permits participants to defer compensation up to the limits set forth in the Deferred Compensation Plan. Amounts are paid out generally when the participant is no longer a service provider; however, an in-service tw fifteen The assets held in the rabbi trust are carried at the cash surrender value of the variable life insurance policies, which represents its fair value. The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Increase in the carrying value of the assets held in the rabbi trust (1) $ 1,445 $ 1,042 $ 1,353 Increase in the net carrying value of the deferred compensation obligation (2) $ 1,104 $ 799 $ 1,293 (1) Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. Other Liabilities Other liabilities consisted of the following (in thousands): Non-Current 2021 2020 Deferred consideration (1)(2) $ 4,689 $ 8,582 Contingent consideration (1)(2) 6,631 4,219 Other 74 1,015 $ 11,394 $ 13,816 (1) The current portions of deferred consideration in the amounts of $5,112 and $6,666 as of December 31, 2021 and 2020, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. The current portions of contingent consideration in the amounts of $2,681 and $1,353 as of December 31, 2021 and 2020, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. (2) Includes a measurement period adjustment and a reduction in deferred consideration settled in stock made during the year ended December 31, 2021, which represents a noncash investing activity. See Note 6 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 8. 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 years ended December 31, 2021, 2020 and 2019 of $(12,000), $68,000 and $127,000, respectively. These amounts are included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the years ended December 31, 2021, 2020 and 2019, the Company earned real estate brokerage commissions and financing fees of $2.4 million, $2.9 million and $5.2 million, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $1.4 million, $1.7 million and $3.0 million, respectively, related to these revenues. Operating Lease with MMC The Company has an operating lease with MMC for a single-story office building located in Palo Alto, California, which expires on May 31, 2022. The related operating lease cost was $1.3 million for each of the years ended December 31, 2021, 2020 and 2019, respectively. Operating lease cost is included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. See Note 4 – “Operating Leases” for additional information. Accounts Payable and Other Liabilities with MMC As of December 31, 2021 and 2020, accounts payable and other liabilities with MMC aggregating $93,000 and $89,000, respectively, remain unpaid and are included in accounts payable and other liabilities in the accompanying consolidated balance sheets. Other The Company makes advances to non-executive time-to-time. non-current) As of December 31, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements Recurring Fair Value Measurements Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): December 31, 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 $ 11,508 $ — $ 11,508 $ — $ 10,295 $ — $ 10,295 $ — Cash equivalents (1) Commercial paper $ 8,948 $ — $ 8,948 $ — $ 9,399 $ — $ 9,399 $ — Money market funds 210,985 210,985 — — 158,271 158,271 — — $ 219,933 $ 210,985 $ 8,948 $ — $ 167,670 $ 158,271 $ 9,399 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 35,733 $ 35,733 $ — $ — $ 75,970 $ 75,970 $ — $ — U.S. government sponsored entities — — — — 32,447 — 32,447 — Corporate debt 148,135 — 148,135 — 49,841 — 49,841 — $ 183,868 $ 35,733 $ 148,135 $ — $ 158,258 $ 75,970 $ 82,288 $ — Long-term investments: U.S. treasuries $ 70,767 $ 70,767 $ — $ — $ 3,641 $ 3,641 $ — $ — U.S. government sponsored entities 745 — 745 — 1,152 — 1,152 — Corporate debt 34,013 — 34,013 — 36,287 — 36,287 — ABS and other 7,085 — 7,085 — 6,693 — 6,693 — $ 112,610 $ 70,767 $ 41,843 $ — $ 47,773 $ 3,641 $ 44,132 $ — Liabilities: Contingent consideration $ 9,312 $ — $ — $ 9,312 $ 5,572 $ — $ — $ 5,572 Deferred consideration $ 9,801 $ — $ 9,801 $ — $ 15,248 $ — $ 15,248 $ — Deferred compensation liability $ 8,001 $ 8,001 $ — $ — $ 8,287 $ 8,287 $ — $ — (1) Included in cash and cash equivalents on the accompanying consolidated balance sheets. There were no transfers in or out of Level 3 during the year ended December 31, 2021. During the year ended December 31, 2021, the Company considered the probability of achieving EBITDA and other performance targets and current and future interest rates in its determination of fair value for the contingent consideration. The Company is uncertain as to the extent of the volatility in the unobservable inputs in the foreseeable future. Deferred consideration in connection with acquisitions is carried at fair value and calculated using a discounted cash flow estimate with the only remaining condition on such payments being the passage of time. As of December 31, 2021 and 2020, contingent and deferred consideration had a maximum undiscounted payment to be settled in cash or stock of $28.6 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 five A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): December 31, 2021 2020 Beginning balance $ 5,572 $ 3,387 Contingent consideration in connection with acquisitions (1) (100 ) 2,918 Change in fair value of contingent consideration 4,659 101 Payments of contingent consideration (819 ) (834 ) Ending balance $ 9,312 $ 5,572 (1) Contingent consideration in connection with acquisitions represents a noncash investing activity. The amount recorded during the year Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2021 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 9,312 Discounted cash flow Expected life of cash flows 1.4-5.8 years (3.4 years ) Discount rate 2.2%-3.5% (2.9% ) Probability of achievement 29.0%-100.0% (95.2% ) Fair Value at December 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 5,572 Discounted cash flow Expected life of cash flows 2.4-6.8 (4.4 years ) Discount rate 2.6%-4.3% (3.4% ) Probability of achievement 50.0%-100.0% (86.1% ) (1) Unobservable inputs were weighted by the relative fair value of the instruments. Nonrecurring Fair Value Measurements MSRs are initially recorded at fair value and subsequently carried at the lower of amortized cost or fair value. 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 December 31, 2021 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,332 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0 % ) Constant default rate 0.3%-4.9% (1.2 % ) Loss severity 26.2%-31.4% (28.0 % ) Discount rate 10.0%-10.0% (10.0 % ) Fair Value at December 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,135 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0 % ) Constant default rate 0.3%-4.1% (1.1 % ) Loss severity 26.2%-31.4% (28.0 % ) Discount rate 10.0%-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 | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity Common Stock As of December 31, 2021 and 2020, there were 39,692,373 and 39,401,976 shares of common stock, $0.0001 par value, issued and outstanding, which include unvested 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 December 31, 2021 and 2020, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income/Loss Amounts reclassified from accumulated other comprehensive income/loss are included as a component of other income (expense), net or selling, general and administrative expense, as applicable, in the consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 11. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The Company’s board of directors adopted the 2013 Plan, which became effective upon the Company’s IPO. In February 2017, the board of directors amended 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 five During the year ended December 31, 2021, 260,525 shares of RSUs vested and 60,373 shares of deferred stock units (“DSUs”) were settled and 91,457 shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the shares on the vesting date. The shares withheld for taxes were returned to the share reserve and are available for future issuance in accordance with provisions of the 2013 Plan. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except weighted average per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2018 (1) 27,096 471,782 392,697 891,575 $ 27.59 Granted 12,806 260,274 82,050 355,130 $ 38.51 Vested (22,422 ) (186,311 ) (191,883 ) (400,616 ) $ 24.29 Transferred — (8,136 ) 8,136 — $ 29.68 Forfeited/canceled — (12,494 ) (33,520 ) (46,014 ) $ 30.65 Nonvested shares at December 31, 2019 (1) 17,480 525,115 257,480 800,075 $ 33.91 Granted 19,516 322,910 92,279 434,705 $ 32.80 Vested (20,268 ) (170,291 ) (93,944 ) (284,503 ) $ 32.74 Transferred — (18,294 ) 18,294 — $ 33.67 Forfeited/canceled — (21,790 ) (10,108 ) (31,898 ) $ 34.49 Nonvested shares at December 31, 2020 (1) 16,728 637,650 264,001 918,379 $ 33.73 Granted 13,323 277,462 90,430 381,215 $ 39.03 Vested (16,728 ) (172,327 ) (88,198 ) (277,253 ) $ 31.89 Transferred — (10,649 ) 10,649 — $ 34.98 Forfeited/canceled — (34,357 ) (7,048 ) (41,405 ) $ 33.47 Nonvested shares at December 31, 2021 (1) 13,323 697,779 269,834 980,936 $ 36.32 Unrecognized stock-based compensation expense as of December 31, 2021 (2) $ 177 $ 20,389 $ 8,079 $ 28,645 Weighted average remaining vesting period (years) as of December 31, 2021 0.34 3.42 3.36 3.38 (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 3.38 years. The aggregate fair value of RSUs and RSAs that vested were $10.2 million, $8.9 million and $14.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. The fair value of fully vested DSUs that settled was $2.4 million for the year ended December 31, 2021 and $0.0 million for the each of years ended December 31, 2020 and 2019, respectively. See “SARs and DSUs” section below and Note 14 – “Earnings per Share” for additional information. On February 16, 2022, the Board of Directors declared a semi-annual regular dividend of $0.25 per share tock business on March 8, 2022. Dividend equivalents totaling $2.5 million will ; ESPP In 2013, the Company adopted the ESPP. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping 6-month The offering periods generally start on the first trading day on or after May 15 and 6-month The ESPP initially had 366,667 shares of common stock reserved, and 156,725 shares of common stock remain available for issuance as of December 31, 2021. The ESPP provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the compensation committee of the board of directors. Pursuant to the provisions of the ESPP, the board of directors has determined to not provide for any annual increases to date. At December 31, 2021, total unrecognized compensation cost related to the ESPP was $83,000 and is expected to be recognized over a weighted average period of 0.37 years. SARs and DSUs Prior to the IPO, certain employees were granted SARs. As of March 31, 2013, the outstanding SARs were frozen at the liability amount, and will be paid out to each participant in installments upon retirement or departure under the terms of the revised SARs agreements. To replace beneficial ownership in the SARs, the difference between the book value liability and the fair value of the awards was granted to plan participants in the form of DSUs, which were fully vested upon receipt and will be settled in actual stock at a rate of 20% per year if the participant remains employed by the Company during that period (otherwise all unsettled shares of stock upon termination from service will be settled five years from the termination date, unless otherwise agreed to by the Company). In the event of death or termination of service after reaching the age of 67, 100% of the DSUs will be settled. As of December 31, 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 consolidated statements of net and comprehensive income and consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 ESPP $ 142 $ 168 $ 139 RSAs – non-employee 463 606 643 RSUs – employees (1) 6,642 6,003 5,419 RSUs – independent contractors 3,114 3,128 3,077 $ 10,361 $ 9,905 $ 9,278 (1) Years ended December 31, 2020 and 2019 include expenses related to the acceleration of vesting of certain RSUs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The components of income from continuing operations before provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 United States $ 193,147 $ 62,206 $ 112,425 Foreign 156 (2,842 ) (4,913 ) $ 193,303 $ 59,364 $ 107,512 The provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Federal: Current $ 48,785 $ 12,437 $ 22,638 Deferred (9,600 ) 310 665 39,185 12,747 23,303 State: Current 13,903 3,616 7,718 Deferred (2,243 ) 163 (507 ) 11,660 3,779 7,211 Foreign: Current — — — Deferred (12 ) — 68 (12 ) — 68 $ 50,833 $ 16,526 $ 30,582 Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands): December 31, 2021 2020 Deferred Tax Assets: Accrued expenses and bonuses $ 6,822 $ 3,078 Bad debt and other reserves 6,989 4,889 Deferred compensation 18,287 12,536 Operating lease ROU assets, net 20,937 21,125 Stock-based compensation 7,031 7,403 Net operating and capital loss carryforwards 3,769 3,932 State taxes 92 (163 ) Amortizable intangibles and other 1,577 1,070 Deferred tax assets before valuation allowance 65,504 53,870 Valuation allowance (4,599 ) (4,418 ) Deferred Tax Assets 60,905 49,452 Deferred Tax Liabilities: Fixed assets (6,552 ) (6,814 ) Operating lease liabilities (18,697 ) (19,357 ) Prepaid expenses (1,513 ) (533 ) Other comprehensive income (195 ) (800 ) Goodwill and other (212 ) (574 ) Deferred Tax Liabilities (27,169 ) (28,078 ) Deferred Tax Assets, Net $ 33,736 $ 21,374 As of December 31, 2021, and 2020, the Company had state and Canadian net operating loss carryforwards of approximately $14.7 million and $15.4 million, respectively, principally all of which will begin to expire in 2033. A valuation allowance is required when it is more-likely-than not that all or a portion of a deferred tax asset will not be realized. Realization of a deferred tax asset is dependent upon taxable income in prior carryback years, estimates of future taxable income, tax planning strategies and reversals of existing taxable temporary differences. The Company determined that as of December 31, 2021 and 2020, $4.6 million and $4.4 million, respectively, of the deferred tax assets related to state and Canadian losses do not satisfy the recognition criteria. The Company has therefore recorded a valuation allowance for this amount. The valuation allowance for deferred tax assets was increased by $179,000, $497,000 and $1.4 million during 2021, 2020 and 2019, respectively. The increases are primarily related to the Company’s Canadian operations. The provision for income taxes differs from the amount computed by applying the statutory federal corporate income tax rate to income before provision for income taxes and consisted of the following (dollars in thousands): Years Ended December 31, 2021 2020 2019 Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 40,594 21.0 % $ 12,466 21.0 % $ 22,578 21.0 % State income tax expense, net of federal benefit 9,210 4.8 % 2,983 5.0 % 5,698 5.3 % (Windfall) shortfall tax benefits, net related to stock-based compensation (555 ) (0.3 )% 240 0.4 % (196 ) (0.2 )% Change in valuation allowance 179 0.1 % 497 0.8 % 1,351 1.3 % Permanent and other items (1) 1,405 0.7 % 340 0.6 % 1,151 1.0 % $ 50,833 26.3 % $ 16,526 27.8 % $ 30,582 28.4 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions and meals and entertainment. A reconciliation of the beginning and ending amounts of unrecognized tax benefits consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Beginning balance $ 55 $ 775 $ 1,246 Gross increase as a result of positions taken: Prior periods 1 — — Current period 304 — — Settlement with tax authorities — — — Expiration of applicable statutes of limitation (56 ) (720 ) (471 ) Ending balance $ 304 $ 55 $ 775 Unrecognized tax benefits balance decreased by $56,000 due to the expiration of the statute of limitations and increased by $304,000 due to the tax positions in the current period. Of the total amount of unrecognized tax benefit, if recognized, $0 would affect the effective tax rate. During the years ended December 31, 2021 and 2020, penalties of $0 and $13,000 respectively, were recorded relating to unrecognized tax benefits. The Company is subject to tax in various jurisdictions and, as a matter of ordinary course, the Company may be subject to income tax examinations by the federal, state and foreign taxing authorities for the tax years 2017 to 2021. The Company is currently under income tax examination by the state of New York. The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as this subsidiary is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative translation adjustments. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 13. Retirement Plans The Company has its own defined contribution plan (the “Marcus & Millichap, Inc. 401(k) Plan”) under Section 401(k) of the Internal Revenue Code for all eligible employees who have completed service. The contribution plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. Participants may contribute up to % of their annual eligible compensation, subject to IRS limitations and ERISA. The Company matches employees’ contributions each pay period, dollar for dollar, up to a maximum of $ . Employees become vested in these Company contributions % upon one year of service, % upon two years of service and % upon three years of service. Company matching contributions aggregated $ million, $ million and $ million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 14. Earnings per Share Basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands, except per share data): Years Ended December 31, 2021 2020 2019 Numerator (Basic and Diluted): Net income $ 142,470 $ 42,838 $ 76,930 Change in value for stock settled consideration 27 3 — Adjusted net income $ 142,497 $ 42,835 $ 76,930 Denominator: Basic Weighted Average Common Shares Issued and Outstanding 39,575 39,318 39,083 Deduct: Unvested RSAs (1) (14 ) (18 ) (21 ) Add: Fully vested DSUs (2) 327 342 342 Weighted Average Common Shares Outstanding 39,888 39,642 39,404 Basic earnings per common share $ 3.57 $ 1.08 $ 1.95 Diluted Weighted Average Common Shares Outstanding from above 39,888 39,642 39,404 Add: Dilutive effect of RSUs, RSAs & ESPP 206 67 144 Add: Contingently issuable shares (3) 93 26 — Weighted Average Common Shares Outstanding 40,187 39,735 39,548 Diluted earnings per common share $ 3.55 $ 1.08 $ 1.95 Antidilutive shares excluded from diluted earnings per common share (4) 366 684 348 (1) RSAs were issued and outstanding to the non-employee one (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 11 – “Stock-Based Compensation Plans” for additional information. (3) 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 | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (the “Bank”), as amended and restated on May 28, 2019, and further, amended on November 27, 2019 and on February 9, 2021 (the “Credit Agreement”). The Credit Agreement provides for a $60.0 million principal amount senior secured revolving credit facility that is guaranteed by all of the Company’s domestic subsidiaries (the “Credit Facility”) and matures on June 1, 2022. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. Upon the expiration of the use of the LIBOR as a benchmark, the benchmark will be replaced with the SOFR plus a spread adjustment. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a (b) one-month The Credit Facility contains customary covenants, including financial and other covenant reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 1.5:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also limits investments in foreign entities and certain other loans. The Credit Facility is secured by substantially all assets of the Company, including pledges of 100% of the stock or other equity interest of each subsidiary except for the capital stock of a controlled foreign corporation (as defined in the Internal Revenue Code), in which case no such pledge is required. As of December 31, 2021, the Company was in compliance with all financial and non-financial Strategic Alliance The Company, in connection with the strategic alliance with M&T Realty Capital Corporation (“M&T Realty Capital”), has agreed to provide loan opportunities that may be funded through M&T Realty Capital’s Delegated Underwriting and Servicing Agreement with Fannie Mae. M&T Realty Capital’s agreement with Federal National Mortgage Association (“Fannie Mae”) requires M&T Realty Capital to guarantee a portion of each funded loan. On a loan-by-loan Other In connection with certain agreements with investment sales and financing professionals, the Company may agree to advance amounts to such professionals upon reaching certain time and performance goals. Such commitments as of December 31, 2021 aggregated $18.2 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events In connection with agreements in principle with investment sales and financing professionals and business acquisitions, the Company entered into commitments through the date these consolidated financial statements were issued, aggregating $38.1 million, of which $29.2 million has been paid. Such commitments to investment sales and financing professionals may be subject to various conditions. On February 16, 2022, the Board of Directors declared a semi-annual regular dividend of $0.25 per share stockho the s . These dividend equivalents |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 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 November 2013. |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Considerations Related to the COVID-19 Pandemic | Considerations Related to the COVID-19 The Company may continue to experience operational and financial impacts due to the ongoing COVID-19 COVID-19 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash equivalents to include short-term, highly liquid investments with maturities of three months or less when purchased. Portions of the balance of cash and cash equivalents were held in financial institutions, various money market funds with fixed and floating net asset values and short-term commercial paper. Money market funds have floating net asset values and may be subject to gating or liquidity fees. The Company assesses short-term commercial paper for impairment in connection with investments in marketable debt securities, available-for-sale. |
Revenue Recognition | Revenue Recognition The Company generates real estate brokerage commissions by acting as a broker for real estate owners or investors seeking to buy or sell commercial properties. The Company generates financing fees from securing financing on purchase transactions, from refinancing its clients’ existing mortgage debt and other ancillary fees associated with financing activities, including, but not limited to, mortgage servicing, debt and equity advisory services, loan sales and other consulting and due diligence services. The Company recognizes mortgage servicing revenues upon the acquisition of a servicing contract. The Company records servicing fees when earned provided the loans are current and the debt service payments are made by the borrowers. Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers. The Company’s contracts contain one performance obligation related to its real estate brokerage, financing and consulting and advisory services offered to buyers and sellers of commercial real estate, and provide that it is operating as a principal in all its revenue generating activities. The Company does not have multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Accordingly, the Company determined that the transaction price is fixed and determinable and collectability is reasonably assured. The Company recognizes revenue in principally all cases at the close of escrow for real estate brokerage, at the close of loan for financing, when services are provided, or upon closing of the transaction for other revenues. |
Capitalization of Internal Software | Capitalization of Internal Software Certain costs related to the development or purchase of internal-use |
Commissions Receivable, Net | Commissions Receivable, Net Commissions receivable, net consists of commissions earned on brokerage and financing transactions for which payment has not yet been received. The Company evaluates the need for an allowance for credit losses based on consideration of historical experience, current conditions and forecasts of future economic conditions. The majority of commissions receivable are settled within 10 days after the close of escrow. |
Advances and Loans, Net | Advances and Loans, Net Advances and loans, net includes amounts advanced and loans due from the Company’s investment sales and financing professionals. In order to attract and retain highly skilled professionals, from time to time, the Company advances funds to its investment sales and financing professionals. The advances are typically in the form of forgivable loans that have terms that are generally between five The principal amount of a forgivable loan and accrued interest are forgiven over the term of the loan, so long as the investment sales and financing professionals continue to be a service provider with the Company, and/or upon achieving contractual performance criteria. Amounts forgiven are charged to selling, general and administrative expense over the period forgiven. If the investment sales and financing professional’s relationship with the Company is terminated before the amount advanced is forgiven, the unforgiven amount becomes due and payable. The Company evaluates the need for an allowance for credit losses based on amounts advanced, expected forgiveness, consideration of historical experience, current conditions and forecasts of future economic conditions. Estimated credit losses, net of any reversals, are charged to credit loss expense included in selling, general and administrative expense. Amounts are generally written off when amounts are determined to be no longer collectable. Accrued interest, when applicable, has historically been immaterial. The Company, from time to time, enters into various agreements with certain of its investment sales and financing professionals whereby these individuals receive loans. The notes receivable, along with stated interest, are typically collected from future commissions or repaid based on the terms stipulated in the respective agreements that are generally between one |
Cost of Services | Cost of Services Cost of services principally consists of variable commissions, compensation-related costs related to the Company’s financing activities, and other costs for the Company’s investment sales and financing professionals related to transactions closed in the period. Commissions are accrued based on revenue from transactions generated by the Company’s investment sales and financing professionals. Investment sales and financing professionals are compensated at commission rates based on individual agreements, and a portion of the commissions due upon the closing of a transaction may be deferred in accordance with their contracts. Some of our most senior investment sales and financing professionals also have the ability to earn additional commissions after meeting certain annual financial thresholds. These additional commissions are recognized as cost of services in the period in which they are earned. Payment of a portion of these additional commissions are generally deferred for a period of one non-current) |
Investments in Marketable Debt Securities, Available-for-Sale | Investments in Marketable Debt Securities, Available-for-Sale The Company maintains a portfolio of investments in a variety of fixed and variable rate debt securities, including U.S. treasuries, U.S. government sponsored entities, corporate debt, asset-backed securities (“ABS”) and other. The Company considers its investments in marketable debt securities to be available-for-sale, Available-for-Sale” The Company reviews quarterly its investment portfolio of all securities in an unrealized loss position to determine if an impairment charge or credit reserve is required. The Company excludes accrued interest from both the fair value and the amortized cost basis of marketable debt securities, available-for-sale, security or an allowance for credit losses and credit loss expense (included in selling, general and administrative expense), limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded as a credit loss is recorded through other comprehensive income (loss), net of applicable taxes. The Company made an accounting policy election to not measure an allowance for credit losses for accrued interest receivables. The Company evaluates write-off Determining whether a credit loss exists requires a high degree of judgment and the Company considers both qualitative and quantitative factors in making its determination. The Company evaluates its intent to sell, or whether the Company will more likely than not be required to sell, the security before recovery of its amortized cost basis. For all securities in an unrealized loss position, the Company evaluates, among other items, the extent and length of time the fair market value of a security is less than its amortized cost, time to maturity, duration, seniority, the financial condition of the issuer including credit ratings, any changes thereto and relative default rates, leverage ratios, availability of liquidity to make principle and interest payments, performance indicators of the underlying assets, analyst reports and recommendations, and changes in base and market interest rates. If the qualitative and quantitative analysis is sufficient to conclude that an impairment related to credit losses does not exist, the Company typically does not perform further quantitative analysis to estimate the present value of cash flows expected to be collected from the debt security. Estimates of expected future cash flows are the Company’s best estimate based on past events, current conditions and reasonable and supportable economic forecasts. |
Assets Held in Rabbi Trust | Assets Held in Rabbi Trust The Company maintains a non-qualified |
Fair Value Measurements | Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: • Level 1: • Level 2: • Level 3: Recurring Fair Value Measurements The Company values its investments including commercial paper and floating NAV money market funds recorded in cash and cash equivalents, investments in marketable debt securities, available-for-sale, Fair values for investments included in cash and cash equivalents and marketable debt securities, available-for-sale, Fair values for assets held in the rabbi trust and related deferred compensation liability were determined based on the cash surrender value of the company owned variable life insurance policies and underlying investments in the trust, and are Level 2 and Level 1 measurements, respectively. Contingent consideration in connection with acquisitions, is carried at fair value and determined on a contract-by-contract 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 mortgage servicing rights (“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. Assets and Liabilities not Measured at Fair Value The Company’s commissions receivable, amounts due from employees and investment sales and financing professionals (included in the other assets, net current and other assets non-current non-current non-current |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. The Company uses the straight-line method for depreciation and amortization. Depreciation and amortization are generally provided over estimated useful lives ranging from three The Company evaluates its fixed assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. |
Other Assets | Other Assets Other assets consist primarily of securities, held-to-maturity, MSRs are recorded at fair value upon acquisition of a servicing contract. The Company has elected the amortization method for the subsequent measurement of MSRs. MSRs are carried at the lower of amortized cost or fair value. All MSRs are amortized using the interest method over the period that servicing income is expected to be received. MSRs are included in other assets non-current The Company measures MSRs at fair value on a nonrecurring basis. MSRs are a Level 3 measurement. The Company’s MSRs do not trade in an active, open market with readily observable prices. The estimated fair value of the Company’s MSRs were developed using a discounted cash flow model that calculates the present value of estimated future net servicing income. The model considers contractual provisions and assumptions of market participants including specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used in the model to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. In connection with MSR activities, the Company holds funds in escrow for the benefit of the lenders. These funds and the offsetting obligations are not presented in the Company’s consolidated financial statements as they do not represent assets and liabilities of the Company. |
Leases | Leases The Company utilizes operating leases for all its facilities and autos. The Company determines if an arrangement is a lease at inception. Right-of-use non-current, non-current Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. Lease agreements may contain periods of free rent or reduced rent, predetermined fixed increases in the minimum rent and renewal or termination options, all of which add complexity and impact the determination of the lease term and lease payments to be used in calculating the lease liability. Certain facility leases provide for rental escalations related to increases in the lessors’ direct operating expenses. The Company uses the implicit rate in the lease when determinable. As most of the Company’s leases do not have a determinable implicit rate, determining the rate to be used in its calculations is judgmental. The Company uses an estimated incremental borrowing rate based on borrowing options under its credit agreement and applies a spread over treasury rates for the indicated term of the lease based on the information available on the commencement date of the lease. The Company typically leases general purpose built-out The Company has lease agreements with lease and non-lease |
Litigation | Litigation The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Most of these litigation matters are covered by insurance, which contain deductibles, exclusions, claim limits and aggregate policy limits. While the ultimate liability for these legal proceedings cannot be determined, the Company uses judgment in the evaluation of claims and the need for accrual for loss contingencies quarterly. The Company records an accrual for litigation related losses where the likelihood of loss is both probable and estimable. The Company accrues legal fees for litigation as the legal services are provided. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs are included in selling, general and administrative expense in the accompanying consolidated statements of net and comprehensive income. Advertising costs for the years ended December 31, 2021, 2020 and 2019 were $830,000, $586,000 and $889,000 respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and (ii) operating losses and tax credit carryforwards. The Company measures existing deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to have temporary differences realized or settled. The Company recognizes in the provision for income taxes, the effect on deferred tax assets and liabilities of a change in tax rates in the period that includes the enactment date. The Company periodically evaluates deferred tax assets to assess whether it is likely that the deferred tax assets will be realized. In determining whether a valuation allowance is required, the Company considers the timing of deferred tax reversals, current year taxable income and historical performance. Valuation allowances are provided against deferred tax assets when it is more-likely-than-not Because of the nature of the Company’s business, which includes activity in the U.S. and Canada, incorporating numerous states and provinces as well as local jurisdictions, the Company’s tax position can be complex. As such, the Company’s effective tax rate is subject to changes as a result of fluctuations in the mix of its activity in the various jurisdictions in which the Company operates including changes in tax rates, state apportionment, tax related interest and penalties, valuation allowances and other permanent items. Calculating some of the amounts involves a high degree of judgment. The Company evaluates its tax positions quarterly. The threshold for recognizing the benefits of tax return positions in the financial statements is “more likely than not” to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not % likely to be realized. The Company assesses its inventory of tax positions with respect to all applicable income tax issues for all open tax years (in each respective jurisdiction) and determines whether uncertain tax positions are required to be recognized in the Company’s consolidated financial statements. The Company recognizes interest and penalties incurred as income tax expense. |
Stock-Based Compensation | Stock-Based Compensation The Company follows the accounting guidance for share-based payments, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, independent contractors and non-employee For awards made to the Company’s employees, directors and independent contractors, the Company initially values restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) based on the grant date closing price of the Company’s common stock. For awards with periodic vesting, the Company recognizes the related expense on a straight-line basis over the requisite service period for the entire award, subject to periodic adjustments to ensure that the cumulative amount of expense recognized through the end of any reporting period is at least equal to the portion of the grant date value of the award that has vested through that date. The Company accounts for forfeitures prospectively as they occur. If there are any modifications or cancellations of the underlying unvested share-based awards, the Company may be required to accelerate, increase or cancel any remaining unrecognized or previously recorded stock-based compensation expense. For shares issued under the ESPP, the Company determined that the plan was a compensatory plan and is required to expense the fair value of the awards over each six previously paid dividends. |
Earnings per Share | Earnings per Share Basic weighted average shares outstanding includes vested, but un-issued, |
Foreign Currency Translation | Foreign Currency Translation The Company prepares the financial statements of its Canadian subsidiary using the local currency as the functional currency. The assets and liabilities of the Company’s Canadian subsidiary are translated into U.S. dollars at the rates of exchange at the balance sheet date with the resulting translation adjustments included as a separate component of stockholder’s equity through other comprehensive income (loss) in the consolidated statements of net and comprehensive income. Income and expenses are translated at the average monthly rates of exchange. The Company includes realized gains and losses from foreign currency transactions in other income (expense), net in the consolidated statements of net and comprehensive income. The effect of foreign currency translation on cash and cash equivalents is reflected in cash flows from operating activities on the consolidated statements of cash flows, and is not material for any period presented. |
Taxes Collected from Clients and Remitted to Governmental Authorities | Taxes Collected from Clients and Remitted to Governmental Authorities The Company accounts for tax assessed by any governmental authority that is based on revenue or transaction value (e.g. sales, use and value added taxes) on a net basis, and, accordingly, such amounts are not included in revenue. Collected amounts are recorded as a current liability until paid. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable 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 years ended December 31, 2021, 2020 and 2019, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk. During the year ended December 31, 2021, the Company’s Canadian operations represented approximately 2% of total revenues. During the years ended December 31, 2020 and 2019, the Company’s Canadian operations represented less than 2% and 1% of total revenues, respectively. During each of the years ended December 31, 2021, 2020 and 2019, no office represented 10% or more of total revenues. |
Business Combinations | Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the consideration for the acquisition, including the fair value of any contingent and deferred consideration, is allocated to the assets acquired and liabilities assumed. The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair values as determined by management as of the acquisition date. The excess of the consideration over the assets acquired net of liabilities assumed is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded as expense in the consolidated statements of net and comprehensive income. In connection with certain acquisitions, the Company enters into agreements to pay additional cash amounts based on the achievement of certain performance measures and/or service and time requirements. Contingent and deferred consideration in connection with the acquisition of a business is measured at fair value on the acquisition date and remeasured at fair value each reporting period thereafter until the consideration is settled in cash or stock, with changes in fair value recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed as incurred and not considered in determining the fair value of the acquired assets. Acquisition-related costs are reflected in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets 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 initial impairment evaluation of goodwill is a qualitative assessment and is performed to assess whether the fair value of a reporting unit (“RU”) is less than its carrying amount. The Company completes a quantitative impairment test if evidence from the qualitative assessment indicates that it is more likely than not that the fair value of the RU is less than its carrying amount. If the Company determines the quantitative impairment test is required, the estimated fair value of the RU is determined and compared to its carrying amount, including goodwill. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized equal to that excess. The loss recognized cannot exceed the carrying amount of goodwill. The Company currently has only one RU, therefore, all goodwill is allocated to that RU. The Company evaluates its finite-lived intangible assets for impairment at least annually, or as events or changes in circumstances indicate the carrying value may not be recoverable. The Company records an impairment loss if impairment triggers exist and the fair value of the asset is less than the asset’s carrying amount. The Company measures recoverability by comparing the carrying amount to the future undiscounted cash flows that the intangible assets are expected to generate. If the carrying value of the intangible assets are not non-compete one |
Segment Reporting | Segment Reporting The Company follows U.S. GAAP for segment reporting, which requires reporting information on operating segments in interim and annual financial statements. Substantially all of the Company’s operations involve the delivery of commercial real estate services to its customers including real estate investment sales, financing and consulting and advisory services. Management makes operating decisions, assesses performance and allocates resources based on an ongoing review of these integrated operations, which constitute the Company’s only operating segment for financial reporting purposes. |
Recent Accounting Pronouncements Adopted and Pending Adoption | 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 consolidated financial statements. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2021 2020 Computer software and hardware equipment $ 33,819 $ 30,955 Furniture, fixtures and equipment 24,511 23,418 Less: accumulated depreciation and amortization (35,138 ) (30,937 ) $ 23,192 $ 23,436 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Cost, Included in Selling, General and Administrative Expense | The operating lease cost, included in selling, general and administrative expense in the consolidated statement of net and comprehensive income, consisted of the following (in thousands): Years Ended 2021 2020 Operating lease cost: Lease cost $ 26,209 $ 25,508 Variable lease cost ( 1 5,371 5,438 Sublease income (492 ) (246 ) $ 31,088 $ 30,700 |
Maturities of lease liabilities | Maturities of lease liabilities by year consisted of the following (in thousands): December 31, 2022 $ 20,901 2023 17,728 2024 15,224 2025 12,814 2026 9,335 Thereafter 6,738 Total future minimum lease payments 82,740 Less imputed interest (5,433 ) Present value of operating lease liabilities $ 77,307 |
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): Years Ended 2021 2020 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease $ 23,662 $ 21,131 Noncash activity: ROU assets obtained in exchange for operating lease liabilities $ 19,981 $ 16,293 Tenant improvements owned by lessor related to ROU assets (1) $ 1,266 $ 971 (1) Reclassification from other assets current. |
Schedule of Other Information Related to Operating Leases | Other information related to the operating leases consisted of the following: December 31, 2021 2020 Weighted average remaining operating lease term 4.57 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) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security | Amortized cost, allowance for credit losses, gross unrealized gains/losses in accumulated other comprehensive income/loss and fair value of marketable debt securities, available-for-sale, December 31, 2021 Amortized Allowance Gross Gross Fair Value Short-term investments: U.S. treasuries $ 35,767 $ $ — $ ) $ 35,733 Corporate debt 148,148 — 22 (35 ) 148,135 $ 183,915 $ — $ 22 $ (69 ) $ 183,868 Long-term investments: U.S. treasuries $ 70,902 $ — $ 128 $ (263 ) $ 70,767 U.S. government sponsored entities 726 — 22 (3 ) 745 Corporate debt 33,197 — 962 (146 ) 34,013 ABS and other 7,033 — 82 (30 ) 7,085 $ 111,858 $ — $ 1,194 $ (442 ) $ 112,610 December 31, 2020 Amortized Allowance Gross Gross Fair Value Short-term investments: U.S. treasuries $ 75,887 $ $ 88 $ (5 ) $ 75,970 U.S. government sponsored entities 32,439 — 8 — 32,447 Corporate debt 49,822 — 20 (1 ) 49,841 $ 158,148 $ — $ 116 $ (6 ) $ 158,258 Long-term investments: U.S. treasuries $ 3,375 $ — $ 266 $ — $ 3,641 U.S. government sponsored entities 1,114 — 38 — 1,152 Corporate debt 34,183 — 2,137 (33 ) 36,287 ABS and other 6,509 — 195 (11 ) 6,693 $ 45,181 $ — $ 2,636 $ (44 ) $ 47,773 |
Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position | The Company’s investments in marketable debt securities, available-for-sale, December 31, 2021 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value Gross U.S. treasuries $ 103,019 $ (297 ) $ — $ — $ 103,019 $ (297 ) U.S. government sponsored entities 115 (3 ) — — 115 (3 ) Corporate debt 115,908 (173 ) 146 (8 ) 116,054 (181 ) ABS and other 2,915 (30 ) — — 2,915 (30 ) $ 221,957 $ (503 ) $ 146 $ (8 ) $ 222,103 $ (511 ) December 31, 2020 Less than 12 months 12 months or greater Total Fair Value Gross Fair Value Gross Fair Value 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, Years Ended December 31, 2021 2020 2019 Gross realized gains (1) $ 221 $ 241 $ 134 Gross realized losses (1) $ (2 ) $ (49 ) $ (47 ) |
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, December 31, 2021 December 31, 2020 Amortized Fair Value Amortized Fair Value Due in one year or less $ 183,915 $ 183,868 $ 158,148 $ 158,258 Due after one year through five years 96,035 96,257 30,604 32,041 Due after five years through ten years 11,129 11,601 10,022 11,044 Due after ten years 4,694 4,752 4,555 4,688 $ 295,773 $ 296,478 $ 203,329 $ 206,031 Weighted average contractual maturity 1.5 year 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 Ot_2
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summary of Goodwill and Intangible Assets, Net | Goodwill and intangible assets, net consisted of the following (in thousands): December 31, 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)(2) 23,974 (9,940 ) 14,034 24,745 (6,067 ) 18,678 $ 58,045 $ (9,940 ) $ 48,105 $ 58,120 $ (6,067 ) $ 52,053 |
Summary of Changes in Carrying Carrying Amount of Goodwill | The changes in the carrying amount of goodwill consisted of the following (in thousands): Years Ended 2021 2020 Beginning balance $ 33,375 $ 15,072 Additions from acquisitions (1) 696 18,303 Impairment losses — — Ending balance $ 34,071 $ 33,375 |
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): Year Ended 2022 $ 3,474 2023 3,407 2024 2,891 2025 2,671 2026 946 Thereafter 645 $ 14,034 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Allowance for Credit Losses for Advances and Loans and Commissions Receivable | Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands): Advances and Commissions Total Beginning balance as of January 1, 2021 $ 563 $ 94 $ 657 Credit loss expense (recovery) 255 (89 ) 166 Write-offs (29 ) — (29 ) Ending balance as of December 31, 2021 $ 789 $ 5 $ 794 Advances and Commissions Total Beginning balance as of January 1, 2020 $ 512 $ 32 (1) $ 544 Credit loss expense 126 62 188 Write-offs (75 ) — (75 ) Ending balance as of December 31, 2020 $ 563 $ 94 $ 657 (1) Includes cumulative-effect adjustment related to the adoption of ASU No. 2016-13, |
Schedule of Other Assets | Other assets consisted of the following (in thousands): Current December 31, Non-Current December 31, 2021 2020 2021 2020 MSRs, net of amortization $ — $ — $ 1,855 $ 1,897 Security deposits — — 1,395 1,461 Employee notes receivable (1) 40 185 — 246 Securities, held-to-maturity (2) — — 9,500 — Customer trust accounts and other 5,230 4,526 396 572 $ 5,270 $ 4,711 $ 13,146 $ 4,176 (1) Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0 for the years ended December 31, 2021 and 2020, respectively. See Note 8 – “Related-Party Transactions” for additional information. (2) Securities, held-to-maturity, 1 |
Summary of Net Change in Carrying Value of MSRs | The net change in the carrying value of MSRs consisted of the following (in thousands): December 31, 2021 2020 Beginning balance $ 1,897 $ 2,002 Additions 483 441 Amortization (525 ) (546 ) Ending balance $ 1,855 $ 1,897 |
Schedule of Deferred Compensation and Commissions | Deferred compensation and commissions consisted of the following (in thousands): Current December 31, Non-Current December 31, 2021 2020 2021 2020 SARs liability (1) $ 2,241 $ 2,162 $ 14,918 $ 16,671 Commissions payable to investment sales and financing professionals 110,769 54,082 31,697 15,306 Deferred compensation liability (1) 1,080 1,519 6,921 6,768 Other 595 343 — — $ 114,685 $ 58,106 $ 53,536 $ 38,745 (1) The SARs and deferred compensation liability become subject to payout as a result of a participant no longer being considered as a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to the participants within the next twelve months have been classified as current. |
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability | The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Increase in the carrying value of the assets held in the rabbi trust (1) $ 1,445 $ 1,042 $ 1,353 Increase in the net carrying value of the deferred compensation obligation (2) $ 1,104 $ 799 $ 1,293 (1) Recorded in other income (expense), net in the consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the consolidated statements of net and comprehensive income. |
Summary of Other Liabilities | Other liabilities consisted of the following (in thousands): Non-Current 2021 2020 Deferred consideration (1)(2) $ 4,689 $ 8,582 Contingent consideration (1)(2) 6,631 4,219 Other 74 1,015 $ 11,394 $ 13,816 (1) The current portions of deferred consideration in the amounts of $5,112 and $6,666 as of December 31, 2021 and 2020, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. The current portions of contingent consideration in the amounts of $2,681 and $1,353 as of December 31, 2021 and 2020, respectively, are included in accounts payable and other liabilities in the consolidated balance sheets. (2) Includes a measurement period adjustment and a reduction in deferred consideration settled in stock made during the year ended December 31, 2021, which represents a noncash investing activity. See Note 6 – “Acquisitions, Goodwill and Other Intangible Assets” for additional information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and liabilities at Fair Value on Recurring Basis | Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): December 31, 2021 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 11,508 $ — $ 11,508 $ — $ 10,295 $ — $ 10,295 $ — Cash equivalents (1) Commercial paper $ 8,948 $ — $ 8,948 $ — $ 9,399 $ — $ 9,399 $ — Money market funds 210,985 210,985 — — 158,271 158,271 — — $ 219,933 $ 210,985 $ 8,948 $ — $ 167,670 $ 158,271 $ 9,399 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 35,733 $ 35,733 $ — $ — $ 75,970 $ 75,970 $ — $ — U.S. government sponsored entities — — — — 32,447 — 32,447 — Corporate debt 148,135 — 148,135 — 49,841 — 49,841 — $ 183,868 $ 35,733 $ 148,135 $ — $ 158,258 $ 75,970 $ 82,288 $ — Long-term investments: U.S. treasuries $ 70,767 $ 70,767 $ — $ — $ 3,641 $ 3,641 $ — $ — U.S. government sponsored entities 745 — 745 — 1,152 — 1,152 — Corporate debt 34,013 — 34,013 — 36,287 — 36,287 — ABS and other 7,085 — 7,085 — 6,693 — 6,693 — $ 112,610 $ 70,767 $ 41,843 $ — $ 47,773 $ 3,641 $ 44,132 $ — Liabilities: Contingent consideration $ 9,312 $ — $ — $ 9,312 $ 5,572 $ — $ — $ 5,572 Deferred consideration $ 9,801 $ — $ 9,801 $ — $ 15,248 $ — $ 15,248 $ — Deferred compensation liability $ 8,001 $ 8,001 $ — $ — $ 8,287 $ 8,287 $ — $ — (1) Included in cash and cash equivalents on the accompanying consolidated balance sheets. |
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis | A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): December 31, 2021 2020 Beginning balance $ 5,572 $ 3,387 Contingent consideration in connection with acquisitions (1) (100 ) 2,918 Change in fair value of contingent consideration 4,659 101 Payments of contingent consideration (819 ) (834 ) Ending balance $ 9,312 $ 5,572 (1) Contingent consideration in connection with acquisitions represents a noncash investing activity. The amount recorded during the year |
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2021 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 9,312 Discounted cash flow Expected life of cash flows 1.4-5.8 years (3.4 years ) Discount rate 2.2%-3.5% (2.9% ) Probability of achievement 29.0%-100.0% (95.2% ) Fair Value at December 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 5,572 Discounted cash flow Expected life of cash flows 2.4-6.8 (4.4 years ) Discount rate 2.6%-4.3% (3.4% ) Probability of achievement 50.0%-100.0% (86.1% ) (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Fair Value Liabilities Measured On NonRecurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial assets measured at fair value on a nonrecurring basis consisted of the following (dollars in thousands): Fair Value at December 31, 2021 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,332 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0 % ) Constant default rate 0.3%-4.9% (1.2 % ) Loss severity 26.2%-31.4% (28.0 % ) Discount rate 10.0%-10.0% (10.0 % ) Fair Value at December 31, 2020 Valuation Technique Unobservable inputs Range (Weighted Average) (1) MSRs $ 2,135 Discounted cash flow Constant prepayment rates 0.0%-20.0% (10.0 % ) Constant default rate 0.3%-4.1% (1.1 % ) Loss severity 26.2%-31.4% (28.0 % ) Discount rate 10.0%-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) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding Awards Under 2013 Omnibus Equity Incentive Plan | Activity under the 2013 Plan consisted of the following (dollars in thousands, except weighted average per share data): RSA Grants to Non-employee RSU Grants to RSU Grants to Total Weighted- Nonvested shares at December 31, 2018 (1) 27,096 471,782 392,697 891,575 $ 27.59 Granted 12,806 260,274 82,050 355,130 $ 38.51 Vested (22,422 ) (186,311 ) (191,883 ) (400,616 ) $ 24.29 Transferred — (8,136 ) 8,136 — $ 29.68 Forfeited/canceled — (12,494 ) (33,520 ) (46,014 ) $ 30.65 Nonvested shares at December 31, 2019 (1) 17,480 525,115 257,480 800,075 $ 33.91 Granted 19,516 322,910 92,279 434,705 $ 32.80 Vested (20,268 ) (170,291 ) (93,944 ) (284,503 ) $ 32.74 Transferred — (18,294 ) 18,294 — $ 33.67 Forfeited/canceled — (21,790 ) (10,108 ) (31,898 ) $ 34.49 Nonvested shares at December 31, 2020 (1) 16,728 637,650 264,001 918,379 $ 33.73 Granted 13,323 277,462 90,430 381,215 $ 39.03 Vested (16,728 ) (172,327 ) (88,198 ) (277,253 ) $ 31.89 Transferred — (10,649 ) 10,649 — $ 34.98 Forfeited/canceled — (34,357 ) (7,048 ) (41,405 ) $ 33.47 Nonvested shares at December 31, 2021 (1) 13,323 697,779 269,834 980,936 $ 36.32 Unrecognized stock-based compensation expense as of December 31, 2021 (2) $ 177 $ 20,389 $ 8,079 $ 28,645 Weighted average remaining vesting period (years) as of December 31, 2021 0.34 3.42 3.36 3.38 (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 3.38 years. |
Stock-Based Compensation Expense | Components of stock-based compensation are included in selling, general and administrative expense in the consolidated statements of net and comprehensive income and consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 ESPP $ 142 $ 168 $ 139 RSAs – non-employee 463 606 643 RSUs – employees (1) 6,642 6,003 5,419 RSUs – independent contractors 3,114 3,128 3,077 $ 10,361 $ 9,905 $ 9,278 (1) Years ended December 31, 2020 and 2019 include expenses related to the acceleration of vesting of certain RSUs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Income (Loss) from Continuing Operations before Provision for Income Taxes | The components of income from continuing operations before provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 United States $ 193,147 $ 62,206 $ 112,425 Foreign 156 (2,842 ) (4,913 ) $ 193,303 $ 59,364 $ 107,512 |
Schedule of Provision (Benefit) for Income Taxes | The provision for income taxes consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Federal: Current $ 48,785 $ 12,437 $ 22,638 Deferred (9,600 ) 310 665 39,185 12,747 23,303 State: Current 13,903 3,616 7,718 Deferred (2,243 ) 163 (507 ) 11,660 3,779 7,211 Foreign: Current — — — Deferred (12 ) — 68 (12 ) — 68 $ 50,833 $ 16,526 $ 30,582 |
Significant Components of Deferred Tax Assets (Liabilities), Net | Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands): December 31, 2021 2020 Deferred Tax Assets: Accrued expenses and bonuses $ 6,822 $ 3,078 Bad debt and other reserves 6,989 4,889 Deferred compensation 18,287 12,536 Operating lease ROU assets, net 20,937 21,125 Stock-based compensation 7,031 7,403 Net operating and capital loss carryforwards 3,769 3,932 State taxes 92 (163 ) Amortizable intangibles and other 1,577 1,070 Deferred tax assets before valuation allowance 65,504 53,870 Valuation allowance (4,599 ) (4,418 ) Deferred Tax Assets 60,905 49,452 Deferred Tax Liabilities: Fixed assets (6,552 ) (6,814 ) Operating lease liabilities (18,697 ) (19,357 ) Prepaid expenses (1,513 ) (533 ) Other comprehensive income (195 ) (800 ) Goodwill and other (212 ) (574 ) Deferred Tax Liabilities (27,169 ) (28,078 ) Deferred Tax Assets, Net $ 33,736 $ 21,374 |
Components of Provision for Income Taxes and Income before Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the statutory federal corporate income tax rate to income before provision for income taxes and consisted of the following (dollars in thousands): Years Ended December 31, 2021 2020 2019 Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 40,594 21.0 % $ 12,466 21.0 % $ 22,578 21.0 % State income tax expense, net of federal benefit 9,210 4.8 % 2,983 5.0 % 5,698 5.3 % (Windfall) shortfall tax benefits, net related to stock-based compensation (555 ) (0.3 )% 240 0.4 % (196 ) (0.2 )% Change in valuation allowance 179 0.1 % 497 0.8 % 1,351 1.3 % Permanent and other items (1) 1,405 0.7 % 340 0.6 % 1,151 1.0 % $ 50,833 26.3 % $ 16,526 27.8 % $ 30,582 28.4 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions and meals and entertainment. |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits consisted of the following (in thousands): Years Ended December 31, 2021 2020 2019 Beginning balance $ 55 $ 775 $ 1,246 Gross increase as a result of positions taken: Prior periods 1 — — Current period 304 — — Settlement with tax authorities — — — Expiration of applicable statutes of limitation (56 ) (720 ) (471 ) Ending balance $ 304 $ 55 $ 775 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share | Basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands, except per share data): Years Ended December 31, 2021 2020 2019 Numerator (Basic and Diluted): Net income $ 142,470 $ 42,838 $ 76,930 Change in value for stock settled consideration 27 3 — Adjusted net income $ 142,497 $ 42,835 $ 76,930 Denominator: Basic Weighted Average Common Shares Issued and Outstanding 39,575 39,318 39,083 Deduct: Unvested RSAs (1) (14 ) (18 ) (21 ) Add: Fully vested DSUs (2) 327 342 342 Weighted Average Common Shares Outstanding 39,888 39,642 39,404 Basic earnings per common share $ 3.57 $ 1.08 $ 1.95 Diluted Weighted Average Common Shares Outstanding from above 39,888 39,642 39,404 Add: Dilutive effect of RSUs, RSAs & ESPP 206 67 144 Add: Contingently issuable shares (3) 93 26 — Weighted Average Common Shares Outstanding 40,187 39,735 39,548 Diluted earnings per common share $ 3.55 $ 1.08 $ 1.95 Antidilutive shares excluded from diluted earnings per common share (4) 366 684 348 (1) RSAs were issued and outstanding to the non-employee one (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 11 – “Stock-Based Compensation Plans” for additional information. (3) Relates to contingently issuable stock settled consideration. (4) Primarily pertaining to RSU grants to the Company’s employees and independent contractors. |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Office | |
Class of Stock [Line Items] | |
Number of offices in the United States and Canada | 82 |
Formation date | 2013-06 |
Percentage of common stock distributed | 80.00% |
IPO MMI [Member] | |
Class of Stock [Line Items] | |
IPO completion date | Nov. 5, 2013 |
Accounting Policies and Recen_2
Accounting Policies and Recent Accounting Pronouncements - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)OfficeSegment | Dec. 31, 2020USD ($)Office | Dec. 31, 2019USD ($)Office | |
Accounting Policies [Line Items] | |||
Commission's receivable settled period | 10 days | ||
Number of offices | Office | 82 | ||
Advertising Costs | $ 830,000 | $ 586,000 | $ 889,000 |
Income tax benefit realized, percentage | 50.00% | ||
Property and equipment, amortization method | straight-line | ||
Number of reporting units | Segment | 1 | ||
Finite-lived intangible asset, amortization method | straight-line | ||
Line of credit | $ 0 | ||
Credit Agreement [Member] | |||
Accounting Policies [Line Items] | |||
Line of credit | $ 0 | ||
Employee Stock Purchase Plan [Member] | |||
Accounting Policies [Line Items] | |||
Length of purchase intervals | 6 months | ||
Expected dividend yield | 0.00% | ||
Forfeiture rate | 0.00% | ||
Payment of dividend | $ 0 | ||
Customer Concentration Risk [Member] | Total revenues [Member] | Customer [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Customer Concentration Risk [Member] | Commissions receivable [Member] | Customer [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Geographic Concentration Risk [Member] | Total revenues [Member] | |||
Accounting Policies [Line Items] | |||
Number of offices | Office | 0 | 0 | 0 |
Geographic Concentration Risk [Member] | Total revenues [Member] | Customer [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
Transaction Risk [Member] | Total revenues [Member] | Customer [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 3 years | ||
Finite-lived intangible asset, useful life | 1 year | ||
Deferred term for payment of additional commissions | 1 year | ||
Minimum [Member] | Advances To Investment Sales And Financing Professionals [Member] | |||
Accounting Policies [Line Items] | |||
Advances to Investment Sales and Financing Professionals, Repayment Term | 5 years | ||
Minimum [Member] | Loan To Investment Sales and Financing Professionals [Member] | |||
Accounting Policies [Line Items] | |||
Loans to Investment Sales and Financing Professionals, Repayment Term | 1 year | ||
Maximum [Member] | |||
Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 7 years | ||
Finite-lived intangible asset, useful life | 7 years | ||
Deferred term for payment of additional commissions | 3 years | ||
Maximum [Member] | Advances To Investment Sales And Financing Professionals [Member] | |||
Accounting Policies [Line Items] | |||
Advances to Investment Sales and Financing Professionals, Repayment Term | 10 years | ||
Maximum [Member] | Loan To Investment Sales and Financing Professionals [Member] | |||
Accounting Policies [Line Items] | |||
Loans to Investment Sales and Financing Professionals, Repayment Term | 7 years | ||
Maximum [Member] | Geographic Concentration Risk [Member] | Total revenues [Member] | CANADA [Member] | Customer [Member] | |||
Accounting Policies [Line Items] | |||
Concentration risk percentage | 2.00% | 2.00% | 1.00% |
Capitalization of Internal Labor [Member] | |||
Accounting Policies [Line Items] | |||
Property and equipment, estimated useful lives | 5 years |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and amortization | $ (35,138) | $ (30,937) |
Property and equipment, net | 23,192 | 23,436 |
Computer software and hardware equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 33,819 | 30,955 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 24,511 | $ 23,418 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Fully depreciated computer software and hardware equipment and furniture, fixtures and equipment write-off | $ 3,200,000 | $ 1,300,000 |
Property and equipment additions incurred but not yet paid | $ 406,000 | $ 154,000 |
Operating Leases - Schedule of
Operating Leases - Schedule of Operating Lease Cost, Included in Selling, General and Administrative Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost: | ||
Lease cost | $ 26,209 | $ 25,508 |
Variable lease cost | 5,371 | 5,438 |
Sublease income | (492) | (246) |
Total operating lease cost | $ 31,088 | $ 30,700 |
Operating Leases - Maturities o
Operating Leases - Maturities of lease liabilities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 20,901 |
2023 | 17,728 |
2024 | 15,224 |
2025 | 12,814 |
2026 | 9,335 |
Thereafter | 6,738 |
Total future minimum lease payments | 82,740 |
Less imputed interest | (5,433) |
Present value of operating lease liabilities | $ 77,307 |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Supplemental Cash Flow Information and Noncash Activity Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating cash flow information: | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 23,662 | $ 21,131 | |
Noncash activity: | |||
ROU assets obtained in exchange for operating lease liabilities | 19,981 | 16,293 | |
Tenant improvements owned by lessor related to ROU assets | [1] | $ 1,266 | $ 971 |
[1] | Reclassification from other assets current. |
Operating Leases - Schedule o_3
Operating Leases - Schedule of Other Information Related to Operating Leases (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases, Operating [Abstract] | ||
Weighted average remaining operating lease term | 4 years 6 months 25 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 295,773 | $ 203,329 |
Allowance for Credit Losses | 0 | |
Fair Value | 296,478 | 206,031 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 183,915 | 158,148 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 22 | 116 |
Gross Unrealized Losses | (69) | (6) |
Fair Value | 183,868 | 158,258 |
Short-term investments [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 35,767 | 75,887 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 88 |
Gross Unrealized Losses | (34) | (5) |
Fair Value | 35,733 | 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 | 32,447 | |
Short-term investments [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 148,148 | 49,822 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 22 | 20 |
Gross Unrealized Losses | (35) | (1) |
Fair Value | 148,135 | 49,841 |
Long-term marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 111,858 | 45,181 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1,194 | 2,636 |
Gross Unrealized Losses | (442) | (44) |
Fair Value | 112,610 | 47,773 |
Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 70,902 | 3,375 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 128 | 266 |
Gross Unrealized Losses | (263) | 0 |
Fair Value | 70,767 | 3,641 |
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 726 | 1,114 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 22 | 38 |
Gross Unrealized Losses | (3) | 0 |
Fair Value | 745 | 1,152 |
Long-term marketable securities [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,197 | 34,183 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 962 | 2,137 |
Gross Unrealized Losses | (146) | (33) |
Fair Value | 34,013 | 36,287 |
Long-term marketable securities [Member] | ABS and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,033 | 6,509 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 82 | 195 |
Gross Unrealized Losses | (30) | (11) |
Fair Value | $ 7,085 | $ 6,693 |
Investments in Marketable Deb_4
Investments in Marketable Debt Securities, Available-for-Sale - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Allowance for credit losses | $ 0 | |
Weighted average contractual maturity | 1 year 6 months | 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 6 months | |
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 | 98 | |
Available-for-sale, securities in unrealized loss positions, accumulated loss | $ 511,000 | |
Percentage of amortized cost | 0.20% |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position for less than 12 months, fair value | $ 221,957 | $ 72,058 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (503) | (45) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 146 | 157 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (8) | (5) |
Available for sale securities continuous unrealized loss position, fair value | 222,103 | 72,215 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (511) | (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 | 103,019 | 41,702 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (297) | (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 | 103,019 | 41,702 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (297) | (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 | 115 | |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (3) | |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 0 | |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | 0 | |
Available for sale securities continuous unrealized loss position, fair value | 115 | |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (3) | |
Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position for less than 12 months, fair value | 115,908 | 29,810 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (173) | (34) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 146 | 0 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (8) | 0 |
Available for sale securities continuous unrealized loss position, fair value | 116,054 | 29,810 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (181) | (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 | 2,915 | 546 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (30) | (6) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 0 | 157 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | 0 | (5) |
Available for sale securities continuous unrealized loss position, fair value | 2,915 | 703 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | $ (30) | $ (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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 221 | $ 241 | $ 134 |
Gross realized losses | $ (2) | $ (49) | $ (47) |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 183,915 | $ 158,148 |
Due after one year through five years, Amortized Cost | 96,035 | 30,604 |
Due after five years through ten years, Amortized Cost | 11,129 | 10,022 |
Due after ten years, Amortized Cost | 4,694 | 4,555 |
Amortized Cost | 295,773 | 203,329 |
Due in one year or less, Fair Value | 183,868 | 158,258 |
Due after one year through five years, Fair Value | 96,257 | 32,041 |
Due after five years through ten years, Fair Value | 11,601 | 11,044 |
Due after ten years, Fair Value | 4,752 | 4,688 |
Total Fair Value | $ 296,478 | $ 206,031 |
Weighted average contractual maturity | 1 year 6 months | 1 year 7 months 6 days |
Acquisitions, Goodwill and Ot_3
Acquisitions, Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021Segment | |
Number of reporting units | 1 |
Impairments | the Company did not identify any situations where the recording of an impairment was required. |
Acquisitions, Goodwill and Ot_4
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 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 | (9,940) | (6,067) | |
Goodwill, net book value | 34,071 | 33,375 | $ 15,072 |
Intangible assets, net book value | 14,034 | 18,678 | |
Goodwill and intangible assets, net book value | $ 48,105 | $ 52,053 |
Acquisitions, Goodwill and Ot_5
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combinations [Abstract] | ||
Weighted average amortization intangible assets | 5 years 6 months 10 days | 5 years 6 months 25 days |
Amortization expense | $ 3.8 | $ 4.3 |
Acquisitions, Goodwill and Ot_6
Acquisitions, Goodwill and Other Intangible Assets - Summary of Net Change in Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 33,375 | $ 15,072 |
Additions from acquisitions | 696 | 18,303 |
Impairment losses | 0 | 0 |
Ending balance | $ 34,071 | $ 33,375 |
Acquisitions, Goodwill and Ot_7
Acquisitions, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 | $ 3,474 | |
2023 | 3,407 | |
2024 | 2,891 | |
2025 | 2,671 | |
2026 | 946 | |
Thereafter | 645 | |
Total | $ 14,034 | $ 18,678 |
Selected Balance Sheet Data - S
Selected Balance Sheet Data - Schedule of Advances and Loans, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Advances And Loans and Commissions Receivable Allowance For Credit Losses [Line Items] | ||
Beginning balance | $ 563 | $ 512 |
Credit loss expense (recovery) | 255 | 126 |
Write-offs | (29) | (75) |
Ending balance | 789 | 563 |
Beginning balance | 94 | |
Credit loss expense (recovery) | (89) | 62 |
Write-offs | 0 | 0 |
Ending balance | 5 | 94 |
Beginning balance | 657 | |
Credit loss expense (recovery) | 166 | 188 |
Write-offs | (29) | (75) |
Ending balance | $ 794 | 657 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Line Items] | ||
Other assets Current | $ 5,270 | $ 4,711 |
Other assets Non-Current | 13,146 | 4,176 |
Mortgage servicing rights, net of amortization [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,855 | 1,897 |
Security deposits [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,395 | 1,461 |
Employee Notes Receivable [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 40 | 185 |
Other assets Non-Current | 0 | 246 |
Customer trust accounts and other [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 5,230 | 4,526 |
Other assets Non-Current | 396 | 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Assets [Line Items] | ||
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable | $ 10 | $ 0 |
Securities, Held-To-Maturity Maturity Date | Sep. 1, 2024 |
Selected Balance Sheet Data -_4
Selected Balance Sheet Data - Summary of Net Change in Carrying Value of MSRs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning balance | $ 1,897 | $ 2,002 |
Additions | 483 | 441 |
Amortization | (525) | (546) |
Ending balance | $ 1,855 | $ 1,897 |
Selected Balance Sheet Data - A
Selected Balance Sheet Data - Additional Information (Detail) - USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2013 |
Schedule Of Accrued Expenses [Line Items] | ||||||||
SARs frozen liability amount | $ 14,918,000 | $ 16,671,000 | ||||||
Interest expense | $ 580,000 | 900,000 | $ 1,388,000 | |||||
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 | 1,600,000,000 | ||||||
Escrow Funds | $ 4,100,000 | 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% | 4.684% | |||||
Interest expense | $ 488,000 | 710,000 | $ 904,000 | |||||
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 | $ 1,500,000 | $ 1,500,000 |
Selected Balance Sheet Data - C
Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Compensation and Commissions [Line Items] | ||
SARs liability, current | $ 2,241 | $ 2,162 |
Commissions payable to investment sales and financing professionals, current | 110,769 | 54,082 |
Deferred compensation liability, current | 1,080 | 1,519 |
Other, current | 595 | 343 |
Deferred compensation and commissions, current | 114,685 | 58,106 |
SARs liability, non-current | 14,918 | 16,671 |
Commissions payable to investment sales and financing professionals, non-current | 31,697 | 15,306 |
Deferred compensation liability, non-current | 6,921 | 6,768 |
Other, non-current | 0 | 0 |
Deferred compensation and commissions, non-current | $ 53,536 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |||
Increase in the carrying value of the assets held in the rabbi trust | $ 1,445 | $ 1,042 | $ 1,353 |
Increase in the net carrying value of the deferred compensation obligation | $ 1,104 | $ 799 | $ 1,293 |
Selected Balance Sheet Data -_6
Selected Balance Sheet Data - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities [Abstract] | ||
Deferred consideration | $ 4,689 | $ 8,582 |
Contingent consideration | 6,631 | 4,219 |
Other | 74 | 1,015 |
Other liabilities | $ 11,394 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Other liabilities [Line Items] | ||
Contingent consideration | $ 2,681 | $ 1,353 |
Deferred consideration current | $ 5,112 | $ 6,666 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Operating lease cost | $ 26,209,000 | $ 25,508,000 | |
Aggregate principal amount for employee notes receivable | 40,000 | 431,000 | |
MMC [Member] | |||
Related Party Transaction [Line Items] | |||
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company | 2,400,000 | 2,900,000 | $ 5,200,000 |
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company | 1,400,000 | 1,700,000 | 3,000,000 |
Operating lease cost | $ 1,300,000 | 1,300,000 | 1,300,000 |
Lease expiration date | May 31, 2022 | ||
Accounts payable and other liabilities - related party | $ 93,000 | 89,000 | |
MMC [Member] | Transition Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative expense | $ (12,000) | $ 68,000 | $ 127,000 |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets held in rabbi trust | $ 11,508 | $ 10,295 | |
Marketable debt securities, available-for-sale | 296,478 | 206,031 | |
Deferred consideration | 9,801 | 15,248 | |
Deferred compensation liability | 8,001 | 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 | 183,868 | 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 | 112,610 | 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 | 35,733 | 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 | 70,767 | 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 | 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 | 745 | 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 | 148,135 | 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 | 34,013 | 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 | 7,085 | 6,693 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 219,933 | 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 | 183,868 | 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 | 112,610 | 47,773 | |
Recurring [Member] | Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 8,948 | 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 | 210,985 | 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 | 11,508 | 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 | 35,733 | 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 | 70,767 | 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 | 0 | 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 | 745 | 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 | 148,135 | 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 | 34,013 | 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 | 7,085 | 6,693 | |
Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 210,985 | 158,271 | |
Deferred consideration | 0 | 0 | |
Deferred compensation liability | 8,001 | 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 | 35,733 | 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 | 70,767 | 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 | 210,985 | 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 | 35,733 | 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 | 70,767 | 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 | 8,948 | 9,399 | |
Deferred consideration | 9,801 | 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 | 148,135 | 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 | 41,843 | 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 | 8,948 | 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 | 11,508 | 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 | 745 | 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 | 148,135 | 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 | 34,013 | 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 | 7,085 | 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 | 9,312 | 5,572 | $ 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 | $ 9,312 | $ 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 5,572 | $ 3,387 |
Contingent consideration in connection with acquisitions | (100) | 2,918 |
Change in fair value of contingent consideration | 4,659 | 101 |
Payments of contingent consideration | (819) | (834) |
Ending balance | $ 9,312 | $ 5,572 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Recurring Basis Valuation Techniques (Detail) - Contingent Consideration [Member] $ in Thousands | Dec. 31, 2021USD ($)yr | Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Amount | $ | $ 9,312 | $ 5,572 | $ 3,387 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Amount | $ | $ 9,312 | $ 5,572 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | yr | 5.8 | 6.8 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | yr | 1.4 | 2.4 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | yr | 3.4 | 4.4 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discount rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.035 | 0.043 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discount rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.022 | 0.026 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Discount rate [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.029 | 0.034 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Probability of achievement [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 1 | 1 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Probability of achievement [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.290 | 0.500 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Probability of achievement [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Range | 0.952 | 0.861 | |
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 | $ | $ 9,312 | $ 5,572 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Detail) - Mortgage Rights [Member] - Fair Value, Inputs, Level 3 [Member] - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Constant prepayment rates [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 20 | 20 |
Constant prepayment rates [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 0 | 0 |
Constant prepayment rates [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 10 | 10 |
Constant default rate [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 4.9 | 4.1 |
Constant default rate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 0.3 | 0.3 |
Constant default rate [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 1.2 | 1.1 |
Loss severity [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 31.4 | 31.4 |
Loss severity [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 26.2 | 26.2 |
Loss severity [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 28 | 28 |
Discount rate [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 10 | 10 |
Discount rate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 10 | 10 |
Discount rate [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Range | 10 | 10 |
Discounted cash flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Amount | $ 2,332 | $ 2,135 |
Fair Value Measurements - Sch_5
Fair Value Measurements - Schedule of Fair Value Liabilities Measured On Non-Recurring Basis Valuation Techniques (Parenthetical) (Detail) | Dec. 31, 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 ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, assets, level 3 transfers, amount | $ 0 | |
Contingent and deferred consideration, maximum undiscounted payment | $ 28,600,000 | $ 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 | 5 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 ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common stock, shares issued | 39,692,373 | 39,401,976 |
Common stock, shares outstanding | 39,692,373 | 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) | 12 Months Ended |
Dec. 31, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Common stock shares available for grant | shares | 4,667,141 |
Equity incentive plan amendment, shareholder approval date | 2017-05 |
Equity incentive plan amendment, board of directors approval date | 2017-02 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 16, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested shares | 277,253 | 284,503 | 400,616 | |
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends Payable, Date to be Paid | Apr. 4, 2022 | |||
Dividends Payable | $ 52.1 | |||
Dividends Payable, Date of Record | Mar. 8, 2022 | |||
Dividend declaration date | Feb. 16, 2022 | |||
Semi Annual Regular Dividend [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends Payable, Amount Per Share | $ 0.25 | |||
Special Dividend [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends Payable, Amount Per Share | $ 1 | |||
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 | 260,525 | |||
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 | |||
Fair value of vested, during period | $ 2.4 | $ 0 | $ 0 | |
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units and Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of vested, during period | $ 10.2 | $ 8.9 | $ 14.6 | |
2013 Omnibus Equity Incentive Plan [Member] | Unvested Restricted Stock and Deferred Stock Units [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends Payable | $ 2.5 | |||
2013 Omnibus Equity Incentive Plan [Member] | Restricted Stock 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 | 91,457 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares at beginning | 918,379 | 800,075 | 891,575 |
Granted | 381,215 | 434,705 | 355,130 |
Vested | (277,253) | (284,503) | (400,616) |
Transferred | 0 | 0 | 0 |
Forfeited/canceled | (41,405) | (31,898) | (46,014) |
Nonvested shares at ending | 980,936 | 918,379 | 800,075 |
Unrecognized stock-based compensation expense as of December 31, 2021 | $ 28,645 | ||
Weighted average remaining vesting period (years) as of December 31, 2021 | 3 years 4 months 17 days | ||
Nonvested weighted average grant date fair value per share, beginning balance | $ 33.73 | $ 33.91 | $ 27.59 |
Weighted average grant date fair value per share, Granted | 39.03 | 32.80 | 38.51 |
Weighted average grant date fair value per share, Vested | 31.89 | 32.74 | 24.29 |
Weighted average grant date fair value per share, Transferred | 34.98 | 33.67 | 29.68 |
Weighted average grant date fair value per share, Forfeited/canceled | 33.47 | 34.49 | 30.65 |
Nonvested weighted average grant date fair value per share, ending balance | $ 36.32 | $ 33.73 | $ 33.91 |
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 | 17,480 | 27,096 |
Granted | 13,323 | 19,516 | 12,806 |
Vested | (16,728) | (20,268) | (22,422) |
Transferred | 0 | 0 | 0 |
Forfeited/canceled | 0 | 0 | 0 |
Nonvested shares at ending | 13,323 | 16,728 | 17,480 |
Unrecognized stock-based compensation expense as of December 31, 2021 | $ 177 | ||
Weighted average remaining vesting period (years) as of December 31, 2021 | 4 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 | 525,115 | 471,782 |
Granted | 277,462 | 322,910 | 260,274 |
Vested | (172,327) | (170,291) | (186,311) |
Transferred | (10,649) | (18,294) | (8,136) |
Forfeited/canceled | (34,357) | (21,790) | (12,494) |
Nonvested shares at ending | 697,779 | 637,650 | 525,115 |
Unrecognized stock-based compensation expense as of December 31, 2021 | $ 20,389 | ||
Weighted average remaining vesting period (years) as of December 31, 2021 | 3 years 5 months 1 day | ||
Restricted Stock Units [Member] | Independent Contractors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares at beginning | 264,001 | 257,480 | 392,697 |
Granted | 90,430 | 92,279 | 82,050 |
Vested | (88,198) | (93,944) | (191,883) |
Transferred | 10,649 | 18,294 | 8,136 |
Forfeited/canceled | (7,048) | (10,108) | (33,520) |
Nonvested shares at ending | 269,834 | 264,001 | 257,480 |
Unrecognized stock-based compensation expense as of December 31, 2021 | $ 8,079 | ||
Weighted average remaining vesting period (years) as of December 31, 2021 | 3 years 4 months 9 days |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized stock-based compensation expenses recognition period | 3 years 4 months 17 days |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock shares available for issuance | 4,667,141 |
Unrecognized stock-based compensation expense | $ | $ 28,645,000 |
Unrecognized stock-based compensation expenses recognition period | 3 years 4 months 17 days |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
ESPP offering period description | The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. |
Length of purchase intervals | 6 months |
ESPP discount rate | 10.00% |
Common stock shares available for issuance | 156,725 |
Unrecognized stock-based compensation expense | $ | $ 83,000 |
Unrecognized stock-based compensation expenses recognition period | 4 months 13 days |
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for future issuance authorized annual share increase | 366,667 |
Common stock available for future issuance authorized annual percentage increase | 1.00% |
ESPP description | The ESPP provides for annual increases in the number of shares available for issuance under the ESPP, equal to the least of (i) 366,667 shares, (ii) 1% of the outstanding shares on such date, or (iii) an amount determined by the compensation committee of the board of directors. |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - Deferred stock units [Member] - shares | Nov. 05, 2013 | Dec. 31, 2021 |
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 | |
2013 Omnibus Equity Incentive 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 10,361 | $ 9,905 | $ 9,278 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 142 | 168 | 139 |
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 463 | 606 | 643 |
Restricted Stock Units [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 6,642 | 6,003 | 5,419 |
Restricted Stock Units [Member] | Independent Contractors, Subsequent to Adoption of New Standard [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 3,114 | $ 3,128 | $ 3,077 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income from Continuing Operations before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (loss) before provision for income taxes: | |||
Income before provision for income taxes | $ 193,303 | $ 59,364 | $ 107,512 |
United States [Member] | |||
Income (loss) before provision for income taxes: | |||
Income before provision for income taxes | 193,147 | 62,206 | 112,425 |
Foreign [Member] | |||
Income (loss) before provision for income taxes: | |||
Income before provision for income taxes | $ 156 | $ (2,842) | $ (4,913) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal: | |||
Current | $ 48,785 | $ 12,437 | $ 22,638 |
Deferred | (9,600) | 310 | 665 |
Provision for Income Taxes, Federal | 39,185 | 12,747 | 23,303 |
State: | |||
Current | 13,903 | 3,616 | 7,718 |
Deferred | (2,243) | 163 | (507) |
Provision for Income Taxes, State | 11,660 | 3,779 | 7,211 |
Foreign: | |||
Current | 0 | 0 | 0 |
Deferred | (12) | 0 | 68 |
Provision for Income Taxes, Foreign | (12) | 0 | 68 |
Provision for income taxes, amount | $ 50,833 | $ 16,526 | $ 30,582 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets (Liabilities), Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets: | ||
Accrued expenses and bonuses | $ 6,822 | $ 3,078 |
Bad debt and other reserves | 6,989 | 4,889 |
Deferred compensation | 18,287 | 12,536 |
Operating lease ROU assets, net | 20,937 | 21,125 |
Stock-based compensation | 7,031 | 7,403 |
Net operating and capital loss carryforwards | 3,769 | 3,932 |
State taxes | 92 | (163) |
Amortizable intangibles and other | 1,577 | 1,070 |
Deferred tax assets before valuation allowance | 65,504 | 53,870 |
Valuation allowance | (4,599) | (4,418) |
Deferred Tax Assets | 60,905 | 49,452 |
Deferred Tax Liabilities: | ||
Fixed assets | (6,552) | (6,814) |
Operating lease liabilities | (18,697) | (19,357) |
Prepaid expenses | (1,513) | (533) |
Other comprehensive income | (195) | (800) |
Goodwill and other | (212) | (574) |
Deferred Tax Liabilities | (27,169) | (28,078) |
Deferred Tax Assets, Net | $ 33,736 | $ 21,374 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at the federal statutory rate, amount | $ 40,594 | $ 12,466 | $ 22,578 |
State income tax expense, net of federal benefit, amount | 9,210 | 2,983 | 5,698 |
(Windfall) shortfall tax benefits, net related to stock-based compensation, amount | (555) | 240 | (196) |
Change in valuation allowance, amount | 179 | 497 | 1,351 |
Permanent and other items, amount | 1,405 | 340 | 1,151 |
Provision for income taxes, amount | $ 50,833 | $ 16,526 | $ 30,582 |
Income tax expense at the federal statutory rate, rate | 21.00% | 21.00% | 21.00% |
State income tax expense, net of federal benefit, rate | 4.80% | 5.00% | 5.30% |
(Windfall) shortfall tax benefits, net related to stock-based compensation, rate | (0.30%) | 0.40% | (0.20%) |
Change in valuation allowance, rate | 0.10% | 0.80% | 1.30% |
Permanent and other items, rate | 0.70% | 0.60% | 1.00% |
Provision for income taxes, rate | 26.30% | 27.80% | 28.40% |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 55 | $ 775 | $ 1,246 |
Prior periods | 1 | 0 | 0 |
Current period | 304 | 0 | 0 |
Settlement with tax authorities | 0 | 0 | 0 |
Expiration of applicable statutes of limitation | (56) | (720) | (471) |
Ending balance | $ 304 | $ 55 | $ 775 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
State and Canadian net operating losses (NOLs) | $ 14,700,000 | $ 15,400,000 | |
State and Canadian net operating losses (NOLs), expiration year | 2033 | ||
Valuation allowance, deferred tax assets | $ 4,599,000 | 4,418,000 | |
Change in valuation allowance, deferred tax assets | 179,000 | 497,000 | $ 1,400,000 |
Decrease in unrecognized tax benefits that is reasonably possible | 56,000 | ||
Unrecognized tax benefits related to penalties | $ 0 | 13,000 | |
Income Tax Examination, Description | The Company is currently under income tax examination by the state of New York. | ||
Undistributed earnings of foreign subsidiary | $ 0 | $ 0 | |
Increase in unrecognized tax benefits that is reasonably possible | 304,000 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 0 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Open tax years subject to tax examinations | 2017 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Open tax years subject to tax examinations | 2021 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - Contribution Plan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan minimum eligible period | have completed one month of service. | ||
Defined contribution plan, maximum percentage of employee contribution | 100.00% | ||
Defined contribution plan, maximum annual employer contribution per employee | $ 4,000 | ||
Defined contribution plan, matching employer contributions | $ 1,200,000 | $ 1,000,000 | $ 1,100,000 |
One Year of Service [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, vesting percentage per year | 33.00% | ||
Two Year of Service [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, vesting percentage per year | 66.00% | ||
Three Year of Service [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, vesting percentage per year | 100.00% |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator (Basic and Diluted): | |||
Net income | $ 142,470 | $ 42,838 | $ 76,930 |
Change in value for stock settled consideration | 27 | 3 | 0 |
Adjusted net income | $ 142,497 | $ 42,835 | $ 76,930 |
Denominator: | |||
Weighted Average Common Shares Issued and Outstanding | 39,575 | 39,318 | 39,083 |
Deduct: Unvested RSAs | (14) | (18) | (21) |
Add: Fully vested DSUs | 327 | 342 | 342 |
Weighted Average Common Shares Outstanding | 39,888 | 39,642 | 39,404 |
Basic earnings per common share | $ 3.57 | $ 1.08 | $ 1.95 |
Weighted Average Common Shares Outstanding from above | 39,888 | 39,642 | 39,404 |
Add: Dilutive effect of RSUs, RSAs & ESPP | 206 | 67 | 144 |
Add: Contingently issuable shares(3) | 93 | 26 | 0 |
Weighted Average Common Shares Outstanding | 40,187 | 39,735 | 39,548 |
Diluted earnings per common share | $ 3.55 | $ 1.08 | $ 1.95 |
Antidilutive shares excluded from diluted earnings per common share | 366 | 684 | 348 |
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) | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Stock Awards [Member] | 2013 Omnibus Equity Incentive Plan [Member] | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |
Vesting period | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
Senior secured revolving credit facility maximum borrowing capacity | $ 60,000,000 | ||
Revolving credit facility maturity date | Jun. 1, 2022 | ||
Date the company entered into a credit Agreement | Jun. 18, 2014 | ||
Credit agreement amended and restated date | May 28, 2019 | ||
Credit agreement date | Nov. 27, 2019 | ||
Standby letters of credit borrowing capacity | $ 10,000,000 | ||
Standby letters of credit, utilized amount | $ 533,000 | ||
Credit facility interest rate description | The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at December 31, 2021. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either (i) a fluctuating rate per annum 2.00% below the Base Rate (defined as the highest of (a) the Bank’s prime rate, (b) one-month LIBOR plus 1.50%, and (c) the federal funds rate plus 1.50%), or (ii) at a fixed rate per annum determined by Bank to be between 0.875% to 1.125% above LIBOR. | ||
LIBOR rate duration period | 1 month | ||
Credit agreement, unused capacity, commitment fee percentage | 0.10% | ||
Interest expense | $ 580,000 | $ 900,000 | $ 1,388,000 |
Credit agreement, amount outstanding | $ 0 | ||
Credit facility covenants | (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 1.5:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also limits investments in foreign entities and certain other loans. | ||
Minimum EBITDAR coverage ratio | 1.25% | ||
Maximum Total Funded Debt to EBITDA ratio | 1.5 | ||
Credit agreement, pledge percentage | 100.00% | ||
Compliance description | As of December 31, 2021, the Company was in compliance with all financial and non-financial covenants and has not experienced any limitation in its operations as a result of the covenants. | ||
Fluctuating rate per annum | 2.00% | ||
LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Base spread on variable rate | 1.50% | ||
Federal Funds Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Base spread on variable rate | 1.50% | ||
Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit agreement date | Feb. 9, 2021 | ||
Interest expense | $ 87,000 | $ 93,000 | $ 94,000 |
Credit agreement, amount outstanding | $ 0 | ||
Minimum [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Base spread on variable rate | 0.875% | ||
Maximum [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Base spread on variable rate | 1.125% |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information Other (Detail) | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Other commitment amount | $ 18,200,000 |
Guarantee obligation for loan | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 16, 2022 | Dec. 31, 2021 |
Mortgage Brokerage Business [Member] | ||
Subsequent Event [Line Items] | ||
Total consideration for business acquisitions and other commitments | $ 38.1 | |
Payments for business acquisitions and other commitments | $ 29.2 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Date to be Paid | Apr. 4, 2022 | |
Dividends Payable | $ 52.1 | |
Dividends Payable, Date of Record | Mar. 8, 2022 | |
Dividend declaration date | Feb. 16, 2022 | |
Subsequent Event [Member] | Unvested Restricted Stock and Deferred Stock Units [Member] | 2013 Plan [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable | $ 2.5 | |
Subsequent Event [Member] | Semi Annual Regular Dividend [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 0.25 | |
Subsequent Event [Member] | Special Dividend [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 1 |