Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
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 | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001578732 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 39,964,292 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 211,651 | $ 382,140 |
Commissions receivable, net | 14,138 | 17,230 |
Prepaid expenses | 10,046 | 13,220 |
Marketable debt securities, available-for-sale (includes amortized cost of $254,487 and $183,915 at June 30, 2022 and December 31, 2021, respectively, and $0 allowance for credit losses) | 253,040 | 183,868 |
Advances and loans, net | 3,605 | 6,403 |
Other assets, current | 5,880 | 5,270 |
Total current assets | 498,360 | 608,131 |
Property and equipment, net | 25,338 | 23,192 |
Operating lease right-of-use assets, net | 84,351 | 81,528 |
Marketable debt securities, available-for-sale (includes amortized cost of $80,767 and $111,858 at June 30, 2022 and December 31, 2021, respectively, and $0 allowance for credit losses) | 77,588 | 112,610 |
Assets held in rabbi trust | 9,587 | 11,508 |
Deferred tax assets, net | 35,233 | 33,736 |
Goodwill and other intangible assets, net | 58,263 | 48,105 |
Advances and loans, net | 164,469 | 113,242 |
Other assets, non-current | 13,573 | 13,146 |
Total assets | 966,762 | 1,045,198 |
Current liabilities: | ||
Accounts payable and accrued expenses | 13,022 | 15,487 |
Deferred compensation and commissions | 55,387 | 114,685 |
Income tax payable | 2,848 | 17,853 |
Operating lease liabilities | 18,632 | 18,973 |
Accrued bonuses and other employee related expenses | 30,586 | 49,848 |
Other liabilities, current | 7,567 | 8,784 |
Total current liabilities | 128,042 | 225,630 |
Deferred compensation and commissions | 48,096 | 53,536 |
Operating lease liabilities | 63,366 | 58,334 |
Other liabilities, non-current | 10,088 | 11,394 |
Total liabilities | 249,592 | 348,894 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: Authorized shares – 25,000,000; issued and outstanding shares – none at June 30, 2022 and December 31, 2021, respectively | 0 | 0 |
Common stock, $0.0001 par value: Authorized shares – 150,000,000; issued and outstanding shares – 39,964,292 and 39,692,373 at June 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 123,767 | 121,844 |
Retained earnings | 596,361 | 573,546 |
Accumulated other comprehensive income (loss) | (2,962) | 910 |
Total stockholders' equity | 717,170 | 696,304 |
Total liabilities and stockholders' equity | $ 966,762 | $ 1,045,198 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Amortized cost, current | $ 254,487 | $ 183,915 |
Allowance for credit losses, current | 0 | 0 |
Amortized cost, noncurrent | 80,767 | 111,858 |
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 | 39,964,292 | 39,692,373 |
Common stock, shares outstanding | 39,964,292 | 39,692,373 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Total revenues | $ 395,957 | $ 284,946 | $ 715,421 | $ 468,923 |
Operating expenses: | ||||
Cost of services | 256,042 | 178,585 | 452,810 | 287,688 |
Selling, general and administrative | 79,841 | 61,797 | 154,376 | 113,474 |
Depreciation and amortization | 3,332 | 2,959 | 7,243 | 5,956 |
Total operating expenses | 339,215 | 243,341 | 614,429 | 407,118 |
Operating income | 56,742 | 41,605 | 100,992 | 61,805 |
Other (expense) income, net | (461) | 1,370 | (11) | 2,414 |
Interest expense | (158) | (146) | (318) | (292) |
Income before provision for income taxes | 56,123 | 42,829 | 100,663 | 63,927 |
Provision for income taxes | 13,955 | 11,297 | 25,712 | 17,383 |
Net income | 42,168 | 31,532 | 74,951 | 46,544 |
Marketable debt securities, available-for-sale: | ||||
Change in net unrealized gains/losses | (1,558) | 146 | (3,915) | (475) |
Less: reclassification adjustment for net gains included in other income (expense), net | 7 | 3 | (77) | 3 |
Net change, net of tax of $528 and $1,366 for the three and six months ended June 30, 2022, and $(51) and $164 for the three and six months ended June 30, 2021, respectively | (1,551) | 149 | (3,992) | (472) |
Foreign currency translation gain (loss), net of tax of $0 for each of the three and six months ended June 30, 2022 and 2021, respectively | 179 | (217) | 120 | (330) |
Total other comprehensive loss | (1,372) | (68) | (3,872) | (802) |
Comprehensive income | $ 40,796 | $ 31,464 | $ 71,079 | $ 45,742 |
Earnings per share: | ||||
Basic | $ 1.05 | $ 0.79 | $ 1.87 | $ 1.17 |
Diluted | $ 1.04 | $ 0.78 | $ 1.85 | $ 1.16 |
Weighted average common shares outstanding: | ||||
Basic | 40,048 | 39,877 | 40,018 | 39,817 |
Diluted | 40,342 | 40,139 | 40,390 | 40,112 |
Real Estate Brokerage Commissions [Member] | ||||
Revenues: | ||||
Total revenues | $ 354,685 | $ 252,903 | $ 641,594 | $ 415,699 |
Financing Fees [Member] | ||||
Revenues: | ||||
Total revenues | 36,811 | 28,214 | 63,264 | 46,057 |
Other Revenues [Member] | ||||
Revenues: | ||||
Total revenues | $ 4,461 | $ 3,829 | $ 10,563 | $ 7,167 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Marketable debt securities, available-for-sale, net change, tax | $ 528 | $ (51) | $ 1,366 | $ 164 |
Foreign currency translation loss, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2020 | $ 546,836 | $ 0 | $ 4 | $ 113,182 | $ 431,076 | $ 2,574 |
Beginning Balance, Shares at Dec. 31, 2020 | 0 | 39,401,976 | ||||
Net and comprehensive income (loss) | 45,742 | $ 0 | $ 0 | 0 | 46,544 | (802) |
Stock-based compensation | 4,950 | $ 0 | $ 0 | 4,950 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | ||||
Shares issued pursuant to employee stock purchase plan | 369 | $ 0 | $ 0 | 369 | 0 | 0 |
Shares issued pursuant to employee stock purchase plan, Shares | 0 | 11,635 | ||||
Issuance of common stock for vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for vesting of restricted stock units, Shares | 0 | 183,315 | ||||
Issuance of common stock for stock settled deferred consideration | 1,000 | $ 0 | $ 0 | 1,000 | 0 | 0 |
Issuance of common stock for stock settled deferred consideration, Shares | 0 | 27,481 | ||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 12,492 | ||||
Shares withheld related to net share settlement of stock-based awards | (2,044) | $ 0 | $ 0 | (2,044) | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (58,539) | ||||
Ending Balance at Jun. 30, 2021 | 596,853 | $ 0 | $ 4 | 117,457 | 477,620 | 1,772 |
Ending Balance, Shares at Jun. 30, 2021 | 0 | 39,578,360 | ||||
Beginning Balance at Mar. 31, 2021 | 561,669 | $ 0 | $ 4 | 113,737 | 446,088 | 1,840 |
Beginning Balance, Shares at Mar. 31, 2021 | 0 | 39,500,966 | ||||
Net and comprehensive income (loss) | 31,464 | $ 0 | $ 0 | 0 | 31,532 | (68) |
Stock-based compensation | 2,662 | $ 0 | $ 0 | 2,662 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | ||||
Shares issued pursuant to employee stock purchase plan | 369 | $ 0 | $ 0 | 369 | 0 | 0 |
Shares issued pursuant to employee stock purchase plan, Shares | 0 | 11,635 | ||||
Issuance of common stock for vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for vesting of restricted stock units, Shares | 0 | 34,198 | ||||
Issuance of common stock for stock settled deferred consideration | 1,000 | $ 0 | $ 0 | 1,000 | 0 | 0 |
Issuance of common stock for stock settled deferred consideration, Shares | 0 | 27,481 | ||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 12,492 | ||||
Shares withheld related to net share settlement of stock-based awards | (311) | $ 0 | $ 0 | (311) | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (8,412) | ||||
Ending Balance at Jun. 30, 2021 | 596,853 | $ 0 | $ 4 | 117,457 | 477,620 | 1,772 |
Ending Balance, Shares at Jun. 30, 2021 | 0 | 39,578,360 | ||||
Beginning Balance at Dec. 31, 2021 | 696,304 | $ 0 | $ 4 | 121,844 | 573,546 | 910 |
Beginning Balance, Shares at Dec. 31, 2021 | 0 | 39,692,373 | ||||
Net and comprehensive income (loss) | 71,079 | $ 0 | $ 0 | 0 | 74,951 | (3,872) |
Dividends | (52,136) | (52,136) | ||||
Stock-based compensation | 8,131 | $ 0 | $ 0 | 8,131 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | ||||
Shares issued pursuant to employee stock purchase plan | 414 | $ 0 | $ 0 | 414 | 0 | 0 |
Shares issued pursuant to employee stock purchase plan, Shares | 0 | 11,089 | ||||
Issuance of common stock for vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for vesting of restricted stock units, Shares | 0 | 212,234 | ||||
Issuance of common stock for stock settled deferred consideration | 1,417 | $ 0 | $ 0 | 1,417 | 0 | 0 |
Issuance of common stock for stock settled deferred consideration, Shares | 0 | 28,673 | ||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 11,494 | ||||
Shares withheld related to net share settlement of stock-based awards | (8,039) | $ 0 | $ 0 | (8,039) | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (158,020) | ||||
Issuance of common stock for settlement of deferred stock units, Shares | 0 | 166,449 | ||||
Issuance of common stock for settlement of deferred stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Ending Balance at Jun. 30, 2022 | 717,170 | $ 0 | $ 4 | 123,767 | 596,361 | (2,962) |
Ending Balance, Shares at Jun. 30, 2022 | 0 | 39,964,292 | ||||
Beginning Balance at Mar. 31, 2022 | 675,389 | $ 0 | $ 4 | 122,782 | 554,193 | (1,590) |
Beginning Balance, Shares at Mar. 31, 2022 | 0 | 39,795,399 | ||||
Net and comprehensive income (loss) | 40,796 | $ 0 | $ 0 | 0 | 42,168 | (1,372) |
Stock-based compensation | 4,275 | $ 0 | $ 0 | 4,275 | 0 | 0 |
Stock-based compensation, Shares | 0 | 0 | ||||
Shares issued pursuant to employee stock purchase plan | 414 | $ 0 | $ 0 | 414 | 0 | 0 |
Shares issued pursuant to employee stock purchase plan, Shares | 0 | 11,089 | ||||
Issuance of common stock for vesting of restricted stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for vesting of restricted stock units, Shares | 0 | 44,971 | ||||
Issuance of common stock for stock settled deferred consideration | 1,417 | $ 0 | $ 0 | 1,417 | 0 | 0 |
Issuance of common stock for stock settled deferred consideration, Shares | 0 | 28,673 | ||||
Issuance of common stock for unvested restricted stock awards | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of common stock for unvested restricted stock awards, Shares | 0 | 11,494 | ||||
Shares withheld related to net share settlement of stock-based awards | (5,121) | $ 0 | $ 0 | (5,121) | 0 | 0 |
Shares withheld related to net share settlement of stock-based awards, shares | 0 | (93,783) | ||||
Issuance of common stock for settlement of deferred stock units, Shares | 0 | 166,449 | ||||
Issuance of common stock for settlement of deferred stock units | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Ending Balance at Jun. 30, 2022 | $ 717,170 | $ 0 | $ 4 | $ 123,767 | $ 596,361 | $ (2,962) |
Ending Balance, Shares at Jun. 30, 2022 | 0 | 39,964,292 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 74,951 | $ 46,544 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 7,243 | 5,956 |
Noncash lease expense | 11,944 | 11,850 |
Credit loss expense | (28) | (137) |
Stock-based compensation | 8,131 | 4,950 |
Deferred taxes, net | (130) | 780 |
Unrealized foreign exchange losses (gains) | 403 | (560) |
Net realized gains on marketable debt securities, available-for-sale | (96) | (10) |
Other non-cash items | (22) | 196 |
Changes in operating assets and liabilities: | ||
Commissions receivable | 2,922 | (4,781) |
Prepaid expenses | 3,177 | (239) |
Advances and loans | (48,539) | (7,086) |
Other assets | (2,818) | (2,138) |
Accounts payable and accrued expenses | (2,684) | 4,988 |
Income tax receivable/payable | (15,005) | (1,345) |
Accrued bonuses and other employee related expenses | (19,260) | 3,005 |
Deferred compensation and commissions | (61,047) | (15,968) |
Operating lease liabilities | (9,759) | (10,557) |
Other liabilities | (1,223) | (1,982) |
Net cash (used in) provided by operating activities | (51,840) | 33,466 |
Cash flows from investing activities | ||
Acquisition of businesses, net of cash received | (12,500) | 229 |
Purchases of marketable debt securities, available-for-sale | (174,259) | (199,513) |
Proceeds from sales and maturities of marketable debt securities, available-for-sale | 135,206 | 159,968 |
Issuances of employee notes receivable | (71) | (40) |
Payments received on employee notes receivable | 71 | 276 |
Purchase of property and equipment | (5,022) | (2,770) |
Net cash used in investing activities | (56,575) | (41,850) |
Cash flows from financing activities | ||
Taxes paid related to net share settlement of stock-based awards | (8,039) | (2,044) |
Proceeds from issuance of shares pursuant to employee stock purchase plan | 414 | 369 |
Dividends paid | (50,082) | 0 |
Principal payments on stock appreciation rights liability | (1,761) | (1,481) |
Principal payments on deferred and contingent consideration | (2,431) | (1,302) |
Net cash used in financing activities | (61,899) | (4,458) |
Effect of currency exchange rate changes on cash and cash equivalents | (175) | 104 |
Net decrease in cash and cash equivalents | (170,489) | (12,738) |
Cash and cash equivalents at beginning of period | 382,140 | 243,152 |
Cash and cash equivalents at end of period | 211,651 | 230,414 |
Supplemental cash flow disclosures: | ||
Interest paid during the period | 514 | 714 |
Income taxes paid, net | 40,046 | 17,897 |
Supplemental disclosures of noncash investing and financing activities: | ||
Unpaid purchases of property and equipment | 1,196 | 250 |
Right-of-use assets obtained in exchange for operating lease liabilities | 15,169 | 14,254 |
Issuance of stock for the settlement of deferred consideration | 1,417 | 1,000 |
Measurement period adjustment of acquisition related contingent consideration | $ 0 | $ (100) |
Description of Business, Basis
Description of Business, Basis of Presentation and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Recent Accounting Pronouncements | 1. Description of Business, Basis of Presentation and Recent Accounting Pronouncements Description of Business Marcus & Millichap, Inc. (the “Company,” “Marcus & Millichap,” or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research 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 financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K The Company reclassified certain items within accounts payable and accrued expenses to other liabilities, current in the December 31, 2021 condensed consolidated balance sheet to conform with current period presentation. Considerations Related to the COVID-19 The Company may continue to experience operational and financial impacts due to the ongoing COVID-19 Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable debt securities, available-for-sale, 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. In September 2021, the Company entered into a Strategic Alliance (“Strategic Alliance”) with M&T Realty Capital Corporation (“MTRCC”) pursuant to which the Company has agreed to provide loan opportunities that may be funded through MTRCC’s Delegated Underwriting and Servicing Agreement (“DUS Agreement”) with the Federal National Mortgage Association (“Fannie Mae”) and which requires MTRCC to guarantee a portion of each loan funded. On a loan-by-loan The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and six months ended June 30, 2022 and 2021, 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 both During each of the three and six months ended June 30, 2022 and 2021, no office represented 10% or more of total revenues. 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 interests in commercial properties and 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, due diligence services, guarantee fees, loan performance fees and other consulting. The Company’s contracts, except as noted below, do not contain multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Real Estate Brokerage Commissions Contracts for representing buyers and sellers of real estate are usually negotiated on a transaction-by-transaction Financing Fees Contracts for representing potential borrowers are usually negotiated on a transaction-by-transaction Loan Performance Fees Guarantee Obligations Mortgage Servicing Other Revenues Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers, and are recognized when services are provided, or upon closing of the transaction. Recent Accounting Pronouncements Pending Adoption In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04”). 2020-04 2020-04 2020-04 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 2. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, Computer software and hardware equipment $ 38,204 $ 33,819 Furniture, fixtures and equipment 25,613 24,511 Less: accumulated depreciation and amortization (38,479 ) (35,138 ) $ 25,338 $ 23,192 Depreciation expense for property and equipment wa s $1.8 million for each of the three months ended June 30, 2022 and 2021, and $3.7 million and $3.6 million for the six months ended June 30, 2022 and 2021, respectively. |
Investments in Marketable Debt
Investments in Marketable Debt Securities, Available-for-Sale | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Marketable Debt Securities, Available-for-Sale | 3. 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, June 30, 2022 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 123,715 $ — $ — $ (1,233 ) $ 122,482 Corporate debt 129,913 — — (206 ) 129,707 Asset-backed securities (“ABS”) and other 859 — 1 (9 ) 851 $ 254,487 $ — $ 1 $ (1,448 ) $ 253,040 Long-term investments: U.S. treasuries $ 40,827 $ — $ — $ (619 ) $ 40,208 U.S. government sponsored entities 646 — — (42 ) 604 Corporate debt 31,956 — 1 (2,100 ) 29,857 ABS and other 7,338 — 3 (422 ) 6,919 $ 80,767 $ — $ 4 $ (3,183 ) $ 77,588 December 31, 2021 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 35,767 $ — $ — $ (34 ) $ 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 The Company’s investments in marketable debt securities, available-for-sale, June 30, 2022 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross U.S. treasuries $ 162,281 $ (1,852 ) $ — $ — $ 162,281 $ (1,852 ) U.S. government sponsored entities 506 (27 ) 96 (16 ) 602 (43 ) Corporate debt 157,965 (2,225 ) 592 (80 ) 158,557 (2,305 ) ABS and other 6,342 (431 ) — — 6,342 (431 ) $ 327,094 $ (4,535 ) $ 688 $ (96 ) $ 327,782 $ (4,631 ) December 31, 2021 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair 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 ) Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, Three Months Ended Six Months Ended 2022 2021 2022 2021 Gross realized gains (1) $ 1 $ 9 $ 114 $ 10 Gross realized losses (1) $ (17 ) $ — $ (17 ) $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of June 30, 2022, the portfolio had an average credit rating of AA+ and a weighted term to contractual maturity of 1.3 years, with 216 securities in the portfolio representing an unrealized aggregate loss of $4.6 million or 1% of amortized cost, and a weighted average credit rating of AA+. As of June 30, 2022, 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, including interest rates, geopolitical unrest 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, June 30, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Due in one year or less $ 254,487 $ 253,040 $ 183,915 $ 183,868 Due after one year through five years 64,064 62,267 96,035 96,257 Due after five years through ten years 11,588 10,546 11,129 11,601 Due after ten years 5,115 4,775 4,694 4,752 $ 335,254 $ 330,628 $ 295,773 $ 296,478 Weighted average contractual maturity 1.3 years 1.5 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 | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | 4. Acquisitions, Goodwill and Other Intangible Assets During the six months ended June 30, 2022, the Company expanded its network of financing professionals and provided further diversification to its financing services. The Company completed an acquisition of a business that was accounted for as a business combination, and the results have been included in the condensed consolidated financial statements beginning on the acquisition date. Terms of the acquisition principally included cash paid at closing. The goodwill recorded as part of the Company’s acquisitions primarily arose from the acquired assembled workforce and brokerage and financing sales platforms. The Company expects all of the goodwill to be tax deductible, with the tax-deductible Goodwill and intangible assets, net consisted of the following (in thousands): June 30, 2022 December 31, 2021 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 38,101 $ — $ 38,101 $ 34,071 $ — $ 34,071 Intangible assets (1) 32,444 (12,282 ) 20,162 23,974 (9,940 ) 14,034 $ 70,545 $ (12,282 ) $ 58,263 $ 58,045 $ (9,940 ) $ 48,105 (1) Total weighted average amortization period was 4.9 years and 4.4 years as of June 30, 2022 and December 31, 2021, respectively. The Company recorded amortization expense for intangible asset s f million for the three months ended June 30, 2022 and 2021, respectively, and $2.3 million and $2.1 million for the six months ended June 30, 2022 and 2021, respectively. The changes in the carrying amount of goodwill consisted of the following (in thousands): Six Months Ended 2022 2021 Beginning balance $ 34,071 $ 33,375 Additions from acquisitions (1) 4,030 696 Impairment losses — — Ending balance $ 38,101 $ 34,071 (1) The 2021 addition represents a measurement period adjustment for an acquisition made in 2020. Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands): June 30, 2022 Remainder of 2022 $ 2,341 2023 4,617 2024 4,101 2025 3,881 2026 2,156 Thereafter 3,066 $ 20,162 The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing, which indicate that it is more likely than not an impairment loss has occurred. The Company evaluates its intangible assets that have finite useful lives whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. As of June 30, 2022, the Company considered the impact of the continuing COVID-19 |
Selected Balance Sheet Data
Selected Balance Sheet Data | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Selected Balance Sheet Data | 5. Selected Balance Sheet Data Allowances on Advances and Loans, and Commissions Receivable Allowance for credit losses for advances and loans and commissions receivable as of June 30, 2022 and December 31, 2021 was $1,110,000 and $794,000, respectively. Other Assets Other assets consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ — $ 1,855 Security deposits — — 1,681 1,395 Employee notes receivable 16 40 — — Securities, held-to-maturity (1) — — 9,500 9,500 Customer trust accounts and other 5,864 5,230 2,392 396 $ 5,880 $ 5,270 $ 13,573 $ 13,146 (1) Securities, held-to-maturity, 1-year MSRs The net change in the carrying value of MSRs consisted of the following (in thousands): Six Months Ended 2022 2021 Beginning balance $ 1,855 $ 1,897 Additions — 366 Amortization (1,275 ) (270 ) Reclassification to assets held for sale (280 ) — Loss on sale (300 ) — Ending balance $ — $ 1,993 In the six months ended June 30, 2022, the Company received cancellation notices on certain servicing contracts. Amortization of those contracts was adjusted to reflect the cancellations. In June 2022, the Company determined to discontinue its servicing activities and signed an agreement to sell the remaining servicing rights. The sale closed on July 21, 2022. The Company recorded a loss on the sale of the remaining rights in the second quarter 2022 and has reclassified the remaining carrying value of the MSRs to assets held for sale. The loss on sale has been recorded within selling, general and administrative expenses within the condensed consolidated statements of net and comprehensive income. The portfolio of loans serviced by the Company aggregated $1.7 billion for the period ended December 31, 2021. Deferred Compensation and Commissions Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,323 $ 2,241 $ 12,866 $ 14,918 Commissions payable to investment sales and financing 52,316 110,769 28,813 31,697 Deferred compensation liability ( 1 622 1,080 6,417 6,921 Other 126 595 — — $ 55,387 $ 114,685 $ 48,096 $ 53,536 (1) The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to 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 , 10-year , Estimated payouts within the next twelve months for participants that have separated from service have been classified as current. During each of the six months ended June 30, 2022 and 2021, the Company made total payments of $2.2 million, consisting of principal and accumulated interest. Commissions Payable Certain investment sales and financing professionals can 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 may defer payment of certain commissions, at its election, for up to . Deferred Compensation Liability A select group of management is eligible to participate in the Marcus & Millichap Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan is a non-qualified in-service two of the aggregate deferred compensation liability represented by the participants’ accounts. Estimated payouts within the next twelve months for participants that have separated from service or elected an in-service The assets held in the rabbi trust are carried at the cash surrender value of the variable life insurance policies, which represents its fair value. The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses, consisted of the following (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 (Decrease) increase in the carrying value of the assets held in the rabbi trust (1) $ (1,259 ) $ 657 $ (1,784 ) $ 990 Decrease (increase) in the net carrying value of the deferred compensation obligation (2) $ 1,259 $ (503 ) $ 1,791 $ (763 ) (1) Recorded in other (expense) income, net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. Other Liabilities Other liabilities consisted of the following (in thousands): Current Non-Current June 30, 2022 December 31, June 30, 2022 December 31, Deferred consideration $ 2,863 $ 5,112 $ 3,300 $ 4,689 Contingent consideration 2,466 2,681 5,313 6,631 Dividends payable 612 — 1,443 — Other 1,626 991 32 74 $ 7,567 $ 8,784 $ 10,088 $ 11,394 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 6. 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 six months ended June 30, 2022 and 2021 of ( ) Brokerage and Financing Services with the Subsidiaries of MMC MMC has wholly or majority owned subsidiaries that buy and sell commercial real estate properties. The Company performs certain brokerage and financing services related to transactions of the subsidiaries of MMC. For the three months ended June 30, 2022 and 2021, the Company earned real estate brokerage commissions and financing fees of $912,000 and $337,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $547,000 and $203,000, respectively, related to these revenues. For the six months ended June 30, 2022 and 2021, the Company earned real estate brokerage commissions and financing fees of $2,510,000 and $794,000, respectively, from transactions with subsidiaries of MMC related to these services. The Company incurred cost of services of $1,501,000 and $477,000, respectively, related to these revenues. Operating Lease with MMC The Company extended its operating lease with MMC for a single-story office building located in Palo Alto, California, which now May of 2032 Accounts Payable and Accrued Expenses with MMC As of June 30, 2022 and December 31, 2021, the Company owed MMC $11,000 and $93,000, respectively. These amounts are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Other The Company makes advances to non-executive time-to-time. non-current) As of June 30, 2022, George M. Marcus, the Company’s founder and Chairman, beneficially owned approximately 38% o f Foundation II. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements U.S. GAAP defines the fair value of a financial instrument as the amount that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of fair value and the supporting methodologies and assumptions. The Company uses various pricing sources and third parties to provide and validate the values utilized. The degree of judgment used in measuring the fair value of financial instruments is generally inversely correlated with the level of observable valuation inputs. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Assets recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of the three “levels” based on the observability of inputs available in the marketplace used to measure the fair values as discussed below: • Level 1 • Level 2 • Level 3 Recurring Fair Value Measurements The Company values its investments including commercial paper and floating net asset value money market funds recorded in cash and cash equivalents, investments in marketable debt securities, available-for-sale, Fair values for investments included in cash and cash equivalents and marketable debt securities, available-for-sale Fair values for assets held in the rabbi trust and related deferred compensation liability were determined based on the cash surrender value of the company owned variable life insurance policies and underlying investments in the trust, and are Level 2 and Level 1 measurements, respectively. Contingent consideration in connection with acquisitions, is carried at fair value and determined on a contract-by-contract Assets and liabilities carried at fair value on a recurring basis consisted of the following (in thousands): June 30, 2022 December 31, 2021 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 9,587 $ — $ 9,587 $ — $ 11,508 $ — $ 11,508 $ — Cash equivalents (1) : Commercial paper $ 35,932 $ — $ 35,932 $ — $ 8,948 $ — $ 8,948 $ — Money market funds 80,910 80,910 — — 210,985 210,985 — — $ 116,842 $ 80,910 $ 35,932 $ — $ 219,933 $ 210,985 $ 8,948 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 122,482 $ 122,482 $ — $ — $ 35,733 $ 35,733 $ — $ — Corporate debt 129,707 — 129,707 — — — — — ABS and other 851 — 851 — 148,135 — 148,135 — $ 253,040 $ 122,482 $ 130,558 $ — $ 183,868 $ 35,733 $ 148,135 $ — Long-term investments: U.S. treasuries $ 40,208 $ 40,208 $ — $ — $ 70,767 $ 70,767 $ — $ — U.S. government sponsored entities 604 — 604 — 745 — 745 — Corporate debt 29,857 — 29,857 — 34,013 — 34,013 — ABS and other 6,919 — 6,919 — 7,085 — 7,085 — $ 77,588 $ 40,208 $ 37,380 $ — $ 112,610 $ 70,767 $ 41,843 $ — Liabilities: Contingent consideration $ 7,779 $ — $ — $ 7,779 $ 9,312 $ — $ — $ 9,312 Deferred consideration $ 6,163 $ — $ 6,163 $ — $ 9,801 $ — $ 9,801 $ — Deferred compensation liability $ 7,039 $ 7,039 $ — $ — $ 8,001 $ 8,001 $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. There were transfers in or out of Level during the months ended June , and . During the six months ended June 30, 2022, the Company considered current and future interest rates and the probability of achieving EBITDA and other performance targets 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 June 30, 2022 and December 31, 2021, contingent and deferred consideration had a maximum undiscounted payment to be settled in cash or stock of $23.8 million and $28.6 million, respectively. Assuming the achievement of the applicable performance criteria and/or service and time requirements, the Company anticipates these payments will be made over the next one A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Six Months Ended 2022 2021 Beginning balance $ 9,312 $ 5,572 Contingent consideration in connection with acquisitions — (100 ) Change in fair value of contingent consideration (493 ) 1,345 Payments of contingent consideration (1,040 ) — Ending balance $ 7,779 $ 6,817 Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 7,779 Discounted cash flow Expected life of cash flows 0.9-5.3 years (3.0 years) Discount rate 5.8%-6.3% Probability of achievement 0.0%-100.0% (98.1%) Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 9,312 Discounted cash flow Expected life of cash flows 1.4-5.8 Discount rate 2.2%-3.5% Probability of achievement 29.0%-100.0% ( (1) Unobservable inputs were weighted by the relative fair value of the instruments. Nonrecurring Fair Value Measurements In accordance with U.S. GAAP, from time to time, the Company measures certain assets at fair value on a nonrecurring basis. The Company reviews the carrying value of MSRs, intangibles, goodwill and other assets for indications of impairment at least annually. When indications of potential impairment are identified, the Company may be required to determine the fair value of those assets and record an adjustment for the carrying amount in excess of the fair value determined. Any fair value determination would be based on valuation approaches, which are appropriate under the circumstances and utilize Level 2 and Level 3 measurements as required. MSRs are recorded at fair value upon acquisition of a servicing contract. The Company has elected the amortization method for the subsequent measurement of MSRs. MSRs are carried at the lower of amortized cost or fair value. MSRs are a Level 3 measurement. The Company’s MSRs do not trade in an active, open market with readily observable prices. The estimated fair value of the Company’s MSRs were developed using a discounted cash flow model that calculates the present value of estimated future net servicing income. The model considers contractual provisions and assumptions of market participants including specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions used to reflect observable market conditions and assumptions that a market participant would consider in valuing an MSR asset. Management 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 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Common Stock As of June 30, 2022 and December 31, 2021, there were 39,964,292 and 39,692,373 shares of common stock, $0.0001 par value, issued and outstanding, which include unvested restricted stock awards (“RSAs”) issued to non-employee On February 16, 2022, The Board of Directors declared a semi-annual regular dividend of $0.25 per share and a special dividend of $1.00 per share, payable on April 4, 2022, to stockholders of record at the close of business on March 8, 2022. The Company accrued a dividend payable of $52.1 million, including dividend equivalents aggregating $2.5 million to be paid upon vesting for unvested restricted stock and deferred stock units granted under the 2013 Omnibus Equity Incentive Plan. During million in dividends and dividend equivalents to outstanding shareholders. As of June 30, 2022, accrued dividend equivalents related to unvested RSUs aggregated t o $2.0 million and are recorded in other liabilities, current and other liabilities, non-current Preferred Stock The Company has 25,000,000 authorized shares of preferred stock with a par value $0.0001 per share. At June 30, 2022 and December 31, 2021, there were no preferred shares issued or outstanding. Accumulated Other Comprehensive Income (Loss) Amounts reclassified from accumulated other comprehensive income (loss) are included as a component of other (expense) income, net or selling, general and administrative expense, as applicable, in the condensed consolidated statements of net and comprehensive income. The reclassifications were determined on a specific identification basis. The Company has not provided for U.S. taxes on unremitted earnings of its foreign subsidiary as it is operating at a loss and has no earnings and profits to remit. As a result, deferred taxes were not provided related to the cumulative foreign currency translation adjustments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | 9. Stock-Based Compensation Plans 2013 Omnibus Equity Incentive Plan The Company’s board of directors adopted the 2013 Omnibus Equity Incentive Plan (the “2013 Plan”), which became effective upon the Company’s IPO. In February 2017, the B D non-employee On February 16, 2022, the Board of Directors declared a semi-annual regular dividend of $0.25 per share and a special dividend of $1.00 per share payable on April 4, 2022, to stockholders of record at the close of business on March 8, 2022. The Compensation Committee granted dividend equivalents to all unvested grants as of the record date. The Company accrued dividend equivalents on unvested grants outstanding as of th e record date of Awards Granted and Settled Under the 2013 Plan, the Company has issued RSAs to non-employee one-year During the six months ended June 30, 2022, shares of RSUs vested and 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. Unvested RSUs will be settled through the issuance of new shares of common stock. Outstanding Awards Activity under the 2013 Plan consisted of the following (dollars in thousands, except weighted average per share data): Shares Weighted- Nonvested shares at December 31, 2021 (1) 980,936 $ 36.58 Granted 848,629 47.16 Vested (225,557 ) 36.44 Forfeited/canceled (14,050 ) 36.79 Nonvested shares at June 30, 2022 (1) 1,589,958 $ 42.45 Unrecognized stock-based compensation expense as of June 30, 2022 $ 60,111 Unrecognized compensation expense is expected to be recognized over a weighted-average period (years) of approximately 4.03 Weighted average remaining vesting period (years) as of June 30, 2022 4.03 (1) Nonvested RSUs will be settled through the issuance of new shares of common stock. Employee Stock Purchase Plan In 2013, the Company adopted the 2013 Employee Stock Purchase Plan (“ESPP”). The ESPP is intended to qualify under Section 423 of the Internal Revenue Code and provides for consecutive, non-overlapping 6-month 6-month The ESPP initially had 366,667 shares of common stock reserved, and 145,636 shares of common stock remain available for issuance as of June 30, 2022. 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 B D B D SARs and DSUs Prior to the IPO, certain employees were granted SARs. As of , 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 deferred stock units (“DSUs”), which were fully vested upon receipt and will be settled in actual stock at a rate of % 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 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 , % of the DSUs will be settled. During the six months ended June 30, 2022, DSUs were settled, and shares of common stock were withheld to pay applicable required employee statutory withholding taxes based on the market value of the DSUs on the settlement date. As of June 30, 2022, shares of fully vested DSUs remained to be settled in 2022. Summary of Stock-Based Compensation Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income and consisted of the following (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 ESPP $ 29 $ 24 $ 85 $ 74 RSUs and RSAs 4,246 2,638 8,046 4,876 $ 4,275 $ 2,662 $ 8,131 $ 4,950 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2022 was 24.9% and 25.5%, respectively, compared to 26.4% and 27.2% respectively, for the three and six months ended June 30, 2021. The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for any tax effects of items that relate discretely to the period, if any. The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Amount Rate Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 11,786 21.0 % $ 8,994 21.0 % $ 21,139 21.0 % $ 13,425 21.0 % State income tax expense, net of federal benefit 2,389 4.3 % 1,999 4.7 % 4,422 4.4 % 3,046 4.8 % (Windfall) shortfall tax benefits, net related to stock-based compensation (1,758 ) (3.1 )% (52 ) (0.1 )% (2,064 ) (2.1 )% (79 ) (0.1 )% Change in valuation allowance 23 0.0 % 17 0.0 % (81 ) (0.1 )% 188 0.3 % Permanent and other items (1) 1,515 2.7 % 339 0.8 % 2,296 2.3 % 803 1.2 % $ 13,955 24.9 % $ 11,297 26.4 % $ 25,712 25.5 % $ 17,383 27.2 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 11. Earnings per Share Basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021, respectively consisted of the following (in thousands, except per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator (Basic and Diluted): Net income $ 42,168 $ 31,532 $ 74,951 $ 46,544 Change in value for stock settled consideration (24 ) (42 ) (38 ) 10 Adjusted net income $ 42,144 $ 31,490 $ 74,913 $ 46,554 Denominator: Basic Weighted average common shares issued and outstanding 39,936 39,549 39,829 39,491 Deduct: Unvested RSAs (1) (12 ) (14 ) (13 ) (16 ) Add: Fully vested DSUs (2) 124 342 202 342 Weighted average common shares outstanding 40,048 39,877 40,018 39,817 Basic earnings per common share $ 1.05 $ 0.79 $ 1.87 $ 1.17 Diluted Weighted average common shares outstanding from above 40,048 39,877 40,018 39,817 Add: Dilutive effect of RSUs, RSAs & ESPP 213 149 291 182 Add: Contingently issuable shares (3) 81 113 81 113 Weighted average common shares outstanding 40,342 40,139 40,390 40,112 Diluted earnings per common share $ 1.04 $ 0.78 $ 1.85 $ 1.16 Antidilutive shares excluded from diluted earnings per common share (4) 843 48 843 275 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “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 | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Credit Agreement On June 18, 2014, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the “Credit Agreement”). On May 31, 2022 the Company executed an amended and restated Credit Agreement (the “First Amended and Restated Credit Agreement”) to extend the maturity date of the Credit Agreement on substantially the same terms and conditions as the original credit facility. The First Amended and Restated 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”), which was scheduled to mature on August 1, 2022. Prior to the maturity date, the Company entered into the Second Amended and Restated Credit Agreement principally on the same terms, to further extend the maturity date to June 1, 2025. Refer to Note 13 – “ Subsequent Events” The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. Borrowings under the Credit Agreement are available for general corporate purposes and working capital. The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at June 30, 2022. Borrowings under the Credit Facility will bear interest at the Daily Simple SOFR rate plus a spread of between 1.00% to 1.25% depending on the Company’s total funded debt to EBITDA as defined in the Credit Agreement. In connection with the amendments of the Credit Agreement, the Company paid bank fees and other expenses, which are being amortized over the remaining term of the Credit Agreement. The Company pays a commitment fee of up t o 0.1% per annum, payable quarterly, based on the amount of unutilized commitments under the Credit Facility. The amortization and commitment fee is included in interest expense in the accompanying condensed consolidated statements of net and comprehensive income and wa s $22,000 and $20,000 for the three months ended June 30, 2022 and 2021, respectively and $47,000 and $44,000, respectively, during the six months ended June 30, 2022 and 2021. As of June 30, 2022, there were no amounts outstanding under the Credit Agreement. The Credit Facility contains customary covenants, including financial and other covenant reporting requirements and events of default. Financial covenants require the Company, on a combined basis with its guarantors, to maintain (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 2.0:1.0 as of each quarter end, determined on a rolling four-quarter basis, and also 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 June 30, 2022, the Company was in compliance with all financial and non-financial Strategic Alliance The Company, in connection with the Strategic Alliance with MTRCC, has agreed to provide loan opportunities that may be funded through MTRCC’s agreement with Fannie Mae and which requires MTRCC to guarantee a portion of each funded loan. On a loan-by-loan basis, 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 June 30, 2022 aggregated to $20.9 million. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On August 2, 2022, the Board of Directors declared a semi-annual regular dividend o f $0.25 per share, or approximately $10.4 million, payable on October 6, 2022 to stockholders of record at the close of business on September 15, 2022. Any and all future dividends are subject to review and approval by the Board of Directors. In addition, the Board of Directors authorized and approved a stock repurchase program (“Repurchase Program”) authorizing up to million in stock repurchases. The stock repurchase program has not yet commenced, does not obligate us to repurchase any dollar amount or number of shares, and our Board of Directors may modify, suspend, or discontinue authorization of the Repurchase Program at any time. On July 28, 2022, the Company entered into the Second Amended and Restated Credit Agreement, which provides for a three-year extension of its Credit Facility with Wells Fargo Bank, National Association on principally the same terms and conditions as the extension signed in May 2022. The new agreement matures on June 1, 2025. |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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 |
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 financial information presented in the accompanying unaudited condensed consolidated financial statements, has been prepared in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q Article 10-01 Regulation S-X. 10-K The Company reclassified certain items within accounts payable and accrued expenses to other liabilities, current in the December 31, 2021 condensed consolidated balance sheet to conform with current period presentation. |
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 |
Consolidation | Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
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 interests in commercial properties and 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, due diligence services, guarantee fees, loan performance fees and other consulting. The Company’s contracts, except as noted below, do not contain multiple-element arrangements, variable consideration, financing components, significant noncash consideration, licenses, long-term contracts with customers or other items affecting the transaction price. Real Estate Brokerage Commissions Contracts for representing buyers and sellers of real estate are usually negotiated on a transaction-by-transaction Financing Fees Contracts for representing potential borrowers are usually negotiated on a transaction-by-transaction Loan Performance Fees Guarantee Obligations Mortgage Servicing Other Revenues Other revenues include fees generated from consulting and advisory services, as well as referral fees from other real estate brokers, and are recognized when services are provided, or upon closing of the transaction. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Concentration of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable debt securities, available-for-sale, 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. In September 2021, the Company entered into a Strategic Alliance (“Strategic Alliance”) with M&T Realty Capital Corporation (“MTRCC”) pursuant to which the Company has agreed to provide loan opportunities that may be funded through MTRCC’s Delegated Underwriting and Servicing Agreement (“DUS Agreement”) with the Federal National Mortgage Association (“Fannie Mae”) and which requires MTRCC to guarantee a portion of each loan funded. On a loan-by-loan The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and six months ended June 30, 2022 and 2021, 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 both During each of the three and six months ended June 30, 2022 and 2021, no office represented 10% or more of total revenues. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Pending Adoption In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04”). 2020-04 2020-04 2020-04 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, December 31, Computer software and hardware equipment $ 38,204 $ 33,819 Furniture, fixtures and equipment 25,613 24,511 Less: accumulated depreciation and amortization (38,479 ) (35,138 ) $ 25,338 $ 23,192 |
Investments in Marketable Deb_2
Investments in Marketable Debt Securities, Available-for-Sale (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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, June 30, 2022 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 123,715 $ — $ — $ (1,233 ) $ 122,482 Corporate debt 129,913 — — (206 ) 129,707 Asset-backed securities (“ABS”) and other 859 — 1 (9 ) 851 $ 254,487 $ — $ 1 $ (1,448 ) $ 253,040 Long-term investments: U.S. treasuries $ 40,827 $ — $ — $ (619 ) $ 40,208 U.S. government sponsored entities 646 — — (42 ) 604 Corporate debt 31,956 — 1 (2,100 ) 29,857 ABS and other 7,338 — 3 (422 ) 6,919 $ 80,767 $ — $ 4 $ (3,183 ) $ 77,588 December 31, 2021 Amortized Allowance Gross Gross Fair Short-term investments: U.S. treasuries $ 35,767 $ — $ — $ (34 ) $ 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 |
Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position | The Company’s investments in marketable debt securities, available-for-sale, June 30, 2022 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair Gross U.S. treasuries $ 162,281 $ (1,852 ) $ — $ — $ 162,281 $ (1,852 ) U.S. government sponsored entities 506 (27 ) 96 (16 ) 602 (43 ) Corporate debt 157,965 (2,225 ) 592 (80 ) 158,557 (2,305 ) ABS and other 6,342 (431 ) — — 6,342 (431 ) $ 327,094 $ (4,535 ) $ 688 $ (96 ) $ 327,782 $ (4,631 ) December 31, 2021 Less than 12 months 12 months or greater Total Fair Gross Fair Gross Fair 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 ) |
Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities | Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, Three Months Ended Six Months Ended 2022 2021 2022 2021 Gross realized gains (1) $ 1 $ 9 $ 114 $ 10 Gross realized losses (1) $ (17 ) $ — $ (17 ) $ — (1) Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method. |
Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity | Amortized cost and fair value of marketable debt securities, available-for-sale, June 30, 2022 December 31, 2021 Amortized Fair Value Amortized Fair Value Due in one year or less $ 254,487 $ 253,040 $ 183,915 $ 183,868 Due after one year through five years 64,064 62,267 96,035 96,257 Due after five years through ten years 11,588 10,546 11,129 11,601 Due after ten years 5,115 4,775 4,694 4,752 $ 335,254 $ 330,628 $ 295,773 $ 296,478 Weighted average contractual maturity 1.3 years 1.5 years |
Acquisitions, Goodwill and Ot_2
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Summary of Goodwill and Intangible Assets, Net | Goodwill and intangible assets, net consisted of the following (in thousands): June 30, 2022 December 31, 2021 Gross Accumulated Net Book Gross Accumulated Net Book Goodwill and intangible assets: Goodwill $ 38,101 $ — $ 38,101 $ 34,071 $ — $ 34,071 Intangible assets (1) 32,444 (12,282 ) 20,162 23,974 (9,940 ) 14,034 $ 70,545 $ (12,282 ) $ 58,263 $ 58,045 $ (9,940 ) $ 48,105 (1) Total weighted average amortization period was 4.9 years and 4.4 years as of June 30, 2022 and December 31, 2021, respectively. |
Summary of Changes in Carrying Carrying Amount of Goodwill | The changes in the carrying amount of goodwill consisted of the following (in thousands): Six Months Ended 2022 2021 Beginning balance $ 34,071 $ 33,375 Additions from acquisitions (1) 4,030 696 Impairment losses — — Ending balance $ 38,101 $ 34,071 (1) The 2021 addition represents a measurement period adjustment for an acquisition made in 2020. |
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): June 30, 2022 Remainder of 2022 $ 2,341 2023 4,617 2024 4,101 2025 3,881 2026 2,156 Thereafter 3,066 $ 20,162 |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, Mortgage servicing rights (“MSRs”), net of amortization $ — $ — $ — $ 1,855 Security deposits — — 1,681 1,395 Employee notes receivable 16 40 — — Securities, held-to-maturity (1) — — 9,500 9,500 Customer trust accounts and other 5,864 5,230 2,392 396 $ 5,880 $ 5,270 $ 13,573 $ 13,146 (1) Securities, held-to-maturity, 1-year |
Summary of Net Change in Carrying Value of MSRs | The net change in the carrying value of MSRs consisted of the following (in thousands): Six Months Ended 2022 2021 Beginning balance $ 1,855 $ 1,897 Additions — 366 Amortization (1,275 ) (270 ) Reclassification to assets held for sale (280 ) — Loss on sale (300 ) — Ending balance $ — $ 1,993 |
Schedule of Deferred Compensation and Commissions | Deferred compensation and commissions consisted of the following (in thousands): Current Non-Current June 30, December 31, June 30, December 31, Stock appreciation rights (“SARs”) liability (1) $ 2,323 $ 2,241 $ 12,866 $ 14,918 Commissions payable to investment sales and financing 52,316 110,769 28,813 31,697 Deferred compensation liability ( 1 622 1,080 6,417 6,921 Other 126 595 — — $ 55,387 $ 114,685 $ 48,096 $ 53,536 (1) The SARs and deferred compensation liabilities become subject to payout at the time the participant is no longer considered a service provider. As a result of the retirement of certain participants, estimated amounts to be paid to participants within the next twelve months have been classified as current. |
Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability | The net change in the carrying value of the assets held in the rabbi trust and the net change in the carrying value of the deferred compensation liability, each exclusive of additional contributions, distributions and trust expenses, consisted of the following (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 (Decrease) increase in the carrying value of the assets held in the rabbi trust (1) $ (1,259 ) $ 657 $ (1,784 ) $ 990 Decrease (increase) in the net carrying value of the deferred compensation obligation (2) $ 1,259 $ (503 ) $ 1,791 $ (763 ) (1) Recorded in other (expense) income, net in the condensed consolidated statements of net and comprehensive income. (2) Recorded in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income. |
Summary of Other Liabilities | Other liabilities consisted of the following (in thousands): Current Non-Current June 30, 2022 December 31, June 30, 2022 December 31, Deferred consideration $ 2,863 $ 5,112 $ 3,300 $ 4,689 Contingent consideration 2,466 2,681 5,313 6,631 Dividends payable 612 — 1,443 — Other 1,626 991 32 74 $ 7,567 $ 8,784 $ 10,088 $ 11,394 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): June 30, 2022 December 31, 2021 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: Assets held in rabbi trust $ 9,587 $ — $ 9,587 $ — $ 11,508 $ — $ 11,508 $ — Cash equivalents (1) : Commercial paper $ 35,932 $ — $ 35,932 $ — $ 8,948 $ — $ 8,948 $ — Money market funds 80,910 80,910 — — 210,985 210,985 — — $ 116,842 $ 80,910 $ 35,932 $ — $ 219,933 $ 210,985 $ 8,948 $ — Marketable debt securities, available-for-sale: Short-term investments: U.S. treasuries $ 122,482 $ 122,482 $ — $ — $ 35,733 $ 35,733 $ — $ — Corporate debt 129,707 — 129,707 — — — — — ABS and other 851 — 851 — 148,135 — 148,135 — $ 253,040 $ 122,482 $ 130,558 $ — $ 183,868 $ 35,733 $ 148,135 $ — Long-term investments: U.S. treasuries $ 40,208 $ 40,208 $ — $ — $ 70,767 $ 70,767 $ — $ — U.S. government sponsored entities 604 — 604 — 745 — 745 — Corporate debt 29,857 — 29,857 — 34,013 — 34,013 — ABS and other 6,919 — 6,919 — 7,085 — 7,085 — $ 77,588 $ 40,208 $ 37,380 $ — $ 112,610 $ 70,767 $ 41,843 $ — Liabilities: Contingent consideration $ 7,779 $ — $ — $ 7,779 $ 9,312 $ — $ — $ 9,312 Deferred consideration $ 6,163 $ — $ 6,163 $ — $ 9,801 $ — $ 9,801 $ — Deferred compensation liability $ 7,039 $ 7,039 $ — $ — $ 8,001 $ 8,001 $ — $ — (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. |
Schedule of Reconciliation of Contingent Consideration Measured at Fair Value on Recurring Basis | A reconciliation of contingent consideration measured at fair value on a recurring basis consisted of the following (in thousands): Six Months Ended 2022 2021 Beginning balance $ 9,312 $ 5,572 Contingent consideration in connection with acquisitions — (100 ) Change in fair value of contingent consideration (493 ) 1,345 Payments of contingent consideration (1,040 ) — Ending balance $ 7,779 $ 6,817 |
Fair Value Liabilities Measured On Recurring Basis Valuation Techniques | Quantitative information about the valuation technique and significant unobservable inputs used in the valuation of the Company’s Level 3 financial liabilities measured at fair value on a recurring basis consisted of the following (dollars in thousands): Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 7,779 Discounted cash flow Expected life of cash flows 0.9-5.3 years (3.0 years) Discount rate 5.8%-6.3% Probability of achievement 0.0%-100.0% (98.1%) Fair Value at Valuation Technique Unobservable inputs Range (Weighted Average) (1) Contingent consideration $ 9,312 Discounted cash flow Expected life of cash flows 1.4-5.8 Discount rate 2.2%-3.5% Probability of achievement 29.0%-100.0% ( (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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): Shares Weighted- Nonvested shares at December 31, 2021 (1) 980,936 $ 36.58 Granted 848,629 47.16 Vested (225,557 ) 36.44 Forfeited/canceled (14,050 ) 36.79 Nonvested shares at June 30, 2022 (1) 1,589,958 $ 42.45 Unrecognized stock-based compensation expense as of June 30, 2022 $ 60,111 Unrecognized compensation expense is expected to be recognized over a weighted-average period (years) of approximately 4.03 Weighted average remaining vesting period (years) as of June 30, 2022 4.03 (1) Nonvested RSUs will be settled through the issuance of new shares of common stock. |
Stock-Based Compensation Expense | Components of stock-based compensation are included in selling, general and administrative expense in the condensed consolidated statements of net and comprehensive income and consisted of the following (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 ESPP $ 29 $ 24 $ 85 $ 74 RSUs and RSAs 4,246 2,638 8,046 4,876 $ 4,275 $ 2,662 $ 8,131 $ 4,950 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes and Income before Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Amount Rate Amount Rate Amount Rate Amount Rate Income tax expense at the federal statutory rate $ 11,786 21.0 % $ 8,994 21.0 % $ 21,139 21.0 % $ 13,425 21.0 % State income tax expense, net of federal benefit 2,389 4.3 % 1,999 4.7 % 4,422 4.4 % 3,046 4.8 % (Windfall) shortfall tax benefits, net related to stock-based compensation (1,758 ) (3.1 )% (52 ) (0.1 )% (2,064 ) (2.1 )% (79 ) (0.1 )% Change in valuation allowance 23 0.0 % 17 0.0 % (81 ) (0.1 )% 188 0.3 % Permanent and other items (1) 1,515 2.7 % 339 0.8 % 2,296 2.3 % 803 1.2 % $ 13,955 24.9 % $ 11,297 26.4 % $ 25,712 25.5 % $ 17,383 27.2 % (1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share | Basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021, respectively consisted of the following (in thousands, except per share data): Three Months Ended Six Months Ended 2022 2021 2022 2021 Numerator (Basic and Diluted): Net income $ 42,168 $ 31,532 $ 74,951 $ 46,544 Change in value for stock settled consideration (24 ) (42 ) (38 ) 10 Adjusted net income $ 42,144 $ 31,490 $ 74,913 $ 46,554 Denominator: Basic Weighted average common shares issued and outstanding 39,936 39,549 39,829 39,491 Deduct: Unvested RSAs (1) (12 ) (14 ) (13 ) (16 ) Add: Fully vested DSUs (2) 124 342 202 342 Weighted average common shares outstanding 40,048 39,877 40,018 39,817 Basic earnings per common share $ 1.05 $ 0.79 $ 1.87 $ 1.17 Diluted Weighted average common shares outstanding from above 40,048 39,877 40,018 39,817 Add: Dilutive effect of RSUs, RSAs & ESPP 213 149 291 182 Add: Contingently issuable shares (3) 81 113 81 113 Weighted average common shares outstanding 40,342 40,139 40,390 40,112 Diluted earnings per common share $ 1.04 $ 0.78 $ 1.85 $ 1.16 Antidilutive shares excluded from diluted earnings per common share (4) 843 48 843 275 (1) RSAs were issued and outstanding to the non-employee one-year (2) Shares are included in weighted average common shares outstanding as the shares are fully vested but have not yet been delivered. See Note 9 – “Stock-Based Compensation Plans” for additional information. (3) Relates to contingently issuable stock settled consideration. (4) Primarily pertaining to RSU grants to the Company’s employees and independent contractors. |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) Office | Jun. 30, 2021 Office | Jun. 30, 2022 USD ($) Office | Jun. 30, 2021 Office | |
Class of Stock [Line Items] | ||||
Number of offices | Office | 82 | |||
Formation date | 2013-06 | |||
Percentage of common stock distributed | 80% | |||
Commission's receivable settled period | 10 days | |||
Line of credit | $ | $ 0 | $ 0 | ||
Guarantee obligations | 16.70% | |||
Credit Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Line of credit | $ | $ 0 | $ 0 | ||
Total revenues [Member] | Geographic Concentration Risk [Member] | ||||
Class of Stock [Line Items] | ||||
Number of offices | Office | 0 | 0 | 0 | 0 |
Total revenues [Member] | Geographic Concentration Risk [Member] | Customer [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 10% | 10% | 10% | 10% |
Total revenues [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 10% | 10% | 10% | 10% |
Total revenues [Member] | Transaction Risk [Member] | Customer [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 0% | 0% | 0% | 0% |
Commissions receivable [Member] | Customer Concentration Risk [Member] | Customer [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 10% | 10% | 10% | 10% |
Maximum [Member] | Total revenues [Member] | Geographic Concentration Risk [Member] | CANADA [Member] | Customer [Member] | ||||
Class of Stock [Line Items] | ||||
Concentration risk percentage | 2.20% | 2.40% | 2.20% | 2.20% |
IPO MMI [Member] | ||||
Class of Stock [Line Items] | ||||
IPO completion date | Nov. 05, 2013 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation and amortization | $ (38,479) | $ (35,138) |
Property and equipment, net | 25,338 | 23,192 |
Computer software and hardware equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 38,204 | 33,819 |
Furniture, fixtures, and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 25,613 | $ 24,511 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 1.8 | $ 1.8 | $ 3.7 | $ 3.6 |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 335,254 | $ 295,773 |
Fair Value | 330,628 | 296,478 |
Short-term investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 254,487 | 183,915 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1 | 22 |
Gross Unrealized Losses | (1,448) | (69) |
Fair Value | 253,040 | 183,868 |
Short-term investments [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 123,715 | 35,767 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,233) | (34) |
Fair Value | 122,482 | 35,733 |
Short-term investments [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 129,913 | 148,148 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 22 |
Gross Unrealized Losses | (206) | (35) |
Fair Value | 129,707 | 148,135 |
Short-term investments [Member] | ABS and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 859 | |
Allowance for Credit Losses | 0 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (9) | |
Fair Value | 851 | |
Long-term marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 80,767 | 111,858 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 4 | 1,194 |
Gross Unrealized Losses | (3,183) | (442) |
Fair Value | 77,588 | 112,610 |
Long-term marketable securities [Member] | U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 40,827 | 70,902 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 128 |
Gross Unrealized Losses | (619) | (263) |
Fair Value | 40,208 | 70,767 |
Long-term marketable securities [Member] | U.S. Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 646 | 726 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 22 |
Gross Unrealized Losses | (42) | (3) |
Fair Value | 604 | 745 |
Long-term marketable securities [Member] | Corporate debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 31,956 | 33,197 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 1 | 962 |
Gross Unrealized Losses | (2,100) | (146) |
Fair Value | 29,857 | 34,013 |
Long-term marketable securities [Member] | ABS and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,338 | 7,033 |
Allowance for Credit Losses | 0 | 0 |
Gross Unrealized Gains | 3 | 82 |
Gross Unrealized Losses | (422) | (30) |
Fair Value | $ 6,919 | $ 7,085 |
Investments in Marketable Deb_4
Investments in Marketable Debt Securities, Available-for-Sale - Additional Information (Detail) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Weighted average contractual maturity | 1 year 3 months 18 days | 1 year 6 months |
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 3 months 18 days | |
Fitch, AA+ Rating [Member] | Moody's, Aa3 Rating [Member] | Standard & Poor's, AA+ Rating [Member] | Weighted Average Credit AA Plus Rating [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, securities number of unrealized loss positions | 216 | |
Available-for-sale, securities in unrealized loss positions, accumulated loss | $ 4.6 | |
Percentage of amortized cost | 1% |
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position for less than 12 months, fair value | $ 327,094 | $ 221,957 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (4,535) | (503) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 688 | 146 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (96) | (8) |
Available for sale securities continuous unrealized loss position, fair value | 327,782 | 222,103 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (4,631) | (511) |
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 | 162,281 | 103,019 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (1,852) | (297) |
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 | 162,281 | 103,019 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (1,852) | (297) |
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 | 506 | 115 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (27) | (3) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 96 | 0 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (16) | 0 |
Available for sale securities continuous unrealized loss position, fair value | 602 | 115 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (43) | (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 | 157,965 | 115,908 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (2,225) | (173) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 592 | 146 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | (80) | (8) |
Available for sale securities continuous unrealized loss position, fair value | 158,557 | 116,054 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | (2,305) | (181) |
ABS and other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position for less than 12 months, fair value | 6,342 | 2,915 |
Available for sale securities continuous unrealized loss position for less than 12 months, gross unrealized loss | (431) | (30) |
Available for sale securities continuous unrealized loss position for 12 months or longer, fair value | 0 | 0 |
Available for sale securities continuous unrealized loss position for 12 months or longer, gross unrealized loss | 0 | 0 |
Available for sale securities continuous unrealized loss position, fair value | 6,342 | 2,915 |
Available for sale securities continuous unrealized loss position, gross unrealized loss | $ (431) | $ (30) |
Investments in Marketable Deb_6
Investments in Marketable Debt Securities, Available-for-Sale - Gross Realized Gains and Losses from Sale of Available for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 1 | $ 9 | $ 114 | $ 10 |
Gross realized losses | $ (17) | $ 0 | $ (17) | $ 0 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 254,487 | $ 183,915 |
Due after one year through five years, Amortized Cost | 64,064 | 96,035 |
Due after five years through ten years, Amortized Cost | 11,588 | 11,129 |
Due after ten years, Amortized Cost | 5,115 | 4,694 |
Amortized Cost | 335,254 | 295,773 |
Due in one year or less, Fair Value | 253,040 | 183,868 |
Due after one year through five years, Fair Value | 62,267 | 96,257 |
Due after five years through ten years, Fair Value | 10,546 | 11,601 |
Due after ten years, Fair Value | 4,775 | 4,752 |
Total Fair Value | $ 330,628 | $ 296,478 |
Weighted average contractual maturity | 1 year 3 months 18 days | 1 year 6 months |
Acquisitions, Goodwill and Ot_3
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, gross carrying amount | $ 38,101 | $ 34,071 | ||
Intangible assets, gross carrying amount | 32,444 | 23,974 | ||
Goodwill and intangible assets, gross carrying amount, total | 70,545 | 58,045 | ||
Intangible assets, accumulated amortization | (12,282) | (9,940) | ||
Goodwill, net book value | 38,101 | 34,071 | $ 34,071 | $ 33,375 |
Intangible assets, net book value | 20,162 | 14,034 | ||
Goodwill and intangible assets, net book value | $ 58,263 | $ 48,105 |
Acquisitions, Goodwill and Ot_4
Acquisitions, Goodwill and Other Intangible Assets - Summary of Goodwill and Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Business Combinations [Abstract] | |||||
Weighted average amortization intangible assets | 4 years 10 months 24 days | 4 years 4 months 24 days | |||
Amortization expense | $ 1.1 | $ 1 | $ 2.3 | $ 2.1 |
Acquisitions, Goodwill and Ot_5
Acquisitions, Goodwill and Other Intangible Assets - Summary of Net Change in Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 34,071 | $ 33,375 |
Additions from acquisitions | 4,030 | 696 |
Impairment losses | 0 | 0 |
Ending balance | $ 38,101 | $ 34,071 |
Acquisitions, Goodwill and Ot_6
Acquisitions, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | $ 2,341 | |
2023 | 4,617 | |
2024 | 4,101 | |
2025 | 3,881 | |
2026 | 2,156 | |
Thereafter | 3,066 | |
Total | $ 20,162 | $ 14,034 |
Selected Balance Sheet Data - S
Selected Balance Sheet Data - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets [Line Items] | ||
Other assets Current | $ 5,880 | $ 5,270 |
Other assets Non-Current | 13,573 | 13,146 |
Mortgage servicing rights, net of amortization [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 0 | 1,855 |
Security deposits [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | 1,681 | 1,395 |
Employee Notes Receivable [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 16 | 40 |
Other assets Non-Current | 0 | 0 |
Customer trust accounts and other [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 5,864 | 5,230 |
Other assets Non-Current | 2,392 | 396 |
Held-to-maturity Securities [Member] | ||
Other Assets [Line Items] | ||
Other assets Current | 0 | 0 |
Other assets Non-Current | $ 9,500 | $ 9,500 |
Selected Balance Sheet Data -_2
Selected Balance Sheet Data - Schedule of Other Assets (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Line Items] | |
Treasury note term | 1 year |
Held-to-maturity Securities [Member] | |
Other Assets [Line Items] | |
Securities, Held-To-Maturity Maturity Date | Sep. 01, 2024 |
Selected Balance Sheet Data -_3
Selected Balance Sheet Data - Summary of Net Change in Carrying Value of MSRs (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning balance | $ 1,855 | $ 1,897 |
Additions | 0 | 366 |
Amortization | (1,275) | (270) |
Reclassification to assets held for sale | (280) | 0 |
Loss on sale | (300) | 0 |
Ending balance | $ 0 | $ 1,993 |
Selected Balance Sheet Data - A
Selected Balance Sheet Data - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2014 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2013 | |
Schedule Of Accrued Expenses [Line Items] | |||||||||
SARs frozen liability amount | $ 12,866,000 | $ 12,866,000 | $ 14,918,000 | ||||||
Interest expense | 158,000 | $ 146,000 | $ 318,000 | $ 292,000 | |||||
Treasury note term | 1 year | ||||||||
Advances and loans and commissions receivable allowance for credit loss | 1,110,000 | $ 1,110,000 | 794,000 | ||||||
Commissions Payable [Member] | |||||||||
Schedule Of Accrued Expenses [Line Items] | |||||||||
Estimated payouts description | Commissions 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 | ||||||||
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. 01, 2014 | ||||||||
SARs liability interest accrual rates | 2.93% | 3.63% | |||||||
Interest expense | $ 136,000 | $ 122,000 | $ 271,000 | 244,000 | |||||
Treasury note term | 10 years | ||||||||
Base spread on SARs liability variable rate | 2% | ||||||||
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 | 2,200,000 | |||||||
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 an 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% | ||||||||
Payments made during the period | $ 625,000 | $ 815,000 |
Selected Balance Sheet Data - C
Selected Balance Sheet Data - Components of Deferred Compensation and Commissions (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deferred Compensation and Commissions [Line Items] | ||
SARs liability, current | $ 2,323 | $ 2,241 |
Commissions payable to investment sales and financing professionals, current | 52,316 | 110,769 |
Deferred compensation liability, current | 622 | 1,080 |
Other, current | 126 | 595 |
Deferred compensation and commissions, current | 55,387 | 114,685 |
SARs liability, non-current | 12,866 | 14,918 |
Commissions payable to investment sales and financing professionals, non-current | 28,813 | 31,697 |
Deferred compensation liability, non-current | 6,417 | 6,921 |
Other, non-current | 0 | 0 |
Deferred compensation and commissions, non-current | $ 48,096 | $ 53,536 |
Selected Balance Sheet Data -_4
Selected Balance Sheet Data - Summary of Net Change in Carrying Value of Assets Held in Rabbi Trust and Deferred Compensation Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | ||||
(Decrease) increase in the carrying value of the assets held in the rabbi trust | $ (1,259) | $ 657 | $ (1,784) | $ 990 |
Decrease (increase) in the net carrying value of the deferred compensation obligation | $ 1,259 | $ (503) | $ 1,791 | $ (763) |
Selected Balance Sheet Data -_5
Selected Balance Sheet Data - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Deferred consideration | $ 3,300 | $ 4,689 |
Contingent consideration | 5,313 | 6,631 |
Dividends payable | 1,443 | 0 |
Other | 32 | 74 |
Other liabilities, Non-Current | 10,088 | 11,394 |
Deferred consideration | 2,863 | 5,112 |
Contingent consideration | 2,466 | 2,681 |
Dividends Payable | 612 | 0 |
Other | 1,626 | 991 |
Other liabilities, Current | $ 7,567 | $ 8,784 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Aggregate principal amount for employee notes receivable | $ 16,000 | $ 16,000 | $ 40,000 | ||
MMC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Real estate brokerage commissions and financing fees from transactions with subsidiaries of Marcus & Millichap Company | 912,000 | $ 337,000 | 2,510,000 | $ 794,000 | |
Commission expenses for transactions with subsidiaries of Marcus & Millichap Company | 547,000 | 203,000 | 1,501,000 | 477,000 | |
Operating lease cost | 320,000 | $ 332,000 | $ 653,000 | 665,000 | |
Lease expiration date | May 31, 2023 | ||||
Accounts payable and other liabilities - related party | $ 11,000 | $ 11,000 | $ 93,000 | ||
MMC [Member] | Transition Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling, general and administrative expense | $ 18,000 | $ 4,000 | |||
George M. Marcus [Member] | |||||
Related Party Transaction [Line Items] | |||||
Beneficial ownership percentage | 38% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held in rabbi trust | $ 9,587 | $ 11,508 | ||
Marketable debt securities, available-for-sale | 330,628 | 296,478 | ||
Deferred consideration | 6,163 | 9,801 | ||
Deferred compensation liability | 7,039 | 8,001 | ||
Short-term investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 253,040 | 183,868 | ||
Long-term marketable securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 77,588 | 112,610 | ||
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 | 122,482 | 35,733 | ||
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 | 40,208 | 70,767 | ||
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 | 604 | 745 | ||
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 | 129,707 | 148,135 | ||
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 | 29,857 | 34,013 | ||
Asset-backed securities and other [Member] | Short-term investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 851 | |||
Asset-backed securities and other [Member] | Long-term marketable securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 6,919 | 7,085 | ||
Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 116,842 | 219,933 | ||
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 | 253,040 | 183,868 | ||
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 | 77,588 | 112,610 | ||
Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 35,932 | 8,948 | ||
Recurring [Member] | Money market funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 80,910 | 210,985 | ||
Recurring [Member] | Assets held in rabbi trust [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held in rabbi trust | 9,587 | 11,508 | ||
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 | 122,482 | 35,733 | ||
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 | 40,208 | 70,767 | ||
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 | 604 | 745 | ||
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 | 129,707 | 0 | ||
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 | 29,857 | 34,013 | ||
Recurring [Member] | Asset-backed securities and other [Member] | Short-term investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 851 | 148,135 | ||
Recurring [Member] | Asset-backed securities and other [Member] | Long-term marketable securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 6,919 | 7,085 | ||
Level 1 [Member] | Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 80,910 | 210,985 | ||
Deferred consideration | 0 | 0 | ||
Deferred compensation liability | 7,039 | 8,001 | ||
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 | 122,482 | 35,733 | ||
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 | 40,208 | 70,767 | ||
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 | 80,910 | 210,985 | ||
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 | 122,482 | 35,733 | ||
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 | 40,208 | 70,767 | ||
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] | 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] | 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 | 35,932 | 8,948 | ||
Deferred consideration | 6,163 | 9,801 | ||
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 | 130,558 | 148,135 | ||
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 | 37,380 | 41,843 | ||
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 | 35,932 | 8,948 | ||
Level 2 [Member] | Recurring [Member] | Money market funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Level 2 [Member] | Recurring [Member] | Assets held in rabbi trust [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held in rabbi trust | 9,587 | 11,508 | ||
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] | Long-term marketable securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 604 | 745 | ||
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 | 129,707 | 0 | ||
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 | 29,857 | 34,013 | ||
Level 2 [Member] | Recurring [Member] | Asset-backed securities and other [Member] | Short-term investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 851 | 148,135 | ||
Level 2 [Member] | Recurring [Member] | Asset-backed securities and other [Member] | Long-term marketable securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable debt securities, available-for-sale | 6,919 | 7,085 | ||
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] | 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] | 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] | 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 | 7,779 | 9,312 | $ 6,817 | $ 5,572 |
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 | $ 7,779 | $ 9,312 |
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 | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 9,312 | $ 5,572 |
Contingent consideration in connection with acquisitions | 0 | (100) |
Change in fair value of contingent consideration | (493) | 1,345 |
Payments of contingent consideration | (1,040) | 0 |
Ending balance | $ 7,779 | $ 6,817 |
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 | Jun. 30, 2022 USD ($) yr | Dec. 31, 2021 USD ($) yr | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Amount | $ | $ 7,779 | $ 9,312 | $ 6,817 | $ 5,572 |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Amount | $ | $ 7,779 | $ 9,312 | ||
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 | 5.3 | 5.8 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Expected life of cash flows [Member] | Minimum [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Range | yr | 0.9 | 1.4 | ||
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 | 3.4 | ||
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 | 0.063 | 0.035 | ||
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 | 0.058 | 0.022 | ||
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 | 0.06 | 0.029 | ||
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 | 0.29 | ||
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 | 0.981 | 0.952 | ||
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 | $ | $ 7,779 | $ 9,312 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, assets, level 3 transfers, amount | $ 0 | $ 0 | |
Contingent and deferred consideration, maximum undiscounted payment | $ 23,800,000 | $ 28,600,000 | |
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 ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Feb. 16, 2022 | Dec. 31, 2021 | |
Common stock, shares issued | 39,964,292 | 39,692,373 | ||
Common stock, shares outstanding | 39,964,292 | 39,692,373 | ||
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 | |||
Dividends payable | $ 52,100 | |||
Payment of dividend | 50,082 | $ 0 | ||
Unvested Restricted Stock and Deferred Stock Units [Member] | 2013 Omnibus Equity Incentive Plan [Member] | ||||
Dividends payable | $ 2,500 | |||
Unvested Restricted Stock [Member] | ||||
Dividends payable | $ 2,000 | |||
Semi Annual Regular Dividend [Member] | ||||
Dividends payable amount per share | $ 0.25 | |||
Special Dividend [Member] | ||||
Dividends payable amount per share | $ 1 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - 2013 Omnibus Equity Incentive Plan - Award Limitations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Common stock shares available for grant | shares | 3,990,582 |
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 | 6 Months Ended | |
Feb. 16, 2022 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested shares | 225,557 | |
Dividends Payable, Date to be Paid | Apr. 04, 2022 | |
Dividends payable | $ 52.1 | |
Dividends Payable, Date of Record | Mar. 08, 2022 | |
Dividend declaration date | Feb. 16, 2022 | |
Semi Annual Regular Dividend [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividends Payable, Amount Per Share | $ 0.25 | |
Special Dividend [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 | 225,557 | |
Number of common stock shares withheld to pay employee statutory withholding taxes | 79,405 | |
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] | Unvested Restricted Stock and Deferred Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividends payable | $ 2.5 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Outstanding Awards Under 2013 Omnibus Equity Incentive Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares at beginning | shares | 980,936 |
Granted | shares | 848,629 |
Vested | shares | (225,557) |
Forfeited/canceled | shares | (14,050) |
Nonvested shares at ending | shares | 1,589,958 |
Unrecognized stock-based compensation expense as of June 30, 2022 | $ | $ 60,111 |
Unrecognized compensation expense is expected to be recognized over a weighted-average period (years) | 4 years 10 days |
Weighted average remaining vesting period (years) as of June 30, 2022 | 4 years 10 days |
Nonvested weighted average grant date fair value per share, beginning balance | $ / shares | $ 36.58 |
Weighted average grant date fair value per share, Granted | $ / shares | 47.16 |
Weighted average grant date fair value per share, Vested | $ / shares | 36.44 |
Weighted average grant date fair value per share, Forfeited/canceled | $ / shares | 36.79 |
Nonvested weighted average grant date fair value per share, ending balance | $ / shares | $ 42.45 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock shares available for issuance | 3,990,582 |
Unrecognized stock-based compensation expense | $ | $ 60,111,000 |
Unrecognized stock-based compensation expenses recognition period | 4 years 10 days |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
ESPP offering period description | The offering periods generally start on the first trading day on or after May 15 and November 15 of each year. |
Length of purchase intervals | 6 months |
ESPP discount rate | 10% |
Initial Common stock reserved | 366,667 |
Common stock shares available for issuance | 145,636 |
Unrecognized stock-based compensation expense | $ | $ 98,000 |
Unrecognized stock-based compensation expenses recognition period | 4 months 17 days |
Employee Stock Purchase Plan - Annual Available for Issuance Share Increase [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for future issuance authorized annual share increase | 366,667 |
Common stock available for future issuance authorized annual percentage increase | 1% |
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_6
Stock-Based Compensation Plans - Amendments to Restricted Stock and SARs - Additional Information (Detail) - shares | 6 Months Ended | |
Nov. 05, 2013 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vested shares | 225,557 | |
Deferred stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
DSU settlement to common stock percentage | 20% | |
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% | |
Share Based Compensation Arrangement By Share Based Payment Award Stock Appreciation Rights Offering Date | Mar. 31, 2013 | |
Deferred stock units [Member] | 2013 Omnibus Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fully vested deferred stock units remaining outstanding | 114,744 | |
Vested shares | 166,449 | |
Number of common stock shares withheld to pay employee statutory withholding taxes | 78,615 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 4,275 | $ 2,662 | $ 8,131 | $ 4,950 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 29 | 24 | 85 | 74 |
Restricted Stock And Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 4,246 | $ 2,638 | $ 8,046 | $ 4,876 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes and Income before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense at the federal statutory rate, amount | $ 11,786 | $ 8,994 | $ 21,139 | $ 13,425 |
State income tax expense, net of federal benefit, amount | 2,389 | 1,999 | 4,422 | 3,046 |
(Windfall) shortfall tax benefits, net related to stock-based compensation, amount | (1,758) | (52) | (2,064) | (79) |
Change in valuation allowance, amount | 23 | 17 | (81) | 188 |
Permanent and other items, amount | 1,515 | 339 | 2,296 | 803 |
Provision for income taxes, amount | $ 13,955 | $ 11,297 | $ 25,712 | $ 17,383 |
Income tax expense at the federal statutory rate, rate | 21% | 21% | 21% | 21% |
State income tax expense, net of federal benefit, rate | 4.30% | 4.70% | 4.40% | 4.80% |
(Windfall) shortfall tax benefits, net related to stock-based compensation, rate | (3.10%) | (0.10%) | (2.10%) | (0.10%) |
Change in valuation allowance, rate | 0% | 0% | (0.10%) | 0.30% |
Permanent and other items, rate | 2.70% | 0.80% | 2.30% | 1.20% |
Provision for income taxes, rate | 24.90% | 26.40% | 25.50% | 27.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 24.90% | 26.40% | 25.50% | 27.20% |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share, Including Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator (Basic and Diluted): | ||||
Net income | $ 42,168 | $ 31,532 | $ 74,951 | $ 46,544 |
Change in value for stock settled consideration | (24) | (42) | (38) | 10 |
Adjusted net income | $ 42,144 | $ 31,490 | $ 74,913 | $ 46,554 |
Denominator: | ||||
Weighted Average Common Shares Issued and Outstanding | 39,936 | 39,549 | 39,829 | 39,491 |
Deduct: Unvested RSAs | (12) | (14) | (13) | (16) |
Add: Fully vested DSUs | 124 | 342 | 202 | 342 |
Weighted Average Common Shares Outstanding | 40,048 | 39,877 | 40,018 | 39,817 |
Basic earnings per common share | $ 1.05 | $ 0.79 | $ 1.87 | $ 1.17 |
Weighted Average Common Shares Outstanding from above | 40,048 | 39,877 | 40,018 | 39,817 |
Add: Dilutive effect of RSUs, RSAs & ESPP | 213 | 149 | 291 | 182 |
Add: Contingently issuable shares(3) | 81 | 113 | 81 | 113 |
Weighted Average Common Shares Outstanding | 40,342 | 40,139 | 40,390 | 40,112 |
Diluted earnings per common share | $ 1.04 | $ 0.78 | $ 1.85 | $ 1.16 |
Antidilutive shares excluded from diluted earnings per common share | 843 | 48 | 843 | 275 |
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) | 6 Months Ended |
Jun. 30, 2022 | |
Restricted Stock Awards [Member] | 2013 Omnibus Equity Incentive Plan [Member] | |
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | |
Vesting period | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information Credit Agreement (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Line of Credit Facility [Line Items] | ||||
Senior secured revolving credit facility maximum borrowing capacity | $ 60,000,000 | $ 60,000,000 | ||
Date the company entered into a credit Agreement | Jun. 18, 2014 | |||
Credit agreement amended and restated date | May 31, 2022 | |||
Standby letters of credit borrowing capacity | 10,000,000 | $ 10,000,000 | ||
Standby letters of credit, utilized amount | 533,000 | $ 533,000 | ||
Credit facility interest rate description | The Credit Facility includes a $10.0 million sublimit for the issuance of standby letters of credit of which $533,000 was utilized at June 30, 2022. Borrowings under the Credit Facility will bear interest at the Daily Simple SOFR rate plus a spread of between 1.00% to 1.25% depending on the Company’s total funded debt to EBITDA as defined in the Credit Agreement. | |||
Credit agreement, unused capacity, commitment fee percentage | 0.10% | |||
Interest expense | 158,000 | $ 146,000 | $ 318,000 | $ 292,000 |
Credit agreement, amount outstanding | 0 | $ 0 | ||
Credit facility covenants | (i) an EBITDAR Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.0 as of each quarter end, determined on a rolling four-quarter basis, and (ii) total funded debt to EBITDA not greater than 2.0:1.0 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 | 2.0 | |||
Credit agreement, pledge percentage | 100% | |||
Compliance description | As of June 30, 2022, 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. | |||
Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest expense | 22,000 | $ 20,000 | $ 47,000 | $ 44,000 |
Credit agreement, amount outstanding | $ 0 | $ 0 | ||
Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility Bearing interest rate | 1% | |||
Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility Bearing interest rate | 1.25% |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information Other (Detail) | Jun. 30, 2022 USD ($) |
Other commitment amount | $ 20,900,000 |
Guarantee obligation for loan | 0 |
Guarantee obligations, maximum exposure | 25,400,000 |
Maximum unpaid loan amount for which guarantee obligations granted | $ 152,600,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 02, 2022 | Jul. 28, 2022 | Feb. 16, 2022 |
Subsequent Event [Line Items] | |||
Dividends Payable, Date to be Paid | Apr. 04, 2022 | ||
Dividends Payable | $ 52.1 | ||
Dividend declaration date | Feb. 16, 2022 | ||
Wells Fargo Bank [Member] | Second Amended and Restated Credit Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Expiration Date | Jun. 01, 2025 | ||
Semi Annual Regular Dividend [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.25 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date to be Paid | Oct. 06, 2022 | ||
Dividends Payable | $ 10.4 | ||
Dividend declaration date | Aug. 02, 2022 | ||
Stock Repurchase Program, Authorized Amount | $ 70 | ||
Subsequent Event [Member] | Semi Annual Regular Dividend [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.25 |