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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
FORM
10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
Commission File Number:
001-36155
 
 
MARCUS & MILLICHAP, INC.
(Exact name of registrant as specified in its Charter)
 
 
 
Delaware
 
35-2478370
(State or Other Jurisdiction of
 
(I.R.S. Employer
Incorporation or Organization)
 
Identification No.)
23975 Park Sorrento, Suite 400
Calabasas, California
 
91302
(Address of Principal Executive Offices)
 
(Zip Code)
(818)
212-2250
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.0001 per share
 
MMI
 
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No ☐
Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter time period that the registrant was required to submit such files).     Yes  ☒     No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer   
Non-accelerated
filer
     Smaller reporting company  
Emerging growth company
      
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).     Yes ☐     No 
Number of shares of common stock, par value $0.0001 per share, of the registrant issued and outstanding as of November 2, 2020 was 39,376,477 shares.
 
 
 

Table of Contents
MARCUS & MILLICHAP, INC.
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2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for shares and par value)
 
     September 30,
 
 
2020
(Unaudited)
     December 31,
2019
 
Assets
     
Current assets:
     
Cash and cash equivalents
   $ 173,112      $ 232,670  
Commissions receivable, net
     6,846        5,003  
Prepaid expenses
     8,694        10,676  
Income tax receivable
     10,023        4,999  
Marketable debt securities,
available-for-sale
(includes amortized cost of $169,239 and $150,517 at September 30, 2020 and December 31, 2019, respectively, and $0 allowance for credit losses)
     169,513        150,752  
Advances and loans, net
     2,090        2,882  
Other assets
     3,013        3,185  
  
 
 
    
 
 
 
Total current assets
     373,291        410,167  
Property and equipment, net
     23,371        22,643  
Operating lease
right-of-use
assets, net
     82,202        90,535  
Marketable debt securities,
available-for-sale
(includes amortized cost of $44,246 and $59,468 at
 
September 30,
2020 and December 31, 2019, respectively, and $0 allowance for credit losses)
     46,505        60,809  
Assets held in rabbi trust
     9,467        9,452  
Deferred tax assets, net
     15,839        22,122  
Goodwill and other intangible assets, net
     36,883        22,312  
Advances and loans, net
     104,248        66,647  
Other assets
     4,319        4,347  
  
 
 
    
 
 
 
Total assets
   $ 696,125      $ 709,034  
  
 
 
    
 
 
 
Liabilities and stockholders’ equity
     
Current liabilities:
     
Accounts payable and other liabilities
   $ 10,601      $ 10,790  
Notes payable to former stockholders
               6,564  
Deferred compensation and commissions
     37,244        44,301  
Operating lease liabilities
     17,954        17,762  
Accrued bonuses and other employee related expenses
     10,238        22,388  
  
 
 
    
 
 
 
Total current liabilities
     76,037        101,805  
Deferred compensation and commissions
     33,921        45,628  
Operating lease liabilities
     57,002        63,155  
Other liabilities
     8,131        3,539  
  
 
 
    
 
 
 
Total liabilities
     175,091        214,127  
  
 
 
    
 
 
 
Commitments and contingencies
             
Stockholders’ equity:
     
Preferred stock, $0.0001 par value:
     
Authorized shares – 25,000,000; issued and outstanding shares – none at September 30, 2020 and December 31, 2019, respectively
                   
Common stock, $0.0001 par value:
     
Authorized shares – 150,000,000; issued and outstanding shares – 39,376,477 and 39,153,195 at September 30, 2020 and December 31, 2019, respectively
     4        4  
Additional
paid-in
capital
     110,625        104,658  
Stock notes receivable from employees
               (4
Retained earnings
     407,454        388,271  
Accumulated other comprehensive income
     2,951        1,978  
  
 
 
    
 
 
 
Total stockholders’ equity
     521,034        494,907  
  
 
 
    
 
 
 
Total liabilities and stockholders’ equity
   $ 696,125      $ 709,034  
  
 
 
    
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
3

Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF NET AND COMPREHENSIVE INCOME
(in thousands, except per share amounts)
(Unaudited)
 
     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2020     2019     2020     2019  
Revenues:
        
Real estate brokerage commissions
   $
 
140,844     $
 
180,198     $
 
416,044     $
 
513,815  
Financing fees
     15,620       16,013       43,674       47,487  
Other revenues
     2,111       2,009       6,974       7,218  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
     158,575       198,220       466,692       568,520  
  
 
 
   
 
 
   
 
 
   
 
 
 
Operating expenses:
        
Cost of services
     99,707       124,147       287,207       343,682  
Selling, general and administrative
     49,722       48,091       148,101       149,845  
Depreciation and amortization
     2,606       1,910       7,822       5,674  
  
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     152,035       174,148       443,130       499,201  
  
 
 
   
 
 
   
 
 
   
 
 
 
Operating income
     6,540       24,072       23,562       69,319  
Other income (expense), net
     1,615       2,573       4,224       9,067  
Interest expense
     (199     (329     (695     (1,018
  
 
 
   
 
 
   
 
 
   
 
 
 
Income before provision for income taxes
     7,956       26,316       27,091       77,368  
Provision for income taxes
     1,916       7,024       7,875       21,159  
  
 
 
   
 
 
   
 
 
   
 
 
 
Net income
     6,040       19,292       19,216       56,209  
  
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive (loss) income:
        
Marketable debt securities,
available-for-sale:
        
Change in net unrealized gains and losses
     (30     160       687       1,874  
Less: reclassification adjustment for net losses (gains) included in other income (expense),
net
     8       (23     32       (41
  
 
 
   
 
 
   
 
 
   
 
 
 
Net change, net of tax of $(7), $46, $246 and $617 for the three and nine months ended September 30, 2020 and 2019, respectively
     (22     137       719       1,833  
Foreign currency translation (loss) gain, net of tax of $0 for each of the three and nine months ended September 30, 2020 and 2019
     (214     114       254       (200
  
 
 
   
 
 
   
 
 
   
 
 
 
Total other comprehensive (loss) income
     (236     251       973       1,633  
  
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income
   $ 5,804     $ 19,543     $ 20,189     $ 57,842  
  
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
Earnings per share:
        
Basic
   $ 0.15     $ 0.49     $ 0.49     $ 1.43  
Diluted
   $ 0.15     $ 0.49     $ 0.48     $ 1.42  
Weighted average common shares outstanding:
        
Basic
     39,681       39,441       39,617       39,383  
Diluted
     39,727       39,550       39,676       39,527  
See accompanying notes to condensed consolidated financial statements.
 
4

Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except for shares)
(Unaudited)
 
 
 
Three Months Ended September 30, 2020
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In

Capital
 
 
Stock Notes
Receivable
From
Employees
 
 
Retained
Earnings
 
 
Accumulated
Other
Comprehensive
Income (Loss)
 
 
Total
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
Balance at June 30, 2020
    
  
 
  
$
  
 
  
 
39,328,017
 
 
$
4
 
  
$
108,308
 
 
$
  
 
  
$
401,414
 
  
$
3,187
 
 
$
512,913
 
Net and comprehensive income (loss)
    
—  
 
  
 
  
 
  
 
—  
 
 
 
  
 
  
 
  
 
 
 
  
 
  
 
6,040
 
  
 
(236
 
 
5,804
 
Stock-based award activity
  
  
  
 
  
 
  
  
 
Stock-based compensation
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
2,383
 
 
 
  
 
  
 
  
 
  
 
  
 
 
 
2,383
 
Shares issued pursuant to employee
 
stock
purchase plan
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
 
 
  
 
Issuance of common stock for vesting of restricted stock units
    
  
 
  
 
  
 
  
 
50,912
 
 
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
 
 
  
 
Issuance of common stock for unvested restricted stock awards
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
 
 
  
 
Shares withheld related to net share
settlement of stock-based awards
    
  
 
  
 
  
 
  
 
(2,452
 
 
  
 
  
 
(66
 
 
  
 
  
 
  
 
  
 
  
 
 
 
(66
)
 
Reduction of stock notes receivable from employees
    
—  
 
  
 
  
 
  
 
—  
 
 
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Balance as of September 30, 2020
    
  
 
  
$
  
 
  
 
39,376,477
 
 
$
4
 
  
$
110,625
 
 
$
  
 
  
$
407,454
 
  
$
2,951
 
 
$
521,034
 
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
 
 
Three Months Ended September 30, 2019
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In

Capital
 
 
Stock Notes
Receivable
From
Employees
 
 
Retained
Earnings
 
 
Accumulated
Other
Comprehensive
Income
 
 
Total
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
Balance at June 30, 2019
    
  
 
  
$
  
 
  
 
39,090,861
 
 
$
4
 
  
$
100,098
 
 
$
(4
)


$
348,258
 
  
$
2,157
 
  
$
450,513
 
Net and comprehensive income
    
—  
 
  
 
  
 
  
 
—  
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
19,292
 
  
 
251
 
  
 
19,543
 
Stock-based award activity
  
  
  
 
  
 
 
  
  
Stock-based compensation
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
2,114
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
2,114
 
Shares issued pursuant to employee stock purchase plan
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
Issuance of common stock for vesting of restricted stock units
    
  
 
  
 
  
 
  
 
41,257
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
Issuance of common stock for unvested restricted stock awards
    
  
 
  
 
  
 
  
 
2,264
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
Shares withheld related to net share settlement of stock-based awards
    
  
 
  
 
  
 
  
 
(2,146
 
 
  
 
  
 
(70
 
 
  
 
 
 
  
 
  
 
  
 
  
 
(70
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
 
Balance as of September 30, 2019
    
  
 
  
$
  
 
  
 
39,132,236
 
 
$
4
 
  
$
102,142
 
 
$
(4
)

 
$
367,550
 
  
$
2,408
 
  
$
472,100
 
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
5

Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(in thousands, except for shares)
(Unaudited)
 
 
 
Nine Months Ended September 30, 2020
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In

Capital
 
 
Stock Notes
Receivable
From
Employees
 
 
Retained
Earnings
 
 
Accumulated
Other
Comprehensive
Income
 
 
Total
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
Balance at December 31, 2019
    
  
 
  
$
  
 
  
 
39,153,195
 
 
$
4
 
  
$
104,658
 
 
$
(4
 
$
388,271
 
 
$
1,978
 
  
$
494,907
 
Cumulative effect of a change in accounting principle, net of tax
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
(33
 
 
  
 
  
 
(33
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
Balance at January 1, 2020, as adjusted
    
  
 
  
 
  
 
  
 
39,153,195
 
 
 
4
 
  
 
104,658
 
 
 
(4
 
 
388,238
 
 
 
1,978
 
  
 
494,874
 
Net and comprehensive income
    
—  
 
  
 
  
 
  
 
—  
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
19,216
 
 
 
973
 
  
 
20,189
 
Stock-based award activity
  
  
  
 
  
 
 
 
  
Stock-based compensation
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
7,551
 
 
 
  
 
 
 
  
 
 
 
  
 
  
 
7,551
 
Shares issued pursuant to employee
 
stock
purchase plan
    
  
 
  
 
  
 
  
 
15,923
 
 
 
  
 
  
 
371
 
 
 
  
 
 
 
  
 
 
 
  
 
  
 
371
 
Issuance of common stock for vesting of restricted stock units
    
  
 
  
 
  
 
  
 
248,391
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
Issuance of common stock for unvested restricted stock awards
    
  
 
  
 
  
 
  
 
19,516
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
Shares withheld related to net share settlement of stock-based awards
    
  
 
  
 
  
 
  
 
(60,548
 
 
  
 
  
 
(1,955
 
 
  
 
 
 
  
 
 
 
  
 
  
 
(1,955
Reduction of stock notes receivable from employees
    
—  
 
  
 
  
 
  
 
—  
 
 
 
  
 
  
 
  
 
 
 
4
 
 
 
  
 
 
 
  
 
  
 
4
 
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
Balance as of September 30, 2020
    
  
 
  
$
  
 
  
 
39,376,477
 
 
$
4
 
  
$
110,625
 
 
$
 
 
$
407,454
 
 
$
2,951
 
  
$
521,034
 
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-In

Capital
 
 
Stock Notes
Receivable
From
Employees
 
 
Retained
Earnings
 
 
Accumulated
Other
Comprehensive
Income
 
 
Total
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
Balance at December 31, 2018
    
  
 
  
$
  
 
  
 
38,814,464
 
 
$
4
 
  
$
97,458
 
 
$
(4
 
$
311,341
 
  
$
775
 
  
$
409,574
 
Net and comprehensive income
    
—  
 
  
 
  
 
  
 
—  
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
56,209
 
  
 
1,633
 
  
 
57,842
 
Stock-based award activity
  
  
  
 
  
 
 
  
  
Stock-based compensation
    
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
7,040
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
7,040
 
Shares issued pursuant to employee
 
stock
purchase plan
    
  
 
  
 
  
 
  
 
11,022
 
 
 
  
 
  
 
338
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
338
 
Issuance of common stock for vesting of restricted stock units
    
  
 
  
 
  
 
  
 
366,476
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
Issuance of common stock for unvested restricted stock awards
    
  
 
  
 
  
 
  
 
12,806
 
 
 
  
 
  
 
  
 
 
 
  
 
 
 
  
 
  
 
  
 
  
 
  
 
Shares withheld related to net share
settlement of stock-based awards
    
  
 
  
 
  
 
  
 
(72,532
 
 
  
 
  
 
(2,694
 
 
  
 
 
 
  
 
  
 
  
 
  
 
(2,694
  
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
 
Balance as of September 30, 2019
    
  
 
  
$
  
 
  
 
39,132,236
 
 
$
4
 
  
$
102,142
 
 
$
(4
 
$
367,550
 
  
$
2,408
 
  
$
472,100