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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 March 31, 2021
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
Incorporation or Organization)
 
(I.R.S. Employer
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 May 4, 2021 was 39,530,910 shares.
 
 
 

Table of Contents
MARCUS & MILLICHAP, INC.
TABLE OF CONTENTS
 
  
     
   
  
Page
 
  
 
3
 
  
 
4
 
  
 
5
 
  
 
6
 
  
 
7
 
   
  
 
24
 
  
 
35
 
  
 
36
 
   
  
     
   
  
 
37
 
  
 
37
 
  
 
37
 
  
 
37
 
  
 
37
 
  
 
37
 
  
 
37
 
   
  
     
 
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)
 
     March 31, 2021
(Unaudited)
     December 31,
 
2020
 
Assets
                 
Current assets:
                 
Cash and cash equivalents
   $  221,708      $  243,152  
Commissions receivable, net
     8,205        10,391  
Prepaid expenses
     10,084        10,153  
Marketable debt securities,
available-for-sale
(includes amortized cost of $134,460 and $158,148 at March 31, 2021 and December 31, 2020, respectively, and $0
 
allowance for credit losses)
     134,494        158,258  
Advances and loans, net
     2,106        2,413  
Other assets
     5,642        4,711  
    
 
 
    
 
 
 
Total current assets
     382,239        429,078  
Property and equipment, net
     22,931        23,436  
Operating lease
right-of-use
assets, net
     81,105        84,024  
Marketable debt securities,
available-for-sale
(includes amortized cost of $65,114 and $45,181 at March 31, 2021 and December 31, 2020, respectively, and $0
 
allowance for credit losses)
     66,931        47,773  
Assets held in rabbi trust
     10,574        10,295  
Deferred tax assets, net
     20,629        21,374  
Goodwill and other intangible assets, net
     50,817        52,053  
Advances and loans, net
     111,781        106,913  
Other assets
     4,075        4,176  
    
 
 
    
 
 
 
Total assets
   $ 751,082      $ 779,122  
    
 
 
    
 
 
 
Liabilities and stockholders’ equity
                 
Current liabilities:
                 
Accounts payable and other liabilities
   $ 18,919      $ 18,288  
Deferred compensation and commissions
     33,199        58,106  
Income tax payable
     8,512        3,726  
Operating lease liabilities
     19,209        19,190  
Accrued bonuses and other employee related expenses
     11,478        21,007  
    
 
 
    
 
 
 
Total current liabilities
     91,317        120,317  
Deferred compensation and commissions
     28,745        38,745  
Operating lease liabilities
     57,134        59,408  
Other liabilities
     12,217        13,816  
    
 
 
    
 
 
 
Total liabilities
     189,413        232,286  
    
 
 
    
 
 
 
Commitments and contingencies
                   
Stockholders’ equity:
                 
Preferred stock, $0.0001 par value:
                 
Authorized shares – 25,000,000; issued and outstanding shares – none
 
at March 31, 2021 and December 31, 2020, respectively
                   
Common stock, $0.0001 par value:
                 
Authorized shares – 150,000,000; issued and outstanding shares – 39,500,966 and 39,401,976 at March 31, 2021 and December 31, 2020, respectively
     4        4  
Additional
paid-in
capital
     113,737        113,182  
Retained earnings
     446,088        431,076  
Accumulated other comprehensive income
     1,840        2,574  
    
 
 
    
 
 
 
Total stockholders’ equity
     561,669        546,836  
    
 
 
    
 
 
 
Total liabilities and stockholders’ equity
   $ 751,082      $ 779,122  
    
 
 
    
 
 
 
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
March 31,
 
     2021     2020  
Revenues:
                
Real estate brokerage commissions
   $
 
 162,796     $
 
 171,829  
Financing fees
     17,843       15,351  
Other revenues
     3,338       3,537  
    
 
 
   
 
 
 
Total revenues
     183,977       190,717  
    
 
 
   
 
 
 
Operating expenses:
                
Cost of services
     109,103       113,757  
Selling, general and administrative
     51,677       54,860  
Depreciation and amortization
     2,997       2,464  
    
 
 
   
 
 
 
Total operating expenses
     163,777       171,081  
    
 
 
   
 
 
 
Operating income
     20,200       19,636  
Other income (expense), net
     1,044       (366
Interest expense
     (146     (283
    
 
 
   
 
 
 
Income before provision for income taxes
     21,098       18,987  
Provision for income taxes
     6,086       5,917  
    
 
 
   
 
 
 
Net income
     15,012       13,070  
    
 
 
   
 
 
 
Other comprehensive (loss) income:
                
Marketable debt securities,
available-for-sale:
                
Change in net unrealized – (losses) gains
     (621     (497
Less: reclassification adjustment for net losses included in other income (expense), net
              11  
    
 
 
   
 
 
 
Net change, net of tax of $(215) and $(168) for the three months ended March 31, 2021 and 2020, respectively
     (621     (486
Foreign currency translation (loss) gain, net of tax of $0 for each of the three months ended March 31, 2021 and 2020
     (113     891  
    
 
 
   
 
 
 
Total other comprehensive (loss) income
     (734     405  
    
 
 
   
 
 
 
Comprehensive income
   $ 14,278     $ 13,475  
    
 
 
   
 
 
 
Earnings per share:
                
Basic
   $ 0.38     $ 0.33  
Diluted
   $ 0.37     $ 0.33  
Weighted average common shares outstanding:
                
Basic
     39,757       39,541  
Diluted
     40,124       39,646  
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 March 31, 2021
 
 
 
Preferred Stock
 
 
Common Stock
 
 
Additional
 
 
Stock Notes
Receivable
 
 
 
 
 
Accumulated
Other
 
 
 
 
    
Shares
 
  
Amount
 
  
Shares
 
 
Amount
 
  
Paid-In
Capital
 
 
From
Employees
 
  
Retained
Earnings
 
  
Comprehensive
Income (Loss)
 
 
Total
 
Balance at December 31, 2020
  
 
        $           39,401,976     $ 4      $ 113,182     $         $ 431,076      $  2,574     $ 546,836  
Net and comprehensive income (loss)
  
 
—                    —                                      15,012        (734     14,278  
Stock-based award activity
  
 
                                                                        
Stock-based compensation
  
 
                                       2,288                                    2,288  
Issuance of common stock for vesting of restricted stock units
  
 
                    149,117                                                           
Shares withheld related to net share settlement of stock-based awards
  
 
                    (50,127               (1,733                                  (1,733
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Balance as of March 31, 2021
  
 
  
 
  
$
  
 
  
39,500,966
 
 
$
4
 
  
$
113,737
 
 
$
  
 
$
446,088
 
  
$
1,840
 
 
$
561,669
 
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
Preferred Stock
 
  
Common Stock
 
  
Additional
 
 
Stock Notes
Receivable
 
 
 
 
Accumulated
Other
 
  
 
 
 
 
Shares
 
 
Amount
 
 
Shares
 
 
Amount
 
 
Paid-In
Capital
 
 
From
Employees
 
 
Retained
Earnings
 
 
Comprehensive
Income
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
  —                    —                                     13,070       405        13,475  
Stock-based award activity
 
                                                                         
Stock-based compensation
 
                                         2,632                                   2,632  
Issuance of common stock for vesting of restricted stock units
 
                      170,106                                                          
Shares withheld related to net share settlement of stock-based awards
 
                      (50,872               (1,689                                 (1,689
 
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
Balance as of March 31, 2020
 
          $           39,272,429     $ 4      $ 105,601     $ (4   $ 401,308     $ 2,383      $ 509,292  
 
 
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
5

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

Table of Contents
MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
1.
Description of Business, Basis of Presentation and Recent Accounting Pronouncements
Description of Business
Marcus & Millichap, Inc., (the “Company”, “Marcus & Millichap”, or “MMI”), a Delaware corporation, is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of March 31, 2021, MMI operates 84 offices in the United States and Canada through its wholly-owned subsidiaries, including the operations of Marcus & Millichap Capital Corporation.
Reorganization and Initial Public Offering
MMI was formed in June 2013
in preparation for Marcus & Millichap Company (“MMC”) to spin-off its majority-owned subsidiary, Marcus & Millichap Real Estate Investment Services, Inc. (“MMREIS”). Prior to the initial public offering (“IPO”) of MMI, all of the preferred and common stockholders of MMREIS (including MMC and employees of MMREIS) contributed all of their outstanding shares to MMI, in exchange for new MMI common stock. As a result, MMREIS became a wholly-owned subsidiary of MMI. Thereafter, MMC distributed 
80.0% of the shares of MMI common stock to MMC’s shareholders and exchanged the remaining portion of its shares of MMI common stock for cancellation of indebtedness of MMC. MMI completed its IPO in November 2013.
Basis of Presentation
The financial information presented in th
e
 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
and
Article 10-01
of
Regulation S-X.
Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and notes include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the condensed consolidated financial position, results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto, including the Company’s accounting policies for the year ended December 31, 2020 included in the Company’s Annual Report on Form
10-K
filed on March 1, 2021 with the SEC. The results of the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, for other interim periods or for future years.
Considerations Related to the
COVID-19
Pandemic 
The Company could continue to experience operational and financial impacts due to the
COVID-19
pandemic. Actual results may differ from the Company’s current estimates as there is some uncertainty around the scope and duration of the
COVID-19
pandemic, and, as a result, the extent of the impact of
COVID-19
on the Company’s operational and financial performance is uncertain and cannot be predicted. The Company expects the effects of the
COVID-19
pandemic to continue to impact its financial position, results of operations, and cash flows for at least the first half of 2021.
See Note 2 – “Property and Equipment, Net”, N
o
te 5 – “Acquisitions, Goodwill and Other Intangible Assets” and Note 8 – “Fair Value Measurements” for further discussions on the potential impacts of
COVID-19.
Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
7

Table of Contents
MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
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,
security deposits (included under other assets,
non-current)
and commissions receivable, net. Cash and cash equivalents are placed with high-credit quality financial institutions and invested in high-credit quality money market funds and commercial paper. Concentrations of marketable debt securities,
available-for-sale
are limited by the approved investment policy.
To reduce its credit risk, the Company monitors the credit standing of the financial institutions money market funds that represent amounts recorded as cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents.
The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three months ended March 31, 2021 and 2020, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk.
During the three months ended March 31, 2021, the Company’s Canadian operations represented less than 2% of total revenues. During the three months ended March 31, 2020, the Company’s Canadian operations represented approximately 2% of total revenues.
During the three months ended March 31, 2021, no office represented 10% or more of total revenues. During the three months ended March 31, 2020, one office represented 10% or more of total revenues.
Recent Accounting Pronouncements
Pending Adoption
In March 2020, the FASB issued ASU
No. 2020-04,
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
(“ASU
2020-04”).
ASU
2020-04
provides temporary optional exceptions to the guidance in U.S. GAAP on contract modifications to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). ASU
2020-04
is effective for all entities upon issuance and may be applied prospectively to contract modifications through December 31, 2022. The guidance applies to the Company’s Credit Agreement (see Note 13 – “Commitments and Contingencies”), which references LIBOR, and will generally allow it to account for and present a modification as an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. As of March 31, 2021, the Company has not drawn funds from the credit facility. The Company continues to evaluate the impact of this new standard
but
does not expect ASU
2020-04
to have a material effect on its condensed consolidated financial statements.
 
 
2.
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
 
     March 31,
2021
     December 31,
2020
 
Computer software and hardware equipment
   $ 32,049      $ 30,955  
Furniture, fixtures and equipment
     23,504        23,418  
Less: accumulated depreciation and amortization
     (32,622      (30,937
    
 
 
    
 
 
 
     $ 22,931      $ 23,436  
    
 
 
    
 
 
 
During the three months ended March 31, 2021 and 2020, the Company
wrote-off
approximately $41,000 and $191,000, respectively, of fully depreciated computer software and hardware equipment and furniture, fixtures and equipment.
As of March 31, 2021 and 2020, property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $275,000 and $259,000, respectively.
The Company evaluates its fixed assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As of March 31, 2021, the Company considered the impact of
the
COVID-19
pandemic and evaluated its property and equipment for potential indicators of impairment. The Company concluded that as of March 31, 2021, there were no indicators of impairment of its property and equipment.
 
8

Table of Contents
MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
3.
Operating Leases
The Company has operating leases for all of its facilities and autos. As of March 31, 2021 and December 31, 2020, operating lease
right-of-use
(“ROU”) assets were $127.7 million and $126.9 million, respectively, and the related accumulated amortization was $46.6 million and $42.9 million, respectively.
The operating lease cost, included in selling, general and administrative expense in the condensed consolidated statement of net and comprehensive income, consisted of the following (in thousands):
 
     Three Months Ended
March 31,
 
     2021      2020  
Operating lease cost:
                 
Lease cost
(1)
   $ 6,589      $ 6,263  
Variable lease cost
(2)
     1,400        1,396  
Sublease income
     (33      (77
    
 
 
    
 
 
 
     $7,956      $7,582  
    
 
 
    
 
 
 
(1)
Includes short-term lease cost and ROU asset amortization.
(2)
Primarily relates to common area maintenance, property taxes, insurance, utilities and parking.
Maturities of lease liabilities by year consisted of the following (in thousands):
 
     March 31, 2021  
Remainder of 2021
   $ 17,205  
2022
     17,722  
2023
     14,331  
2024
     12,089  
2025
     9,877  
Thereafter
     10,835  
    
 
 
 
Total future minimum lease payments
     82,059  
Less imputed interest
     (5,716
    
 
 
 
Present value of operating lease liabilities
   $ 76,343  
    
 
 
 
Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
 
     Three Months Ended
March 31,
 
     2021      2020  
Operating cash flow information:
                 
Cash paid for amounts included in the measurement of operating lease liabilities
   $ 5,862      $ 5,223  
Noncash activity:
                 
ROU assets obtained in exchange for operating lease liabilities
   $ 3,004      $ 3,109  
Tenant improvements owned by lessor related to ROU assets (1)
   $ 55      $ 317  
 
(1)
Reclassification from other assets current.
Other information related to the operating leases consisted of the following:
 
     March 31, 2021     December 31, 2020  
Weighted average remaining operating lease term
     4.71 years       4.70 years  
Weighted average discount rate
     3.0     3.1
 
9

Table of Contents
MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
 

4.
Investments in Marketable Debt Securities
Amortized cost, allowance for credit losses, gross unrealized gains/losses in accumulated other comprehensive income/loss and fair value of marketable debt securities,
available-for-sale,
by type of security consisted of the following (in thousands):
 
     March 31, 2021  
     Amortized
Cost
     Allowance
for Credit
Losses
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 
Short-term investments:
                                           
U.S. treasuries
   $ 69,217      $         $ 23      $        $ 69,240  
U.S. government sponsored entities
     11,450                  4                 11,454  
Corporate debt
     53,793                  7                 53,800  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 134,460      $         $ 34      $        $ 134,494  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Long-term investments:
                                           
U.S. treasuries
   $ 22,342      $         $ 179      $        $ 22,521  
U.S. government sponsored entities
     1,012                  36        (3     1,045  
Corporate debt
     35,424                  1,505        (60     36,869  
Asset-backed securities (“ABS”) and other
     6,336                  166        (6     6,496  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 65,114      $         $ 1,886      $ (69   $ 66,931  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
   
     December 31, 2020  
     Amortized
Cost
     Allowance
for Credit
Losses
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 
Short-term investments:
                                           
U.S. treasuries
   $ 75,887      $         $ 88      $ (5   $ 75,970  
U.S. government sponsored entities
     32,439                  8                 32,447  
Corporate debt
     49,822                  20        (1     49,841  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 158,148      $         $ 116      $ (6   $ 158,258  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Long-term investments:
                                           
U.S. treasuries
   $ 3,375      $         $ 266      $        $ 3,641  
U.S. government sponsored entities
     1,114                  38                 1,152  
Corporate debt
     34,183                  2,137        (33     36,287  
ABS and other
     6,509                  195        (11     6,693  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $ 45,181      $         $ 2,636      $ (44   $ 47,773  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
The Company’s investments in marketable debt securities,
available-for-sale,
that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
 
     March 31, 2021  
     Less than 12 months     12 months or
 
greater
    Total  
     Fair
Value
     Gross
Unrealized
Losses
    Fair
Value
     Gross
Unrealized
Losses
    Fair
Value
     Gross
Unrealized
Losses
 
U.S. government sponsored entities
   $ 139      $ (3   $         $        $ 139      $ (3
Corporate debt
     20,447        (52     139        (8     20,586        (60
ABS and other
     363                 345        (6     708        (6
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
     $ 20,949      $ (55   $ 484      $ (14   $ 21,433      $ (69
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 

10
 

Table of Contents
MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
     December 31, 2020  
     Less than 12 months     12 months or greater     Total  
     Fair
Value
     Gross
Unrealized
Losses
    Fair
Value
     Gross
Unrealized
Losses
    Fair
Value
     Gross
Unrealized
Losses
 
U.S. treasuries
   $ 41,702      $ (5   $         $        $ 41,702      $ (5
Corporate debt
     29,810        (34                        29,810        (34
ABS and other
     546        (6     157        (5     703        (11
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
     $ 72,058      $ (45   $ 157      $ (5   $ 72,215      $ (50
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
Gross realized gains and losses from the sales of the Company’s marketable debt securities,
available-for-sale,
consisted of the following (in thousands):
 
     Three Months Ended
March 31,
 
     2021      2020  
Gross realized gains
(1)
   $ 1      $ 53  
    
 
 
    
 
 
 
Gross realized losses
(1)
   $         $     
    
 
 
    
 
 
 
 
(1)
Recorded in other income (expense), net in the condensed consolidated statements of net and comprehensive income. The cost basis of securities sold were determined based on the specific identification method.
The Company invests its excess cash in a diversified portfolio of fixed and variable rate debt securities to meet current and future cash flow needs. All investments are made in accordance with the Company’s approved investment policy. As of March 31, 2021, the portfolio had an average credit rating of AA and weighted
term to contractual maturity 
of 1.7 years, with 27 securities in the portfolio with an unrealized loss aggregating $69,000, or 0.3% of amortized cost, and a weighted average credit rating of A+.
As of March 31, 2021, the Company performed an impairment analysis and determined an allowance for credit losses was not required. The Company determined that it did not have an intent to sell and it was not more likely than not that the Company would be required to sell any security based on its current liquidity position, or to maintain compliance with its investment policy, specifically as it relates to minimum credit ratings. The Company evaluated the securities with an unrealized loss considering severity of loss, credit ratings, specific credit events during the period since acquisition, overall likelihood of default, market sector, potential impact from the current economic situation and a review of an issuer’s and securities’ liquidity and financial strength, as needed. The Company concluded that it would receive all scheduled interest and principle payments. The Company, therefore, determined qualitatively that the unrealized loss was related to changes in interest rates and other market factors and therefore no allowance for credit losses was required.
Amortized cost and fair value of marketable debt securities,
available-for-sale,
by contractual maturity consisted of the following (in thousands, except weighted average data):
 
     March 31, 2021      December 31, 2020  
     Amortized
Cost
     Fair Value      Amortized
Cost
     Fair Value  
Due in one year or less
   $ 134,460      $ 134,494      $ 158,148      $ 158,258  
Due after one year through five years
     50,401        51,534        30,604        32,041  
Due after five years through ten years
     10,323        10,891        10,022        11,044  
Due after ten years
     4,390        4,506        4,555        4,688  
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 199,574      $ 201,425      $ 203,329      $ 206,031  
    
 
 
    
 
 
    
 
 
    
 
 
 
Weighted average contractual maturity
              1.7 years                 1.6
 
years
 
Actual maturities may differ from contractual maturities because certain issuers have the right to prepay certain obligations with or without prepayment penalties.
 
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MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
5.
Acquisitions, Goodwill and Other Intangible Assets
During the three months ended March 31, 2021, the Company recognized measurement period adjustments, including additional cash acquired to the provisional amounts that were recognized at the acquisition date for businesses acquired during 2020 to reflect new information obtained about facts and circumstances that existed as of the acquisition dates that, if known, would have affected the measurement of the amounts recognized as of
the acquisition date. The impact to amortization expense not previously recognized related to these adjustments was not material.
The goodwill recorded as part of the acquisitions primarily arose from the acquired assembled workforce and brokerage and financing sales platforms. The Company expects all of the goodwill to be tax deductible, with the
tax-deductible
amount of goodwill related to the contingent and deferred consideration to be determined once the cash payments are made to settle any contingent and deferred consideration. The goodwill resulting from acquisitions is allocated to the Company’s one reporting unit.
Goodwill and intangible assets, net consisted of the following (in thousands):
 
     March 31, 2021      December 31, 2020  
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net Book
Value
     Gross
Carrying
Amount
     Accumulated
Amortization
    Net Book
Value
 
Goodwill and intangible assets:
                                                   
Goodwill
   $ 34,046      $ —       $ 34,046      $ 33,375      $ —       $ 33,375  
Intangible assets
(1)
     23,975        (7,204     16,771        24,745        (6,067     18,678  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
     $ 58,021      $ (7,204   $ 50,817      $ 58,120      $ (6,067   $ 52,053  
    
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
 
(1)
Total weighted average amortization period was
 
5.53 years and 5.57 years as of March 31, 2021 and December 31, 2020, respectively.
The changes in the carrying amount of goodwill consisted of the following (in thousands):
 
     Three Months Ended
March 31,
 
     2021      2020  
Beginning balance
   $ 33,375      $ 15,072  
Additions from acquisitions
(1)
     671        3,990  
Impairment losses
                   
    
 
 
    
 
 
 
Ending balance
   $ 34,046      $ 19,062  
    
 
 
    
 
 
 
 
(1)
 
The 2021 addition represents a measurement period adjustment.
Estimated amortization expense for intangible assets by year for the next five years and thereafter consisted of the following (in thousands):
 
    
March 31, 
2021
 
Remainder of 2021
   $ 2,737  
2022
     3,474  
2023
     3,419  
2024
     2,891  
2025
     2,659  
Thereafter
     1,591  
    
 
 
 
     $ 16,771  
    
 
 
 
The Company evaluates goodwill for impairment annually in the fourth quarter. In addition to the annual impairment evaluation, the Company evaluates at least quarterly whether events or circumstances have occurred in the period subsequent to the annual impairment testing, which indicate that it is more likely than not an impairment loss has occurred. The Company evaluates its intangible assets that have finite useful lives whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. 
 
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MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
As of March 31, 2021, the Company considered the impact of
COVID-19
pandemic and evaluated its goodwill and intangible assets for impairment testing. The Company considered qualitative and quantitative factors, including the impact from the
COVID-19
induced economic slowdown and current projected recovery timeframes. The Company estimated the recoverability of the intangible assets by comparing the carrying amount of each asset to the future undiscounted cash flows that the Company expects the asset to generate. The sum of the undiscounted expected future cash flows was greater than the carrying amount of the intangible assets. The Company concluded that as of March 31, 2021, there was no impairment of its goodwill and intangible assets.
 
6.
Selected Balance Sheet Data
Advances and Loans, Net and Commissions Receivable, Net 
Allowance for credit losses for advances and loans and commissions receivable consisted of the following (in thousands):
 
    
Advances
 and
Loans
     Commissions
Receivable
     Total  
Beginning balance as of January 1, 2021
   $ 563      $ 94      $ 657  
Credit loss recovery
     (67      (79      (146
Write-offs
     (2                (2
    
 
 
    
 
 
    
 
 
 
Ending balance as of March 31, 2021
   $ 494      $ 15      $ 509  
    
 
 
    
 
 
    
 
 
 
 
    
Advances
 and
Loans
     Commissions
Receivable
    Total  
Beginning balance as of January 1, 2020
   $ 512      $ 32 
(1)
 
  $ 544  
Credit loss recovery
     (120               (120
Write-offs
     (2               (2
    
 
 
    
 
 
   
 
 
 
Ending balance as of March 31, 2020
   $ 390      $ 32     $ 422  
    
 
 
    
 
 
   
 
 
 
 
(1)
 
Includes cumulative-effect adjustment related to the adoption of ASU No. 2016-13,
Financial Instruments – Credit Losses.
Other Assets
Other assets consisted of the following (in thousands):
 
     Current     
Non-Current
 
     March 31,
2021
     December 31,
2020
     March 31,
2021
     December 31,
2020
 
Mortgage servicing rights (“MSRs”), net of amortization
   $         $         $ 2,062      $ 1,897  
Security deposits
                         1,463        1,461  
Employee notes receivable
(1)
     165        185        13        246  
Customer trust accounts and other
     5,477        4,526        537        572  
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 5,642      $ 4,711      $ 4,075      $ 4,176  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(1)
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable were $10 and $0
 
for the three months ended March 31, 2021 and 2020, respectively. See Note 7 – “Related-Party Transactions” for additional information.
 
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MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
MSRs
The net change in the carrying value of MSRs consisted of the following (in thousands):
 
     Three Months Ended
March 31,
 
     2021      2020  
Beginning balance
   $ 1,897      $
 
2,002  
Additions
     303