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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 June 30, 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 August 2, 2021 was 
39,579,303 shares.
 
 
 

Table of Contents
MARCUS & MILLICHAP, INC.
TABLE OF CONTENTS
 
 
  
Page
 
  
  
 
3
 
  
 
3
 
  
 
4
 
  
 
5
 
  
 
7
 
  
 
8
 
  
 
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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)
 
     June 30, 2021
(Unaudited)
     December 31,
2020
 
Assets
                 
Current assets:
                 
Cash and cash equivalents
   $ 230,414      $ 243,152  
Commissions receivable, net
     14,954        10,391  
Prepaid expenses
     10,402        10,153  
Marketable debt securities,
available-for-sale
(includes amortized cost of $147,142 and $158,148 at June 30, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses)
     147,172        158,258  
Advances and loans, net
     2,657        2,413  
Other assets
     5,742        4,711  
    
 
 
    
 
 
 
Total current assets
     411,341        429,078  
Property and equipment, net
     22,746        23,436  
Operating lease
right-of-use
assets, net
     86,420        84,024  
Marketable debt securities,
available-for-sale
(includes amortized cost of $95,488 and $45,181 at June 30, 2021 and December 31, 2020, respectively, and $0 allowance for credit losses)
     97,514        47,773  
Assets held in rabbi trust
     11,178        10,295  
Deferred tax assets, net
     20,706        21,374  
Goodwill and other intangible assets, net
     49,843        52,053  
Advances and loans, net
     114,036        106,913  
Other assets
     3,986        4,176  
    
 
 
    
 
 
 
Total assets
   $ 817,770      $ 779,122  
    
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders’ equity
                 
Current liabilities:
                 
Accounts payable and other liabilities
   $ 20,959      $ 18,288  
Deferred compensation and commissions
     48,169        58,106  
Income tax payable
     2,380        3,726  
Operating lease liabilities
     20,157        19,190  
Accrued bonuses and other employee related expenses
     23,854        21,007  
    
 
 
    
 
 
 
Total current liabilities
     115,519        120,317  
Deferred compensation and commissions
     32,191        38,745  
Operating lease liabilities
     61,293        59,408  
Other liabilities
     11,914        13,816  
    
 
 
    
 
 
 
Total liabilities
     220,917        232,286  
    
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
Commitments and contingencies
                   
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
                 
Preferred stock, $0.0001 par value:
                 
Authorized shares – 25,000,000; issued and outstanding shares – none at June 30, 2021
 and December 31, 2020, respectively
    
      
 
Common stock, $0.0001 par value:
                 
Authorized shares – 150,000,000; issued and outstanding shares – 39,578,360 and 39,401,976 at June 30,
2021 and December 31, 2020, respectively
     4        4  
Additional
paid-in
capital
     117,457        113,182  
Retained earnings
     477,620        431,076  
Accumulated other comprehensive income
     1,772        2,574  
    
 
 
    
 
 
 
Total stockholders’ equity
     596,853        546,836  
    
 
 
    
 
 
 
Total liabilities and stockholders’ equity
   $ 817,770      $ 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
June 30,
   
Six Months Ended
June 30,
 
     2021     2020     2021     2020  
Revenues:
                                
Real estate brokerage commissions
   $ 252,903     $ 103,371     $ 415,699     $ 275,200  
Financing fees
     28,214       12,703       46,057       28,054  
Other revenues
     3,829       1,326       7,167       4,863  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
     284,946       117,400       468,923       308,117  
    
 
 
   
 
 
   
 
 
   
 
 
 
Operating expenses:
                                
Cost of services
     178,585       73,743       287,688       187,500  
Selling, general and administrative
     61,797       43,519       113,474       98,379  
Depreciation and amortization
     2,959       2,752       5,956       5,216  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     243,341       120,014       407,118       291,095  
    
 
 
   
 
 
   
 
 
   
 
 
 
Operating income (loss)
     41,605       (2,614     61,805       17,022  
Other income (expense), net
     1,370       2,975       2,414       2,609  
Interest expense
     (146     (213     (292     (496
    
 
 
   
 
 
   
 
 
   
 
 
 
Income before provision for income taxes
     42,829       148       63,927       19,135  
Provision for income taxes
     11,297       42       17,383       5,959  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income
     31,532       106       46,544       13,176  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
                                
Marketable debt securities,
available-for-sale:
                                
Change in net unrealized gains 
     146       1,214       (475     717  
Less: reclassification adjustment for net losses included in other income (expense), net
     3       13       3       24  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net change, net of tax of $51, $421, $(164) and $253 for the three and six months ended June 30, 2021 and 2020, respectively
     149       1,227       (472     741  
Foreign currency translation (loss) gain, net of tax of $0 for each of the three and six months ended June 30, 2021 and 2020
     (217     (423     (330     468  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total other comprehensive (loss) income
     (68     804       (802     1,209  
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income
   $ 31,464     $ 910     $ 45,742     $ 14,385  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share:
                                
Basic
   $ 0.79     $        $ 1.17     $ 0.33  
Diluted
   $ 0.78     $        $ 1.16     $ 0.33  
Weighted average common shares outstanding:
                                
Basic
     39,877       39,629       39,817       39,585  
Diluted
     40,139       39,673       40,112       39,662  
See accompanying notes to condensed consolidated financial statements.
 
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Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except for shares)
(Unaudited)
 
     Three Months Ended June 30, 2021  
     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 March 31, 2021
          $           39,500,966     $ 4      $ 113,737     $         $ 446,088      $ 1,840     $ 561,669  
Net and comprehensive income
(loss)
     —                    —                                      31,532        (68     31,464  
Stock-based award activity
                                                                             
Stock-based compensation
                                            2,662                                    2,662  
Shares issued pursuant to
employee stock purchase plan
                         11,635                 369                                    369  
Issuance of common stock for vesting of restricted stock units
                         34,198                                                           
Issuance of common stock for unvested restricted stock awards
                         12,492                                                           
Issuance of common stock for stock settled deferred consideration
                         27,481                 1,000                                    1,000  
Shares withheld related to net share settlement of stock-based awards
                         (8,412               (311                                  (311
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Balance as of June 30, 2021
             $           39,578,360     $ 4      $ 117,457     $          $ 477,620      $ 1,772     $ 596,853  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
     Three Months Ended June 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 March 31, 2020
             $           39,272,429     $ 4      $ 105,601     $
(4
)
 
$
401,308
   
$
  
2,383
   
$
  
509,292
   
Net and comprehensive income
     —                    —                                     106        804        910  
Stock-based award activity
                                                                             
Stock-based compensation
                                            2,536                                    2,536  
Shares issued pursuant to
employee stock purchase
 
plan
                         15,923                 371                                    371  
Issuance of common stock for vesting of restricted stock units
                         27,373                                                           
Issuance of common stock for unvested restricted stock awards
                         19,516                                                           
Shares withheld related to net share settlement of stock-based awards
                         (7,224               (200                                  (200
Reduction of stock notes receivable from employees
     —                    —                            4                           4  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
 
Balance as of June 30, 2020
             $           39,328,017     $ 4      $ 108,308     $        $ 401,414      $ 3,187      $ 512,913  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
    
 
 
    
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
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Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except for shares)
(Unaudited)
 
     Six Months Ended June 30, 2021  
     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 December 31, 2020
             $           39,401,976     $ 4      $ 113,182     $         $ 431,076      $ 2,574     $ 546,836  
Net and comprehensive income
(loss)
     —                    —                                      46,544        (802     45,742  
Stock-based award activity
                                                                             
Stock-based compensation
                                            4,950                                    4,950  
Shares issued pursuant to employee stock purchase plan
                         11,635                 369                                    369  
Issuance of common stock for vesting of restricted stock units
                         183,315                                                           
Issuance of common stock for unvested restricted stock awards
                         12,492                                                           
Issuance of common stock for stock settled deferred consideration
                         27,481                 1,000                                    1,000  
Shares withheld related to net share settlement of stock-based awards
                         (58,539               (2,044                                  (2,044
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
Balance as of June 30, 2021
             $           39,578,360     $ 4      $ 117,457     $         $ 477,620      $ 1,772     $ 596,853  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
 
 
     Six Months Ended June 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
     —                    —                                     13,176       1,209        14,385  
Stock-based award activity
                                                                            
Stock-based compensation
                                            5,168                                   5,168  
Shares issued pursuant to employee stock purchase plan
                         15,923                 371                                   371  
Issuance of common stock for vesting of restricted stock units
                         197,479                                                          
Issuance of common stock for unvested restricted stock awards
                         19,516                                                          
Shares withheld related to net share settlement of stock-based awards
                         (58,096               (1,889                                 (1,889
Reduction of stock notes receivable from
 
employees
     —                    —                            4                          4  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
Balance as of June 30, 2020
             $           39,328,017     $ 4      $ 108,308     $        $ 401,414     $ 3,187      $ 512,913  
    
 
 
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
    
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
6

Table of Contents
MARCUS & MILLICHAP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
     Six Months Ended
June 30,
 
     2021     2020  
Cash flows from operating activities
                
Net income
   $ 46,544     $ 13,176  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                
Depreciation and amortization
     5,956       5,216  
Amortization of
right-of-use
assets
     11,850       11,151  
Credit loss recovery
     (137     (78
Stock-based compensation
     4,950       5,168  
Deferred taxes, net
     780       4,172  
Unrealized foreign exchange (gains) losses
     (560     557  
Net realized gains on marketable debt securities,
available-for-sale
     (10     (117
Other
non-cash
items
     196       567  
Changes in operating assets and liabilities:
                
Commissions receivable
     (4,781     (5
Prepaid expenses
     (239     2,259  
Advances and loans
     (7,086     (34,149
Other assets
     (2,138     (1,059
Accounts payable and other liabilities
     4,988       (1,204
Income tax receivable/payable
     (1,345     775  
Accrued bonuses and other employee related expenses
     3,005       (18,168
Deferred compensation and commissions
     (15,968     (31,425
Operating lease liabilities
     (10,557     (9,016
Other liabilities
     (1,982     331  
    
 
 
   
 
 
 
Net cash provided by (used in) operating activities
     33,466       (51,849
    
 
 
   
 
 
 
Cash flows from investing activities
                
Acquisition of businesses, net of cash received
     229       (11,821
Purchases of marketable debt securities,
available-for-sale
     (199,513     (95,266
Proceeds from sales and maturities of marketable debt securities,
available-for-sale
     159,968       95,028  
Issuances of employee notes receivable
     (40     (211
Payments received on employee notes receivable
     276       1  
Purchase of property and equipment
     (2,770     (4,190
    
 
 
   
 
 
 
Net cash used in investing activities
     (41,850     (16,459
    
 
 
   
 
 
 
Cash flows from financing activities
                
Taxes paid related to net share settlement of stock-based awards
     (2,044     (1,889
Proceeds from issuance of shares pursuant to employee stock purchase plan
     369       371  
Principal payments on notes payable to former stockholders
              (6,563
Principal payments on stock appreciation rights liability
     (1,481     (1,251
Principal payments on deferred consideration
     (1,302         
    
 
 
   
 
 
 
Net cash used in financing activities
     (4,458     (9,332
    
 
 
   
 
 
 
Effect of currency exchange rate changes on cash and cash equivalents
     104       (150
    
 
 
   
 
 
 
Net decrease in cash and cash equivalents
     (12,738     (77,790
Cash and cash equivalents at beginning of period
     243,152       232,670  
    
 
 
   
 
 
 
Cash and cash equivalents at end of period
   $ 230,414     $ 154,880  
    
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental disclosures of cash flow information
                
Interest paid during the period
   $ 714     $ 1,193  
    
 
 
   
 
 
 
Income taxes paid, net
   $ 17,897     $ 1,013  
    
 
 
   
 
 
 
See accompanying notes to condensed consolidated financial statements.
 
7

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 June 30, 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 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
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 six months ended June 30, 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 may continue to experience operational and financial impacts due to the ongoing
COVID-19
pandemic. Actual results may differ from the Company’s current estimates due to the uncertainty around the economic impact and spread of new
COVID-19
variants and vaccination rates.
See Note 5 – “Acquisitions, Goodwill and Other Intangible Assets” and Note 8 – “Fair Value Measurements” for further discussions on the potential impacts of
COVID-19.
Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents, investments in marketable debt securities,
available-for-sale,
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 and ratings of marketable debt securities,
available-for-sale
are limited by the approved investment policy.
 
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MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
To reduce its credit risk, the Company monitors the credit standing of the financial institutions money market funds that represent amounts recorded as cash and cash equivalents. The Company historically has not experienced any significant losses related to cash and cash equivalents.
The Company derives its revenues from a broad range of real estate investors, owners, and users in the United States and Canada, none of which individually represents a significant concentration of credit risk. The Company maintains allowances, as needed, for estimated credit losses based on management’s assessment of the likelihood of collection. For the three and six months ended June 30, 2021 and 2020, no transaction represented 10% or more of total revenues. Further, while one or more transactions may represent 10% or more of commissions receivable at any reporting date, amounts due are typically collected within 10 days of settlement and, therefore, do not expose the Company to significant credit risk.
During the three and six months ended June 30, 2021 and 2020, the Company’s Canadian operations represented approximately 2% of total revenues.
During each of the three and
 six months ended June 30, 2021 and 2020, no office represented 10% or more of total revenues.
Recent Accounting Pronouncements
Pending Adoption
In March 2020, the FASB issued Accounting Standards Update (“ASU”)
No. 2020-04,
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
(“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 June 30, 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):
 
     June 30,
2021
     December 31,
2020
 
Computer software and hardware equipment
   $ 31,007      $ 30,955  
Furniture, fixtures and equipment
     23,809        23,418  
Less: accumulated depreciation and amortization
     (32,070      (30,937
    
 
 
    
 
 
 
     $ 22,746      $ 23,436  
    
 
 
    
 
 
 
During the six months ended June 30, 2021 and 2020, the Company
wrote-off
approximately $2.4 million and $966,000, respectively, of fully depreciated computer software and hardware equipment and furniture, fixtures and equipment.
As of June 30, 2021 and 2020, property and equipment additions incurred but not yet paid included in accounts payable and other liabilities were $250,000 and $197,000, respectively.
3.
Operating Leases
The Company has operating leases for all of its facilities and autos. As of June 30, 2021 and December 31, 2020, operating lease
right-of-use
(“ROU”) assets were $138.8 million and $126.9 million, respectively, and the related accumulated amortization was $52.4 million and $42.9 million, respectively.
 
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MARCUS & MILLICHAP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
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

June 30,
    
Six Months Ended
June 30,
 
     2021      2020      2021      2020  
Operating lease cost:
                                   
Lease cost
(1)
   $  6,512      $  6,341      $  13,101      $  12,604  
Variable lease cost
(2)
     1,241        1,215        2,641        2,611  
Sublease income
     (19      (89      (52      (166
    
 
 
    
 
 
    
 
 
    
 
 
 
     $ 7,734      $ 7,467      $ 15,690      $ 15,049  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(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):
 
     June 30, 2021  
Remainder of 2021
   $ 11,862  
2022
     19,536  
2023
     16,039  
2024
     13,913  
2025
     11,730  
Thereafter
     14,575  
    
 
 
 
Total future minimum lease payments
     87,655  
Less imputed interest
     (6,205
    
 
 
 
Present value of operating lease liabilities
   $  81,450  
    
 
 
 
Supplemental cash flow information and noncash activity related to the operating leases consisted of the following (in thousands):
 
     Six Months Ended
June 30,
 
     2021      2020  
Operating cash flow information:
                 
Cash paid for amounts included in the measurement of operating lease liabilities
   $  11,764      $  10,456  
Noncash activity:
                 
ROU assets obtained in exchange for operating lease liabilities
   $ 13,373      $ 6,334  
Tenant improvements owned by lessor related to ROU assets
(1)
   $ 881      $ 317  
 
(1)
Reclassification from other assets current.
Other information related to the operating leases consisted of the following:
 
     June 30, 2021     December 31, 2020  
Weighted average remaining operating lease term
     4.84 years       4.70 years  
Weighted average discount rate
     3.0     3.1
 
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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):
 
     June 30, 2021  
     Amortized
Cost
     Allowance
for Credit
Losses
     Gross
Unrealized
Gains
     Gross
Unrealized
Losses
    Fair
Value
 
Short-term investments:
                                           
U.S. treasuries
   $  74,424      $          $ 12      $         $  74,436  
Corporate debt
     72,718                  19        (1     72,736  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     $  147,142      $         $ 31      $ (1   $  147,172  
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Long-term investments:
                                           
U.S. treasuries
   $ 52,033      $         $ 185      $ (22   $ 52,196  
U.S. government sponsored entities
     888                  27        (