Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities    
Net income $ 6,782 $ 1,638
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 775 760
(Recoveries) provision for bad debt expense (4) 37
Stock-based compensation 717 246
Deferred taxes, net 1,314  
Other non-cash items 64 (30)
Changes in operating assets and liabilities:    
Commissions receivable 824 2,355
Prepaid expenses and other current assets 705 1,460
Prepaid rent 598 (1,137)
Investments in rabbi trust account (67) (162)
Other assets 91 189
Due from affiliates   52,929
Accounts payable and accrued expenses 1,071 (10,279)
Accounts payable and accrued expenses - related party (73)  
Income tax payable (3,163)  
Commissions payable (13,728) (11,316)
Accrued employee expenses (9,487) 998
Deferred compensation and commissions (3,167) (2,084)
Other liabilities (328) (98)
Net cash (used in) provided by operating activities (17,076) 35,506
Cash flows from investing activities    
Payments received on employee notes receivable 56 150
Issuances of employee notes receivable (48) (137)
Purchase of property and equipment (575) (1,263)
Proceeds from sale of property and equipment   32
Net cash used in investing activities (567) (1,218)
Cash flows from financing activities    
Payments on obligations under capital leases (11) (8)
Payments received of stock notes receivable from employees   45
Net cash (used in) provided by financing activities (11) 37
Net (decrease) increase in cash and cash equivalents (17,654) 34,325
Cash and cash equivalents at beginning of period 100,952 3,107
Cash and cash equivalents at end of period 83,298 37,432
Supplemental disclosures of cash flow information    
Interest paid during the period 1  
Income taxes paid (paid to Marcus & Millichap Company in 2013) 6,694 11,640
Supplemental disclosures of noncash investing and financing activities    
Property and equipment included in accounts payable and accrued expenses 198  
Issuance of restricted stock for notes receivable   21
Deemed capital contribution from Marcus & Millichap Company   $ 246