Marcus & Millichap, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	$ 49,531us-gaap_NetIncomeLoss	$ 8,206us-gaap_NetIncomeLoss	$ 27,934us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	3,206us-gaap_DepreciationAndAmortization	3,043us-gaap_DepreciationAndAmortization	2,981us-gaap_DepreciationAndAmortization
Provision for bad debt expense	29us-gaap_ProvisionForDoubtfulAccounts	207us-gaap_ProvisionForDoubtfulAccounts	97us-gaap_ProvisionForDoubtfulAccounts
Stock-based compensation	5,034us-gaap_ShareBasedCompensation	33,817us-gaap_ShareBasedCompensation	4,209us-gaap_ShareBasedCompensation
Deferred taxes, net	877us-gaap_DeferredIncomeTaxExpenseBenefit	(9,276)us-gaap_DeferredIncomeTaxExpenseBenefit
Other non-cash items	372us-gaap_OtherNoncashIncomeExpense	66us-gaap_OtherNoncashIncomeExpense	19us-gaap_OtherNoncashIncomeExpense
Changes in operating assets and liabilities:
Commissions receivable	(174)	1,969	(3,297)
Prepaid expenses	(3,216)	(1,414)	(547)
Prepaid rent	1,354us-gaap_IncreaseDecreaseInPrepaidRent	(2,144)us-gaap_IncreaseDecreaseInPrepaidRent	103us-gaap_IncreaseDecreaseInPrepaidRent
Investments held in rabbi trust	(48)	(1,162)	(497)
Other assets	(1,243)	(595)	172
Due to (from) affiliates		60,389	(19,884)
Accounts payable and accrued expenses	2,711	(8,043)	6,791
Accounts payable and accrued expenses - related party	(409)	506
Income tax (receivable) payable	(3,860)	6,459
Commissions payable	3,846mmi_CommissionPayableIncreaseDecrease	2,502mmi_CommissionPayableIncreaseDecrease	9,008mmi_CommissionPayableIncreaseDecrease
Accrued bonuses and other employee related expenses	10,846	(572)	7,831
Deferred compensation and commissions	4,536	3,086	2,495
Other liabilities	(1,955)	(100)	(2,061)
Net cash provided by operating activities	71,437	96,944	35,354
Cash flows from investing activities
Purchases of marketable securities, available for sale	(14,700)
Payments received on employee notes receivable	126	1,173	458
Issuances of employee notes receivable	(86)	(434)	(706)
Purchase of property and equipment	(2,566)	(4,795)	(4,563)
Proceeds from sale of property and equipment	1	32	174
Net cash (used in) investing activities	(17,225)	(4,024)	(4,637)
Cash flows from financing activities
Proceeds from issuance of shares pursuant to employee stock purchase plan	410
Withholding taxes paid related to net share settlement of equity awards	(5,982)
Realized tax benefit of deductible IPO transaction costs	840
Distribution related to stock appreciation rights liability	(412)
Dividends paid to Marcus & Millichap Company		(37,681)us-gaap_PaymentsOfDividends	(30,756)us-gaap_PaymentsOfDividends
Payments on obligations under capital leases	(16)	(58)	(98)
Principal payments on notes payable to former stockholders	(851)us-gaap_RepaymentsOfNotesPayable
Payments received on stock notes receivable from employees	6	158	86
Proceeds from initial public offering, net of issuance costs		42,506
Net cash (used in) provided by financing activities	(6,005)	4,925	(30,768)
Net increase (decrease) in cash and cash equivalents	48,207	97,845	(51)
Cash and cash equivalents at beginning of period	100,952	3,107	3,158
Cash and cash equivalents at end of period	149,159	100,952	3,107
Supplemental disclosures of cash flow information
Interest paid during the period	635us-gaap_InterestPaid	1us-gaap_InterestPaid	4us-gaap_InterestPaid
Income taxes paid (paid to former parent in 2013 and 2012)	35,596us-gaap_IncomeTaxesPaid	29,702us-gaap_IncomeTaxesPaid	17,880us-gaap_IncomeTaxesPaid
Supplemental disclosures of noncash investing and financing activities
Tax benefit from share-based award activity included in income tax (receivable)payable	4,310
Deferred offering costs included in accounts payable and accrued expenses		193
Net change in accounts payable and accrued expenses related to property and equipment additions	(134)	216
Issuance of restricted stock for notes receivable		21	90
Deemed capital (distribution) contribution from Marcus & Millichap Company		$ (3,291)	$ 4,209