Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 66,350 $ 49,531 $ 8,206
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 3,305 3,206 3,043
Provision for bad debt expense 281 29 207
Stock-based compensation 7,114 5,034 33,817
Deferred taxes, net 65 877 (9,276)
Net realized gains on marketable securities, available-for-sale (132)    
Tax benefit from stock-based award activity 10,483    
Excess tax benefit from stock-based award activity (10,483)    
Other non-cash items 509 372 66
Changes in operating assets and liabilities:      
Commissions receivable 70 (174) 1,969
Prepaid expenses (6) (3,216) (1,414)
Prepaid rent (5,430) 1,354 (2,144)
Assets held in rabbi trust (1,514) (48) (1,162)
Other assets (8,027) (1,243) (595)
Due to (from) affiliates     60,389
Accounts payable and accrued expenses (912) 2,302 (7,537)
Income tax (payable) receivable (6,649) (3,860) 6,459
Commissions payable 5,159 3,846 2,502
Accrued bonuses and other employee related expenses 3,261 10,846 (572)
Deferred compensation and commissions 7,201 4,536 3,086
Deferred rent obligation and other liabilities 1,475 (1,955) (100)
Net cash provided by operating activities 72,120 71,437 96,944
Cash flows from investing activities      
Purchases of marketable securities, available-for-sale (146,050) (14,700)  
Proceeds from sales and maturities of marketable securities, available-for-sale 26,142    
Payments received on employee notes receivable 22 126 1,173
Issuances of employee notes receivable (247) (86) (434)
Purchase of property and equipment (6,796) (2,566) (4,795)
Proceeds from sale of property and equipment   1 32
Net cash used in investing activities (126,929) (17,225) (4,024)
Cash flows from financing activities      
Proceeds from issuance of shares pursuant to employee stock purchase plan 976 410  
Taxes paid related to net share settlement of stock-based awards (8,730) (5,982)  
Excess tax benefit from stock-based award activity 10,483    
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)
Payments on obligations under capital leases   (16) (58)
Principal payments on notes payable to former stockholders (894) (851)  
Payments received on stock notes receivable from employees   6 158
Proceeds from initial public offering, net of issuance costs     42,506
Net cash provided by (used in) financing activities 1,835 (6,005) 4,925
Net (decrease) increase in cash and cash equivalents (52,974) 48,207 97,845
Cash and cash equivalents at beginning of year 149,159 100,952 3,107
Cash and cash equivalents at end of year 96,185 149,159 100,952
Supplemental disclosures of cash flow information      
Interest paid during the period 868 635 1
Income taxes paid, net (paid to former parent in 2013) 43,120 35,596 29,702
Supplemental disclosures of noncash investing and financing activities      
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 208    
Property and equipment additions incurred but not yet paid included in accounts payable and accrued expenses 462 (134) 216
Settlements of deferred compensation obligation with trust assets $ 37    
Tax benefit from share-based award activity included in income tax receivable   $ 4,310  
Deferred offering costs included in accounts payable and accrued expenses     193
Issuance of restricted stock for notes receivable     21
Deemed capital (distribution) from Marcus & Millichap Company     $ (3,291)