QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of |
(I.R.S. Employer | |
Incorporation or Organization) |
Identification No.) | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
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September 30, (Unaudited) |
December 31, 2019 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Commissions receivable, net |
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Prepaid expenses |
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Income tax receivable |
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Marketable debt securities, available-for-sale |
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Advances and loans, net |
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Other assets |
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Total current assets |
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Property and equipment, net |
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Operating lease right-of-use |
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Marketable debt securities, available-for-sale 2020 and December 31, 2019, respectively, and $ |
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Assets held in rabbi trust |
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Deferred tax assets, net |
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Goodwill and other intangible assets, net |
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Advances and loans, net |
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Other assets |
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Total assets |
$ | $ | ||||||
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable and other liabilities |
$ | $ | ||||||
Notes payable to former stockholders |
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Deferred compensation and commissions |
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Operating lease liabilities |
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Accrued bonuses and other employee related expenses |
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Total current liabilities |
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Deferred compensation and commissions |
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Operating lease liabilities |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $ |
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Authorized shares – |
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Common stock, $ |
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Authorized shares – |
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Additional paid-in capital |
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Stock notes receivable from employees |
( |
) | ||||||
Retained earnings |
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Accumulated other comprehensive income |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues: |
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Real estate brokerage commissions |
$ |
$ |
$ |
$ |
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Financing fees |
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Other revenues |
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Total revenues |
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Operating expenses: |
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Cost of services |
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Selling, general and administrative |
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Depreciation and amortization |
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Total operating expenses |
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Operating income |
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Other income (expense), net |
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Interest expense |
( |
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Income before provision for income taxes |
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Provision for income taxes |
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Net income |
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Other comprehensive (loss) income: |
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Marketable debt securities, available-for-sale: |
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Change in net unrealized gains and losses |
( |
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Less: reclassification adjustment for net losses (gains) included in other income (expense), net |
( |
) | ( |
) | ||||||||||||
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Net change, net of tax of $( |
( |
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Foreign currency translation (loss) gain, net of tax of $ |
( |
) | ( |
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Total other comprehensive (loss) income |
( |
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Comprehensive income |
$ | $ | $ | $ | ||||||||||||
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Earnings per share: |
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Basic |
$ | $ | $ | $ | ||||||||||||
Diluted |
$ | $ | $ | $ | ||||||||||||
Weighted average common shares outstanding: |
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Basic |
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Diluted |
Three Months Ended September 30, 2020 |
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Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Stock Notes Receivable From Employees |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total |
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Shares |
Amount |
Shares |
Amount |
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Balance at June 30, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
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Net and comprehensive income (loss) |
— |
— |
( |
) |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Reduction of stock notes receivable from employees |
— |
— |
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Balance as of September 30, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
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Three Months Ended September 30, 2019 |
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Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Stock Notes Receivable From Employees |
Retained Earnings |
Accumulated Other Comprehensive Income |
Total |
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Shares |
Amount |
Shares |
Amount |
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Balance at June 30, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
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Net and comprehensive income |
— |
— |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee stock purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Balance as of September 30, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
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Nine Months Ended September 30, 2020 |
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Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Stock Notes Receivable From Employees |
Retained Earnings |
Accumulated Other Comprehensive Income |
Total |
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Shares |
Amount |
Shares |
Amount |
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Balance at December 31, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
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Cumulative effect of a change in accounting principle, net of tax |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2020, as adjusted |
( |
) |
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Net and comprehensive income |
— |
— |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Reduction of stock notes receivable from employees |
— |
— |
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Balance as of September 30, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
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Nine Months Ended September 30, 2019 |
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Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Stock Notes Receivable From Employees |
Retained Earnings |
Accumulated Other Comprehensive Income |
Total |
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Shares |
Amount |
Shares |
Amount |
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Balance at December 31, 2018 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
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Net and comprehensive income |
— |
— |
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Stock-based award activity |
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Stock-based compensation |
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Shares issued pursuant to employee purchase plan |
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Issuance of common stock for vesting of restricted stock units |
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Issuance of common stock for unvested restricted stock awards |
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Shares withheld related to net share settlement of stock-based awards |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Balance as of September 30, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
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