Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net income $ 19,578 $ 9,647
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,586 1,514
Provision for bad debt expense (26)  
Stock-based compensation 1,858 1,494
Deferred taxes, net 1,564  
Other non-cash items 63 (127)
Changes in operating assets and liabilities:    
Commissions and other receivables (1,687) 830
Prepaid expenses and other current assets (1,069) (204)
Prepaid rent 763 (743)
Investments in rabbi trust (213) (765)
Other assets (799) 326
Due from affiliates   63,303
Accounts payable and accrued expenses (581) (8,537)
Accounts payable and accrued expenses - related party (432)  
Income tax payable (682)  
Commissions payable (10,069) (10,678)
Accrued bonuses and other employee related expenses (3,291) (11,270)
Deferred compensation and commissions (1,709) (784)
Other liabilities 994 296
Net cash provided by operating activities 5,848 44,302
Cash flows from investing activities    
Payments received on employee notes receivable 56 1,096
Issuances of employee notes receivable (60) (306)
Purchase of property and equipment (1,317) (2,420)
Proceeds from sale of property and equipment 1 32
Net cash used in investing activities (1,320) (1,598)
Cash flows from financing activities    
Principal payments on notes payable to former stockholders (851)  
Payments on obligations under capital leases (16) (21)
Payments of initial public offering costs   (1,819)
Dividends paid to Marcus & Millichap Company   (24,718)
Payments received on stock notes receivable from employees   109
Net cash used in financing activities (867) (26,449)
Net increase in cash and cash equivalents 3,661 16,255
Cash and cash equivalents at beginning of period 100,952 3,107
Cash and cash equivalents at end of period 104,613 19,362
Supplemental disclosures of cash flow information    
Interest paid during the period 619  
Income taxes paid (paid to former parent in 2013) 12,795 11,640
Supplemental disclosures of noncash investing and financing activities    
Tax benefit of deductible IPO transaction costs included in income tax payable 840  
Deferred offering costs   168
Net change in accounts payable and accrued expenses related to property and equipment additions (3)  
Issuance of restricted stock for notes receivable   21
Deemed capital contribution from Marcus & Millichap Company   $ 1,494