| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||||
Net income | ||||||||
76,930 | 87,257 | 51,524 | 64,657 | 66,350 | 49,531 | 8,206 | 27,934 | 13,450 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Depreciation and amortization expense | ||||||||
8,017 | 6,297 | 5,363 | 4,387 | 3,305 | 3,206 | 3,043 | 2,981 | 2,971 |
Amortization of right-of-use assets | ||||||||
21,207 | 0 | 0 | - | - | - | - | - | - |
Recovery of bad debt expense | ||||||||
114 | 291 | 219 | 47 | 281 | 29 | 207 | 97 | 311 |
Stock-based compensation | ||||||||
9,278 | 11,983 | 9,145 | 7,035 | 7,114 | 5,034 | 33,817 | 4,209 | 1,610 |
Deferred taxes, net | ||||||||
226 | -142 | 12,825 | -483 | 65 | 877 | -9,276 | - | - |
Net realized (gains) losses on marketable debt securities, available-for-sale | ||||||||
87 | 10 | 2 | -123 | 132 | 0 | - | - | - |
Tax benefit from stock-based award activity | ||||||||
- | - | - | 2,711 | 10,483 | 0 | - | - | - |
Excess tax benefit from stock-based award activity | ||||||||
- | - | - | 2,711 | 10,483 | 0 | - | - | - |
Other non-cash items | ||||||||
176 | 194 | -108 | -444 | -509 | -372 | -66 | -19 | -35 |
Changes in operating assets and liabilities: | ||||||||
Commissions receivable | ||||||||
55 | -4,783 | 4,777 | 1,467 | -70 | 174 | -1,969 | 3,297 | -738 |
Prepaid expenses | ||||||||
2,740 | -1,757 | 1,567 | 552 | 6 | 3,216 | 1,414 | 547 | - |
Prepaid rent | ||||||||
0 | -1,500 | 2,107 | 4,210 | 5,430 | -1,354 | 2,144 | -103 | -668 |
Assets held in rabbi trust | ||||||||
0 | 0 | 700 | 1,263 | 1,514 | 48 | 1,162 | 497 | -240 |
Prepaid expenses and other current assets | ||||||||
- | - | - | - | - | - | - | - | 460 |
Other assets | ||||||||
45,176 | 7,247 | 13,665 | 803 | 8,027 | 1,243 | 595 | -172 | 1,694 |
Accounts payable and other liabilities | ||||||||
-486 | 226 | -572 | 964 | -912 | 2,302 | -7,537 | 6,791 | 3,239 |
Due to (from) affiliates | ||||||||
- | - | - | - | - | - | 60,389 | -19,884 | -1,513 |
Income tax receivable/payable | ||||||||
9,485 | -5,794 | 126 | -2,867 | 6,649 | 3,860 | -6,459 | - | - |
Commissions payable | ||||||||
- | - | - | - | - | - | 2,502 | 9,008 | -5,511 |
Accrued bonuses and other employee related expenses | ||||||||
-5,889 | 4,676 | 1,782 | -8,218 | 3,261 | 10,846 | -572 | 7,831 | 686 |
Deferred compensation and commissions | ||||||||
-8,975 | -438 | 8,427 | 10,988 | 12,360 | 8,382 | 3,086 | 2,495 | 899 |
Operating lease liabilities | ||||||||
-17,102 | 0 | 0 | - | - | - | - | - | - |
Deferred rent and other liabilities | ||||||||
-314 | 781 | 660 | -30 | 1,475 | -1,955 | -100 | -2,061 | 2,147 |
Net cash used in operating activities | ||||||||
25,287 | 117,314 | 66,537 | 74,486 | 72,120 | 71,437 | 96,944 | 35,354 | 17,816 |
Cash flows from investing activities | ||||||||
Acquisition, net of cash received | ||||||||
6,083 | 14,926 | 0 | 0 | - | - | - | - | - |
Purchases of marketable debt securities, available-for-sale | ||||||||
168,083 | 208,460 | 65,093 | 107,898 | 146,050 | 14,700 | - | - | - |
Proceeds from sales and maturities of marketable debt securities, available-for-sale | ||||||||
179,693 | 113,911 | 44,753 | 137,593 | 26,142 | 0 | - | - | - |
Issuances of employee notes receivable | ||||||||
200 | 451 | 481 | 455 | 247 | 86 | 434 | 706 | 310 |
Payments received on employee notes receivable | ||||||||
42 | 18 | 27 | 12 | 22 | 126 | 1,173 | 458 | 550 |
Purchase of property and equipment | ||||||||
8,812 | 8,072 | 6,554 | 9,473 | 6,796 | 2,566 | 4,795 | 4,563 | 3,083 |
Proceeds from sale of property and equipment | ||||||||
21 | 0 | 10 | 40 | 0 | 1 | 32 | 174 | 172 |
Net cash provided by investing activities | ||||||||
-3,422 | -117,980 | -27,338 | 19,819 | -126,929 | -17,225 | -4,024 | -4,637 | -2,671 |
Cash flows from financing activities | ||||||||
Proceeds from issuance of shares pursuant to employee stock purchase plan | ||||||||
657 | 621 | 653 | 673 | 976 | 410 | - | - | - |
Taxes paid related to net share settlement of stock-based awards | ||||||||
2,735 | 5,023 | 5,451 | 5,565 | 8,730 | 5,982 | - | - | - |
Excess tax benefit from stock-based award activity | ||||||||
- | - | - | 2,711 | 10,483 | 0 | - | - | - |
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 | 30,756 | 16,526 |
Payments on obligations under capital leases | ||||||||
- | - | - | - | - | 16 | 58 | 98 | 318 |
Principal payments on notes payable to former stockholders | ||||||||
1,087 | 1,035 | 986 | 938 | 894 | 851 | - | - | - |
Principal payments on stock appreciation rights liability | ||||||||
185 | 0 | 0 | - | - | - | - | - | - |
Payments of contingent consideration | ||||||||
528 | 0 | 0 | - | - | - | - | - | - |
Payments received on stock notes receivable from employees | ||||||||
- | - | - | - | - | 6 | 158 | 86 | 56 |
Proceeds from initial public offering, net of issuance costs | ||||||||
- | - | - | - | - | - | 42,506 | - | - |
Repurchase of shares | ||||||||
- | - | - | - | - | - | - | - | 131 |
Net cash used in financing activities | ||||||||
-3,878 | -5,437 | -5,784 | -3,119 | 1,835 | -6,005 | 4,925 | -30,768 | -16,919 |
Net decrease in cash and cash equivalents | ||||||||
17,987 | -6,103 | 33,415 | 91,186 | -52,974 | 48,207 | 97,845 | -51 | -1,774 |
Supplemental disclosures of cash flow information | ||||||||
Interest paid during the period | ||||||||
2,107 | 2,195 | 1,912 | 628 | 868 | 635 | 1 | 4 | 12 |
Income taxes paid, net | ||||||||
39,841 | 24,311 | 35,002 | 37,350 | 43,120 | 35,596 | 29,702 | 17,880 | 9,440 |
Supplemental disclosures of noncash investing and financing activities | ||||||||
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable | ||||||||
- | - | - | 325 | 208 | 0 | - | - | - |
Property and equipment additions incurred but not yet paid included in accounts payable and other liabilities | ||||||||
- | - | - | -34 | -462 | -134 | 216 | - | - |
Contingent consideration and deferred payments in connection with acquisitions | ||||||||
- | - | - | 0 | - | - | - | - | - |
Settlements of deferred compensation obligation with trust assets | ||||||||
- | - | - | - | 37 | 0 | - | - | - |
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 | 90 | 163 |
Assets acquired under capital lease | ||||||||
- | - | - | - | - | - | - | - | 121 |
Deemed capital (distribution) from Marcus & Millichap Company | ||||||||
- | - | - | - | - | - | -3,291 | 4,209 | 1,610 |