Marcus & millichap, inc. (MMI)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Cash flows from operating activities
Net income

74,362

76,930

82,434

83,996

84,884

87,257

69,512

64,133

57,535

51,524

60,218

59,887

61,842

64,657

67,432

67,464

67,496

66,350

62,831

61,178

56,418

49,531

24,385

18,137

13,350

8,206

0

0

0

Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense

8,649

8,017

7,442

7,183

6,754

6,297

5,917

5,641

5,441

5,363

5,198

4,972

4,678

4,387

4,080

3,733

3,531

3,305

3,196

3,207

3,211

3,206

3,181

3,115

3,058

3,043

0

0

0

Amortization of right-of-use assets

21,626

21,207

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Credit loss recovery

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Recovery of bad debt expense

-

-

-

-

-

291

238

194

281

219

65

98

75

47

169

205

276

281

70

66

39

29

0

0

0

-

-

-

0

Stock-based compensation

9,569

9,278

10,104

11,137

11,711

11,983

11,891

10,936

9,892

9,145

8,275

7,916

7,576

7,035

5,297

5,632

6,532

7,114

8,509

7,758

6,224

5,034

34,437

34,181

34,288

33,817

0

0

0

Deferred taxes, net

-672

226

4,422

2,232

351

-142

10,549

13,175

13,396

12,825

1,952

-5

-697

-483

2,331

-477

152

65

-3,764

516

869

877

0

0

0

-

-

-

-

Unrealized foreign exchange loss

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net realized (gains) losses on marketable debt securities, available-for-sale

152

87

68

10

-2

10

0

0

0

-

-

-

-

-123

-117

-133

-97

132

0

0

0

-

-

-

-

-

-

-

-

Tax benefit from stock-based award activity

-

-

-

-

-

-

-

-

-

-

-

-

-

2,711

5,796

5,820

5,911

10,483

0

0

0

-

-

-

-

-

-

-

-

Excess tax benefit from stock-based award activity

-

-

-

-

-

-

-

-

-

-

-

-

-

2,711

5,796

5,820

5,911

10,483

0

0

0

-

-

-

-

-

-

-

-

Other non-cash items

-281

176

-443

573

221

194

-6

-222

-171

-108

-39

-238

-306

-444

-573

-768

-359

-509

-512

-317

-573

-372

-144

-232

-175

-66

0

0

0

Changes in operating assets and liabilities:
Commissions receivable

-2,466

55

768

-1,102

3,123

-4,783

1,188

1,872

-458

4,777

-286

304

449

1,467

619

-582

-1,731

-70

258

1,138

2,295

174

0

0

0

-

-

0

0

Prepaid expenses

235

2,740

2,814

1,938

1,401

-1,757

688

705

946

1,567

-1,159

1,476

1,038

552

595

-1,032

1,261

6

1,805

1,324

651

3,216

0

0

0

-

-

-

-

Advances and loans

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid rent

-

-

-

-

-

-1,500

-599

-178

593

2,107

2,488

3,605

4,424

4,210

4,445

6,147

6,463

5,430

4,116

1,100

-688

-1,354

-841

638

409

2,144

0

0

0

Assets held in rabbi trust

-

-

-

-

-

-

-

-

-

-

-

-

-

1,263

0

0

0

-

-

-

1,280

48

271

418

1,012

1,162

0

0

0

Prepaid expenses and other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Other assets

43,127

45,176

29,483

25,026

7,287

7,247

9,951

6,628

7,046

13,665

15,127

11,212

9,880

803

2,490

5,999

5,984

8,027

4,141

2,183

2,815

1,243

2,187

2,225

906

595

0

0

0

Accounts payable and other liabilities

-3,476

-486

1,881

1,765

4,975

226

-765

-1,108

-1,873

-572

-704

1,508

-401

964

2,047

-2,339

-1,954

-912

-3,256

2,777

2,257

2,302

3,908

419

3,813

-7,537

0

0

0

Due from affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Accounts payable and accrued expenses - related party, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Income tax receivable/payable

8,532

9,485

13,749

4,979

-13,350

-5,794

-4,668

2,697

1,070

126

2,886

2,389

1,336

-2,867

3,358

4,394

2,896

6,649

-2,622

-3,919

3,742

3,860

0

0

0

-

-

-

-

Commissions payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

3,916

2,434

90

2,502

0

0

0

Accrued bonuses and other employee related expenses

-2,864

-5,889

-6,080

-2,801

-2,414

4,676

2,987

2,449

2,925

1,782

514

17

-720

-8,218

-2,349

-919

692

3,261

1,452

2,664

1,291

10,846

11,240

7,407

-11,057

-572

0

0

0

Deferred compensation and commissions

-7,035

-8,975

-1,108

-5,663

-3,617

-438

1,448

4,397

3,874

8,427

2,473

7,789

664

10,988

7,306

-3,325

-2,797

12,360

4,518

10,132

8,993

8,382

3,450

1,968

1,934

3,086

0

0

0

Operating lease liabilities

-17,469

-17,102

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities and right-of-use assets

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred rent and other liabilities

-643

-314

-55

82

717

781

1,001

769

137

660

30

75

347

-30

889

853

1,820

1,475

929

-1,866

-1,695

-1,955

-2,491

598

-330

-100

0

0

0

Net cash used in operating activities

11,092

25,287

56,248

69,905

91,705

117,314

96,212

89,121

90,634

66,537

58,306

62,688

56,423

74,486

75,056

62,513

71,090

72,120

75,111

87,456

70,520

71,437

69,760

58,490

44,362

96,944

0

0

0

Cash flows from investing activities
Acquisition, net of cash received

12,083

6,083

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of marketable debt securities, available-for-sale

166,885

168,083

155,532

230,406

203,217

208,460

196,204

96,994

77,439

65,093

48,148

72,569

116,888

107,898

112,861

108,627

146,225

146,050

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sales and maturities of marketable debt securities, available-for-sale

174,483

179,693

169,522

152,050

139,677

113,911

117,830

102,507

70,079

44,753

62,067

93,961

125,197

137,593

106,010

66,966

39,557

26,142

0

0

0

-

-

-

-

-

-

-

-

Issuances of employee notes receivable

411

200

525

326

326

451

175

262

341

481

506

492

628

455

453

455

291

247

193

125

86

86

157

188

345

434

0

0

0

Payments received on employee notes receivable

42

42

34

13

16

18

30

27

27

27

18

16

15

12

0

0

0

-

-

-

-

126

122

133

1,079

1,173

0

0

0

Purchase of property and equipment

9,565

8,812

10,141

9,555

8,354

8,072

6,141

5,813

6,549

6,554

7,411

8,605

8,508

9,473

10,092

8,847

8,174

6,796

4,489

3,450

2,945

2,566

2,928

3,692

4,107

4,795

0

0

0

Proceeds from sale of property and equipment

-

-

-

-

-

-

-

-

-

10

25

35

50

40

0

0

0

-

-

-

-

-

-

-

-

32

0

0

0

Net cash provided by investing activities

-14,398

-3,422

-4,578

-96,934

-87,130

-117,980

-91,650

-6,751

-14,223

-27,338

6,045

12,346

-762

19,819

-17,361

-50,924

-115,111

-126,929

-139,201

-106,444

-27,787

-17,225

-2,962

-3,746

-3,373

-4,024

0

0

0

Cash flows from financing activities
Taxes paid related to net share settlement of stock-based awards

2,212

2,735

5,940

5,933

5,585

5,023

5,786

5,763

5,740

5,451

5,873

5,858

5,842

5,565

9,108

9,108

9,098

8,730

0

0

0

-

-

-

-

-

-

-

-

Excess tax benefit from stock-based award activity

-

-

-

-

-

-

-

-

-

-

-

-

-

2,711

5,796

5,820

5,911

10,483

0

0

0

-

-

-

-

-

-

-

-

Payments on obligations under capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

16

42

53

61

58

0

0

0

Principal payments on stock appreciation rights liability

0

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments received on stock notes receivable from employees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

158

0

0

0

Net cash used in financing activities

-4,792

-3,878

-6,609

-6,232

-5,813

-5,437

-6,204

-6,181

-6,073

-5,784

-3,642

-3,641

-3,563

-3,119

-3,374

-3,350

-3,105

1,835

-2,288

-1,427

-1,971

-6,005

38,533

30,507

4,877

4,925

0

0

0

Effect of currency exchange rate changes on cash and cash equivalents

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net decrease in cash and cash equivalents

-8,372

17,987

45,061

-33,261

-1,238

-6,103

-1,642

76,189

70,338

33,415

60,709

71,393

52,098

91,186

54,321

8,239

-47,126

-52,974

-66,378

-20,415

40,762

48,207

105,331

85,251

45,866

97,845

0

0

0

Supplemental disclosures of cash flow information
Interest paid during the period

1,201

2,107

2,107

2,157

2,393

2,195

2,196

2,036

3,450

1,912

1,911

1,946

628

628

628

628

868

868

869

819

649

635

0

0

0

-

-

-

-

Income taxes paid, net

40,048

39,841

37,676

32,388

24,494

24,311

27,693

34,127

25,297

35,002

36,864

38,428

39,554

37,350

40,782

45,897

44,086

43,120

39,537

31,264

35,550

35,596

32,437

30,857

24,756

29,702

0

0

0

Supplemental disclosures of noncash investing and financing activities
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable

-

-

-

-

-

-

-

-

-

-

-117

-116

-109

325

199

198

199

208

0

0

0

-

-

-

-

-

-

-

-

Change in property and equipment included in accounts payable and other liabilities

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

0

-

-

-

-

-

0

0

0

-

-

-

-

Property and equipment additions incurred but not yet paid included in accounts payable and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-462

0

0

0

-

-

-

-

-

-

-

-

Issuance of restricted stock for notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21

0

0

0

Deemed capital (distribution) from Marcus & Millichap Company

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,291

0

0

0