Marcus & Millichap, Inc
(NYSE:MMI)

Marcus & Millichap, Inc., an investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory s...

Website: http://www.marcusmillichap.com

Full Time Employees: 877

Sector: Real Estate

Industry: Real Estate Services

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30

revenue:
real estate brokerage commissions	138,112,000	205,311,000	162,166,000	141,417,000	123,622,000	202,827,000	141,970,000	135,423,000	109,475,000	144,559,000	139,817,000	140,330,000	135,046,000	235,827,000	292,889,000	354,685,000	286,909,000	455,511,000	299,759,000	252,903,000	162,796,000	632,747,956,000	140,844,000	103,371,000	171,829,000	215,541,000	180,198,000	188,680,000	144,937,000	211,210,000	191,980,000	181,640,000	162,525,000	177,324,000	169,357,000	162,575,000	140,137,000	172,743,000	165,695,000	170,118,000	153,664,000	111,589,000	151,942,000	160,221,000	134,193,000	92,061,500	140,220,000	123,278,000	104,748,000	134,483,000	101,757,000
financing fees	26,846,000	33,235,000	26,292,000	26,259,000	18,130,000	31,209,000	20,582,000	18,294,000	14,427,000	15,877,000	17,257,000	17,896,000	15,868,000	21,615,000	28,099,000	36,811,000	26,453,000	34,242,000	29,391,000	28,214,000	17,843,000	70,494,326,000	15,620,000	12,703,000	15,351,000	18,806,000	16,013,000	17,742,000	13,732,000	16,583,000	15,947,000	15,563,000	9,724,000	15,522,000	11,368,000	12,709,000	10,054,000	12,665,000	11,320,000	10,726,000	8,733,000	7,511,500	10,865,000	11,150,000	8,031,000	5,587,000	7,864,000	8,384,000	6,100,000	7,250,000	6,783,000
other revenue	6,509,000	5,404,000	5,434,000	4,600,000	3,286,000	6,042,000	5,959,000	4,650,000	5,202,000	5,807,000	4,952,000	4,640,000	3,878,000
total revenue	171,467,000	243,950,000	193,892,000	172,276,000	145,038,000	240,078,000	168,511,000	158,367,000	129,104,000	166,243,000	162,026,000	162,866,000	154,792,000
yoy	18.22%	1.61%	15.06%	8.78%	12.34%	44.41%	4.00%	-2.76%	-16.60%
qoq	-29.71%	25.82%	12.55%	18.78%	-39.59%	42.47%	6.41%	22.67%	-22.34%	2.60%	-0.52%	5.22%
operating expenses:
cost of services	103,637,000	154,524,000	120,996,000	106,618,000	88,348,000	151,768,000	104,754,000	98,081,000	76,868,000	105,427,000	104,628,000	101,163,000	95,427,000	180,724,000	217,360,000	256,042,000	196,768,000	333,327,000	219,194,000	178,585,000	109,103,000	447,591,793,000	99,707,000	73,743,000	113,757,000	155,196,000	124,147,000	127,847,000	91,688,000	148,469,000	132,896,000	119,869,000	101,649,000	131,730,000	114,803,000	110,377,000	89,647,000	121,637,000	113,852,000	113,126,000	96,153,000	-164,061,000	102,010,000	105,557,000	86,158,000	60,066,500	92,269,000	79,601,000	68,396,000	94,242,000	67,718,000
selling, general and administrative	71,215,000	70,654,000	72,527,000	71,550,000	71,552,000	76,318,000	70,672,000	65,003,000	68,916,000	74,702,000	69,192,000	68,910,000	72,219,000	72,629,000	73,004,000	79,841,000	74,535,000	77,007,000	64,673,000	61,797,000	51,677,000	204,365,899,000	49,722,000	43,519,000
depreciation and amortization	2,391,000	3,353,000	2,743,000	3,153,000	2,849,000	5,288,000	4,550,000	3,329,000	3,422,000	3,315,000	3,637,000	3,468,000	3,207,000	3,239,000	2,924,000	3,332,000	3,911,000	2,915,000	2,850,000	2,959,000	2,997,000	10,891,178,000	2,606,000	2,752,000
total operating expenses	177,243,000	228,531,000	196,266,000	181,321,000	162,749,000	233,374,000	179,976,000	166,413,000	149,206,000	183,444,000	177,457,000	173,541,000	170,853,000	256,592,000	293,288,000	339,215,000	275,214,000	413,249,000	286,717,000	243,341,000	163,777,000	662,848,870,000	152,035,000	120,014,000	171,081,000	210,804,000	174,148,000	182,615,000	142,438,000	197,794,000	183,206,000	170,452,000	151,077,000	175,373,000	158,658,000	155,373,000	134,164,000	161,251,000	155,729,000	154,555,000	139,414,000	101,294,500	138,458,000	143,953,000	122,767,000	85,558,750	127,168,000	112,539,000	102,528,000	157,266,000	99,328,000
operating income	-5,776,000	15,419,000	-2,374,000	-9,045,000	-17,711,000	6,704,000	-11,465,000	-8,046,000	-20,102,000	-17,201,000	-15,431,000	-10,675,000	-16,061,000	5,857,000	30,552,000	56,742,000	44,250,000	81,885,000	45,666,000	41,605,000	20,200,000	53,590,438,000	6,540,000	-2,614,000	19,636,000	27,104,000	24,072,000	26,978,000	18,269,000	32,489,000	27,384,000	28,950,000	23,464,000	27,403,000	24,683,000	24,998,000	19,048,000	27,906,000	24,905,000	28,832,000	24,858,000	-46,791,000	27,418,000	29,529,000	23,774,000	14,377,250	23,721,000	21,726,000	12,062,000	-8,165,000	12,625,000
yoy	-67.39%	130.00%	-79.29%	12.42%	-11.89%	-138.97%	-25.70%	-24.63%	25.16%	-393.68%	-150.51%	-118.81%	-136.30%	-92.85%	-33.10%	36.38%	119.06%	-99.85%	598.26%	-1691.62%	2.87%	197621.51%	-72.83%	-109.69%	7.48%	-16.57%	-12.09%	-6.81%	-22.14%	18.56%	10.94%	15.81%	23.18%	-1.80%	-0.89%	-13.30%	-23.37%	-159.64%	-9.17%	-2.36%	4.56%	-425.45%	15.59%	35.92%	97.10%	-276.08%	87.89%
qoq	-137.46%	-749.49%	-73.75%	-48.93%	-364.19%	-158.47%	42.49%	-59.97%	16.87%	11.47%	44.55%	-33.53%	-374.22%	-80.83%	-46.16%	28.23%	-45.96%	79.31%	9.76%	105.97%	-99.96%	819325.66%	-350.19%	-113.31%	-27.55%	12.60%	-10.77%	47.67%	-43.77%	18.64%	-5.41%	23.38%	-14.37%	11.02%	-1.26%	31.24%	-31.74%	12.05%	-13.62%	15.99%	-153.13%	-270.66%	-7.15%	24.21%	65.36%	-39.39%	9.18%	80.12%	-247.73%	-164.67%
operating margin %	-3.37%	6.32%	-1.22%	-5.25%	-12.21%	2.79%	-6.80%	-5.08%	-15.57%	-10.35%	-9.52%	-6.55%	-10.38%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%
other income	3,763,000	3,986,000	4,041,000	5,498,000	3,979,000	4,992,000	5,321,000	4,812,000	5,568,000	5,733,000	4,422,000	4,890,000	4,810,000	4,369,000	978,000	-461,000	450,000	1,790,000	323,000	1,370,000	1,044,000	6,645,776,000	1,615,000	2,975,000	-366,000	3,410,000	2,573,000	3,119,000	3,375,000	1,273,000	2,127,000	1,724,000	1,209,000	1,585,000	1,172,000	997,000	836,000	567,000	719,000	618,000	230,000	5,750	-464,000	362,000	125,000	-9,750	-308,000	330,000	-61,000	159,000	247,000
interest expense	-153,000	-189,000	-197,000	-200,000	-187,000	-201,000	-208,000	-204,000	-199,000	-216,000	-241,000	-216,000	-215,000	-161,000	-229,000	-158,000	-160,000	-144,000	-144,000	-146,000	-146,000	-899,305,000	-199,000	-213,000	-283,000	-370,000	-329,000	-340,000	-349,000	-346,000	-342,000	-352,000	-360,000	-370,000	-370,000	-374,000	-382,000	-378,000	-380,000	-384,000	-391,000	-337,250	-380,000	-386,000	-583,000	-300,500	-397,000	-401,000	-404,000
loss before benefit for income taxes	-2,166,000				-13,919,000	-6,130,750	-6,352,000		-14,733,000
provision for income taxes	934,000	5,908,000	1,230,000	7,288,000				2,100,000		-1,451,000	-2,010,000	2,728,000	-5,633,000
net income	-3,100,000	13,308,000	240,000	-11,035,000	-4,422,000	8,548,000	-5,385,000	-5,538,000	-9,987,000	-10,233,000	-9,240,000	-8,729,000	-5,833,000	7,912,000	21,362,000	42,168,000	32,783,000	62,002,000	33,924,000	31,532,000	15,012,000	42,818,784,000	6,040,000	106,000	13,070,000	20,721,000	19,292,000	21,279,000	15,638,000	26,225,000	20,854,000	22,167,000	18,011,000	8,480,000	15,475,000	15,569,000	12,000,000	17,174,000	15,144,000	17,524,000	14,815,000	19,949,000	15,176,000	17,556,000	13,669,000	8,275,250	13,523,000	12,796,000	6,782,000	-8,716,000	7,275,000
yoy	-29.90%	55.69%	-104.46%	99.26%	-55.72%	-183.53%	-41.72%	-36.56%	71.22%	-229.34%	-143.25%	-120.70%	-117.79%	-87.24%	-37.03%	33.73%	118.38%	-99.86%	461.66%	29647.17%	14.86%	206544.39%	-68.69%	-99.50%	-16.42%	-20.99%	-7.49%	-4.01%	-13.18%	209.26%	34.76%	42.38%	50.09%	-50.62%	2.19%	-11.16%	-19.00%	-13.91%	-0.21%	-0.18%	8.38%	141.07%	12.22%	37.20%	101.55%	-194.94%	85.88%
qoq	-123.29%	5445.00%	-102.17%	149.55%	-151.73%	-258.74%	-2.76%	-44.55%	-2.40%	10.75%	5.85%	49.65%	-173.72%	-62.96%	-49.34%	28.63%	-47.13%	82.77%	7.59%	110.05%	-99.96%	708820.26%	5598.11%	-99.19%	-36.92%	7.41%	-9.34%	36.07%	-40.37%	25.76%	-5.92%	23.07%	112.39%	-45.20%	-0.60%	29.74%	-30.13%	13.40%	-13.58%	18.29%	-25.74%	31.45%	-13.56%	28.44%	65.18%	-38.81%	5.68%	88.68%	-177.81%	-219.81%
net income margin %	-1.81%	5.46%	0.12%	-6.41%	-3.05%	3.56%	-3.20%	-3.50%	-7.74%	-6.16%	-5.70%	-5.36%	-3.77%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%
loss per share:
basic	-0.08
diluted	-0.08
weighted-average common shares outstanding:
basic	38,201	38,943	39,013	39,004	38,930	38,678	38,762	38,675	38,447	38,659	38,492	38,538	39,200	39,893	40,086	40,048	39,989		39,940	39,877	39,757		39,681	39,629	39,541		39,441	39,395	39,311		39,191	39,154	39,095	38,988	39,033	39,002	38,948	38,899	38,939	38,918	38,891		38,890	38,870	39,029		38,847	38,847	38,847	38,787
diluted	38,201	38,943	39,175	39,004	38,930	38,678	38,762	38,675	38,447	38,659	38,492	38,538	39,200	40,186	40,302	40,342	40,474		40,241	40,139	40,124		39,727	39,673	39,646		39,550	39,527	39,515		39,484	39,385	39,250	39,100	39,204	39,132	39,108	39,035	39,122	39,054	38,956		39,160	39,057	39,152		39,011	38,926	38,907	38,815
income before provision for income taxes		19,216,000	1,470,000	-3,747,000				-3,438,000		-11,684,000	-11,250,000	-6,001,000	-11,466,000
earnings per share:
basic		-0.098	0.01							-0.27	-0.24	-0.23	-0.15	0.21	0.53	1.05	0.82	0.505	0.85	0.79	0.38	0.123	0.15		0.33	0.358	0.49	0.54	0.4	0.39	0.53	0.57	0.46	0.22	0.4	0.4	0.31	0.44	0.39	0.45	0.38	-0.68	0.39	0.45	0.35	0.213	0.35	0.33	0.17
diluted		-0.098	0.01							-0.27	-0.24	-0.23	-0.15	0.2	0.53	1.04	0.81	0.5	0.84	0.78	0.37	0.12	0.15		0.33	0.355	0.49	0.54	0.4	0.388	0.53	0.56	0.46	0.22	0.39	0.4	0.31	0.44	0.39	0.45	0.38	-0.68	0.39	0.45	0.35	0.213	0.35	0.33	0.17
net income per share
basic				-0.28	-0.11	-0.135	-0.14	-0.14	-0.26
diluted				-0.28	-0.11	-0.135	-0.14	-0.14	-0.26
benefit for income taxes					-9,497,000	-903,250	-967,000		-4,746,000
revenues:
other revenues														3,353,750	2,852,000	4,461,000	6,102,000	5,381,000	3,233,000	3,829,000	3,338,000	13,197,026,000	2,111,000	1,326,000	3,537,000	3,561,000	2,009,000	3,171,000	2,038,000	2,490,000	2,663,000	2,199,000	2,292,000	9,930,000	2,616,000	5,087,000	3,021,000	3,749,000	3,619,000	2,543,000	1,875,000	2,374,250	3,069,000	2,111,000	4,317,000	2,287,500	2,805,000	2,603,000	3,742,000	7,368,000	3,413,000
total revenues														259,815,250	323,840,000	395,957,000	319,464,000	495,134,000	332,383,000	284,946,000	183,977,000	716,439,308,000	158,575,000	117,400,000	190,717,000	237,908,000	198,220,000	209,593,000	160,707,000	230,283,000	210,590,000	199,402,000	174,541,000	202,776,000	183,341,000	180,371,000	153,212,000	189,157,000	180,634,000	183,387,000	164,272,000	-282,743,000	165,876,000	173,482,000	146,541,000	99,936,000	150,889,000	134,265,000	114,590,000	149,101,000	111,953,000
income before benefit from income taxes														32,991,000	31,301,000	56,123,000	44,540,000	83,531,000	45,845,000	42,829,000	21,098,000	59,336,909,000	7,956,000	148,000	18,987,000	30,144,000	26,316,000	29,757,000	21,295,000	33,416,000	29,169,000	30,322,000	24,313,000	17,652,000	25,485,000	25,621,000	19,502,000	19,751,750	25,244,000	29,066,000	24,697,000	19,848,750	26,574,000	29,505,000	23,316,000	14,067,000	23,016,000	21,655,000	11,597,000	7,486,750	12,872,000
benefit from income taxes														8,912,750	9,939,000	13,955,000	11,757,000	21,529,000	11,921,000	11,297,000	6,086,000	16,518,125,000	1,916,000	42,000	5,917,000	9,423,000	7,024,000	8,478,000	5,657,000	7,191,000	8,315,000	8,155,000	6,302,000	6,891,000	10,010,000	10,052,000	7,502,000	7,881,000	10,100,000	11,542,000	9,882,000	8,248,500	11,398,000	11,949,000	9,647,000	5,791,750	9,493,000	8,859,000	4,815,000	3,256,250	5,597,000
other comprehensive loss:
marketable debt securities, available-for-sale:
change in net unrealized gains/losses																-1,558,000	-2,357,000
less: reclassification adjustment for net gains included in other income																7,000	-84,000												-9,000
net change, net of tax of 528 and 1,366 for the three and six months ended june 30, 2022, and (51) and 164 for the three and six months ended june 30, 2021, respectively																-1,551,000
foreign currency translation gain, net of tax of 0 for each of the three and six months ended june 30, 2022 and 2021, respectively																179,000
total other comprehensive loss																-1,372,000
comprehensive income																40,796,000	30,283,000	19,910,250	33,899,000	31,464,000	14,278,000	5,047,250	5,804,000	910,000	13,475,000	14,460,500	19,543,000	21,910,000	16,389,000	15,076,250	20,710,000	22,037,000	17,558,000	8,350,000	15,539,000	15,720,000	12,045,000	16,445,000	15,085,000	17,938,000	15,542,000	11,628,250	15,466,000	17,017,000	14,030,000	8,290,250	13,580,000	12,757,000	6,824,000
other comprehensive income:
net change, net of tax of 838 and (215) for the three months ended march 31, 2022 and 2021, respectively																	-2,441,000
foreign currency translation gain, net of tax of 0 for each of the three months ended march 31, 2022 and 2021, respectively																	-59,000
total other comprehensive income																	-2,500,000	-206,750	-25,000	-68,000	-734,000	243,250	-236,000	804,000	405,000	408,250	251,000	631,000	751,000	-181,750	-144,000	-130,000	-453,000	-130,000	64,000	151,000	45,000	-729,000	-59,000	414,000	727,000	28,000	290,000	-539,000	361,000	15,000	57,000	-39,000	42,000
change in net unrealized gains																		-178,750	-240,000	146,000
less: reclassification adjustment for net incomees included in other income																		6,500	23,000	3,000
net change, net of tax of (75), , (239) and 246 for the three and nine months ended september 30, 2021 and 2020, respectively																		-172,250	-217,000
foreign currency translation gain, net of tax of 0 for each of the three and nine months ended september 30, 2021 and 2020, respectively																		-34,500	192,000
net change, net of tax of 51, 421, (164) and 253 for the three and six months ended june 30, 2021 and 2020, respectively																				149,000
foreign currency translation gain, net of tax of 0 for each of the three and six months ended june 30, 2021 and 2020																				-217,000
change in net unrealized – gains																					-621,000
net change, net of tax of (215) and (168) for the three months ended march 31, 2021 and 2020, respectively																					-621,000
foreign currency translation gain, net of tax of 0 for each of the three months ended march 31, 2021 and 2020																					-113,000
change in net unrealized gains and losses																						171,750	-30,000
less: reclassification adjustment for net incomees (gains) included in other income																						8,000	8,000	13,000	11,000
net change, net of tax of , 46, 246 and 617 for the three and nine months ended september 30, 2020 and 2019, respectively																						179,750	-22,000
foreign currency translation gain, net of tax of 0 for each of the three and nine months ended september 30, 2020 and 2019																						63,500	-214,000
change in unrealized gains																								1,214,000	-497,000	468,500	160,000	856,000	858,000
net change, net of tax of 421, 283, 253 and 571 for the three and six months ended june 30, 2020 and 2019, respectively																								1,227,000
foreign currency translation gain, net of tax of 0 for each of the three and six months ended june 30, 2020 and 2019																								-423,000
selling, general and administrative expense																									54,860,000	53,265,000	48,091,000	52,836,000	48,918,000	47,557,000	48,659,000	49,080,000		32,348,250	42,480,000	43,693,000				40,420,000
depreciation and amortization expense																									2,464,000	2,343,000	1,910,000	1,932,000	1,832,000	1,768,000	1,651,000	1,503,000	1,375,000	1,388,000	1,375,000	1,303,000	1,297,000	1,223,000	1,149,000	1,009,000	1,006,000	597,250	802,000	807,000	780,000	599,750	813,000	811,000	775,000	782,000	747,000
net change, net of tax of (168) and 288 for the three months ended march 31, 2020 and 2019, respectively																									-486,000
foreign currency translation gain, net of tax of 0 for each of the three months ended march 31, 2020 and 2019																									891,000
marketable securities, available-for-sale:
less: reclassification adjustment for net (gains) losses included in other income																										-10,250	-23,000	-9,000
net change, net of tax of 46, (38), 617 and (259) for the three and nine months ended september 30, 2019 and 2018, respectively																										458,250	137,000
foreign currency translation gain, net of tax of 0 for each of the three and nine months ended september 30, 2019 and 2018																										-50,000	114,000
net change, net of tax of 283, (57), 571 and (221) for the three and six months ended june 30, 2019 and 2018, respectively																												847,000
foreign currency translation gain, net of tax of 0 for each of the three and six months ended june 30, 2019 and 2018																												-216,000
net change, net of tax of 288 and (164) for the three months ended march 31, 2019 and 2018, respectively																													849,000
foreign currency translation gain, net of tax of 0 for each of the three months ended march 31, 2019 and 2018																													-98,000
unrealized gains on marketable securities, net of tax of (38), 66, (259) and 242 for the three months ended september 30, 2018 and 2017 and the nine months ended september 30, 2018 and 2017, respectively																														-192,750	-115,000
foreign currency translation gain, net of tax of 0 for each of the three months ended september 30, 2018 and 2017 and each of the nine months ended september 30, 2018 and 2017																														11,000	-29,000
unrealized gains on marketable securities, net of tax of (57), 111, (221) and 176 for the three months ended june 30, 2018 and 2017 and the six months ended june 30, 2018 and 2017, respectively																																-164,000
foreign currency translation gain, net of tax of 0 for each of the three months ended june 30, 2018 and 2017 and each of the six months ended june 30, 2018 and 2017																																34,000
selling, general, and administrative expense																																	48,053,000				43,220,000	38,391,000	40,728,000		42,255,000	27,266,000	35,646,000	37,589,000	35,829,000	24,892,500	34,086,000	32,127,000	33,357,000	30,974,000	30,863,000
unrealized gains on marketable securities, net of tax of (164) and 65 for the three months ended march 31, 2018 and 2017, respectively																																	-492,000
foreign currency translation gain, net of tax of 0 for each of the three months ended march 31, 2018 and 2017																																	39,000
unrealized gains on marketable securities, net of tax of 66, (37), 242 and 684 for the three months ended september 30, 2017 and 2016 and the nine months ended september 30, 2017 and 2016, respectively																																		81,250	104,000
foreign currency translation gain, net of tax of 0 for each of the three months ended september 30, 2017 and 2016 and each of the nine months ended september 30, 2017 and 2016																																		-16,250	-40,000
unrealized gains on marketable securities, net of tax of 111, 271, 176 and 721 for the three months ended june 30, 2017 and 2016 and the six months ended june 30, 2017 and 2016, respectively																																				174,000
foreign currency translation gain, net of tax of 0 for each of the three months ended june 30, 2017 and 2016 and each of the six months ended june 30, 2017 and 2016																																				-23,000
unrealized gains on marketable securities, net of tax of 65 and 450 for the three months ended march 31, 2017 and 2016, respectively																																					47,000
foreign currency translation gain, net of tax of 0 for each of the three months ended march 31, 2017 and 2016																																					-2,000
unrealized gain on marketable securities, net of tax of (37), 47, 684 and (159) for the three months ended september 30, 2016, and 2015 and the nine months ended september 30, 2016 and 2015, respectively																																						262,500	-56,000
foreign currency translation gain, net of tax of 0, 140, 0 and 226 for the three months ended september 30, 2016, and 2015 and the nine months ended september 30, 2016 and 2015, respectively																																						8,000	-3,000
unrealized gain on marketable securities, net of tax of 271, 332, 721 and 206 for the three months ended june 30, 2016, and 2015 and the six months ended june 30, 2016, and 2015, respectively																																								426,000
foreign currency translation gain, net of tax of 0, 31, 0 and 86 for the three months ended june 30, 2016, and 2015 and the six months ended june 30, 2016, and 2015, respectively																																								-12,000
unrealized gain on marketable securities, net of tax of 450 and 126 for the three months ended march 31, 2016 and 2015, respectively																																									680,000
foreign currency translation gain, net of tax of 0 and 117 for the three months ended march 31, 2016 and 2015, respectively																																									47,000
unrealized gain on marketable securities, net of tax of 47, 0, 159 and 0 for the three months ended september 30, 2015 and 2014 and the nine months ended september 30, 2015 and 2014, respectively																																										-62,250	56,000
foreign currency translation gain, net of tax of 140, 38, 226 and 40 for the three months ended september 30, 2015 and 2014 and the nine months ended september 30, 2015 and 2014, respectively																																										90,250	234,000
unrealized (loss) on marketable securities, net of tax of 332, 0, 206 and 0 for the three months ended june 30, 2015 and 2014 and the six months ended june 30, 2015 and 2014, respectively																																												-493,000
foreign currency translation gain, net of tax of 31, 28, 86 and 2 for the three months ended june 30, 2015 and 2014 and the six months ended june 30, 2015 and 2014, respectively																																												-46,000
unrealized gain on marketable securities, net of tax of 126 and 0 for the three months ended march 31, 2015 and 2014, respectively																																													188,000
foreign currency translation gain, net of tax of 117 and 30 for the three months ended march 31, 2015 and 2014, respectively																																													173,000
foreign currency translation gain, net of tax of 38, 0, 40, and 0 for the three months ended september 30, 2014 and 2013 and the nine months ended september 30, 2014 and 2013, respectively																																														15,000	57,000
foreign currency translation gain, net of tax of 28, 0, 2, and 0 for the three months ended june 30, 2014 and 2013 and the six months ended june 30, 2014 and 2013, respectively																																																-39,000
earnings per share :
basic		-0.098	0.01							-0.27	-0.24	-0.23	-0.15	0.21	0.53	1.05	0.82	0.505	0.85	0.79	0.38	0.123	0.15		0.33	0.358	0.49	0.54	0.4	0.39	0.53	0.57	0.46	0.22	0.4	0.4	0.31	0.44	0.39	0.45	0.38	-0.68	0.39	0.45	0.35	0.213	0.35	0.33	0.17
diluted		-0.098	0.01							-0.27	-0.24	-0.23	-0.15	0.2	0.53	1.04	0.81	0.5	0.84	0.78	0.37	0.12	0.15		0.33	0.355	0.49	0.54	0.4	0.388	0.53	0.56	0.46	0.22	0.39	0.4	0.31	0.44	0.39	0.45	0.38	-0.68	0.39	0.45	0.35	0.213	0.35	0.33	0.17
weighted-average common shares outstanding :
basic	38,201	38,943	39,013	39,004	38,930	38,678	38,762	38,675	38,447	38,659	38,492	38,538	39,200	39,893	40,086	40,048	39,989		39,940	39,877	39,757		39,681	39,629	39,541		39,441	39,395	39,311		39,191	39,154	39,095	38,988	39,033	39,002	38,948	38,899	38,939	38,918	38,891		38,890	38,870	39,029		38,847	38,847	38,847	38,787
diluted	38,201	38,943	39,175	39,004	38,930	38,678	38,762	38,675	38,447	38,659	38,492	38,538	39,200	40,186	40,302	40,342	40,474		40,241	40,139	40,124		39,727	39,673	39,646		39,550	39,527	39,515		39,484	39,385	39,250	39,100	39,204	39,132	39,108	39,035	39,122	39,054	38,956		39,160	39,057	39,152		39,011	38,926	38,907	38,815
foreign currency translation gain, net of tax of 30 and 0 for the three months ended march 31, 2014 and 2013, respectively																																																	42,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30

assets
current assets:
cash, cash equivalents, and restricted cash	136,509,000	161,921,000	117,360,000	85,954,000	149,704,000	153,445,000	172,717,000	161,993,000	90,556,000	170,753,000	224,174,000	171,220,000	228,026,000
commissions receivable	12,750,000	14,851,000	17,931,000	16,897,000	13,468,000	18,804,000	19,195,000	15,731,000	13,785,000	16,171,000	14,751,000	9,954,000	9,782,000	8,453,000	11,768,000	14,138,000	13,854,000	17,230,000	15,377,000	14,954,000	8,205,000	10,391,000	6,846,000	4,956,000	3,600,000	5,003,000	6,316,000	5,768,000	6,119,000	4,948,000	5,548,000	6,870,000	2,851,000	9,586,000	4,215,000	4,853,000	3,309,000	4,809,000	4,501,000	4,549,000	2,860,000	3,342,000	3,882,000	5,131,000	4,591,000	3,412,000
prepaid expenses	9,908,000	10,424,000	8,871,000	7,738,000	7,422,000	9,311,000	7,698,000	7,843,000	7,546,000	8,813,000	6,457,000	8,872,000	8,740,000	9,411,000	8,665,000	10,046,000	10,373,000	13,220,000	9,232,000	10,402,000	10,084,000	10,153,000	8,694,000	8,391,000	9,072,000	10,676,000	9,330,000	9,593,000	8,833,000	7,904,000	6,516,000	7,654,000	7,432,000	9,661,000	5,828,000	6,950,000	6,486,000	8,094,000	6,987,000	5,474,000	5,448,000	7,542,000	6,392,000	6,506,000	4,187,000	7,536,000
income tax receivable	802,000	1,962,000	6,371,000	6,363,000	6,050,000	6,030,000	9,743,000	9,724,000	9,461,000	9,299,000	9,404,000	17,491,000	18,053,000	8,682,000	3,253,000								10,023,000	4,224,000	929,000	4,999,000	7,786,000	4,762,000						1,308,000			4,677,000	1,182,000			3,341,000	4,049,000			446,000	1,711,000
marketable debt securities, available-for-sale	56,527,000	90,564,000	129,420,000	136,461,000	119,381,000	189,667,000	126,083,000	119,807,000	198,314,000	168,881,000	116,713,000	164,856,000	132,520,000	253,434,000	211,759,000	253,040,000	218,988,000	183,868,000	116,902,000	147,172,000	134,494,000	158,258,000	169,513,000	169,768,000	143,864,000
advances and loans	14,406,000	15,299,000	12,405,000	33,764,000	15,515,000	17,519,000	10,142,000	11,125,000	7,861,000	3,574,000	3,567,000	3,497,000	3,045,000	4,005,000	3,484,000	3,605,000	5,889,000	6,403,000	3,017,000	2,657,000	2,106,000	2,413,000	2,090,000	1,830,000	1,969,000
other assets, current	14,200,000	14,189,000	17,449,000	14,902,000	13,563,000	15,543,000	10,967,000	17,795,000	16,014,000	16,203,000	14,796,000	5,850,000	5,052,000	7,282,000	5,964,000	5,880,000
total current assets	245,102,000	309,210,000	309,807,000	302,079,000	325,103,000	410,319,000	356,545,000	344,018,000	343,537,000	393,694,000	389,862,000	381,740,000	405,218,000	527,140,000	515,757,000	498,360,000	570,826,000	608,131,000	429,971,000	411,341,000	382,239,000	429,078,000	373,291,000	347,668,000	352,065,000	410,167,000	386,340,000	352,023,000	340,174,000	371,339,000	321,357,000	344,947,000	309,103,000	320,430,000	280,462,000	252,320,000	204,945,000	234,012,000	185,644,000	189,173,000	167,542,000	196,114,000	185,572,000	162,002,000	149,089,000	178,473,000	154,791,000	123,774,000	98,821,000	119,163,000	39,912,000
property and equipment	24,403,000	23,877,000	24,487,000	24,176,000	24,864,000	26,139,000	26,752,000	27,366,000	27,832,000	27,450,000	28,088,000	28,462,000	28,223,000	27,644,000	26,823,000	25,338,000	23,249,000	23,192,000	22,890,000	22,746,000	22,931,000	23,436,000	23,371,000	23,429,000	23,173,000	22,643,000	21,609,000	20,854,000	19,937,000	19,550,000	18,169,000	17,159,000	17,097,000	17,153,000	17,130,000	17,074,000	16,267,000	16,355,000	15,585,000	14,303,000	12,446,000	11,579,000	9,725,000	8,593,000	8,038,000	7,693,000	7,829,000	8,261,000	8,537,000	8,560,000	8,476,000
operating lease right-of-use assets	70,818,000	74,333,000	75,257,000	79,399,000	80,712,000	81,120,000	84,621,000	89,256,000	92,929,000	90,058,000	96,878,000	102,741,000	107,891,000	87,945,000	83,972,000	84,351,000	77,928,000	81,528,000	85,250,000	86,420,000	81,105,000	84,024,000	82,202,000	86,035,000	88,454,000	90,535,000	90,165,000	93,090,000	83,913,000
assets held in rabbi trust	13,165,000	13,476,000	13,266,000	12,757,000	11,995,000	12,191,000	12,181,000	11,686,000	11,467,000	10,838,000	10,065,000	10,365,000	9,953,000	9,553,000	9,222,000	9,587,000	10,916,000	11,508,000	11,056,000	11,178,000	10,574,000	10,295,000	9,467,000	9,081,000	7,992,000	9,452,000	9,102,000	9,119,000	8,939,000	8,268,000	9,115,000	8,890,000	8,756,000	8,787,000	8,545,000	8,380,000	7,506,000	7,337,000	7,309,000	7,106,000	6,985,000	5,661,000	5,334,000	5,627,000
deferred tax assets	44,035,000	44,586,000	48,711,000	50,013,000	57,468,000	48,080,000	50,127,000	49,595,000	51,725,000	46,930,000	46,009,000	35,933,000	37,427,000	41,321,000	37,883,000	35,233,000	33,470,000	33,736,000	24,410,000	20,706,000	20,629,000	21,374,000	15,839,000	17,710,000	20,959,000	22,122,000	18,513,000	18,525,000	20,428,000	22,959,000	23,635,000	21,371,000	21,054,000	22,640,000	33,821,000	34,289,000	34,360,000	35,571,000	35,495,000	33,903,000	33,442,000	35,285,000	14,284,000	11,841,000	12,228,000	13,600,000	9,400,000	6,838,000	7,494,000	8,663,000
goodwill and other intangible assets	41,172,000	41,662,000	42,026,000	42,713,000	42,966,000	43,521,000	46,822,000	48,970,000	50,041,000	51,183,000	52,087,000	53,525,000	54,551,000	55,696,000	57,092,000	58,263,000	59,434,000	48,105,000	48,974,000	49,843,000	50,817,000	52,053,000	36,883,000	37,829,000	31,254,000	22,312,000	14,647,000	14,889,000	15,133,000	15,385,000	5,639,000	5,727,000
other assets, non-current	28,013,000	27,120,000	25,158,000	24,926,000	23,870,000	23,626,000	25,573,000	15,226,000	16,116,000	14,972,000	9,662,000	18,092,000	17,293,000	15,859,000	15,170,000	13,573,000
total assets	754,963,000	827,180,000	812,494,000	792,209,000	802,024,000	869,800,000	833,714,000	825,429,000	826,651,000	878,411,000	882,113,000	883,513,000	910,492,000	1,003,708,000	999,888,000	966,762,000	980,163,000	1,045,198,000	875,080,000	817,770,000	751,082,000	779,122,000	696,125,000	670,815,000	670,329,000	709,034,000	664,593,000	639,674,000	603,516,000	566,380,000	510,135,000	474,171,000	432,967,000	459,664,000	423,552,000	399,946,000	363,487,000	394,016,000	359,996,000	329,803,000	297,582,000	321,225,000	284,229,000	260,632,000	217,329,000	233,604,000	200,221,000	172,116,000	146,162,000	167,309,000	60,788,000
liabilities and stockholders’ equity
current liabilities:
accounts payable and accrued expenses	11,241,000	11,021,000	14,715,000	10,910,000	9,573,000	13,737,000	12,618,000	10,036,000	9,359,000	8,126,000	9,151,000	11,893,000	12,392,000	11,450,000	10,237,000	13,022,000																	6,482,000	9,202,000	8,571,000	9,098,000	8,610,000	10,133,000	9,865,000	8,343,000	8,820,000	9,135,000	7,572,000	9,696,000	10,529,000	9,488,000	9,733,000	6,330,000	8,180,000	6,911,000	6,821,000
deferred compensation and commissions	33,707,000	57,463,000	42,192,000	37,428,000	29,523,000	67,197,000	48,419,000	46,644,000	40,511,000	55,769,000	46,143,000	43,351,000	46,253,000	75,321,000	62,547,000	55,387,000	54,994,000	114,685,000	53,068,000	48,169,000	33,199,000	58,106,000	37,244,000	25,549,000	25,253,000	44,301,000	32,450,000	31,638,000	25,923,000	47,910,000	29,839,000	34,107,000	26,913,000	49,180,000	29,477,000	30,449,000	23,365,000	44,754,000	29,644,000	38,580,000	38,952,000	43,678,000	38,586,000	36,401,000	34,048,000	36,581,000	32,578,000	30,468,000	29,010,000	32,177,000	9,430,000
operating lease liabilities	18,320,000	18,796,000	19,278,000	18,627,000	18,789,000	18,522,000	18,152,000	17,858,000	17,535,000	18,336,000	18,272,000	17,838,000	16,911,000	16,984,000	18,683,000	18,632,000	18,276,000	18,973,000	19,745,000	20,157,000	19,209,000	19,190,000	17,954,000	17,880,000	17,715,000	17,762,000	17,500,000	17,400,000	17,358,000
accrued bonuses and other employee related expenses	10,985,000	23,856,000	18,758,000	15,950,000	10,774,000	25,485,000	16,988,000	10,760,000	7,264,000	19,119,000	15,342,000	11,088,000	6,578,000	38,327,000	34,572,000	30,586,000	15,863,000	49,848,000	32,066,000	23,854,000	11,478,000	21,007,000	10,238,000	4,211,000	5,339,000	22,388,000	16,964,000	14,050,000	8,217,000	28,338,000	23,103,000	16,910,000	10,741,000	23,842,000	20,297,000	14,642,000	7,955,000	22,303,000	20,152,000	14,995,000	9,036,000	30,846,000	22,700,000	16,112,000	8,543,000	27,793,000	21,868,000	13,656,000
other liabilities, current	18,275,000	10,311,000	18,243,000	4,097,000	17,588,000	8,076,000	17,046,000	7,791,000	17,923,000	3,919,000	14,450,000	4,899,000	20,781,000	9,933,000	20,603,000	7,567,000
total current liabilities	92,528,000	121,447,000	113,186,000	87,012,000	86,247,000	133,017,000	113,223,000	93,089,000	92,592,000	105,269,000	103,358,000	89,069,000	102,915,000	152,015,000	146,642,000	128,042,000	192,257,000	225,630,000	130,562,000	115,519,000	91,317,000	120,317,000	76,037,000	58,554,000	65,513,000	101,805,000	84,481,000	80,767,000	73,363,000	92,856,000	68,772,000	60,600,000	48,302,000	83,259,000	60,675,000	58,138,000	40,916,000	78,176,000	64,828,000	53,167,000	39,867,000	75,011,000	62,218,000	58,344,000	37,879,000	67,204,000	54,778,000	40,908,000	31,618,000	56,760,000	42,667,000
other liabilities, non-current	7,297,000	7,755,000	7,997,000	7,310,000	6,912,000	7,007,000	7,496,000	6,892,000	7,265,000	10,690,000	10,327,000	10,519,000	8,229,000	8,614,000	10,623,000	10,088,000
total liabilities	185,910,000	224,077,000	210,253,000	184,434,000	184,471,000	238,982,000	215,986,000	198,759,000	201,096,000	233,137,000	232,760,000	219,594,000	228,334,000	290,199,000	275,927,000	249,592,000	304,774,000	348,894,000	242,811,000	220,917,000	189,413,000	232,286,000	175,091,000	157,902,000	161,037,000	214,127,000	192,493,000	189,161,000	177,424,000	156,806,000	127,444,000	115,274,000	99,558,000	144,776,000	116,238,000	110,323,000	92,050,000	135,162,000	118,083,000	104,769,000	92,642,000	132,235,000	113,877,000	107,899,000	84,869,000	116,795,000	100,439,000	87,336,000	76,124,000	104,812,000	57,104,000
commitments and contingencies
stockholders’ equity:
preferred stock, 0.0001 par value:
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2026 and december 31, 2025, respectively
common stock
authorized shares – 150,000,000; issued and outstanding shares – 37,821,936 and 38,422,993 at march 31, 2026 and december 31, 2025, respectively	4,000
additional paid-in capital	196,296,000	192,945,000	186,778,000	181,624,000	174,799,000	173,340,000	166,999,000	161,895,000	155,157,000	153,740,000	145,220,000	140,142,000	132,905,000	131,541,000	128,174,000	123,767,000	122,782,000	121,844,000	118,974,000	117,457,000	113,737,000	113,182,000	110,625,000	108,308,000	105,601,000	104,658,000	102,142,000	100,098,000	97,587,000	97,458,000	97,375,000	94,291,000	90,840,000	89,877,000	90,653,000	88,501,000	86,035,000	85,445,000	84,949,000	83,155,000	80,999,000	80,591,000	82,088,000	79,935,000	76,679,000	75,058,000	74,560,000	73,143,000	71,162,000	70,445,000	2,675,000
retained earnings	373,270,000	409,753,000	415,288,000	425,822,000	443,830,000	458,907,000	450,590,000	466,132,000	471,670,000	492,298,000	507,045,000	526,373,000	551,696,000	585,581,000	599,710,000	596,361,000	554,193,000	573,546,000	511,544,000	477,620,000	446,088,000	431,076,000	407,454,000	401,414,000	401,308,000	388,271,000	367,550,000	348,258,000	326,979,000	311,341,000	285,116,000	264,262,000	242,095,000	224,071,000	215,591,000	200,116,000	184,547,000	172,599,000	155,425,000	140,281,000	122,757,000	107,942,000	87,993,000	72,817,000	55,261,000	41,592,000	25,162,000	11,639,000			777,000
accumulated other comprehensive income	-517,000	401,000	171,000	325,000			135,000							-3,617,000	-3,927,000	-2,962,000	-1,590,000	910,000	1,747,000	1,772,000	1,840,000	2,574,000	2,951,000	3,187,000	2,383,000	1,978,000	2,408,000	2,157,000	1,526,000	775,000	200,000	344,000	474,000	940,000	1,070,000	1,006,000	855,000	810,000	1,539,000	1,598,000	1,184,000	457,000	271,000	-19,000	520,000	159,000	60,000	3,000	42,000
total stockholders’ equity	569,053,000	603,103,000	602,241,000	607,775,000	617,553,000	630,818,000	617,728,000	626,670,000	625,555,000	645,274,000	649,353,000	663,919,000	682,158,000	713,509,000	723,961,000	717,170,000	675,389,000	696,304,000	632,269,000	596,853,000	561,669,000	546,836,000	521,034,000	512,913,000	509,292,000	494,907,000	472,100,000	450,513,000	426,092,000	409,574,000	382,691,000	358,897,000	333,409,000	314,888,000	307,314,000	289,623,000	271,437,000	258,854,000	241,913,000	225,034,000	204,940,000	188,990,000	170,352,000	152,733,000	132,460,000	116,809,000	99,782,000	84,780,000	70,038,000	62,497,000	3,684,000
total liabilities and stockholders’ equity	754,963,000	827,180,000	812,494,000	792,209,000	802,024,000	869,800,000	833,714,000	825,429,000	826,651,000	878,411,000	882,113,000	883,513,000	910,492,000	1,003,708,000	999,888,000	966,762,000	980,163,000	1,045,198,000	875,080,000	817,770,000	751,082,000	779,122,000	696,125,000	670,815,000	670,329,000	709,034,000	664,593,000	639,674,000	603,516,000	566,380,000	510,135,000	474,171,000	432,967,000	459,664,000	423,552,000	399,946,000	363,487,000	394,016,000	359,996,000	329,803,000	297,582,000	321,225,000	284,229,000	260,632,000	217,329,000	233,604,000	200,221,000	172,116,000	146,162,000	167,309,000	60,788,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2025 and december 31, 2024, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,422,993 and 38,856,790 at december 31, 2025 and december 31, 2024, respectively		4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2025 and december 31, 2024, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,061,075 and 38,856,790 at september 30, 2025 and december 31, 2024, respectively			4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2025 and december 31, 2024, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,996,974 and 38,856,790 at june 30, 2025 and december 31, 2024, respectively				4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2025 and december 31, 2024, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,138,040 and 38,856,790 at march 31, 2025 and december 31, 2024, respectively					4,000
accumulated other comprehensive loss					-1,080,000	-1,433,000		-1,361,000	-1,276,000	-768,000	-2,916,000	-2,600,000	-2,447,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2024 and december 31, 2023, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,856,790 and 38,412,484 at december 31, 2024 and december 31, 2023, respectively						4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2024 and december 31, 2023, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,823,704 and 38,412,484 at september 30, 2024 and december 31, 2023, respectively							4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2024 and december 31, 2023, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,729,323 and 38,412,484 at june 30, 2024 and december 31, 2023, respectively								4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2024 and december 31, 2023, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,633,603 and 38,412,484 at march 31, 2024 and december 31, 2023, respectively									4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2023 and december 31, 2022, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,412,484 and 39,255,838 at december 31, 2023 and december 31, 2022, respectively										4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2023 and december 31, 2022, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,546,059 and 39,255,838 at september 30, 2023 and december 31, 2022, respectively											4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2023 and december 31, 2022, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,460,595 and 39,255,838 at june 30, 2023 and december 31, 2022, respectively												4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2023 and december 31, 2022, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,876,354 and 39,255,838 at march 31, 2023 and december 31, 2022, respectively													4,000
cash, cash equivalents, and restricted cash of 16														235,873,000
income tax payable																2,848,000	28,042,000	17,853,000	5,658,000	2,380,000	8,512,000	3,726,000							7,603,000	4,486,000	5,963,000	217,000	3,131,000		1,295,000	2,914,000			4,181,000	5,303,000			7,539,000	9,697,000			4,916,000	4,937,000	3,296,000	6,459,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2022 and 2021, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,255,838 and 39,692,373 at december 31, 2022 and 2021, respectively														4,000
cash and cash equivalents															270,864,000	211,651,000	315,695,000	382,140,000	281,007,000	230,414,000	221,708,000	243,152,000	173,112,000	154,880,000	189,760,000	232,670,000	226,081,000	206,758,000	198,132,000	214,683,000	181,020,000	240,019,000	199,370,000	220,786,000	182,662,000	163,830,000	129,032,000	187,371,000	121,953,000	92,437,000	76,934,000	96,185,000	67,632,000	84,198,000	124,060,000	149,159,000	134,010,000	104,613,000	83,298,000	100,952,000	28,679,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2022 and december 31, 2021, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,797,423 and 39,692,373 at september 30, 2022 and december 31, 2021, respectively															4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2022 and december 31, 2021, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,964,292 and 39,692,373 at june 30, 2022 and december 31, 2021, respectively																4,000
other assets																	6,027,000	5,270,000	4,436,000	5,742,000	5,642,000	4,711,000	3,013,000	3,619,000	2,871,000	6,067,000	12,352,000	6,233,000	6,031,000	6,368,000	7,572,000	4,918,000	4,624,000	5,529,000	4,944,000	4,354,000	4,531,000	5,102,000	3,826,000	4,938,000	3,847,000	5,136,000	3,404,000	3,092,000	3,501,000	2,839,000	4,143,000	3,920,000	3,040,000	3,146,000	3,431,000
accounts payable and other liabilities																	24,388,000	24,271,000	20,025,000	20,959,000	18,919,000	18,288,000	10,601,000	10,914,000	10,642,000	10,790,000	11,003,000	11,115,000	13,175,000	11,035,000	8,780,000	8,279,000
dividends payable																	50,694,000
other liabilities																	10,607,000	11,394,000	12,641,000	11,914,000	12,217,000	13,816,000	8,131,000	7,698,000	5,627,000																		3,402,000	3,483,000	2,332,000	2,400,000	2,473,000	5,350,000	4,032,000	4,371,000	5,007,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2022 and december 31, 2021, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,795,399 and 39,692,373 at march 31, 2022 and december 31, 2021, respectively																	4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2021 and 2020, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,692,373 and 39,401,976 at december 31, 2021 and 2020, respectively																		4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2021 and december 31, 2020, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,666,785 and 39,401,976 at september 30, 2021 and december 31, 2020, respectively																			4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2021 and december 31, 2020, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,578,360 and 39,401,976 at june 30, 2021 and december 31, 2020, respectively																				4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2021 and december 31, 2020, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,500,966 and 39,401,976 at march 31, 2021 and december 31, 2020, respectively																					4,000
notes payable to former stockholders																									6,564,000	6,564,000	6,564,000	6,564,000	1,087,000	1,087,000	1,087,000	1,087,000	1,035,000	1,035,000	1,035,000	1,035,000	986,000	986,000	986,000	986,000	939,000	939,000	939,000	939,000	894,000	894,000	894,000	894,000	891,000	851,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2020 and 2019, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,401,976 and 39,153,195 at december 31, 2020 and 2019, respectively																						4,000
stock notes receivable from employees																									-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-4,000	-9,000	-13,000	-13,000	-13,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2020 and december 31, 2019, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,376,477 and 39,153,195 at september 30, 2020 and december 31, 2019, respectively																							4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2020 and december 31, 2019, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,328,017 and 39,153,195 at june 30, 2020 and december 31, 2019, respectively																								4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2020 and december 31, 2019, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,272,429 and 39,153,195 at march 31, 2020 and december 31, 2019, respectively																									4,000
marketable securities, available-for-sale																										150,752,000	124,475,000	118,909,000	121,059,000	137,436,000	120,701,000	85,486,000	94,826,000	73,560,000	82,813,000	72,333,000	56,910,000	27,454,000	48,377,000	81,775,000	75,112,000	79,860,000
prepaid rent																														13,892,000	14,517,000	14,910,000	15,193,000	15,392,000	15,116,000	15,088,000	14,600,000	13,285,000	12,628,000	11,483,000	10,176,000	9,075,000	8,183,000	5,336,000	3,713,000	3,645,000	4,067,000	4,236,000	4,401,000	4,999,000	4,909,000
marketable securities, available–for-sale																										60,809,000				83,209,000				52,099,000				77,475,000				54,395,000
deferred rent and other liabilities																										3,539,000	2,001,000	2,001,000	2,097,000	7,499,000	6,690,000	6,553,000	4,636,000	4,505,000	4,321,000	4,411,000	4,499,000	3,845,000	4,291,000	4,336,000	4,152,000	3,875,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2019 and 2018, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,153,195 and 38,814,464 at december 31, 2019 and 2018, respectively																										4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2019 and december 31, 2018, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,132,236 and 38,814,464 at september 30, 2019 and december 31, 2018, respectively																											4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2019 and december 31, 2018, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,090,861 and 38,814,464 at june 30, 2019 and december 31, 2018, respectively																												4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2019 and december 31, 2018, respectively
authorized shares – 150,000,000; issued and outstanding shares – 39,042,434 and 38,814,464 at march 31, 2019 and december 31, 2018, respectively																													4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2018 and 2017, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,814,464 and 38,374,011 at december 31, 2018 and 2017, respectively																														4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2018 and december 31, 2017, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,651,360 and 38,374,011 at september 30, 2018 and december 31, 2017, respectively																															4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2018 and december 31, 2017, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,621,712 and 38,374,011 at june 30, 2018 and december 31, 2017, respectively																																4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2018 and december 31, 2017, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,578,834 and 38,374,011 at march 31, 2018 and december 31, 2017, respectively																																	4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2017 and 2016, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,374,011 and 37,882,266 at december 31, 2017 and 2016, respectively																																		4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2017 and december 31, 2016, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,140,801 and 37,882,266 at september 30, 2017 and december 31, 2016, respectively																																			4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2017 and december 31, 2016, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,117,290 and 37,882,266 at june 30, 2017 and december 31, 2016, respectively																																				4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2017 and december 31, 2016, respectively
authorized shares – 150,000,000; issued and outstanding shares – 38,071,798 and 37,882,266 at march 31, 2017 and december 31, 2016, respectively																																					4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2016 and 2015, respectively
authorized shares – 150,000,000; issued and outstanding shares – 37,882,266 and 37,396,456 at december 31, 2016 and 2015, respectively																																						4,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2016, and december 31, 2015, respectively
authorized shares – 150,000,000; issued and outstanding shares – 37,616,243 and 37,396,456 at september 30, 2016, and december 31, 2015, respectively																																							4,000
commissions payable																																								23,540,000	21,072,000	34,091,000	23,376,000	21,812,000	17,640,000	28,932,000	17,195,000	15,017,000	11,358,000	25,086,000	12,103,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2016, and december 31, 2015, respectively
authorized shares – 150,000,000; issued and outstanding shares – 37,607,636 and 37,396,456 at june 30, 2016, and december 31, 2015, respectively																																								4,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2016 and december 31, 2015, respectively
authorized shares – 150,000,000; issued and outstanding shares – 37,568,389 and 37,396,456 at march 31, 2016 and december 31, 2015, respectively																																									4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2015 and 2014, respectively
authorized shares – 150,000,000; issued and outstanding shares – 37,396,456 and 36,918,442 at december 31, 2015 and 2014, respectively																																										4,000
employee notes receivable																																											214,000	164,000	76,000	216,000	220,000	223,000	221,000	229,000	156,000
marketable securities, available for sale																																											89,764,000	51,070,000	25,331,000	14,752,000
accounts payable and accrued expenses – related party																																											92,000	88,000	273,000	97,000	172,000	74,000	433,000	506,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2015 and december 31, 2014
common stock 0.0001 par value:
authorized shares – 150,000,000; issued and outstanding shares – 37,117,674 and 36,918,442 at september 30, 2015 and december 31, 2014, respectively																																											4,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2015 and december 31, 2014
authorized shares – 150,000,000; issued and outstanding shares – 37,107,516 and 36,918,442 at june 30, 2015 and december 31, 2014, respectively																																												4,000
investments held in rabbi trust																																													5,631,000	4,332,000	4,225,000	4,280,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2015 and december 31, 2014
authorized shares – 150,000,000; issued and outstanding shares – 37,072,155 and 36,918,442 at march 31, 2015 and december 31, 2014, respectively																																													4,000
authorized shares – 25,000,000; issued and outstanding shares – none at december 31, 2014 and 2013, respectively
common stock 0.0001 par value: authorized shares – 150,000,000; issued and outstanding shares – 36,918,442 and 36,600,897 at december 31, 2014 and 2013, respectively																																														4,000
commissions and other receivables, net of allowance for doubtful accounts of 62 and 99 at september 30, 2014 and december 31, 2013, respectively																																															5,686,000
prepaid expenses and other current assets																																															5,475,000	6,273,000	4,499,000	5,204,000	6,769,000
authorized shares – 25,000,000; issued and outstanding shares – none at september 30, 2014 and december 31, 2013, respectively
authorized shares – 150,000,000; issued and outstanding shares – 36,623,781 and 36,600,897 at september 30, 2014 and december 31, 2013, respectively																																															4,000
commissions and other receivables, net of allowance for doubtful accounts of 73 and 99 at june 30, 2014 and december 31, 2013, respectively																																																5,827,000
authorized shares – 25,000,000; issued and outstanding shares – none at june 30, 2014 and december 31, 2013, respectively
authorized shares – 150,000,000; issued and outstanding shares – 36,623,781 and 36,600,897 at june 30, 2014 and december 31, 2013, respectively																																																4,000
commissions receivable, net of allowance for doubtful accounts of 81 and 99 at march 31, 2014 and december 31, 2013, respectively																																																	3,309,000
investments held in rabbi trust account																																																	4,134,000	4,067,000	3,832,000
accrued employee expenses																																																	7,460,000	16,947,000	10,215,000
authorized shares – 25,000,000; issued and outstanding shares – none at march 31, 2014 and december 31, 2013, respectively
authorized shares – 150,000,000; issued and outstanding shares – 36,600,897 at march 31, 2014 and december 31, 2013, respectively																																																	4,000
accumulated deficit																																																	-1,157,000	-7,939,000
commissions receivable, net of allowance for doubtful accounts of 99 and 129 at december 31, 2013 and 2012, respectively																																																		4,115,000
due from affiliates
authorized shares – 25,000,000; issued and outstanding shares – 0 at december 31, 2013 and 2012, respectively
series a redeemable preferred stock, 10.00 par value:																																																			10,000
authorized shares – 0 and 1,000 at december 31, 2013 and 2012, respectively; issued and outstanding shares – 0 and 1,000 at december 31, 2013 and 2012, respectively: 10.00 redemption value per share at december 31, 2013 and 2012
authorized shares – 150,000,000; issued and outstanding shares – 36,600,897 and 0 at december 31, 2013 and 2012, respectively																																																		4,000
authorized shares – 0 and 1,000,000 at december 31, 2013 and 2012, respectively; issued and outstanding shares – 0 and 233,739 at december 31, 2013 and 2012, respectively
commissions receivable, net of allowance for doubtful accounts of 100 and 129 at september 30, 2013 and december 31, 2012, respectively																																																			4,308,000
due to affiliates																																																			13,528,000
authorized shares – 1,000; issued and outstanding shares – 1,000 at september 30, 2013 and december 31, 2012; 10.00 redemption value per share at september 30, 2013 and december 31, 2012
authorized shares – 1,000,000; issued and outstanding shares –234,489 and 233,739 at september 30, 2013 and december 31, 2012, respectively																																																			235,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31

cash flows from operating activities
net loss	-3,100,000	13,308,000	240,000	-11,035,000	-4,422,000		-5,385,000	-5,538,000	-9,987,000
adjustments to reconcile net loss to net cash from operating activities:
depreciation and amortization	2,391,000	3,353,000	2,743,000	3,153,000	2,849,000	5,288,000	4,550,000	3,329,000	3,422,000	3,315,000	3,637,000	3,468,000	3,207,000	3,239,000	2,924,000	3,332,000	3,911,000	2,915,000	2,850,000	2,959,000	2,997,000	3,077,000	2,606,000
non-cash lease expense	5,182,000	5,331,000	5,310,000	5,271,000	5,416,000	8,132,000	5,795,000	5,411,000	5,649,000	7,524,000	5,896,000
credit loss expense	-13,000	68,000	-603,000	460,000	44,000	199,000	174,000	71,000	134,000	-788,000	26,000											133,000
stock-based compensation	6,616,000	5,858,000	5,966,000	6,223,000	6,179,000	6,037,000	6,071,000	5,889,000	5,795,000	8,338,000	5,446,000	5,351,000	5,011,000	4,637,000	4,544,000	4,275,000	3,856,000	2,708,000	2,703,000	2,662,000	2,288,000	2,354,000	2,383,000	2,536,000	2,632,000	2,238,000	2,114,000	2,585,000	2,341,000	3,064,000	3,147,000	3,159,000	2,613,000	2,972,000	2,192,000	2,115,000	1,866,000	2,102,000	1,833,000	1,775,000	1,325,000	364,000	2,168,000	2,675,000	1,907,000	1,759,000	1,417,000	1,141,000	717,000
deferred taxes	817,000	4,117,000	1,231,000	7,289,000	-9,498,000	2,197,000	-967,000	2,100,000	-4,746,000	-1,514,000	-10,103,000	1,659,000	3,529,000	-3,817,000	-2,126,000	-1,234,000	1,104,000	-8,998,000	-3,627,000	-129,000	909,000	-5,577,000	1,878,000	2,827,000	1,345,000	-3,603,000	-34,000	1,620,000	2,243,000	593,000	-2,224,000	-261,000	1,750,000	11,284,000	402,000	-40,000	1,179,000	411,000	-1,555,000	-732,000	1,393,000	3,225,000	-4,363,000	-103,000	1,306,000	-604,000	-83,000	250,000	1,314,000
unrealized foreign exchange gains	92,000
net realized gains on marketable debt securities, available-for-sale			0											1,000	9,000	17,000	-113,000	-141,000	-68,000	-9,000	-1,000	-12,000
other non-cash items	556,000	599,000	-343,000	-139,000	2,238,000	-1,656,000	471,000	230,000	-710,000	205,000	14,000	-612,000	52,000	486,000	-1,437,000	-33,000	11,000	280,000	165,000	245,000	-49,000	-35,000	363,000	82,000	485,000	-665,000	717,000	-180,000	-48,000	-46,000	-299,000	96,000	55,000	154,000	-83,000	45,000	-8,000	85,000	116,000	113,000	130,000	214,000	311,000	-296,000	280,000	297,000	12,000	-1,000	64,000	27,000
changes in operating assets and liabilities:
commissions receivable	2,005,000	3,234,000	-1,237,000	-2,902,000	5,342,000	-238,000	-3,355,000	-2,047,000	2,192,000	-1,255,000	-4,939,000	-78,000	-1,318,000	3,554,000	1,969,000	-508,000	3,430,000	-5,535,000	-516,000	-6,557,000	1,776,000	-1,362,000	-1,923,000	-1,355,000	1,350,000	1,313,000	-548,000	351,000	-1,171,000	600,000	1,322,000	-3,874,000	6,735,000	-5,371,000	638,000	-1,544,000	1,500,000	-308,000	48,000	-1,689,000	482,000	540,000	1,249,000	-540,000	-1,179,000				824,000	195,000
prepaid expenses	515,000	-1,553,000	-1,134,000	-314,000	1,888,000	-1,613,000	145,000	-297,000	1,267,000	-2,356,000	2,415,000	-131,000	671,000	-742,000	1,367,000	327,000	2,850,000	-3,991,000	1,164,000	-313,000	74,000	-1,214,000	-271,000	683,000	1,576,000	-1,314,000	263,000	-760,000	-929,000	-1,388,000	1,139,000	-223,000	2,229,000	-3,833,000	1,122,000	-464,000	1,608,000	-1,107,000	-1,513,000	-26,000	2,094,000	-1,150,000	114,000	-2,319,000	3,349,000
advances and loans	1,343,000	-11,012,000	28,736,000	9,657,000	1,687,000	-709,000	5,614,000	-13,412,000	-4,304,000	4,162,000	2,704,000	-3,772,000	-8,271,000	-5,647,000	-632,000	-23,455,000	-25,084,000	-9,948,000	4,652,000	-2,646,000	-4,440,000	-2,868,000	-2,756,000	-4,708,000	-29,441,000
other assets	-949,000	1,454,000	-2,962,000	-2,516,000	1,627,000	-3,354,000	-3,493,000	-1,087,000	-864,000	-1,837,000	-390,000	-2,020,000	-2,961,000	-5,358,000	-1,654,000	-2,024,000	-794,000	-1,970,000	1,062,000	-951,000	-1,187,000	-1,656,000	-28,000	-959,000	-100,000	-13,874,000	-9,935,000	-12,555,000	-8,812,000	1,819,000	-5,478,000	-1,479,000	-2,109,000	-885,000	-2,155,000	-1,897,000	-8,728,000	-2,347,000	1,760,000	-565,000	349,000	-4,034,000	-1,749,000	-550,000	-1,694,000	-308,000	-136,000	-890,000	91,000	268,000
accounts payable and accrued expenses	585,000	-4,250,000	3,596,000	951,000	-3,884,000	1,236,000	2,847,000	504,000	1,098,000	-1,088,000	-2,544,000	-1,718,000	2,390,000	871,000	-2,258,000																		-2,682,000	787,000	-370,000	392,000	-1,381,000	655,000	1,842,000	-1,517,000	-16,000	1,733,000	-2,548,000	-947,000	850,000	-197,000	3,489,000	-1,652,000	1,071,000	494,000
income tax receivable	1,160,000		-8,000	-313,000	-20,000		-20,000	-263,000	-162,000																							-2,914,000	4,439,000								708,000		-2,158,000	10,142,000	-3,045,000
accrued bonuses and other employee related expenses	-12,851,000	5,114,000	2,832,000	5,196,000	-14,703,000	8,511,000	6,232,000	3,504,000	-11,840,000	3,788,000	4,274,000	4,506,000	-31,750,000	3,748,000	4,021,000	14,730,000	-33,990,000	17,850,000	8,218,000	12,367,000	-9,362,000	10,050,000	6,023,000	-1,133,000	-17,035,000	5,425,000	2,914,000	5,832,000	-20,060,000	5,234,000	6,193,000	6,219,000	-12,970,000	3,545,000	5,655,000	6,695,000	-14,113,000	2,277,000	5,158,000	5,958,000	-21,611,000	8,146,000	6,588,000	7,569,000	-19,042,000	6,337,000	7,800,000
deferred compensation and commissions	-26,949,000	20,559,000	7,851,000	6,898,000	-42,316,000	23,932,000	1,439,000	6,943,000	-34,159,000	11,289,000	7,019,000	3,451,000	-57,605,000	20,850,000	15,566,000	4,337,000	-65,384,000	79,546,000	11,469,000	17,813,000	-33,781,000	24,014,000	13,832,000	2,473,000	-33,898,000	15,434,000	3,882,000	7,547,000	-35,838,000	23,301,000	-673,000	9,593,000	-32,659,000	25,187,000	2,276,000	9,070,000	-28,106,000	19,233,000	-2,959,000	-523,000	-4,763,000	4,836,000	2,517,000	2,473,000	-2,625,000	3,723,000	2,522,000	1,458,000	-3,167,000	2,777,000
operating lease liabilities	-4,858,000	-4,748,000	-4,912,000	-4,988,000	-5,145,000	-4,795,000	-4,698,000	-4,588,000	-4,934,000	-4,919,000	-4,593,000	-4,281,000	-4,571,000	-6,578,000	-4,839,000	-4,728,000	-5,031,000	-5,387,000	-5,332,000	-5,282,000	-5,275,000	-4,957,000	-4,488,000	-4,539,000	-4,477,000	-4,377,000	-4,556,000
other liabilities	-113,000	440,000	4,823,000	-1,694,000	-116,000	1,038,000	-159,000	85,000	1,110,000	-170,000	-116,000	1,313,000	-454,000	3,522,000	229,000	1,001,000	-2,224,000	-1,591,000	807,000	-356,000	-1,626,000	-954,000	371,000	593,000	-262,000																		-81,000	1,151,000	-68,000	-73,000	-2,876,000	1,322,000	-328,000	-609,000
net cash from operating activities	-27,571,000	46,268,000	52,210,000	21,020,000	-52,841,000	56,655,000	15,229,000	851,000	-51,021,000	14,684,000	7,661,000	6,432,000	-101,207,000	25,404,000	40,065,000			156,310,000	66,127,000	53,568,000	-20,102,000	66,354,000	23,583,000	944,000	-52,793,000	31,340,000	18,310,000	14,235,000	-38,598,000	62,301,000	31,967,000	36,035,000	-12,989,000	41,199,000	24,876,000	37,548,000	-37,086,000	32,968,000	29,258,000	31,283,000	-19,023,000	33,538,000	16,715,000	39,860,000	-17,993,000	36,529,000	29,060,000	22,924,000	-17,076,000	34,852,000
capital expenditures	-2,206,000	-2,396,000	-1,984,000	-1,587,000	-1,222,000	-1,529,000	-2,380,000	-1,449,000	-2,202,000	-1,681,000	-2,343,000	-2,734,000	-2,353,000	-3,310,000	-3,846,000			-2,619,000	-1,468,000	-1,671,000	-1,099,000	-1,533,000	-1,222,000	-1,793,000	-2,397,000	-2,169,000	-2,517,000	-2,482,000	-1,644,000	-3,498,000	-1,931,000	-1,281,000	-1,362,000	-1,567,000	-1,603,000	-2,017,000	-1,367,000	-2,424,000	-2,797,000	-1,920,000	-2,332,000	-3,043,000	-1,552,000	-1,247,000	-954,000	-736,000	-513,000	-742,000	-575,000	-1,098,000
free cash flows	-29,777,000	43,872,000	50,226,000	19,433,000	-54,063,000	55,126,000	12,849,000	-598,000	-53,223,000	13,003,000	5,318,000	3,698,000	-103,560,000	22,094,000	36,219,000			153,691,000	64,659,000	51,897,000	-21,201,000	64,821,000	22,361,000	-849,000	-55,190,000	29,171,000	15,793,000	11,753,000	-40,242,000	58,803,000	30,036,000	34,754,000	-14,351,000	39,632,000	23,273,000	35,531,000	-38,453,000	30,544,000	26,461,000	29,363,000	-21,355,000	30,495,000	15,163,000	38,613,000	-18,947,000	35,793,000	28,547,000	22,182,000	-17,651,000	33,754,000
cash flows from investing activities
purchases of marketable debt securities, available-for-sale	-34,392,000	-41,935,000	-87,120,000	-136,663,000	-61,265,000	-82,501,000	-39,696,000	-2,462,000	-66,045,000	-126,298,000	-33,118,000	-75,825,000	-67,042,000	-104,091,000	-102,449,000	-133,708,000	-40,551,000	-87,043,000	-91,550,000	-118,249,000	-81,264,000	-36,385,000	-83,955,000	-66,347,000	-28,919,000
proceeds from sales and maturities of marketable debt securities, available-for-sale	71,196,000	69,719,000	70,241,000	71,252,000	119,924,000	18,902,000	38,274,000	84,492,000	47,083,000	79,119,000	81,698,000	43,537,000	187,258,000	84,512,000	131,275,000	73,236,000	61,970,000	37,088,000	88,572,000	74,903,000	85,065,000	46,451,000	80,198,000	44,405,000	50,623,000
issuances of employee notes receivable	-50,000	-1,000	-4,000							-6,000	-1,000	-109,000	-10,000	-3,000	0	0	-71,000	0	0	0	-40,000	0	-32,000	0	-211,000	0				-325,000	-1,000	0	-125,000	-49,000	-88,000	-79,000	-265,000	-74,000	-74,000	-215,000	-92,000	-72,000	-76,000	-51,000	-48,000	-18,000	-8,000	-12,000	-48,000	-89,000
payments received on employee notes receivable	24,000					1,000	0			0	1,000	20,000	13,000	0	0	53,000	18,000	0	14,000	26,000	250,000	97,000	89,000	0	1,000	14,000	27,000	0	1,000	6,000	6,000	3,000	3,000	18,000	3,000	3,000	3,000	9,000	1,000			7,000				58,000	12,000	0	56,000
purchase of property and equipment	-2,974,000	-2,396,000	-2,252,000	-1,733,000	-1,491,000	-1,529,000	-2,048,000	-1,657,000	-2,639,000	-1,681,000	-2,220,000	-2,606,000	-2,863,000	-3,102,000	-3,542,000	-3,139,000	-1,883,000	-2,619,000	-1,468,000	-1,671,000	-1,099,000	-1,533,000	-1,222,000	-1,793,000	-2,397,000	-2,169,000	-2,517,000	-2,482,000	-1,644,000	-3,498,000	-1,931,000	-1,281,000	-1,362,000	-1,567,000	-1,603,000	-2,017,000	-1,367,000	-2,424,000	-2,797,000	-1,920,000	-2,332,000	-3,043,000	-1,552,000	-1,247,000	-954,000	-736,000	-513,000	-742,000	-575,000	-1,098,000
net cash from investing activities	33,804,000	25,387,000	-19,135,000	-67,244,000	57,168,000	-65,209,000	-3,470,000	80,378,000	-21,601,000	-53,866,000	46,360,000	-34,983,000	117,356,000	-22,684,000	25,284,000			-52,574,000	-13,932,000	-44,991,000	3,141,000	4,153,000	-4,922,000	-29,556,000	13,097,000	-24,501,000	1,453,000	-4,447,000	24,073,000	-25,657,000	-90,903,000	5,357,000	-6,777,000	673,000	-6,004,000	-2,115,000	-19,892,000	34,056,000	297,000	-15,223,000	689,000	-3,124,000	-33,266,000	-79,410,000	-11,129,000	-15,396,000	-509,000	-753,000	-567,000	-1,133,000
cash flows from financing activities
taxes paid related to net share settlement of stock-based awards	-3,265,000	-71,000	-812,000	-256,000	-4,720,000	-119,000	-967,000	-408,000	-4,378,000	-87,000	-368,000	-339,000	-3,647,000	-1,565,000	-137,000	-5,121,000	-2,918,000	-122,000	-1,186,000	-311,000	-1,733,000	-68,000	-66,000	-200,000	-1,689,000	-41,000	-70,000	-412,000	-2,212,000	-3,246,000	-63,000	-64,000	-1,650,000	-4,009,000	-40,000	-41,000	-1,361,000	-4,431,000	-25,000	-25,000	-1,084,000	-7,974,000	-25,000	-15,000	-716,000
dividends paid	-775,000	-9,795,000	-178,000	-9,880,000	-697,000	-9,739,000	-150,000	-9,745,000	-592,000	-9,664,000	-112,000	-9,886,000	-441,000	-10,197,000	-79,000
principal payments on stock appreciation rights liability	-2,518,000	0	0	0	-2,230,000	0	0	0	-1,976,000	0	0	0	-1,945,000	0	0	0	-1,761,000	0	0	0	-1,481,000	0	0	0	-1,251,000	0	-370,000
principal payments on contingent consideration	-42,000
cash paid for stock repurchases	-24,947,000	-17,391,000	-577,000	-6,973,000	-425,000	-231,000	0	0	-554,000	-4,513,000	0	-18,229,000	-16,699,000	-23,394,000
net cash from financing activities	-31,547,000	-27,151,000	-1,567,000	-17,786,000	-8,072,000	-10,409,000	-1,117,000	-9,729,000	-7,500,000	-14,361,000	-946,000	-28,357,000	-24,015,000	-37,781,000	-5,875,000			162,000	-1,623,000	58,000	-4,516,000	-511,000	-487,000	-6,392,000	-2,940,000	-250,000	-440,000	-1,162,000	-2,026,000	-2,981,000	-63,000	-743,000	-1,650,000	-3,748,000	-40,000	-635,000	-1,361,000	-1,606,000	-39,000	-557,000	-917,000	-1,861,000	-15,000	-312,000	4,023,000	-5,984,000	846,000	-856,000	-11,000
effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	-98,000	57,000	-102,000	260,000	4,000	-309,000	82,000	-63,000	-75,000			102,000	19,000
net decrease in cash, cash equivalents, and restricted cash	-25,412,000			-63,750,000	-3,741,000			71,437,000	-80,197,000		52,954,000	-56,806,000	-7,847,000
cash, cash equivalents, and restricted cash at beginning of period	161,921,000	0	0	0	153,445,000	0	0	0	170,753,000	0	0	0	235,873,000
cash, cash equivalents, and restricted cash at end of period	136,509,000	44,561,000	31,406,000	-63,750,000	149,704,000	-19,272,000	10,724,000	71,437,000	90,556,000	-53,421,000	52,954,000	-56,806,000	228,026,000
supplemental disclosures of cash flow information:
interest paid during the period	294,000		11,000	70,000	385,000		10,000	67,000	492,000		15,000	15,000	393,000	15,000	85,000	15,000	499,000	15,000	20,000	17,000	697,000	15,000	15,000	348,000	845,000	15,000	125,000	216,000	1,751,000
income taxes paid	31,000		7,000	359,000	21,000		19,000	263,000	162,000		8,000	505,000	209,000	11,275,000	18,526,000	39,582,000	464,000	18,395,000	12,271,000	17,558,000	339,000	480,000	5,836,000	510,000	503,000	10,239,000	10,082,000	19,224,000	296,000
supplemental disclosures of noncash investing and financing activities:
reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable	18,000		19,000	31,000	6,000		6,000	6,000	13,000
unpaid purchases of property and equipment	768,000		268,000	146,000	269,000		-332,000	208,000	437,000		-123,000	-128,000	510,000	-208,000	-304,000
right-of-use assets obtained in exchange for operating lease liabilities	1,664,000		1,183,000	3,850,000	4,976,000		1,101,000	1,732,000	8,541,000		76,000	1,683,000	25,910,000		5,630,000
dividend payable	9,898,000		10,148,000	-9,781,000	10,230,000		10,156,000	-9,658,000	10,088,000
unrealized foreign exchange losses		-13,000	81,000	-177,000	1,000	188,000	-32,000	17,000	18,000	-50,000	69,000	-121,000	65,000	-1,066,000	1,197,000	554,000	-151,000	4,122,000	262,000	-403,000	-157,000
net realized losses on marketable debt securities, available-for-sale					-8,000					167,000	0													-64,000	-53,000
income tax receivable and payable										106,000	8,086,000	563,000	-9,371,000
purchases of convertible notes
proceeds from issuance of shares pursuant to employee stock purchase plan		380,000	0			423,000	0			269,000	0			295,000	0			284,000	0			271,000	0			319,000	0			265,000	0			261,000	0			271,000	0			474,000	0
principal payments on deferred and contingent consideration		-274,000	0							-366,000	-466,000	-295,000	-1,283,000		0
net increase in cash, cash equivalents, and restricted cash		44,561,000
see accompanying notes to consolidated financial statements.
supplemental cash flow disclosures:
supplemental disclosures of non-cash investing and financing activities:
issuance of stock for the settlement of deferred consideration			0				0				0				0
net income										-10,233,000	-9,240,000	-8,729,000	-5,833,000	7,912,000	21,362,000	42,168,000	32,783,000	62,002,000	33,924,000	31,532,000	15,012,000	23,622,000	6,040,000	106,000	13,070,000	20,721,000	19,292,000	21,279,000	15,638,000	26,225,000	20,854,000	22,167,000	18,011,000	8,480,000	15,475,000	15,569,000	12,000,000	17,174,000	15,144,000	17,524,000	14,815,000	19,949,000	15,176,000	17,556,000	13,669,000	16,430,000	13,523,000	12,796,000	6,782,000	-8,716,000
adjustments to reconcile net income to net cash from operating activities:
acquisition of businesses, net of cash received														0	0	0	-12,500,000	0	0	0	229,000	-4,477,000	0
purchases of securities, held-to-maturity																		0
noncash lease expense													6,003,000	5,272,000	5,896,000	5,983,000	5,961,000
credit loss recovery													-1,000			139,000	-167,000		162,000	9,000	-146,000			42,000	-120,000
measurement period adjustment of acquisition related contingent consideration
income tax receivable/payable														-5,429,000	-6,101,000	-25,194,000	10,189,000	12,196,000	3,277,000			13,748,000	-5,799,000	-3,295,000	4,070,000	2,787,000	-3,024,000			-1,477,000					-1,619,000				-1,122,000
principal payments on notes payable to former stockholders																						0	-1,000			0	0			0	0			0	0			0	0			0	0			0	0
payments of contingent and deferred consideration
cash, cash equivalents, and restricted cash at beginning of year
cash, cash equivalents, and restricted cash at end of year
supplemental disclosures of cash flow information
cash paid for amounts included in the measurement of operating lease liabilities
right-of-use assets obtained in exchange for operating lease obligations
issuance of shares pursuant to settlement of deferred consideration
effect of currency exchange rate changes on cash and cash equivalents															-261,000	-225,000	50,000	-2,765,000	21,000	71,000	33,000	44,000	58,000	124,000	-274,000
net increase in cash and cash equivalents																		101,133,000				70,040,000				6,589,000	19,323,000							38,124,000				65,418,000				28,553,000	-16,566,000			15,149,000	29,397,000	21,315,000	-17,654,000	72,273,000
cash and cash equivalents at beginning of period															0	0	382,140,000		0	0	243,152,000		0	0	232,670,000		0	0	214,683,000		0	0	220,786,000		0	0	187,371,000		0	0	96,185,000		0	0	149,159,000	0	0	0	100,952,000	0
cash and cash equivalents at end of period															59,213,000	-104,044,000	315,695,000		50,593,000	8,706,000	221,708,000		18,232,000	-34,880,000	189,760,000		19,323,000	8,626,000	198,132,000		-58,999,000	40,649,000	199,370,000		18,832,000	34,798,000	129,032,000		29,516,000	15,503,000	76,934,000		-16,566,000	-39,862,000	124,060,000	15,149,000	29,397,000	21,315,000	83,298,000	72,273,000
net decrease in cash and cash equivalents																				8,706,000	-21,444,000			-34,880,000	-42,910,000				-16,551,000				-21,416,000			34,798,000	-58,339,000			15,503,000	-19,251,000				-25,099,000
accounts payable and other liabilities																	1,308,000	6,155,000	-968,000	2,917,000	2,071,000	2,624,000	-169,000	-281,000	-923,000	-589,000	89,000	-2,053,000	2,067,000	1,778,000	-27,000
net cash flows from operating activities																	-67,535,000
net cash flows from investing activities																	6,983,000
principal payments on contingent and deferred consideration																	-1,264,000
net cash flows from financing activities																	-5,943,000
net (decrease) in cash and cash equivalents																	-66,445,000
proceeds from sale of property and equipment																																		0	0	0	10,000	15,000	10,000							0	0			0
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
amortization of right-of-use assets																			5,923,000	5,841,000	6,009,000	5,942,000	5,732,000	5,651,000	5,500,000	5,774,000	5,191,000
principal payments on deferred consideration																				0	-1,302,000
income tax payable																					4,786,000								3,117,000																		-861,000	2,481,000	-3,163,000
unrealized foreign exchange gain
prepaid rent																														625,000	393,000	283,000	199,000	-276,000	-28,000	-488,000	-1,315,000	-657,000	-1,145,000	-1,307,000	-1,101,000	-892,000	-2,847,000	-1,623,000	-68,000	422,000	169,000	165,000	598,000	-91,000
unrealized foreign exchange loss																							-281,000	-467,000	1,024,000
depreciation and amortization expense																									2,464,000	2,343,000	1,910,000	1,932,000	1,832,000	1,768,000	1,651,000	1,503,000	1,375,000	1,388,000	1,375,000	1,303,000	1,297,000	1,223,000	1,149,000	1,009,000	1,006,000	916,000	802,000	807,000	780,000	807,000	813,000	811,000	775,000	782,000
acquisition, net of cash received																									-6,000,000
provision for bad debt expense																														239,000				186,000				32,000	12,000	-13,000	16,000	154,000	48,000	58,000	21,000	66,000	-11,000			15,000
net realized gains on marketable securities, available-for-sale																										-17,000	-58,000
assets held in rabbi trust																																									-1,263,000	-66,000	-80,000
deferred rent and other liabilities																										-295,000	5,000	-91,000	67,000	-36,000
acquisitions, net of cash received																														-7,936,000
purchases of marketable securities, available-for-sale																										-52,339,000	-36,387,000	-49,240,000	-30,117,000	-39,788,000	-111,261,000	-22,051,000	-35,360,000	-27,532,000	-12,051,000	-2,496,000	-23,014,000	-10,587,000	-36,472,000	-46,815,000	-14,024,000
proceeds from sales and maturities of marketable securities, available-for-sale																										36,055,000	40,530,000	47,275,000	55,833,000	25,884,000	23,058,000	34,902,000	30,067,000	29,803,000	7,735,000	2,474,000	4,741,000	47,117,000	39,629,000	33,710,000	17,137,000
payments of contingent consideration
provision of bad debt expense
recovery of bad debt expense
recovery for bad debt expense																													-104,000
net realized losses on marketable securities, available-for-sale																													12,000	2,000	0			0	-1,000			4,000	-16,000	-20,000	155,000
operating lease liabilities and right-of-use assets																													1,047,000
principal payments on stock appreciation rights																													186,000
tax benefit from stock-based award activity																																						2,554,000	-14,000	4,000	167,000	5,639,000	10,000	95,000	4,739,000
excess tax benefit from stock-based award activity																																						-2,554,000	14,000	-4,000	-167,000	-5,639,000	-10,000	-95,000	-4,739,000
supplemental disclosures of noncash investing and financing activities
property and equipment additions incurred but not yet paid included in accounts payable and other liabilities
contingent consideration and deferred payments in connection with acquisitions
asset held in rabbi trust																																			0
(recovery) provision for bad debt expense																																77,000	-106,000			-10,000	-44,000
deferred rent obligation and other liabilities																																544,000	131,000	184,000	-90,000	-88,000	654,000	-446,000	-45,000	184,000	277,000
income tax (payable) receivable																																					-3,495,000
realized tax benefit of deductible ipo transaction costs																																														0
distribution related to stock appreciation rights liability
payments on obligations under capital leases																																														0	0	-5,000	-11,000	-26,000
payments received on stock notes receivable from employees																																														0
property and equipment additions incurred but not yet paid included in accounts payable and accrued expenses
settlements of deferred compensation obligation with trust assets
tax benefit from share-based award activity included in income tax receivable
contributions to rabbi trust																																							0
commissions payable																																								2,468,000	-13,019,000	10,715,000	1,564,000	4,172,000	-11,292,000	11,737,000	2,178,000	3,659,000	-13,728,000	12,984,000
due to (from) affiliates																																																		-7,029,000
dividends paid to marcus & millichap company
proceeds from initial public offering, net of issuance costs
deferred offering costs included in accounts payable and accrued expenses
issuance of restricted stock for notes receivable
deemed capital (distribution) from marcus & millichap company
net realized gains on marketable securities, available for sale																																											0	-56,000	-74,000
accounts payable and accrued expenses – related party																																											4,000	-185,000	176,000	-75,000	98,000	-359,000	-73,000
purchases of marketable securities, available for sale																																											-32,238,000	-84,413,000	-13,849,000
proceeds from sales and maturities of marketable securities, available for sale																																											585,000
investments held in rabbi trust																																													-1,244,000
proceeds from sale of marketable securities, available for sale																																													3,722,000
income tax (receivable) payable
withholding taxes paid related to net share settlement of equity awards
net change in accounts payable and accrued expenses related to property and equipment additions
deemed capital (distribution) contribution from marcus & millichap company
commissions and other receivables																																															153,000
prepaid expenses and other current assets																																															798,000	-1,774,000	705,000	-1,592,000
investments in rabbi trust																																															55,000
due from affiliates
payments of initial public offering costs
(recoveries) provision for bad debt expense																																																	-4,000
investments in rabbi trust account																																																	-67,000	-235,000
accrued employee expenses																																																	-9,487,000	6,731,000
payments received of stock notes receivable from employees
payments on employee notes receivable																																																		54,000
dividends paid to mmc																																																		-6,500,000
repayment of stock notes receivable from employees																																																		0
repurchase of shares
net cash from (used) in financing activities
income taxes paid to mmc
deferred offering costs included in accounts payable and other accrued expenses
property and equipment included in accounts payable and accrued expenses
assets acquired under capital lease
deemed capital (distribution) contribution from mmc
stock-based compensation, net of taxes

Marcus & Millichap, Inc(NYSE:MMI)

Marcus & Millichap, Inc
(NYSE:MMI)