Company: MMI
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050707
Chunk: 171

Company: Marcus & Millichap, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 171
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 with our investment policy approved by the Board of Directors. Certain of our investments in money market funds may not maintain a stable net asset value and may impose a discretionary liquidity fee. To date, the Company has not experienced any restrictions on its ability to redeem funds from money market funds. Although we have historically funded our operations through operating cash flows, there can be no assurance that we can continue to meet our cash requirements entirely through our operations, cash, net of restricted cash, cash equivalents, and proceeds from the sale of marketable debt securities, available-for-sale or availability under our Credit Agreement. 

Cash Flows

Our total cash, cash equivalents, and restricted cash balance decreased by $36.0 million to $117.4 million at September 30, 2025, compared to $153.4 million at December 31, 2024. The following table sets forth our summary cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

 Nine Months EndedSeptember 30,20252024Net cash provided by (used in) operating activities$20,389 $(34,941)Net cash (used in) provided by investing activities(29,211)55,307 Net cash used in financing activities(27,425)(18,346)Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash162 (56)Net (decrease) increase in cash, cash equivalents, and restricted cash(36,085)1,964 Cash, cash equivalents, and restricted cash at beginning of period153,445 170,753 Cash, cash equivalents, and restricted cash at end of period$117,360 $172,717 

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Operating Activities

Cash flows provided by operating activities were $20.4 million for the nine months ended September 30, 2025 compared to cash flows used in operating activities of $34.9 million for the same period in 2024. The $55.3 million increase in cash flows from operating activities for the nine months ended September 30, 2025 compared to the same period in 2024 primarily relates to loan reimbursements and a reduction in the advances and loans granted in the current year compared to the same period in prior year and the effect of the timing of certain cash receipts and payments.

Investing Activities

Cash flows used in investing activities were $29.2 million for the nine months ended September 30, 2025 compared to cash flows provided