Company: MMI
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001578732-25-000031
Chunk: 65

Company: Marcus & Millichap, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 to enhance yield to us, we have invested a portion of our cash in money market funds and fixed and variable income debt securities, in accordance 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 $3.7 million to $149.7 million at March 31, 2025, compared to $153.4 million at December 31, 2024. The following table sets forth our summary cash flows for the three months ended March 31, 2025 and 2024 (in thousands):

 Three Months EndedMarch 31,20252024Net cash flows used in operating activities$(52,841)$(51,021)Net cash flows provided by (used in) investing activities57,168 (21,601)Net cash flows used in financing activities(8,072)(7,500)Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash4 (75)Net decrease in cash, cash equivalents, and restricted cash(3,741)(80,197)Cash, cash equivalents, and restricted cash at beginning of period153,445 170,753 Cash, cash equivalents, and restricted cash at end of period$149,704 $90,556 

Operating Activities 

Cash flows used in operating activities were $52.8 million for the three months ended March 31, 2025 compared to $51.0 million for the same period in 2024. The $1.8 million increase in cash flows used in operating activities for the three 

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months ended March 31, 2025 compared to the same period in 2024 relates to a number of factors that are largely offsetting. These factors include a reduction in net loss, more than offset by increased payments for bonuses and deferred compensation and commissions in the current year compared to the same period in prior year and the effect of the timing of certain cash