Company: MMI
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001578732-25-000040
Chunk: 69

Company: Marcus & Millichap, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 restricted cash at beginning of period153,445 170,753 Cash, cash equivalents, and restricted cash at end of period$85,954 $161,993 

41

Operating Activities

Cash flows used in operating activities were $31.8 million for the six months ended June 30, 2025 compared to $50.2 million for the same period in 2024. The $18.3 million decrease in cash flows used in operating activities for the six months ended June 30, 2025 compared to the same period in 2024 primarily relates to a reduction in advances and loans 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 by investing activities were $10.1 million for the six months ended June 30, 2025 compared to cash flows provided by investing activities of $58.8 million for the same period in 2024. The $68.9 million increase in cash flows used by investing activities for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to an increase of $69.8 million in the amount of purchases of securities, net of proceeds from sales and maturities of securities in 2025 compared to the same period in 2024. 

Financing Activities

Cash flows used in financing activities were $25.9 million for the six months ended June 30, 2025 compared to $17.2 million for the same period in 2024. The $8.6 million increase in cash flows used in financing activities is primarily due to the $6.8 million increase in cash paid for stock repurchases in 2025 compared to the same period in 2024 along with $1.1 million in principal payments for deferred and contingent consideration in 2025 compared to no such payments in the same period in 2024.

Liquidity

We believe that our existing balances of cash, cash equivalents, cash flows expected to be generated from our operations, and proceeds from the maturities and possible sales of marketable debt securities, available-for-sale will be sufficient to satisfy our operating requirements for at least the next 12 months and the foreseeable future. If we need to raise additional capital through public or private debt or equity financings, strategic relationships or other arrangements, this capital might not be available to us in a timely manner, on acceptable terms, or