0000950170-23-037190.txt : 20230802 0000950170-23-037190.hdr.sgml : 20230802 20230802161708 ACCESSION NUMBER: 0000950170-23-037190 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230802 DATE AS OF CHANGE: 20230802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RE/MAX Holdings, Inc. CENTRAL INDEX KEY: 0001581091 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 800937145 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36101 FILM NUMBER: 231135853 BUSINESS ADDRESS: STREET 1: 5075 SOUTH SYRACUSE STREET CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: (303)770-5531 MAIL ADDRESS: STREET 1: 5075 SOUTH SYRACUSE STREET CITY: DENVER STATE: CO ZIP: 80237 8-K 1 rmax-20230802.htm 8-K 8-K
false000158109100015810912023-08-022023-08-02

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 02, 2023

 

 

RE/MAX Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-36101

80-0937145

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

5075 South Syracuse Street

 

Denver, Colorado

 

80237

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 303 770-5531

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Class A Common Stock $0.0001 par value per share

 

RMAX

 

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02. Results of Operations and Financial Conditions. *

On August 2, 2023, RE/MAX Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2023. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits. *

Exhibit No.

Description

99.1

Press Release issued on August 2, 2023

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* The information contained in Items 2.02 and 9.01 and Exhibit 99.1 of this Current Report on Form 8-K is being “furnished” and shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be set forth by specific reference in such filing.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

RE/MAX HOLDINGS, INC.

 

 

 

 

Date:

August 2, 2023

By:

/s/ Karri Callahan

 

 

 

Karri Callahan

 

 

 

Chief Financial Officer

 

 EX-99.1 2 rmax-ex99_1.htm EX-99.1
Exhibit 99.1

RE/MAX HOLDINGS, INC. REPORTS SECOND QUARTER 2023 RESULTS

Total Revenue of $82.4 Million, Adjusted EBITDA of $26.6 Million

DENVER, Aug. 2, 2023 /PRNewswire/ --

Second Quarter 2023 Highlights
(Compared to second quarter 2022 unless otherwise noted)

  • Total Revenue decreased 10.6% to $82.4 million
  • Revenue excluding the Marketing Funds1 decreased 11.4% to $61.4 million, driven by negative 10.5% organic growth2 and adverse foreign currency movements of 0.9%
  • Net income attributable to RE/MAX Holdings, Inc. of $2.0 million and earnings per diluted share (GAAP EPS) of $0.11
  • Adjusted EBITDA3 decreased 24.2% to $26.6 million, Adjusted EBITDA margin3 of 32.3% and Adjusted earnings per diluted share (Adjusted EPS3) of $0.40
  • Total agent count increased 0.4% to 144,510 agents
  • U.S. and Canada combined agent count decreased 4.1% to 82,205 agents
  • Total open Motto Mortgage franchises increased 17.5% to 235 offices4

Operating Statistics as of July 31, 2023
(Compared to July 31, 2022 unless otherwise noted)

  • Total agent count increased 0.6% to 144,583 agents
  • U.S. and Canada combined agent count decreased 4.1% to 81,983 agents
  • Total open Motto Mortgage franchises increased 15.6% to 237 offices4

RE/MAX Holdings, Inc. (the "Company" or "RE/MAX Holdings") (NYSE: RMAX), parent company of RE/MAX, one of the world's leading franchisors of real estate brokerage services, and Motto Mortgage ("Motto"), the first-and-only national mortgage brokerage franchise brand in the U.S., today announced operating results for the quarter ended June 30, 2023.

"We were pleased to see continued RE/MAX agent count growth in Canada and our global regions during the second quarter. Despite industry headwinds, agent count in Canada has increased each month since February, and our overall international agent growth also accelerated in the second quarter," said Steve Joyce, RE/MAX Holdings Chief Executive Officer. "In the U.S., we remain focused on our growth initiatives, and we continue to build our related pipelines. The combination of higher interest rates and tight inventory has made for a challenging housing market and agent-recruiting-and-retention environment. On a positive note, the pace of our U.S. agent count losses slowed quarter over quarter – which is encouraging, given the market conditions."

Joyce continued: "On the mortgage side, wemlo is ramping up, and we continue to expand our Motto franchise sales operation. The addition of experienced personnel with in-depth franchise experience to our inside sales team is just one reason we are optimistic about increasing the pace of Motto franchise sales in the second half of 2023 and beyond.

Second Quarter 2023 Operating Results

Agent Count

The following table compares agent count as of June 30, 2023 and 2022:











As of June 30, 

Change



2023

2022

#

%

U.S.

56,987

60,825

(3,838)

(6.3)

Canada

25,218

24,854

364

1.5

Subtotal

82,205

85,679

(3,474)

(4.1)

Outside the U.S. & Canada

62,305

58,260

4,045

6.9

Total

144,510

143,939

571

0.4

Revenue

RE/MAX Holdings generated revenue of $82.4 million in the second quarter of 2023, a decrease of $9.7 million, or 10.6%, compared to $92.2 million in the second quarter of 2022. Revenue excluding the Marketing Funds was $61.4 million in the second quarter of 2023, a decrease of $7.9 million, or 11.4%, versus the same period in 2022. The decrease in Revenue excluding the Marketing Funds was attributable to negative organic revenue growth of 10.5% and adverse foreign-currency movements of 0.9%. Organic growth decreased primarily due to lower broker fee revenue and a reduction in U.S. agent count, partially offset by growth in our mortgage segment.

Recurring revenue streams, which consist of continuing franchise fees and annual dues, decreased $2.5 million, or 5.7%, compared to the second quarter of 2022 and accounted for 66.3% of Revenue excluding the Marketing Funds in the second quarter of 2023 compared to 62.3% of Revenue excluding the Marketing Funds in the prior-year period.

Operating Expenses

Total operating expenses were $69.3 million for the second quarter of 2023, a decrease of $6.0 million, or 7.9%, compared to $75.3 million in the second quarter of 2022. Second quarter 2023 total operating expenses decreased primarily due to lower settlement and impairment charges, reduced Marketing Funds expenses, and lower depreciation and amortization expenses.

Selling, operating and administrative expenses were $40.2 million in the second quarter of 2023, a decrease of $0.6 million, or 1.4%, compared to the second quarter of 2022 and represented 65.5% of Revenue excluding the Marketing Funds, compared to 58.9% in the prior-year period. Second quarter 2023 selling, operating and administrative expenses decreased primarily due to changes in the fair value of the contingent consideration liabilities, lower legal fees, partially offset by higher bad debt expense, higher personnel expenses, and higher events-related expenses.

Net Income and GAAP EPS

Net income attributable to RE/MAX Holdings was $2.0 million for the second quarter of 2023 compared to $5.8 million for the second quarter of 2022. Reported basic and diluted GAAP earnings per share were each $0.11 for the second quarter of 2023 compared to basic and diluted GAAP earnings per share of $0.31 and $0.30, respectively, in the second quarter of 2022.

Adjusted EBITDA and Adjusted EPS

Adjusted EBITDA was $26.6 million for the second quarter of 2023, a decrease of $8.5 million, or 24.2%, compared to the second quarter of 2022. Second quarter 2023 Adjusted EBITDA decreased primarily due to lower Revenue excluding the Marketing Funds resulting from lower broker fee revenue and a decrease in U.S. agent count, in addition to increased bad debt expense. Adjusted EBITDA margin was 32.3% in the second quarter of 2023, compared to 38.1% in the second quarter of 2022.

Adjusted basic and diluted EPS were $0.41 and $0.40, respectively, for the second quarter of 2023 compared to Adjusted basic and diluted EPS of $0.68 each for the second quarter of 2022. The ownership structure used to calculate Adjusted basic and diluted EPS for the quarter ended June 30, 2023, assumes RE/MAX Holdings owned 100% of RMCO, LLC ("RMCO"). The weighted average ownership RE/MAX Holdings had in RMCO was 59.1% for the quarter ended June 30, 2023.

Balance Sheet

As of June 30, 2023, the Company had cash and cash equivalents of $96.8 million, a decrease of $11.9 million from December 31, 2022. As of June 30, 2023, the Company had $446.4 million of outstanding debt, net of an unamortized debt discount and issuance costs, compared to $448.3 million as of December 31, 2022.

Dividend

On August 1, 2023, the Company announced that its Board of Directors approved a quarterly cash dividend of $0.23 per share of Class A common stock. The quarterly dividend is payable on August 29, 2023, to shareholders of record at the close of business on August 15, 2023.

Share Repurchases and Retirement

As previously disclosed, in January 2022 the Company's Board of Directors authorized a common stock repurchase program of up to $100 million. During the three months ended June 30, 2023, the Company did not repurchase any shares. As of June 30, 2023, $62.5 million remained available under the share repurchase program.

Outlook

The Company's third quarter and full-year 2023 Outlook assumes no further currency movements, acquisitions, or divestitures.

For the third quarter of 2023, RE/MAX Holdings expects:

  • Agent count to change 0.0% to 1.0% over third quarter 2022;
  • Revenue in a range of $78.5 million to $83.5 million (including revenue from the Marketing Funds in a range of $20.0 million to $22.0 million); and
  • Adjusted EBITDA in a range of $23.5 million to $26.5 million.

For the full year 2023, the Company is tightening its guidance ranges and expects:

  • Agent count to change 0.0% to 1.0% over full year 2022, changed from -1.0% to 1.0%;
  • Revenue in a range of $320.0 million to $332.0 million (including revenue from the Marketing Funds in a range of $82.5 million to $86.5 million), changed from $315.0 million to $335.0 million (including revenue from the Marketing Funds in a range of $83.5 million to $87.5 million); and
  • Adjusted EBITDA in a range of $92.0 million to $98.0 million, changed from $95.0 million to $105.0 million.

Webcast and Conference Call

The Company will host a conference call for interested parties on Thursday, August 3, 2023, beginning at 8:30 a.m. Eastern Time. Interested parties can register in advance for the conference call using the link below:

https://conferencingportals.com/event/dBDfkybm

Interested parties also can access a live webcast through the Investor Relations section of the Company's website at http://investors.remaxholdings.com. Please dial-in or join the webcast 10 minutes before the start of the conference call. An archive of the webcast will be available on the Company's website for a limited time as well.

Basis of Presentation

Unless otherwise noted, the results presented in this press release are consolidated and exclude adjustments attributable to the non-controlling interest.

Footnotes:

1Revenue excluding the Marketing Funds is a non-GAAP measure of financial performance that differs from U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and a reconciliation to the most directly comparable U.S. GAAP measure is as follows (in thousands):













Three Months Ended

Six Months Ended



June 30, 

June 30, 


2023

2022

2023

2022

Revenue excluding the Marketing Funds:











Total revenue

$

82,447

$

92,172

$

167,848

$

183,176

Less: Marketing Funds fees

21,077

22,909

42,419

45,760

Revenue excluding the Marketing Funds

$

61,370

$

69,263

$

125,429

$

137,416

2The Company defines organic revenue growth as revenue growth from continuing operations excluding (i) revenue from Marketing Funds, (ii) revenue from acquisitions, and (iii) the impact of foreign currency movements. The Company defines revenue from acquisitions as the revenue generated from the date of an acquisition to its first anniversary (excluding Marketing Funds revenue related to acquisitions where applicable).

3Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS are non-GAAP measures. These terms are defined at the end of this release. Please see Tables 5 and 6 appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

4Total open Motto Mortgage franchises includes only "bricks and mortar" offices with a unique physical address with rights granted by a full franchise agreement with Motto Franchising, LLC and excludes any "virtual" offices or BranchiseSM offices.

About RE/MAX Holdings, Inc.

RE/MAX Holdings, Inc. (NYSE: RMAX) is one of the world's leading franchisors in the real estate industry, franchising real estate brokerages globally under the RE/MAX® brand, and mortgage brokerages within the U.S. under the Motto® Mortgage brand. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Now with more than 140,000 agents in over 9,000 offices and a presence in more than 110 countries and territories, nobody in the world sells more real estate than RE/MAX, as measured by total residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX launched Motto Franchising, LLC, a ground-breaking mortgage brokerage franchisor, in 2016. Motto Mortgage, the first-and-only national mortgage brokerage franchise brand in the U.S., has grown to over 225 offices across more than 40 states.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," "anticipate," "may," "will," "would" and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to agent count; Motto open offices; franchise sales; revenue; operating expenses; the Company's outlook for the third quarter and full year 2023; non-GAAP financial measures; housing and mortgage market conditions; growth; the Company's focus on its growth initiatives and building related pipelines; ramping up of wemlo; expansion of the Motto franchise sales operation; and the Company's optimism about increasing the pace of Motto franchise sales in the second half of 2023 and beyond. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, (1) changes in the real estate market or interest rates and availability of financing, (2) changes in business and economic activity in general, (3) the Company's ability to attract and retain quality franchisees, (4) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (5) changes in laws and regulations, (6) the Company's ability to enhance, market, and protect its brands, including the RE/MAX and Motto Mortgage brands, (7) the Company's ability to implement its technology initiatives, (8) risks related to the Company's CEO transition, (9) fluctuations in foreign currency exchange rates, and (10) those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.remaxholdings.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

TABLE 1

RE/MAX Holdings, Inc.

Consolidated Statements of Income

(In thousands, except share and per share amounts)

(Unaudited)



Three Months Ended


Six Months Ended



June 30, 

June 30, 


2023

2022

2023

2022

Revenue:











Continuing franchise fees

$

32,101

$

34,128

$

64,177

$

67,627

Annual dues

8,587

9,016

17,205

17,936

Broker fees

14,321

19,317

25,213

34,402

Marketing Funds fees

21,077

22,909

42,419

45,760

Franchise sales and other revenue

6,361

6,802

18,834

17,451

Total revenue

82,447

92,172

167,848

183,176

Operating expenses:











Selling, operating and administrative expenses

40,212

40,781

89,327

88,612

Marketing Funds expenses

21,077

22,909

42,419

45,760

Depreciation and amortization

8,008

9,113

16,041

18,098

Settlement and impairment charges



—

2,460

—

6,195

Total operating expenses

69,297

75,263

147,787

158,665

Operating income (loss)

13,150

16,909

20,061

24,511

Other expenses, net:











Interest expense

(8,840)

(4,032)

(17,085)

(7,683)

Interest income

1,141

159

2,145

178

Foreign currency transaction gains (losses)

215

(160)

258

20

Total other expenses, net

(7,484)

(4,033)

(14,682)

(7,485)

Income (loss) before provision for income taxes

5,666

12,876

5,379

17,026

Provision for income taxes

(2,422)

(2,601)

(2,814)

(3,806)

Net income (loss)

$

3,244

$

10,275

$

2,565

$

13,220

Less: net income (loss) attributable to non-controlling interest

1,234

4,446

1,226

5,940

Net income (loss) attributable to RE/MAX Holdings, Inc.

$

2,010

$

5,829

$

1,339

$

7,280













Net income (loss) attributable to RE/MAX Holdings, Inc. per share
of Class A common stock











Basic

$

0.11

$

0.31

$

0.07

$

0.38

Diluted

$

0.11

$

0.30

$

0.07

$

0.38

Weighted average shares of Class A common stock outstanding











Basic

18,124,630

18,997,397

18,020,736

18,965,911

Diluted

18,387,669

19,153,349

18,152,256

19,182,477

Cash dividends declared per share of Class A common stock

$

0.23

$

0.23

$

0.46

$

0.46

TABLE 2

RE/MAX Holdings, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)










June 30, 

December 31, 


2023

2022

Assets





Current assets:





Cash and cash equivalents

$

96,757

$

108,663

Restricted cash

17,679

29,465

Accounts and notes receivable, current portion, net of allowances

35,233

32,518

Income taxes receivable

1,595

2,138

Other current assets

15,713

20,178

Total current assets

166,977

192,962

Property and equipment, net of accumulated depreciation

8,768

9,793

Operating lease right of use assets

25,350

25,825

Franchise agreements, net



111,267

120,174

Other intangible assets, net

22,141

25,763

Goodwill

259,712

258,626

Deferred tax assets, net

51,930

51,441

Income taxes receivable, net of current portion

754

754

Other assets, net of current portion

8,121

9,896

Total assets

$

655,020

$

695,234

Liabilities and stockholders' equity





Current liabilities:





Accounts payable

$

3,648

$

6,165

Accrued liabilities

50,739

70,751

Income taxes payable

720

1,658

Deferred revenue

24,318

27,784

Current portion of debt

4,600

4,600

Current portion of payable pursuant to tax receivable agreements

1,642

1,642

Operating lease liabilities

7,542

7,068

Total current liabilities

93,209

119,668

Debt, net of current portion

441,846

443,720

Payable pursuant to tax receivable agreements, net of current portion

24,917

24,917

Deferred tax liabilities, net

12,399

13,113

Deferred revenue, net of current portion



17,595

18,287

Operating lease liabilities, net of current portion

35,525

37,989

Other liabilities, net of current portion

5,504

5,838

Total liabilities

630,995

663,532

Commitments and contingencies





Stockholders' equity:





Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 18,126,616 and 17,874,238 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

2

2

Class B common stock, par value $.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

—

—

Additional paid-in capital

542,412

535,566

Accumulated deficit

(65,298)

(53,999)

Accumulated other comprehensive income (deficit), net of tax

503

(395)

Total stockholders' equity attributable to RE/MAX Holdings, Inc.

477,619

481,174

Non-controlling interest

(453,594)

(449,472)

Total stockholders' equity

24,025

31,702

Total liabilities and stockholders' equity

$

655,020

$

695,234







TABLE 3

RE/MAX Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



Six Months Ended



June 30, 


2023

2022

Cash flows from operating activities:





Net income (loss)

$

2,565

$

13,220

Adjustments to reconcile net income (loss) to net cash provided by operating activities:





Depreciation and amortization

16,041

18,098

Equity-based compensation expense

9,159

10,172

Bad debt expense

3,532

396

Deferred income tax expense (benefit)

(1,017)

1,020

Fair value adjustments to contingent consideration

(99)

1,995

Impairment charge - leased assets

—

3,735

Loss on sale or disposition of assets, net

365

115

Non-cash lease benefit

(1,516)

(867)

Non-cash loss on lease termination



—

1,175

Non-cash debt charges

427

427

Other, net

(82)

149

Changes in operating assets and liabilities

(27,133)

(10,716)

Net cash provided by operating activities

2,242

38,919

Cash flows from investing activities:





Purchases of property, equipment and capitalization of software

(2,831)

(6,144)

Other

434

—

Net cash used in investing activities

(2,397)

(6,144)

Cash flows from financing activities:





Payments on debt

(2,300)

(2,300)

Distributions paid to non-controlling unitholders

(5,778)

(7,423)

Dividends and dividend equivalents paid to Class A common stockholders

(8,995)

(9,551)

Payments related to tax withholding for share-based compensation

(3,477)

(5,659)

Common shares repurchased

(3,408)

(11,866)

Payment of contingent consideration

(240)

(120)

Net cash used in financing activities

(24,198)

(36,919)

Effect of exchange rate changes on cash

661

(446)

Net decrease in cash, cash equivalents and restricted cash

(23,692)

(4,590)

Cash, cash equivalents and restricted cash, beginning of period

138,128

158,399

Cash, cash equivalents and restricted cash, end of period

$

114,436

$

153,809

TABLE 4

RE/MAX Holdings, Inc.

Agent Count

(Unaudited)







As of


June 30,


March 31,


December 31,


September 30,


June 30,


March 31,

December 31,

September 30,

June 30,


2023

2023

2022

2022

2022

2022

2021

2021

2021

Agent Count:

















U.S.

















Company-Owned Regions

50,011

50,340

51,491

52,804

53,415

53,338

53,946

54,578

48,025

Independent Regions

6,976

7,110

7,228

7,311

7,410

7,379

7,381

7,429

14,403

U.S. Total

56,987

57,450

58,719

60,115

60,825

60,717

61,327

62,007

62,428

Canada

















Company-Owned Regions


20,354

20,172

20,228

20,174

20,098

19,751

19,596

19,207

6,387

Independent Regions

4,864

4,899

4,892

4,844

4,756

4,692

4,548

4,442

16,679

Canada Total

25,218

25,071

25,120

25,018

24,854

24,443

24,144

23,649

23,066

U.S. and Canada Total

82,205

82,521

83,839

85,133

85,679

85,160

85,471

85,656

85,494

Outside U.S. and Canada

















Independent Regions

62,305

61,002

60,175

59,167

58,260

57,245

56,527

55,280

54,707

Outside U.S. and Canada Total

62,305

61,002

60,175

59,167

58,260

57,245

56,527

55,280

54,707

Total

144,510

143,523

144,014

144,300

143,939

142,405

141,998

140,936

140,201

TABLE 5

RE/MAX Holdings, Inc.

Adjusted EBITDA Reconciliation to Net Income

(In thousands, except percentages)

(Unaudited)



Three Months Ended


Six Months Ended




June 30, 

June 30, 


2023

2022

2023

2022

Net income (loss)

$

3,244

$

10,275

$

2,565

$

13,220

Depreciation and amortization



8,008

9,113

16,041

18,098

Interest expense

8,840

4,032

17,085

7,683

Interest income

(1,141)

(159)

(2,145)

(178)

Provision for income taxes



2,422

2,601

2,814

3,806

EBITDA

21,373

25,862

36,360

42,629

Impairment charge - leased assets (1)

—

—

—

3,735

Loss on lease termination (2)

—

2,460

—

2,460

Equity-based compensation expense

4,708

4,535

9,159

10,172

Acquisition-related expense (3)

64

328

101

1,585

Fair value adjustments to contingent consideration (4)

(95)

1,710

(99)

1,995

Restructuring charges

(72)

—

(33)

—

Other

666

236

1,076

1,035

Adjusted EBITDA (5)

$

26,644

$

35,131

$

46,564

$

63,611

Adjusted EBITDA Margin (5)

32.3

%

38.1

%

27.7

%

34.7

%


(1)

Represents the impairment recognized on a portion of the Company's corporate headquarters office building in the prior year.

(2)

During the second quarter of 2022, a loss was recognized in connection with the termination of the booj office lease.

(3)

Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies.

(4)

Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities.

(5)

Non-GAAP measure. See the end of this press release for definitions of non-GAAP measures.

TABLE 6

RE/MAX Holdings, Inc.

Adjusted Net Income (Loss) and Adjusted Earnings per Share

(In thousands, except share and per share amounts)

(Unaudited)



Three Months Ended


Six Months Ended



June 30, 

June 30, 


2023

2022

2023

2022

Net income (loss)

$

3,244

$

10,275

$

2,565

$

13,220

Amortization of acquired intangible assets

5,773

6,565

11,531

12,734

Provision for income taxes

2,422

2,601

2,814

3,806

Add-backs:











Impairment charge - leased assets (1)

—

—

—

3,735

Loss on lease termination (2)

—

2,460

—

2,460

Equity-based compensation expense

4,708

4,535

9,159

10,172

Acquisition-related expense (3)

64

328

101

1,585

Fair value adjustments to contingent consideration (4)

(95)

1,710

(99)

1,995

Restructuring charges

(72)

—

(33)

—

Other

666

236

1,076

1,035

Adjusted pre-tax net income

16,710

28,710

27,114

50,742

Less: Provision for income taxes at 25% (5)

(4,178)

(7,178)

(6,779)

(12,686)

Adjusted net income (6)

$

12,532

$

21,532

$

20,335

$

38,056













Total basic pro forma shares outstanding

30,684,230

31,556,997

30,580,336

31,525,511

Total diluted pro forma shares outstanding

30,947,269

31,712,949

30,711,856

31,742,077













Adjusted net income basic earnings per share (6)

$

0.41

$

0.68

$

0.66

$

1.21

Adjusted net income diluted earnings per share (6)

$

0.40

$

0.68

$

0.66

$

1.20


(1)

Represents the impairment recognized on a portion of the Company's corporate headquarters office building in the prior year.

(2)

During the second quarter of 2022, a loss was recognized in connection with the termination of the booj office lease.

(3)

Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies.

(4)

Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities.

(5)

The long-term tax rate assumes the exchange of all outstanding non-controlling interest partnership units for Class A Common Stock that (a) removes the impact of unusual, non-recurring tax matters and (b) does not estimate the residual impacts to foreign taxes of additional step-ups in tax basis from an exchange because that is dependent on stock prices at the time of such exchange and the calculation is impracticable.

(6)

Non-GAAP measure. See the end of this press release for definitions of non-GAAP measures.

TABLE 7

RE/MAX Holdings, Inc.

Pro Forma Shares Outstanding

(Unaudited)



Three Months Ended


Six Months Ended



June 30, 

June 30, 


2023

2022

2023

2022

Total basic weighted average shares outstanding:







Weighted average shares of Class A common stock outstanding

18,124,630

18,997,397

18,020,736

18,965,911

Remaining equivalent weighted average shares of stock outstanding on a pro forma basis assuming RE/MAX Holdings owned 100% of RMCO


12,559,600

12,559,600

12,559,600

12,559,600

Total basic pro forma weighted average shares outstanding

30,684,230

31,556,997

30,580,336

31,525,511









Total diluted weighted average shares outstanding:







Weighted average shares of Class A common stock outstanding

18,124,630

18,997,397

18,020,736

18,965,911

Remaining equivalent weighted average shares of stock outstanding on a pro forma basis assuming RE/MAX Holdings owned 100% of RMCO


12,559,600

12,559,600

12,559,600

12,559,600

Dilutive effect of unvested restricted stock units (1)

263,039

155,952

131,520

216,566

Total diluted pro forma weighted average shares outstanding

30,947,269

31,712,949

30,711,856

31,742,077


(1)

In accordance with the treasury stock method.

TABLE 8

RE/MAX Holdings, Inc.

Adjusted Free Cash Flow & Unencumbered Cash

(Unaudited)



Six Months Ended



June 30, 


2023

2022

Cash flow from operations

$

2,242

$

38,919

Less: Purchases of property, equipment and capitalization of software

(2,831)

(6,144)

(Increases) decreases in restricted cash of the Marketing Funds (1)

11,786

(3,548)

Adjusted free cash flow (2)

11,197

29,227







Adjusted free cash flow (2)

11,197

29,227

Less: Tax/Other non-dividend distributions to RIHI

—

(1,645)

Adjusted free cash flow after tax/non-dividend distributions to RIHI (2)

11,197

27,582







Adjusted free cash flow after tax/non-dividend distributions to RIHI (2)

11,197

27,582

Less: Debt principal payments

(2,300)

(2,300)

Unencumbered cash generated (2)

$

8,897

$

25,282







Summary





Cash flow from operations

$

2,242

$

38,919

Adjusted free cash flow (2)

$

11,197

$

29,227

Adjusted free cash flow after tax/non-dividend distributions to RIHI (2)

$

11,197

$

27,582

Unencumbered cash generated (2)

$

8,897

$

25,282







Adjusted EBITDA (2)

$

46,564

$

63,611

Adjusted free cash flow as % of Adjusted EBITDA (2)

24.0 %

45.9 %

Adjusted free cash flow less distributions to RIHI as % of Adjusted EBITDA (2)

24.0 %

43.4 %

Unencumbered cash generated as % of Adjusted EBITDA (2)

19.1 %

39.7 %


(1)

This line reflects any subsequent changes in the restricted cash balance (which under GAAP reflects as either (a) an increase or decrease in cash flow from operations or (b) an incremental amount of purchases of property and equipment and capitalization of developed software) so as to remove the impact of changes in restricted cash in determining adjusted free cash flow.

(2)

Non-GAAP measure. See the end of this press release for definitions of non-GAAP measures. 

Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as revenue excluding the Marketing Funds, Adjusted EBITDA and the ratios related thereto, Adjusted net income, Adjusted basic and diluted earnings per share (Adjusted EPS) and adjusted free cash flow. These measures are derived on the basis of methodologies other than in accordance with U.S. GAAP.

Revenue excluding the Marketing Funds is calculated directly from our consolidated financial statements as Total revenue less Marketing Funds fees.

The Company defines Adjusted EBITDA as EBITDA (consolidated net income before depreciation and amortization, interest expense, interest income and the provision for income taxes, each of which is presented in the unaudited consolidated financial statements included earlier in this press release), adjusted for the impact of the following items that are either non-cash or that the Company does not consider representative of its ongoing operating performance: loss or gain on sale or disposition of assets and sublease, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gain on reduction in tax receivable agreement liability, expense or income related to changes in the estimated fair value measurement of contingent consideration, restructuring charges and other non-recurring items.

Because Adjusted EBITDA and Adjusted EBITDA margin omit certain non-cash items and other non-recurring cash charges or other items, the Company believes that each measure is less susceptible to variances that affect its operating performance resulting from depreciation, amortization and other non-cash and non-recurring cash charges or other items. The Company presents Adjusted EBITDA and the related Adjusted EBITDA margin because the Company believes they are useful as supplemental measures in evaluating the performance of its operating businesses and provides greater transparency into the Company's results of operations. The Company's management uses Adjusted EBITDA and Adjusted EBITDA margin as factors in evaluating the performance of the business.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analyzing the Company's results as reported under U.S. GAAP. Some of these limitations are:

  • these measures do not reflect changes in, or cash requirements for, the Company's working capital needs;

  • these measures do not reflect the Company's interest expense, or the cash requirements necessary to service interest or principal payments on its debt;

  • these measures do not reflect the Company's income tax expense or the cash requirements to pay its taxes;

  • these measures do not reflect the cash requirements to pay dividends to stockholders of the Company's Class A common stock and tax and other cash distributions to its non-controlling unitholders;

  • these measures do not reflect the cash requirements pursuant to the tax receivable agreements;

  • these measures do not reflect the cash requirements for share repurchases;

  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements;

  • although equity-based compensation is a non-cash charge, the issuance of equity-based awards may have a dilutive impact on earnings per share; and

  • other companies may calculate these measures differently so similarly named measures may not be comparable.

The Company's Adjusted EBITDA guidance does not include certain charges and costs. The adjustments to EBITDA in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior quarters, such as gain on sale or disposition of assets and sublease and acquisition-related expense, among others. The exclusion of these charges and costs in future periods will have a significant impact on the Company's Adjusted EBITDA. The Company is not able to provide a reconciliation of the Company's non-GAAP financial guidance to the corresponding U.S. GAAP measures without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

Adjusted net income is calculated as Net income attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common stock as of the beginning of the period (and the related increase to the provision for income taxes after such exchange), plus primarily non-cash items and other items that management does not consider to be useful in assessing the Company's operating performance (e.g., amortization of acquired intangible assets, gain on sale or disposition of assets and sub-lease, non-cash impairment charges, acquisition-related expense, restructuring charges and equity-based compensation expense).

Adjusted basic and diluted earnings per share (Adjusted EPS) are calculated as Adjusted net income (as defined above) divided by pro forma (assuming the full exchange of all outstanding non-controlling interests) basic and diluted weighted average shares, as applicable.

When used in conjunction with GAAP financial measures, Adjusted net income and Adjusted EPS are supplemental measures of operating performance that management believes are useful measures to evaluate the Company's performance relative to the performance of its competitors as well as performance period over period. By assuming the full exchange of all outstanding non-controlling interests, management believes these measures:

  • facilitate comparisons with other companies that do not have a low effective tax rate driven by a non-controlling interest on a pass-through entity;

  • facilitate period over period comparisons because they eliminate the effect of changes in Net income attributable to RE/MAX Holdings, Inc. driven by increases in its ownership of RMCO, LLC, which are unrelated to the Company's operating performance; and

  • eliminate primarily non-cash and other items that management does not consider to be useful in assessing the Company's operating performance.

Adjusted free cash flow is calculated as cash flows from operations less capital expenditures and any changes in restricted cash of the Marketing Funds, all as reported under GAAP, and quantifies how much cash a company has to pursue opportunities that enhance shareholder value. The restricted cash of the Marketing Funds is limited in use for the benefit of franchisees and any impact to adjusted free cash flow is removed. The Company believes adjusted free cash flow is useful to investors as a supplemental measure as it calculates the cash flow available for working capital needs, re-investment opportunities, potential Independent Region and strategic acquisitions, dividend payments or other strategic uses of cash.

Adjusted free cash flow after tax and non-dividend distributions to RIHI is calculated as adjusted free cash flow less tax and other non-dividend distributions paid to RIHI (the non-controlling interest holder) to enable RIHI to satisfy its income tax obligations. Similar payments would be made by the Company directly to federal and state taxing authorities as a component of the Company's consolidated provision for income taxes if a full exchange of non-controlling interests occurred in the future. As a result and given the significance of the Company's ongoing tax and non-dividend distribution obligations to its non-controlling interest, adjusted free cash flow after tax and non-dividend distributions, when used in conjunction with GAAP financial measures, provides a meaningful view of cash flow available to the Company to pursue opportunities that enhance shareholder value.

Unencumbered cash generated is calculated as adjusted free cash flow after tax and non-dividend distributions to RIHI less quarterly debt principal payments less annual excess cash flow payment on debt, as applicable. Given the significance of the Company's excess cash flow payment on debt, when applicable, unencumbered cash generated, when used in conjunction with GAAP financial measures, provides a meaningful view of the cash flow available to the Company to pursue opportunities that enhance shareholder value after considering its debt service obligations.



CONTACT: Investor Contact: Andy Schulz, (303) 796-3287, aschulz@remax.com, Media Contact: Kimberly Golladay, (303) 224-4258, kgolladay@remax.com

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Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 02, 2023
Entity Registrant Name RE/MAX Holdings, Inc.
Entity Central Index Key 0001581091
Entity Emerging Growth Company false
Securities Act File Number 001-36101
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 80-0937145
Entity Address, Address Line One 5075 South Syracuse Street
Entity Address, City or Town Denver
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80237
City Area Code 303
Local Phone Number 770-5531
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock $0.0001 par value per share
Trading Symbol RMAX
Security Exchange Name NYSE
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