0001104659-20-035979.txt : 20200319 0001104659-20-035979.hdr.sgml : 20200319 20200319172703 ACCESSION NUMBER: 0001104659-20-035979 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200319 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200319 DATE AS OF CHANGE: 20200319 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: 20729495 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 tm2013291-1_8k.htm FORM 8-K
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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): March 19, 2020

 

RE/MAX Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-36101   80-0937145

(State or other jurisdiction of

incorporation or organization)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

5075 South Syracuse Street

Denver, Colorado 80237

(Address of principal executive offices, including Zip code)

 

(303) 770-5531

(Registrant’s telephone number, including area code)

 

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   New York Stock Exchange

 

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))

 

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 7.01 Regulation FD Disclosure. *

 

On March 19, 2020, RE/MAX Holdings, Inc. (“the Company”) issued a press release regarding initiatives it is undertaking to assist its RE/MAX franchisees during the global coronavirus (COVID-19) pandemic, which includes certain fee deferrals. Initially the Company is offering, at the option of each RE/MAX franchisee in Company-owned and independent regions in the United States and Canada, to defer continuing franchise fees and marketing fund fees for the month of April 2020. The Company anticipates that participating franchisees will repay these deferred amounts with no interest through an increase in broker fee from 1% to 2% on transactions in those franchisees’ offices, until the deferred fees are repaid. The Company will continue to monitor this rapidly developing situation and is evaluating the best way to support its franchisees.

 

The magnitude and duration of the impact from COVID-19 are unknown and cannot be reasonably estimated. RE/MAX Holdings is withdrawing the first quarter and full-year 2020 guidance that it provided in its earning press release issued on February 20, 2020 and discussed on its earnings call on February 21, 2020.

 

Item 9.01. Financial Statements and Exhibits. *

 

Exhibit No.   Description
99.1   Press Release dated March 19, 2020
104   Cover Page Interactive Date File (formatted as inline XBRL)

 

* The information contained in Items 7.01 and 9.01 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.

 

Forward-Looking Statements

 

This Current Report on Form 8-K 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: the impact of the global coronavirus (COVID-19) pandemic; initiatives that the Company is offering to its franchisees and the effectiveness of those initiatives; the ability of RE/MAX and Motto franchisees to adjust to the changing business environment; the Company’s ability to successfully operate through different business cycles; the Company’s business model, revenue streams, cost structure, balance sheet, and financial flexibility; and the Company’s management of expenses and capital expenditures. 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. Important risks and uncertainties that could cause actual results to differ materially from the Company’s expectations include, among others, risks related to (1) the duration and severity of COVID-19 and its impact on the Company’s agents, loan originators, franchises and employees, as well as home buyers and sellers more generally, (2) the impact on the Company’s business of rapidly changing events relating to COVID-19, including the effects of shelter-in-place orders and similar government orders aimed at containing the spread of the COVID-19 virus such as restrictions on public gatherings, quarantines of people who may have been exposed to the virus and travel restrictions, (3) the impact on the Company’s business of its initiatives to assist franchisees during the COVID-19 pandemic, including fee deferrals to its franchisees in Company-owned regions in the United States and Canada, (4) the impact of COVID-19 and requirements to work remotely on the ability of the Company’s management team to successfully implement the Company’s business plans, and (5) the impact of COVID-19 on the U.S. and global economies and financial markets, all of which could significantly harm the Company’s business, liquidity, results of operations and financial condition. Other important risks and uncertainties include, without limitation, (i) changes in the real estate market or interest rates and availability of financing, (ii) changes in business and economic activity in general, (iii) the Company’s ability to attract and retain quality franchisees, (iv) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (v) changes in laws and regulations, (vi) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (vii) the Company’s ability to implement its technology initiatives, (viii) fluctuations in foreign currency exchange rates, and 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.remax.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.

 

 

 

 

 

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: March 19, 2020 By: /s/ Karri Callahan
   

Karri Callahan

Chief Financial Officer

 

 

 

 

 EX-99.1 2 tm2013291d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

     
March 19, 2019

Contact:

Jennifer Armbruster

Communications Director, RE/MAX, LLC

(720) 289-3663 | jarmbruster@remax.com

 

RE/MAX HOLDINGS PROVIDES NEW TOOLS, ENHANCED TRAINING, AND FINANCIAL
SUPPORT TO ASSIST ITS AFFILIATES AMID COVID-19 OUTBREAK

Provides Update on First Quarter and Full-Year 2020 Guidance

 

 

DENVER -- RE/MAX Holdings, Inc. (the "Company" or "RE/MAX Holdings") (NYSE: RMAX) today announced several initiatives to help RE/MAX affiliates navigate their businesses through the ongoing challenges of the global coronavirus (COVID-19) pandemic. The initiatives the Company is offering include financial support (for example, the deferral of certain fees), productivity tools at a full or partial discount, along with enhanced training and other tools to be rolled out to help affiliates optimize their business for the current environment. RE/MAX Holdings also provided an update on its previously issued guidance for the first quarter and full year of 2020.

 

“Our priority continues to be the health and safety of our agents, franchisees, employees, home buyers and sellers and the communities in which they live,” said Adam Contos, RE/MAX Holdings CEO. “While circumstances related to COVID-19 vary by location and are evolving quickly, we remain committed to providing best-in-class solutions to assist our affiliates at a time when they need to pivot and adjust quickly to the challenging environment. We are actively monitoring the situation and evaluating the best way to support our affiliates and their businesses during this time.”

 

RE/MAX Holdings encourages its networks to support government and health agency guidelines to help stem the spread of COVID-19. We have advised our networks to adhere to conditions set forth in their communities, including – for RE/MAX affiliates – considering not holding open houses for the time being.

 

The magnitude and duration of the impact from COVID-19, especially on consumer behaviors, are unknown and therefore cannot be reasonably estimated. Given the constantly changing environment and uncertainty stemming from this global health crisis, RE/MAX Holdings is withdrawing the first quarter and full-year 2020 guidance that it provided on February 20, 2020.

 

The Company’s 100% franchised business model, primarily recurring revenue streams from dues and fees and strong balance sheet provide financial flexibility to navigate challenging conditions. The Company will continue to manage its expenses and capital expenditure programs judiciously.

 

  

 

 

Continued Contos, “We have over 45 years of experience operating through many business cycles driven by the strength and geographic breadth of our professional and entrepreneurial networks. Now is the time help our brokers and agents so they can continue helping their communities, and we will do that through kindness, caring and empathy until this storm too has passed.”

 

###

 

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 David 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 130,000 agents across over 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.

 

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: the impact of the global coronavirus (COVID-19) pandemic; initiatives that the Company is offering to its franchisees and the effectiveness of those initiatives; the ability of RE/MAX and Motto franchisees to adjust to the changing business environment; the Company’s ability to successfully operate through different business cycles; the Company’s business model, revenue streams, cost structure, balance sheet, and financial flexibility; and the Company’s management of expenses and capital expenditures. 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.  Important risks and uncertainties that could cause actual results to differ materially from the Company’s expectations include, among others, risks related to (1) the duration and severity of COVID-19 and its impact on the Company’s agents, loan originators, franchises and employees, as well as home buyers and sellers more generally, (2) the impact on the Company’s business of rapidly changing events relating to COVID-19, including the effects of shelter-in-place orders and similar government orders aimed at containing the spread of the COVID-19 virus such as restrictions on public gatherings, quarantines of people who may have been exposed to the virus and travel restrictions, (3) the impact on the Company’s business of its initiatives to assist franchisees during the COVID-19 pandemic, including fee deferrals to its franchisees in Company-owned regions in the United States and Canada, (4) the impact of COVID-19 and requirements to work remotely on the ability of the Company’s management team to successfully implement the Company’s business plans, and (5) the impact of COVID-19 on the U.S. and global economies and financial markets, all of which could significantly harm the Company’s business, liquidity, results of operations and financial condition.   Other important risks and uncertainties include, without limitation, (i) changes in the real estate market or interest rates and availability of financing, (ii) changes in business and economic activity in general, (iii) the Company’s ability to attract and retain quality franchisees, (iv) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (v) changes in laws and regulations, (vi) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (vii) the Company’s ability to implement its technology initiatives, (viii) fluctuations in foreign currency exchange rates, and 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.remax.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.

 

  

 

 

 

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Cover
Mar. 19, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 19, 2020
Entity File Number 001-36101
Entity Registrant Name RE/MAX Holdings, Inc.
Entity Central Index Key 0001581091
Entity Tax Identification Number 80-0937145
Entity Incorporation, State or Country Code DE
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
Entity Emerging Growth Company false

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