RE/MAX Holdings · Q3 2021 earnings

Briefing

Reported preliminary results with revenue, Adjusted EBITDA, and Adjusted EPS driven by contributions from acquisitions and core operations performance.

RE/MAX Holdings reported a 28.0% increase in total revenue to $91.0 million for the third quarter of 2021. The growth was primarily driven by the acquisition of RE/MAX INTEGRA's North American regions. Net loss attributable to RE/MAX Holdings, Inc. was $25.1 million, with a loss per diluted share of $1.34. Adjusted EBITDA increased by 15.2% to $35.0 million, and adjusted EPS was $0.71.

• Total revenue increased 28.0% to $91.0 million.
• Revenue excluding the Marketing Funds increased 25.9% to $67.7 million.
• Net loss attributable to RE/MAX Holdings, Inc. was $25.1 million, with a loss per diluted share of $1.34.
• Adjusted EBITDA increased 15.2% to $35.0 million, with Adjusted EPS of $0.71.

Headline financials

Revenue & EPS history

The Company's fourth quarter and full-year 2021 Outlook assumes no further currency movements, acquisitions or divestitures. For the fourth quarter of 2021, the Company expects: Agent count to increase 2.5% to 3.5% over fourth quarter 2020; Revenue in a range of $86.0 million to $90.0 million (including revenue from the Marketing Funds in a range of $22.0 million to $24.0 million); and Adjusted EBITDA in a range of $27.5 million to $30.5 million. For the full-year 2021, the Company is reducing its agent count range due to slower-than-expected global growth, changing its revenue range, and increasing its Adjusted EBITDA range due to better-than-expected third quarter results.