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Mar 31, 2021
RE/MAX Q1 2021 Earnings Report
RE/MAX Holdings reported an increase in total agent count, revenue, and adjusted EBITDA, driven by a robust housing market and Motto growth.
Key Takeaways
RE/MAX Holdings reported a 2.9% increase in total revenue to $72.3 million, driven by increased broker fees, acquisitions, and Motto growth. The company's agent count increased by 6.4% to 140,214 agents. Net income attributable to RE/MAX Holdings was $1.1 million, with adjusted EBITDA reaching $23.2 million.
Total agent count increased 6.4% to 140,214 agents.
Total revenue increased 2.9% to $72.3 million.
Net income attributable to RE/MAX Holdings, Inc. was $1.1 million.
Adjusted EBITDA increased to $23.2 million with a margin of 32.0%.
Revenue by Segment
Forward Guidance
For the second quarter of 2021, RE/MAX Holdings expects agent count to increase 7.0% to 8.0% over second quarter 2020, revenue in a range of $74.0 million to $78.0 million (including revenue from the Marketing Funds in a range of $17.5 million to $18.5 million), and Adjusted EBITDA in a range of $25.5 million to $28.5 million. For the full-year 2021, RE/MAX Holdings is increasing its agent count guidance and expects agent count to increase 5.0% to 6.0% over full-year 2020, up from 4.0% to 5.0%, revenue in a range of $300.0 million to $310.0 million (including revenue from the Marketing Funds in a range of $71.0 million to $74.0 million), and Adjusted EBITDA in a range of $103.0 million to $107.0 million.
Positive Outlook
- Agent count to increase 7.0% to 8.0% over second quarter 2020
- Revenue in a range of $74.0 million to $78.0 million for Q2 2021
- Adjusted EBITDA in a range of $25.5 million to $28.5 million for Q2 2021
- Agent count to increase 5.0% to 6.0% over full-year 2020
- Revenue in a range of $300.0 million to $310.0 million for full year 2021
Challenges Ahead
- Guidance assumes no further currency movements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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