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Mar 31, 2025
RE/MAX Q1 2025 Earnings Report
Reported First Quarter 2025 Results
Key Takeaways
RE/MAX Holdings reported a decrease in total revenue for the first quarter of 2025 compared to the previous year, primarily due to lower U.S. agent count and adverse foreign currency movements. Despite this, the company saw an increase in Adjusted EBITDA and Adjusted EPS, indicating improved profitability and efficiency.
Total Revenue decreased by 4.9% to $74.5 million.
Net loss attributable to RE/MAX Holdings was $(2.0) million, with GAAP EPS of $(0.10).
Adjusted EBITDA increased by 1.5% to $19.3 million, resulting in an Adjusted EBITDA margin of 25.9%.
Adjusted EPS was $0.24, up from $0.20 in the prior year.
Total agent count increased by 2.0% to 146,126 agents, driven by growth outside the U.S. and Canada, despite a decrease in the U.S. and Canada combined.
Revenue by Segment
Forward Guidance
For the second quarter of 2025, RE/MAX Holdings expects agent count to increase, revenue to be between $70.0 million and $75.0 million, and Adjusted EBITDA to be between $22.5 million and $25.5 million. For the full year 2025, the company expects agent count to change between -1.0% and 1.0%, revenue between $290.0 million and $310.0 million, and Adjusted EBITDA between $90.0 million and $100.0 million.
Positive Outlook
- Expected increase in agent count for Q2 2025.
- Expected increase in Adjusted EBITDA for Q2 and full year 2025.
- Revenue expected to be between $70.0 million and $75.0 million in Q2 2025.
- Full year 2025 revenue expected between $290.0 million and $310.0 million.
- Full year 2025 Adjusted EBITDA expected between $90.0 million and $100.0 million.
Challenges Ahead
- Full year 2025 agent count growth could be negative.
- Assumes no further currency movements, acquisitions, or divestitures, which could impact results.
- Uncertainty and variability of future charges and costs make reconciliation of non-GAAP guidance to GAAP measures difficult.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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