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Jun 30, 2022
RE/MAX Q2 2022 Earnings Report
Total revenue and Adjusted EBITDA increased, driven by INTEGRA acquisition and Motto Mortgage growth.
Key Takeaways
RE/MAX Holdings reported strong second-quarter results with a 19.3% increase in total revenue to $92.2 million and a 14.4% increase in Adjusted EBITDA to $35.1 million. The company's growth was driven by the RE/MAX INTEGRA North American regions acquisition and the continued expansion of Motto Mortgage franchises.
Total Revenue increased 19.3% to $92.2 million.
Net income attributable to RE/MAX Holdings, Inc. was $5.8 million, with a GAAP EPS of $0.30.
Adjusted EBITDA increased 14.4% to $35.1 million, with an Adjusted EPS of $0.68.
Total agent count increased 2.7% to 143,939 agents.
Revenue by Segment
Forward Guidance
The Company's third quarter and full-year 2022 Outlook assumes no further currency movements, acquisitions or divestitures.
Positive Outlook
- Agent count to increase 1.5% to 2.5% over third quarter 2021
- Revenue in a range of $87.0 million to $91.0 million (including revenue from the Marketing Funds in a range of $22.0 million to $24.0 million)
- Adjusted EBITDA in a range of $30.5 million to $33.0 million
- Agent count to increase 1.0% to 2.5% over full-year 2021, down from 2.0% to 4.0%
- Revenue in a range of $354.0 million to $364.0 million (including revenue from the Marketing Funds in a range of $90.0 million to $93.0 million), down from $366.0 million to $376.0 million (including revenue from the Marketing Funds in a range of $91.5 million to $95.5 million)
Challenges Ahead
- The Company is reducing its guidance to reflect current housing market conditions and other related macroeconomic trends.
- Agent count to increase 1.0% to 2.5% over full-year 2021, down from 2.0% to 4.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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