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Jun 30, 2023
RE/MAX Q2 2023 Earnings Report
RE/MAX Holdings reported a decrease in total revenue and adjusted EBITDA, but saw growth in agent count in Canada and global regions.
Key Takeaways
RE/MAX Holdings reported a decrease in total revenue by 10.6% to $82.4 million and a decrease in adjusted EBITDA by 24.2% to $26.6 million. The company's net income attributable to RE/MAX Holdings, Inc. was $2.0 million, with earnings per diluted share (GAAP EPS) of $0.11. Total agent count increased slightly by 0.4% to 144,510 agents.
Total revenue decreased by 10.6% to $82.4 million.
Net income attributable to RE/MAX Holdings, Inc. was $2.0 million, with GAAP EPS of $0.11.
Adjusted EBITDA decreased by 24.2% to $26.6 million, with an Adjusted EBITDA margin of 32.3%.
Total agent count increased by 0.4% to 144,510 agents.
Forward Guidance
The Company's third quarter and full-year 2023 Outlook assumes no further currency movements, acquisitions, or divestitures.
Positive Outlook
- Agent count to change 0.0% to 1.0% over third quarter 2022
- Revenue in a range of $78.5 million to $83.5 million (including revenue from the Marketing Funds in a range of $20.0 million to $22.0 million)
- Adjusted EBITDA in a range of $23.5 million to $26.5 million
- Agent count to change 0.0% to 1.0% over full year 2022, changed from -1.0% to 1.0%
- Revenue in a range of $320.0 million to $332.0 million (including revenue from the Marketing Funds in a range of $82.5 million to $86.5 million), changed from $315.0 million to $335.0 million (including revenue from the Marketing Funds in a range of $83.5 million to $87.5 million)
Challenges Ahead
- Adjusted EBITDA in a range of $92.0 million to $98.0 million, changed from $95.0 million to $105.0 million
- Changes in the real estate market or interest rates and availability of financing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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