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Sep 30, 2021
RE/MAX Q3 2021 Earnings Report
Reported preliminary results with revenue, Adjusted EBITDA, and Adjusted EPS driven by contributions from acquisitions and core operations performance.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- 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)
- Adjusted EBITDA in a range of $27.5 million to $30.5 million
- Agent count to increase 2.5% to 3.5% over full-year 2020
- Adjusted EBITDA in a range of $116.0 million to $119.0 million
Challenges Ahead
- Revenue in a range of $326.5 million to $330.5 million (including revenue from the Marketing Funds in a range of $81.5 million to $83.5 million), changed from $321.0 million to $336.0 million (including revenue from the Marketing Funds in a range of $80.5 million to $83.5 million)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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