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Sep 30, 2022
RE/MAX Q3 2022 Earnings Report
RE/MAX reported solid performance in Q3 2022, driven by the RE/MAX INTEGRA acquisition and growth in the mortgage business, offsetting difficult housing market conditions.
Key Takeaways
RE/MAX Holdings reported a total revenue of $88.9 million, a 2.3% decrease compared to Q3 2021. Net income attributable to RE/MAX Holdings was $0.1 million, with GAAP EPS of $0.01. Adjusted EBITDA decreased by 9.5% to $31.5 million, and adjusted EPS was $0.56. The total agent count increased by 2.4% to 144,300 agents.
Total revenue decreased by 2.3% to $88.9 million.
Net income attributable to RE/MAX Holdings, Inc. was $0.1 million, with a GAAP EPS of $0.01.
Adjusted EBITDA decreased by 9.5% to $31.5 million, with an adjusted EPS of $0.56.
Total agent count increased by 2.4% to 144,300 agents.
Forward Guidance
The Company's fourth quarter and full-year 2022 Outlook assumes no further currency movements, acquisitions or divestitures.
Positive Outlook
- Agent count to increase 1.0% to 2.0% over fourth quarter 2021
- Revenue in a range of $80.0 million to $85.0 million (including revenue from the Marketing Funds in a range of $21.5 million to $23.5 million)
- Adjusted EBITDA in a range of $23.0 million to $27.0 million
- Agent count to increase 1.0% to 2.0% over full-year 2021, down from 1.0% to 2.5%
- Revenue in a range of $352.0 million to $357.0 million (including revenue from the Marketing Funds in a range of $90.0 million to $92.0 million), down from $354.0 million to $364.0 million (including revenue from the Marketing Funds in a range of $90.0 million to $93.0 million)
Challenges Ahead
- Adjusted EBITDA in a range of $118.0 million to $122.0 million, down from $123.0 million to $128.0 million
- Company is reducing its guidance to reflect current housing market conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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