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Sep 30, 2023
RE/MAX Q3 2023 Earnings Report
RE/MAX Holdings reported a decrease in total revenue and a net loss for Q3 2023, while focusing on strategic initiatives and cost structure adjustments.
Key Takeaways
RE/MAX Holdings reported a decrease in total revenue by 8.7% to $81.2 million. The company faced a net loss of $59.5 million, or $3.28 per diluted share. Adjusted EBITDA decreased by 15.0% to $26.7 million, with adjusted EPS at $0.40. The company settled industry class-action lawsuits for $55.0 million and suspended its quarterly dividend to preserve capital.
Total revenue decreased by 8.7% to $81.2 million.
Net loss attributable to RE/MAX Holdings was $59.5 million, with a loss per diluted share of $3.28.
Adjusted EBITDA decreased by 15.0% to $26.7 million, with adjusted EPS at $0.40.
Total agent count increased 0.7% to 145,309 agents.
Forward Guidance
For the fourth quarter of 2023, RE/MAX Holdings expects agent count to increase 0.25% to 1.25% over fourth quarter 2022; Revenue in a range of $74.0 million to $79.0 million (including revenue from the Marketing Funds in a range of $20.0 million to $22.0 million); and Adjusted EBITDA in a range of $20.5 million to $23.5 million.
Positive Outlook
- Agent count to increase 0.25% to 1.25% over fourth quarter 2022.
- Revenue in a range of $74.0 million to $79.0 million (including revenue from the Marketing Funds in a range of $20.0 million to $22.0 million).
- Adjusted EBITDA in a range of $20.5 million to $23.5 million.
- Agent count to increase 0.25% to 1.25% over full year 2022, changed from 0.0% to 1.0%.
- Revenue in a range of $323.0 million to $328.0 million (including revenue from the Marketing Funds in a range of $83.0 million to $85.0 million), changed from $320.0 million to $332.0 million (including revenue from the Marketing Funds in a range of $82.5 million to $86.5 million).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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