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Dec 31, 2022
RE/MAX Q4 2022 Earnings Report
RE/MAX Holdings reported Q4 2022 results with revenue decreasing and a net loss recorded, but agent count increasing.
Key Takeaways
RE/MAX Holdings experienced challenges in Q4 2022, with total revenue decreasing by 8.9% to $81.3 million and a net loss of $2.6 million. Despite industry headwinds, the company saw a 1.4% increase in total agent count, reaching 144,014 agents. Adjusted EBITDA decreased by 14.6% to $26.5 million, and adjusted EPS was $0.41.
Total revenue decreased by 8.9% to $81.3 million.
Net loss attributable to RE/MAX Holdings, Inc. was $2.6 million, with a loss per diluted share of $0.14.
Adjusted EBITDA decreased by 14.6% to $26.5 million, with an Adjusted EPS of $0.41.
Total agent count increased by 1.4% to 144,014 agents.
Forward Guidance
RE/MAX Holdings provided its outlook for Q1 and full year 2023, assuming no further currency movements, acquisitions, or divestitures.
Positive Outlook
- Agent count to increase 0.0% to 1.0% over first quarter 2022
- Revenue in a range of $82.0 million to $87.0 million (including revenue from the Marketing Funds in a range of $20.5 million to $22.5 million)
- Adjusted EBITDA in a range of $18.5 million to $21.5 million
- Agent count to change -1.0% to 1.0% over full year 2022
- Revenue in a range of $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
- Continuing challenging macroeconomic conditions
- Higher mortgage rates
- Lower U.S. existing home sales reduced broker fee revenue
- Pressured U.S. agent count
Historical Earnings Impact
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Avg. Return Before/After Earnings
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