Financial Data and Key Metrics Changes - RE/MAX Holdings reported total revenue of $85.4 million for Q1 2023, a decrease of 6.2% compared to the previous year [12][26] - Adjusted EBITDA was $19.9 million, with an adjusted EBITDA margin of 23.3% [12][37] - Selling, operating, and administrative expenses increased by 2.7% to $49.1 million, primarily due to higher costs associated with the annual RE/MAX agent convention and bad debt expense [27] Business Line Data and Key Metrics Changes - The company saw agent count growth in Canada and global regions, with a regain in momentum for Motto franchise sales [11][14] - Wemlo's business increased month-over-month throughout Q1, meeting or exceeding expectations for loans submitted and cleared [15] - Franchise sales regained momentum, with 10 franchises sold in Q1, aligning with historical sales pace [38] Market Data and Key Metrics Changes - The overall housing market continued to adjust to higher interest rates, impacting agent count growth negatively [35] - RE/MAX agents averaged 13.6 transaction sides, significantly outperforming competitors who averaged 6.2 sides [19] - The Canadian market showed signs of decline but rebounded faster than the U.S. market, maintaining strong growth potential [104][134] Company Strategy and Development Direction - The company is focused on growth through strategic initiatives, including the MAXRecruit program aimed at enhancing local affiliates' skills [20][21] - Investments are being directed towards technology and support for mortgage business growth, with a long-term goal of generating $100 million in annual mortgage-related revenue [40] - The company is strategically investing in its network to better position itself as the market regains momentum [44][77] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the spring selling season, noting improved transaction volume trends [52] - The outlook for Q2 2023 anticipates a slight decline in agent count and revenue in the range of $79 million to $84 million [29][76] - Management acknowledged the challenges in forecasting due to the current macroeconomic environment but remains optimistic about potential improvements [54][112] Other Important Information - The company is undergoing a CEO transition, with a global leadership advisory firm assisting in the selection process [13] - The annual RE/MAX agent convention had robust attendance, reinforcing the value of in-person networking [74] - The company plans to return capital to shareholders through stock buybacks, although the pace has slowed for monitoring performance [75] Q&A Session Summary Question: Can you provide insights on bad debt expense and historical trends? - Management noted that bad debt expense levels are comparable to pre-pandemic levels, with expectations for a slight decrease in Q2 [32][59] Question: What are the expectations for existing home sales and interest rates? - Management indicated that stabilization in interest rates could lead to increased consumer confidence and activity in the housing market [60][62] Question: How is the competitive landscape evolving? - The company is not seeing competitors offering large signing bonuses, which has slowed down significantly, and agents are focusing more on productivity [86] Question: What are the implications of the guidance for adjusted EBITDA? - Management acknowledged that increased costs from conventions and bad debt expenses impacted margins, but they expect to maintain a reasonable SO&A run rate [66][110] Question: Can you provide updates on the CEO search? - The company is working with a well-known recruiting firm and expects to have a permanent CEO in place by summer [115][116]

23 Adjusted free cash flow after tax and non-dividend distributions to RHH is calculated as adjusted free cash flow less tax and cther non-dividend distributions paid to RHH hoded) to enable RIH to satisfy its income tax obligations. Similar payments would be made by the Company directly to federal and state taxing authorities as a component of consolidated provision for income taxes if a full exchange of non-controlling interests occurred in the future. As a result and given the significance of the Company ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023. OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: 001-36101 RE/MAX Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36101 RE/MAX Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

RE/MAX Holdings, Inc. (RMAX) Q4 2022 Earnings Conference Call February 17, 2023 8:30 AM ET Company Participants Andy Schulz - SVP, IR Steve Joyce - CEO Karri Callahan - CFO Ward Morrison - President and CEO, Motto Mortgage and Wemlo Nick Bailey - President and CEO, RE/MAX, LLC Conference Call Participants Anthony Paolone - JPMorgan Tommy McJoynt - KBW Ronald Kamdem - Morgan Stanley John Campbell - Stephens Ryan McKeveny - Zelman & Associates Matthew Filek - William Blair Operator Good morning, and welcome t ...

H O L D I N G S, I N C. RE/MAX Holdings, Inc. Investor Presentation February 2023 Why Invest in RE/MAX Holdings, Inc. Today? Organic Growth Opportunities, Catalysts and Return of Capital Return of Capital ■ We have paid a quarterly dividend since 2014 ■ $100 million ■ Mortgage sales growth 3) Franchise sales December 31, 2022) home prices FCF Fuels Catalysts and Return of Capital to Create Shareholder Value Successful Franchisors DUNKIN' ■ Unique product or service offering ■ Training and productivity tools ...

RE/MAX Holdings, Inc. (RMAX) Q3 2022 Earnings Conference Call November 4, 2022 8:30 AM ET Company Participants Andy Schulz - SVP, IR Steve Joyce - CEO Karri Callahan - CFO Ward Morrison - President and CEO, Motto Mortgage and Wemlo Nick Bailey - President and CEO, RE/MAX, LLC Conference Call Participants Stephen Sheldon - William Blair Anthony Paolone - JPMorgan Tommy McJoynt - KBW John Campbell - Stephens Ryan McKeveny - Zelman & Associates Ronald Kamdem - Morgan Stanley Matthew Erdner - Jones Trading Just ...

[PART I. – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents RE/MAX Holdings, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, income, and cash flow statements, with notes on policies and events [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2022, total assets decreased to **$726.6 million** from **$776.1 million** at year-end 2021, with total liabilities and stockholders' equity also declining Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$726,555** | **$776,133** | | Cash and cash equivalents | $117,899 | $126,270 | | Goodwill | $265,090 | $269,115 | | Franchise agreements, net | $124,521 | $143,832 | | **Total Liabilities** | **$679,867** | **$707,066** | | Debt, net of current portion | $444,653 | $447,459 | | **Total Stockholders' Equity** | **$46,688** | **$69,067** | [Condensed Consolidated Statements of Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) Q3 2022 total revenue slightly decreased to **$88.9 million**, while net income improved to **$0.1 million** from a **$25.1 million** loss, and nine-month revenue grew to **$272.1 million** with **$7.4 million** net income Q3 Financial Performance (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Total Revenue | $88,943 | $90,997 | | Operating Income (Loss) | $5,235 | $(37,576) | | Net Income (Loss) Attributable to RE/MAX Holdings, Inc. | $140 | $(25,149) | | Diluted EPS | $0.01 | $(1.34) | Nine Months Financial Performance (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Total Revenue | $272,119 | $240,538 | | Operating Income (Loss) | $29,746 | $(20,368) | | Net Income (Loss) Attributable to RE/MAX Holdings, Inc. | $7,420 | $(18,725) | | Diluted EPS | $0.39 | $(1.00) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2022, net cash from operations significantly increased to **$61.4 million**, while investing activities used **$9.9 million** and financing activities used **$58.6 million** Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $61,386 | $16,644 | | Net cash used in investing activities | $(9,865) | $(192,471) | | Net cash (used in) provided by financing activities | $(58,613) | $199,142 | | **Net (decrease) increase in cash** | **$(9,101)** | **$23,369** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies and financial results, including Q3 2022 restructuring expenses of **$10.4 million**, the 2021 INTEGRA acquisition, ongoing antitrust litigation, and share repurchase activities - In Q3 2022, the company initiated a restructuring of its business and technology offerings, replacing the booj platform with kvCORE, which resulted in **$10.4 million** of related expenses, including severance, accelerated equity compensation, and a write-off of capitalized software development costs[47](index=47&type=chunk) - The company is a defendant in several putative class action antitrust lawsuits (Moehrl-related suits) alongside the National Association of Realtors (NAR) and other major real estate firms, alleging that NAR rules inflate buyer broker compensation; the company intends to vigorously defend against all claims[104](index=104&type=chunk)[105](index=105&type=chunk) - As part of a strategic shift, the company plans to sell the net assets of the Gadberry Group; as of September 30, 2022, total assets held for sale were **$11.7 million** and total liabilities held for sale were **$3.5 million**[74](index=74&type=chunk)[75](index=75&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, noting a **2.3%** Q3 2022 revenue decrease to **$88.9 million** due to market conditions, alongside a strategic restructuring involving a **17%** workforce reduction and technology platform shift [Financial and Operational Highlights](index=27&type=section&id=Financial%20and%20Operational%20Highlights) Q3 2022 highlights include a **2.3%** revenue decrease to **$88.9 million**, Adjusted EBITDA decline to **$31.5 million**, **2.4%** total agent growth, and a strategic restructuring with a **17%** workforce reduction Q3 2022 Key Metrics vs. Q3 2021 | Metric | Q3 2022 | Change vs. Q3 2021 | | :--- | :--- | :--- | | Total Revenue | $88.9 million | -2.3% | | Adjusted EBITDA | $31.5 million | -9.5% | | Total Agent Count | 144,300 | +2.4% | | U.S. & Canada Agent Count | 85,133 | -0.6% | | Motto Mortgage Offices | 211 | +19.9% | - The company announced a strategic shift, including replacing its booj platform with the kvCORE platform and reducing its workforce by approximately **17%** (**120 employees**), which is expected to be complete by year-end 2022[126](index=126&type=chunk) - Restructuring in Q3 2022 resulted in pre-tax charges of **$6.9 million** for severance, **$2.0 million** in accelerated equity compensation, and a **$1.2 million** write-off of capitalized software development costs[126](index=126&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 2022 total revenue decreased **2.3%** due to a **13.8%** drop in Broker fees, while nine-month revenue increased **13.1%**, and Q3 Adjusted EBITDA decreased to **$31.5 million** Q3 2022 vs Q3 2021 Revenue Breakdown (in thousands) | Revenue Stream | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Continuing franchise fees | $33,310 | $32,464 | 2.6% | | Broker fees | $16,596 | $19,245 | (13.8)% | | Marketing Funds fees | $22,736 | $23,269 | (2.3)% | | **Total Revenue** | **$88,943** | **$90,997** | **(2.3)%** | - The decrease in Q3 Broker fees was primarily due to lower average transactions per agent, partially offset by rising home prices and revenue from the INTEGRA acquisition[135](index=135&type=chunk) - Q3 Selling, operating and administrative expenses included restructuring charges of **$6.9 million** in severance and **$2.0 million** in accelerated equity compensation, offset by lower acquisition-related costs and corporate bonus accruals compared to the prior year[142](index=142&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2022, the company held **$117.9 million** in cash, with liquidity from operations and a **$460.0 million** term loan, prioritizing capital expenditures, dividends, and a **$100 million** share repurchase program - The company maintains a Senior Secured Credit Facility with a **$460.0 million** term loan (maturing 2028) and an undrawn **$50.0 million** revolving facility (maturing 2026); the term loan's interest rate was **5.6%** as of September 30, 2022[179](index=179&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - A common stock repurchase program of up to **$100 million** was authorized in January 2022, with **$23.8 million** used through September 30, 2022, and **$76.2 million** remaining available[196](index=196&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.23 per share** in Q3 2022 and again for payment in Q4 2022[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company faces market risks including credit, interest rate, and foreign currency exposure, with a **0.25%** LIBOR increase potentially adding **$1.1 million** to annual interest expense and a **5%** USD strengthening impacting operating income by **$1.3 million** - The company is subject to interest rate risk on its **$454.3 million** in variable-rate term loans; a hypothetical **0.25%** increase in the interest rate would add **$1.1 million** to annual interest expense[206](index=206&type=chunk) - Significant exposure to the Canadian dollar means a hypothetical **5%** strengthening of the U.S. dollar would have decreased operating income by approximately **$1.3 million** for the nine months ended September 30, 2022[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective[210](index=210&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September 30, 2022, that have materially affected, or are reasonably likely to materially affect, internal controls[211](index=211&type=chunk) [PART II. – OTHER INFORMATION](index=42&type=section&id=PART%20II.%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with disclosures regarding significant antitrust lawsuits detailed in Note 12 incorporated by reference - The company is involved in litigation from time to time, with disclosures regarding legal matters, particularly significant antitrust lawsuits detailed in Note 12, incorporated by reference[214](index=214&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2021 Annual Report on Form 10-K - No material changes have occurred to the risk factors disclosed in the company's 2021 Annual Report on Form 10-K[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2022, the company repurchased **507,980** shares of Class A common stock, with **$76.2 million** remaining available under its repurchase program as of September 30, 2022 Share Repurchases for Q3 2022 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2022 | 68,715 | $24.59 | | August 2022 | 163,385 | $25.53 | | September 2022 | 275,880 | $22.00 | | **Total Q3** | **507,980** | **N/A** | - As of September 30, 2022, **$76.2 million** remained available under the company's **$100 million** stock repurchase program authorized in January 2022[216](index=216&type=chunk)

RE/MAX Holdings (RMAX) Q2 2022 Earnings Conference Call August 5, 2022 8:30 AM ET Company Participants Andy Schulz - SVP, IR Steve Joyce - CEO Ward Morrison - President and CEO, Motto Mortgage and Wemlo Nick Bailey - President and CEO, RE/MAX, LLC Karri Callahan - CFO Conference Call Participants Anthony Paolone - JPMorgan Ryan McKeveny - Zelman & Associates Tommy McJoynt - KBW John Campbell - Stephens Ronald Kamdem - Morgan Stanley Matt Filek - William Blair Operator Good morning, and welcome to the RE/MAX ...

Financial Performance - RE/MAX Holdings' revenue for Q2 2022 was $92.2 million, a 19.3% increase compared to $77.2 million in Q2 2021[5, 25] - Adjusted EBITDA for Q2 2022 was $35.1 million, up 14.4% from the previous year, with an Adjusted EBITDA Margin of 38.1%[5] - Adjusted Diluted EPS for Q2 2022 increased by 6.3% to $0.68[5] - Total revenue growth of 19.3% included organic revenue growth of 1.7%[23, 25] - Recurring revenue streams accounted for 62.3% of revenue (excluding the Marketing Funds) in Q2 2022, compared to 60.5% in the prior-year period[26] Agent Network Growth - Total agent count grew by 3,738 agents, a 2.7% year-over-year increase, reaching a record 143,939 agents[5, 16] - Agent count outside the U S and Canada increased by 6.5%, representing an addition of 3,553 agents[16] - Agent count in Canada increased by 7.8%, representing an addition of 1,788 agents[17] - Agent count in the U S decreased by 2.6%, representing a loss of 1,603 agents[19] Housing Market Trends - Median Sales Price in June 2022 was $428,000, an 11.0% year-over-year increase[9]