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]

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 ☐ 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 organization) 5075 South Syracuse Street Denver, Colora ...

RE/MAX® H O L D I N G S, I N C. RE/MAX Holdings, Inc. First Quarter 2022 Earnings April 29, 2022 Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," "anticipate," "may," "will," "would" and other similar words ...

RE/MAX Holdings, Inc. (RMAX) Q1 2022 Earnings Conference Call April 29, 2022 8:30 AM ET Company Participants Andy Schulz – Senior Vice President of Investor Relations Steve Joyce – Chief Executive Officer Ward Morrison – President and Chief Executive Officer of Motto Mortgage and Wemlo Nick Bailey – President and Chief Executive Officer of RE/MAX, LLC Karri Callahan – Chief Financial Officer Conference Call Participants Rich Hill – Morgan Stanley Anthony Paolone – JP Morgan Ryan McKeveny – Zelman & Associat ...

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, 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 incorporation or organ ...