Financial Data and Key Metrics Changes - In Q2 2023, total revenue declined by 10.6% to $82.4 million, with adjusted EBITDA of $26.6 million and an adjusted EBITDA margin of 32.3% [21][68] - Excluding marketing funds, revenue was $61.4 million, a decrease of approximately 11% compared to the same period last year, driven by negative 10.5% organic growth and adverse foreign currency movements of 29% [21][24] - Selling, operating, and administrative expenses decreased by 1.4% to $40.2 million, primarily due to changes in the fair value of contingent consideration liabilities and lower legal fees [23] Business Line Data and Key Metrics Changes - The mortgage segment is expected to generate approximately $1 million less in revenue than originally forecasted due to challenging market conditions [71] - The mortgage business continues to grow, with the company optimistic about increasing the pace of Motto franchise sales in the second half of 2023 [47][55] Market Data and Key Metrics Changes - The U.S. agent count losses narrowed during Q2 compared to Q1, indicating some positive momentum despite overall market contraction [37][53] - International agent count growth accelerated to 7% during Q2, particularly in countries like Turkey, Peru, Brazil, and South Africa [34] Company Strategy and Development Direction - The company is focused on strategic growth initiatives, including enhancing the recruiting value proposition through technology and training programs [18][42] - The MAX Recruit program has gained traction, with participation exceeding expectations, indicating a commitment to improving recruiting efforts [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment, which has pressured top-line growth and margins, but remains optimistic about long-term growth potential as the housing market normalizes [42][55] - The company expects agent count to change by 0% to 1% over the full year 2022, with revenue guidance slightly adjusted downward [25][24] Other Important Information - The company is actively managing legal expenses related to ongoing industry lawsuits, with a focus on maintaining operational efficiency [13][15] - The CEO search is ongoing, with robust interest from multiple candidates expected to conclude by the end of summer [54] Q&A Session Summary Question: Can you provide more color on the EBITDA guidance changes? - Management indicated that the changes are influenced by revenue and expense dynamics, with specific details expected to be discussed further [3] Question: What are the trends in U.S. agent count compared to competitors? - Management noted that while there is overall contraction in agent licenses, the company is seeing a narrowing of agent count losses, which is a positive sign [63][79] Question: How is the mortgage segment performing relative to expectations? - The mortgage segment is expected to generate less revenue than initially forecasted, but management remains optimistic about its growth potential [71][86]

RE/MAX Holdings, Inc. Investor Presentation August 2023 2 tto awards please see www.mottomortgage.com/awards-disclaimers sides per agent calculated by RE/MAX based on 2023 REAL Trends 500 data, citing 2022 transaction sidos for the 1,561 largest participating U.S. brokerages. RE/MAX avvarage: a presence in more than 110 countries and territories 5Source: MMR Strategy Group study of unaided awareness Shareholder Return Driven By H O L D I N G S, I N C. This presentation includes "forward-looking statements" ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's H1 2023 financial statements reflect significant declines in revenue, net income, and operating cash flow due to challenging market conditions [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets, liabilities, and stockholders' equity all decreased compared to December 31, 2022 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$655,020** | **$695,234** | | Cash and cash equivalents | $96,757 | $108,663 | | Goodwill | $259,712 | $258,626 | | **Total Liabilities** | **$630,995** | **$663,532** | | Debt, net of current portion | $441,846 | $443,720 | | **Total Stockholders' Equity** | **$24,025** | **$31,702** | [Condensed Consolidated Statements of Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) Q2 and H1 2023 saw significant year-over-year declines in total revenue and net income attributable to RE/MAX Holdings Q2 2023 vs Q2 2022 Income Statement (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Total Revenue | $82,447 | $92,172 | | Operating Income | $13,150 | $16,909 | | Net Income | $3,244 | $10,275 | | Net Income attributable to RE/MAX Holdings, Inc. | $2,010 | $5,829 | | Diluted EPS | $0.11 | $0.30 | Six Months 2023 vs 2022 Income Statement (in thousands, except per share data) | Metric | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | | Total Revenue | $167,848 | $183,176 | | Operating Income | $20,061 | $24,511 | | Net Income | $2,565 | $13,220 | | Net Income attributable to RE/MAX Holdings, Inc. | $1,339 | $7,280 | | Diluted EPS | $0.07 | $0.38 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities sharply decreased in H1 2023, leading to a significant overall reduction in cash and equivalents Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,242 | $38,919 | | Net cash used in investing activities | ($2,397) | ($6,144) | | Net cash used in financing activities | ($24,198) | ($36,919) | | **Net decrease in cash** | **($23,692)** | **($4,590)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the franchisor model, declining revenue, significant debt, ongoing antitrust litigation, and segment performance - The company operates as a **100% franchisor** for both RE/MAX and Motto brokerages, not owning any operating entities[25](index=25&type=chunk)[26](index=26&type=chunk) - Multiple class action antitrust lawsuits, including Moehrl-related litigations, challenge NAR rules on buyer broker compensation, with a trial scheduled for October 2023, and the financial impact is currently **unestimable**[86](index=86&type=chunk)[87](index=87&type=chunk)[92](index=92&type=chunk) - The Senior Secured Credit Facility includes a **$460.0 million term loan** maturing in 2028, with an interest rate of **7.8%** as of June 30, 2023[67](index=67&type=chunk)[71](index=71&type=chunk) Adjusted EBITDA by Segment (in thousands) | Segment | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Real Estate | $28,721 | $36,331 | | Mortgage | ($1,457) | ($1,164) | | Other | ($620) | ($36) | | **Consolidated** | **$26,644** | **$35,131** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes revenue and profit declines to challenging market conditions, impacting liquidity and influencing capital allocation priorities [Financial and Operational Highlights](index=23&type=section&id=Financial%20and%20Operational%20Highlights) Q2 2023 highlights include revenue and Adjusted EBITDA declines, global agent growth offsetting U.S. and Canada decreases, and Motto expansion Q2 2023 Key Metrics vs. Q2 2022 | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $82.4M | $92.2M | -10.6% | | Adjusted EBITDA | $26.6M | $35.1M | -24.2% | | Total Agent Count | 144,510 | 143,939 | +0.4% | | U.S. & Canada Agent Count | 82,205 | 85,679 | -4.1% | | Motto Open Offices | 235 | 200 | +17.5% | - Challenging market conditions, including rising interest rates and tight housing supply, have led to declines in **U.S. agent count** and **total revenue**[112](index=112&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 and H1 2023 revenue declines were driven by reduced broker and franchise fees, with operating expenses increasing as a percentage of revenue Q2 2023 vs Q2 2022 Revenue Breakdown (in thousands) | Revenue Stream | Q2 2023 | Q2 2022 | Change % | | :--- | :--- | :--- | :--- | | Continuing franchise fees | $32,101 | $34,128 | (5.9)% | | Broker fees | $14,321 | $19,317 | (25.9)% | | Marketing Funds fees | $21,077 | $22,909 | (8.0)% | | **Total Revenue** | **$82,447** | **$92,172** | **(10.6)%** | - The decrease in Broker fees was attributed to lower average transactions per agent and a decline in **U.S. agent count**[122](index=122&type=chunk) - Selling, operating, and administrative expenses increased as a percentage of revenue to **48.8%** in Q2 2023 from **44.2%** in Q2 2022[127](index=127&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity tightened significantly in H1 2023 due to lower operating cash flow, impacting capital allocation priorities including share repurchases and dividends - Cash provided by operating activities decreased due to a **$17.0 million** decrease in Adjusted EBITDA and a **$9.5 million** increase in interest payments in H1 2023[173](index=173&type=chunk) - The Total Leverage Ratio was **3.20:1** as of June 30, 2023, below the **3.50:1** covenant, permitting unlimited restricted payments[164](index=164&type=chunk) - A **$100 million** share repurchase program, authorized in January 2022, has **$62.5 million** remaining as of June 30, 2023[179](index=179&type=chunk) - A quarterly dividend of **$0.23 per share** was declared on August 1, 2023[178](index=178&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company faces increased credit risk from franchisees, significant interest rate risk on its variable-rate debt, and managed currency risk - Bad debt expense increased to **2.1% of revenue** in H1 2023 from **0.2%** in H1 2022, indicating heightened franchisee credit risk[188](index=188&type=chunk) - A hypothetical **0.25%** increase in interest rates on **$450.8 million** in variable-rate term loans would add **$1.1 million** in annual interest expense[190](index=190&type=chunk)[191](index=191&type=chunk) - A hypothetical **5%** change in the USD/CAD exchange rate would impact operating income by approximately **$0.8 million** for H1 2023[192](index=192&type=chunk)[193](index=193&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Disclosure controls and procedures were concluded to be **effective** as of June 30, 2023, by the Principal Executive and Financial Officers[195](index=195&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2023[196](index=196&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company faces significant class action antitrust lawsuits challenging industry rules, with an unpredictable outcome and unestimable financial impact - The company is a defendant in multiple class action antitrust lawsuits, including Moehrl, Burnett, and Nosalek, regarding **NAR rules on buyer broker compensation**[86](index=86&type=chunk)[92](index=92&type=chunk) - A trial in the Burnett case is scheduled for **October 2023**, with plaintiffs seeking trebled damages for buyer commissions paid by sellers in four MLSs[87](index=87&type=chunk) - The company is unable to reasonably estimate the financial impact of the litigation or predict its material effect on financial position[92](index=92&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the 2022 Annual Report on Form 10-K - No material changes to risk factors previously disclosed in the **2022 Annual Report on Form 10-K** have occurred[200](index=200&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in Q2 2023, with **$62.5 million** remaining under the **$100 million** share repurchase program - No shares were repurchased during the three months ended **June 30, 2023**[201](index=201&type=chunk) - As of June 30, 2023, **$62.5 million** remained available under the company's **$100 million** share repurchase program[201](index=201&type=chunk)

RE/MAX Holdings, Inc. (RMAX) Q1 2023 Earnings Conference Call May 5, 2023 8:30 AM ET Company Participants Andy Schulz - Senior Vice President-Investor Relations Steve Joyce - Chief Executive Officer Ward Morrison - President & Chief Executive Officer, Motto Mortgage & Wemlo Nick Bailey - President & Chief Executive Officer, RE/MAX, LLC Karri Callahan - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan John Campbell - Stephens Tommy McJoynt - KBW Ronald Kamdem - Morgan Stanley S ...

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 ...