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RE/MAX HOLDINGS, INC. REPORTS FOURTH QUARTER 2024 RESULTS
MAXMediaAlpha(MAX) Prnewswire·2025-02-20 21:15

Core Insights - RE/MAX Holdings reported total revenue of 72.5millionforQ42024,adecreaseof5.472.5 million for Q4 2024, a decrease of 5.4% compared to Q4 2023, primarily due to a decline in U.S. agent count and adverse foreign currency movements [4][7][9] - The company achieved an adjusted EBITDA of 23.3 million for Q4 2024, reflecting a 1.6% increase from the previous year, with an adjusted EBITDA margin of 32.2% [10][28] - The total agent count increased by 1.2% year-over-year to 146,627 agents, while the combined agent count in the U.S. and Canada decreased by 4.8% [3][7] Financial Performance - Total operating expenses for Q4 2024 were 68.2million,down21.068.2 million, down 21.0% from 86.3 million in Q4 2023, mainly due to lower settlement and impairment charges [6][7] - Net income attributable to RE/MAX Holdings was 5.8millionforQ42024,comparedtoanetlossof5.8 million for Q4 2024, compared to a net loss of 10.9 million in Q4 2023, with GAAP EPS of 0.29[9][22]−Forthefullyear2024,totalrevenuedecreasedto0.29 [9][22] - For the full year 2024, total revenue decreased to 307.7 million, down 5.5% from 325.7millionin2023,withadjustedEBITDAof325.7 million in 2023, with adjusted EBITDA of 97.7 million, a slight increase from 96.3millionin2023[7][10][22]OperationalMetrics−TheU.S.agentcountasofDecember31,2024,was51,286,adecreaseof7.096.3 million in 2023 [7][10][22] Operational Metrics - The U.S. agent count as of December 31, 2024, was 51,286, a decrease of 7.0% from 55,131 in 2023, while Canada saw a stable agent count of 25,171 [3][4] - The total number of Motto Mortgage franchises decreased by 8.5% to 225 offices [7][19] - Recurring revenue streams, including franchise fees and annual dues, accounted for 69.9% of revenue excluding marketing funds in Q4 2024, down from 70.7% in the prior year [5][7] Balance Sheet and Cash Flow - As of December 31, 2024, the company had cash and cash equivalents of 96.6 million, an increase of 14.0millionfromthepreviousyear,withoutstandingdebtof14.0 million from the previous year, with outstanding debt of 440.8 million [12][24] - Adjusted free cash flow for the year was 51.0million,upfrom51.0 million, up from 35.7 million in 2023, indicating improved cash generation capabilities [40] - The company did not repurchase any shares during Q4 2024, with $62.5 million remaining under the authorized share repurchase program [13]