RE/MAX(US:RMAX)2023-11-03 13:03Financial Performance - Total revenue for Q3 2023 was $81.2 million, a decrease of 8.7% compared to $88.9 million in Q3 2022[5, 7, 8] - Revenue excluding the Marketing Funds was $60.4 million in Q3 2023, down 8.8% from $66.207 million in the same period in 2022[8, 80] - Adjusted EBITDA for Q3 2023 was $26.7 million, a 15.0% decrease compared to $31.5 million in Q3 2022[5, 69, 71] - Adjusted EBITDA margin was 32.9% in Q3 2023, compared to 35.4% in Q3 2022[5, 48, 71] - Selling, operating, and administrative expenses decreased by 13.3% to $43.1 million in Q3 2023[19, 20, 38] Agent Network - Total agent count increased by 1,009 agents, or 0.7%, year-over-year to 145,309 agents[5, 45, 47] - Agent count in the U S and Canada combined decreased 3 9%[13] Recurring Revenue - Recurring revenue decreased by $1.9 million, or 4.6%, compared to Q3 2022[17] - Recurring revenue accounted for 66.7% of Revenue excluding the Marketing Funds in Q3 2023, compared to 63.8% in the prior-year period[17] Q4 and Full Year 2023 Outlook - The company expects agent count to increase 0.25% to 1.25% over Q4 2022[40] - Revenue is projected to be in the range of $74.0 million to $79.0 million for Q4 2023[40] - Adjusted EBITDA is expected to be in the range of $20.5 million to $23.5 million for Q4 2023[40]