RE/MAX(US:RMAX)2021-08-06 19:30Q2 2021 Financial Performance - RE/MAX Holdings achieved record revenue of $77.2 million in Q2 2021, a 48.0% increase compared to $52.2 million in Q2 2020[6, 26] - The company reported record Adjusted EBITDA of $30.5 million in Q2 2021[6] - Adjusted EBITDA margin was 39.5% in Q2 2021, compared to 36.2% in Q2 2020[6, 55] - Adjusted basic and diluted EPS were $0.64 and $0.63 respectively[6] Agent Network Growth - Total agent count grew by 8,296 agents, a 6.3% year-over-year increase, reaching 140,201 agents[5, 17] - Agent count in the U S and Canada combined increased by 3%, reaching the highest total count since Q3 2018[5] - Agents Outside U S & Canada increased 11.8% (+5,774 Agents) year-over-year[15] - Agents in Canada increased 8.3% (+1,771 Agents) year-over-year[15] - Agents in the U S increased 1.2% (+751 Agents) year-over-year[15] Motto Mortgage Expansion - Motto open offices increased almost 30% year-over-year to 164 offices[5] - Motto Mortgage continues to expand with year-over-year revenue growth of approximately 46%[61] Strategic Acquisitions and Capital Allocation - The company announced an agreement to acquire INTEGRA's North American regions and closed the transaction in July[5] - The acquisition of RE/MAX INTEGRA North American regions was funded with $235 million in debt[37] - A new $460 million Term Loan B, plus a $50 million revolving credit facility refinanced the prior existing $224 million Term Loan B[37] Market Trends - Closed transactions increased 14.2% year-over-year[11] - Median sales price increased 21.9% year-over-year to $336,000[12] - Months supply of inventory decreased 49.6% year-over-year[11] Q3 and Full Year 2021 Outlook - The company expects agent count to increase 5.0% to 6.0% over Q3 2020[40] - Revenue is projected to be in the range of $86.5 million to $91.5 million, including Marketing Funds revenue of $21.5 million to $23.5 million[40] - Adjusted EBITDA is expected to be in the range of $29.5 million to $33.0 million[40]