Re/max Holdings, Inc. · NYSE:RMAX
Re/max — Q1 2025 Earnings Presentation
21 slides from Re/max's earnings presentation, May 2, 2025
Slide 1: First Quarter 2025 Earnings
First Quarter 2025 Earnings May 2, 2025
Slide 2: Forward-Looking Statements
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,
Slide 3: Q1 2025 Highlights & April 2025 Operational Update
Q1 2025 Highlights & April 2025 Operational Update Q1 2025 Operating Highlights Q1 2025 Financial Highlights • Total agent count increased 2.0% • Revenue was $74.5 million YoY to 146,126 agents • Adjusted EBITDA1 of $19.3 million, • Agent count in the U.S. and Canada up 1.5% combined decreased 5.0%
Slide 4: RE/MAX Aspire – New Agent Onboarding Program
RE/MAX Aspire – New Agent Onboarding Program Designed to incentivize recruiting leveraging extensive franchisee feedback An optional, enhanced onboarding program designed to build the next generation of top-producing RE/MAX agents combining education, marketing and technology offerings alongside an
Slide 5: Revenue
Revenue Year to Date Revenue ($M) Increase/(Decrease) 2025 2024 $ % Continuing franchise fees $29.4 $31.1 ($1.7) (5.6%) Annual dues $7.8 $8.2 ($0.4) (5.3%) Broker fees $11.4 $10.7 $0.7 6.7% Marketing Funds fees $18.9 $20.2 ($1.3) (6.6%) Franchise sales and other revenue $7.0 $8.1 ($1.0) (12.7%) Tota
Slide 6: Selling, Operating and Administrative Expenses
Selling, Operating and Administrative Expenses Year to Date Selling, Operating & Administrative Expenses Increase/(Decrease) ($M) 2025 2024 $ % Personnel $25.1 $25.8 ($0.8) (2.9%) Professional fees $2.6 $2.9 ($0.4) (12.0%) Lease costs $1.6 $1.9 ($0.3) (13.6%) Other $13.7 $15.0 ($1.3) (8.7%) Total $4
Slide 7: Adjusted EBITDA of $19.3 Million
Adjusted EBITDA1 of $19.3 Million Adjusted EBITDA1 ($M) Adjusted EBITDA Margin1 35.8% 34.8% $19.0 $19.3 32.2% 24.3% 25.9% Up 164 basis points over Q1 2024 For Q1 2025: • Adjusted EBITDA was $19.3 million for the first quarter of 2025, an increase of $0.3 million, or 1.5%, compared to the first quart
Slide 8: Looking Ahead – Q1 2025 and FY 2025 Outlook
Looking Ahead – Q1 2025 and FY 2025 Outlook Q2 2025 Outlook1 Full Year 2025 Outlook1 For the second quarter of 2025, For the full year 2025, RE/MAX Holdings RE/MAX Holdings expects: expects: • Agent count to increase 1.5% to 2.5% • Agent count to change negative over second quarter 2024; 1.0% to pos
Slide 9: RE/MAX Holdings, Inc.
RE/MAX Holdings, Inc. A Leading Dual-Brand Franchisor with Compelling Growth Opportunities Most-Trusted Highly #1 Name in Agents in the Productive Real Estate3 U.S. and Network of (US/Canada) Canada1,2 More Than and 145,000 Unmatched Agents Global Footprint4 Large Network First-and- Top Franchise of
Slide 10: Thank you!
RE/MAX HOLDINGS, INC. Thank you! REMAX [MOTTO §=6wemlo. RE/MAX, LLC. Each Offic
Slide 11: Total Agent Count
Total Agent Count Agent Count Change Year-over-Year March 31, 2024 March 31, 2025 +2.0% YoY (+2,839 agents) 143,287 146,126 -5.0% YoY (-3,945 agents) +10.5% YoY (+6,784 agents) 78,955 75,010 71,116 64,332 Record Agent Count as of March 31, 2025 Total RE/MAX U.S. & Canada Outside U.S. & Canada 11
Slide 12: Agent Count Change Year-over-Year
Agent Count Change Year-over-Year Agents Outside U.S. & Canada Agents in Canada Agents in the U.S. +10.5% +0.5% -7.5% (+6,784 Agents) (+120 Agents) (-4,065 Agents) March 31, 2025, over March 31, 2024 Total agent count increased 2,839 agents, or 2.0%, YoY to 146,126 agents 12
Slide 13: Balance Sheet, Capital Allocation & Liquidity
Balance Sheet, Capital Allocation & Liquidity Balance Sheet & Leverage Capital Allocation & Liquidity • Cash balance of $89.1 million on • The Company has a common stock March 31, 2025, down $7.5 million repurchase program of up to $100 from December 31, 2024 million. During the three months • $439.
Slide 14: Industry Forecasts
Industry Forecasts Monthly Existing Home Sales1 (Thousands) Annual Existing Home Sales2,3 (Millions) 700 Fannie Mae MBA 600 4.54 4.46 500 4.24 4.23 4.06 4.08 400 300 200 2024 2025e 2026e Home Price Appreciation2,3 (YoY) Housing Starts - Single Family2,4 (Thousands) Fannie Mae MBA Fannie Mae NAHB 5.8
Slide 15: Mortgage Finance Forecasts
Mortgage Finance Forecasts Loan Originations1 ($’s in billions) Mortgage & Interest Rates1 Purchase Refinance 30-Year Fixed 10-Year Treasury $1,800 $1,600 $1,400 $1,563 $1,200 $1,383 $1,288 6.6% 6.7% $1,000 6.4% $800 $797 4.3% $600 4.4% 4.3% $693 $400 $491 $200 $0 2024 2025e 2026e 2024 2025e 2026e 1
Slide 16: Agent Count and Revenue Excluding Marketing Funds
Agent Count and Revenue Excluding Marketing Funds As of March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024 2023 2023 2023 2023 Agent Count: U.S. Company-Owned Regions 43,543 44,911 46,283 46,780 47,302 48,401 49,576 50,011 5
Slide 17: Adjusted EBITDA Reconciliation to Net Income
Adjusted EBTIDA Reconciliation to Net Income (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC) Three Months Ended March 31, $ in 000’s 2025 2024 Net income (loss) $ (3,236) $ (5,607) Depreciation and amortization 6,589 7,852 Interest expense 7,924 9,256 Interest income (908) (1,001) Provis
Slide 18: Adjusted Net Income & Adjusted Earnings per Share
Adjusted Net Income & Adjusted Earnings per Share (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC) Three Months Ended March 31, $ in 000’s 2025 2024 Net income (loss) $ (3,236) $ (5,607) Amortization of acquired intangible assets 4,384 5,470 Provision for income taxes 1,870 1,504 Add-back
Slide 19: Adjusted Free Cash Flow & Unencumbered Cash Generation
Adjusted Free Cash Flow & Unencumbered Cash Generation Three Months Ended March 31, $ in 000’s 2025 2024 Cash flow from operations $ 5,661 $ 9,381 Less: Purchases of property, equipment and capitalization of software (1,691) (2,619) (1) (Increases) decreases in restricted cash of the Marketing Funds
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as revenue excluding the Marketing Funds, Adjusted EBITDA and the ratios related thereto, Adjusted net inc
Slide 21: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) Adjusted net income (loss) is calculated as Net income (loss) attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common stock as of the beginning of the period (and the related increas