2023-08-02 17:28:01 ET
- RE/MAX Holdings press release ( RMAX ): Q2 Non-GAAP EPS of $0.40 misses by $0.01 .
- Revenue of $82.45M (-10.6% Y/Y) in-line.
- Revenue excluding the Marketing Funds 1 decreased 11.4% to $61.4 million, driven by negative 10.5% organic growth 2 and adverse foreign currency movements of 0.9%
- Net income attributable to RE/MAX Holdings, Inc. ( RMAX ) of $2.0 million and earnings per diluted share (GAAP EPS) of $0.11
- Adjusted EBITDA 3 decreased 24.2% to $26.6 million
- Adjusted EBITDA margin 3 of 32.3%
- Total agent count increased 0.4% to 144,510 agents
- U.S. and Canada combined agent count decreased 4.1% to 82,205 agents
- Total open Motto Mortgage franchises increased 17.5% to 235 offices
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Outlook
The Company's third quarter and full-year 2023 Outlook assumes no further currency movements, acquisitions, or divestitures.
For the third quarter of 2023, RE/MAX Holdings expects:
- Agent count to change 0.0% to 1.0% over third quarter 2022;
- Revenue in a range of $78.5 million to $83.5 million (including revenue from the Marketing Funds in a range of $20.0 million to $22.0 million); vs. consensus of $82.76M, and
- Adjusted EBITDA in a range of $23.5 million to $26.5 million.
For the full year 2023, the Company is tightening its guidance ranges and expects:
- Agent count to change 0.0% to 1.0% over full year 2022, changed from -1.0% to 1.0%;
- Revenue in a range of $320.0 million to $332.0 million (including revenue from the Marketing Funds in a range of $82.5 million to $86.5 million), vs. consensus of $330.41M, changed from $315.0 million to $335.0 million (including revenue from the Marketing Funds in a range of $83.5 million to $87.5 million); and
- Adjusted EBITDA in a range of $92.0 million to $98.0 million, changed from $95.0 million to $105.0 million.
For further details see:
RE/MAX Holdings Non-GAAP EPS of $0.40 misses by $0.01, revenue of $82.45M in-line