RE/MAX Holdings, Inc.

CIK:0001581091|SEC Filings

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 68,510	$ 72,750	$ 138,738	$ 147,217
Operating expenses:
Selling, operating and administrative expenses	32,882	33,888	76,862	76,916
Marketing Funds expenses	16,787	18,273	33,653	37,137
Depreciation and amortization	5,870	6,601	11,745	13,190
Merger transaction costs	11,455		14,286
Settlement and impairment charges		(57)	8,500	562
Total operating expenses	66,994	58,705	145,046	127,805
Operating income (loss)	1,516	14,045	(6,308)	19,412
Other expenses, net:
Interest expense	(7,169)	(7,982)	(14,327)	(15,906)
Interest income	802	841	1,676	1,749
Foreign currency transaction gains (losses)	(356)	(43)	(340)	240
Total other expenses, net	(6,723)	(7,184)	(12,991)	(13,917)
Income (loss) before provision for income taxes	(5,207)	6,861	(19,299)	5,495
Provision for income taxes	(1,557)	(163)	(3,174)	(2,033)
Net income (loss)	(6,764)	6,698	(22,473)	3,462
Less: net income (loss) attributable to non-controlling interest	(2,469)	2,013	(8,437)	735
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (4,295)	$ 4,685	$ (14,036)	$ 2,727
Common Class A
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ (0.2)	$ 0.23	$ (0.67)	$ 0.14
Diluted	$ (0.2)	$ 0.23	$ (0.67)	$ 0.14
Weighted average shares of Class A common stock outstanding
Basic	21,284,638	19,967,508	20,888,134	19,629,859
Diluted	21,284,638	20,174,365	20,888,134	20,052,596
Continuing franchise fees
Revenue:
Total revenue	$ 25,693	$ 28,992	$ 51,484	$ 58,343
Annual dues
Revenue:
Total revenue	7,360	7,693	14,918	15,482
Broker fees
Revenue:
Total revenue	14,118	13,454	26,729	24,885
Marketing Funds fees
Revenue:
Total revenue	16,787	18,273	33,653	37,137
Franchise sales and other revenue
Revenue:
Total revenue	$ 4,552	$ 4,338	$ 11,954	$ 11,370

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (22,473)	$ 3,462
Adjustments to reconcile net income (loss) to operating cash flows:
Depreciation and amortization	11,745	13,190
Equity-based compensation expense	9,278	9,314
Bad debt expense	1,561	1,966
Deferred income tax expense (benefit)	(304)	(143)
Fair value adjustments to contingent consideration	(33)	16
Settlement and impairment charges	8,500	562
Debt charges	470	427
Other, net	576	240
Changes in operating assets and liabilities	(4,992)	(18,821)
Net cash provided by operating activities	4,328	10,213
Cash flows from investing activities:
Purchases of property, equipment and capitalization of software	(5,082)	(3,307)
Net cash used in investing activities	(5,082)	(3,307)
Cash flows from financing activities:
Payments on debt	(2,300)	(2,300)
Dividends and dividend equivalents paid to Class A common stockholders	(103)	(330)
Payments related to tax withholding for share-based compensation	(3,588)	(4,343)
Payment of contingent consideration	(742)	(791)
Other financing	(36)	(30)
Net cash used in financing activities	(6,769)	(7,794)
Effect of exchange rate changes on cash	(1,462)	1,393
Net (decrease) increase in cash, cash equivalents and restricted cash	(8,985)	505
Cash, cash equivalents and restricted cash, beginning of period	193,068	169,287
Cash, cash equivalents and restricted cash, end of period	$ 184,083	$ 169,792

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 112,396	$ 118,736
Restricted cash	71,687	74,332
Accounts and notes receivable, net of allowances	30,702	26,944
Income taxes receivable	8,105	8,188
Other current assets	12,726	11,940
Total current assets	235,616	240,140
Property and equipment, net of accumulated depreciation	5,518	5,996
Operating lease right of use assets	10,645	12,608
Franchise agreements, net	59,272	67,080
Other intangible assets, net	11,193	10,774
Goodwill	237,902	239,572
Other assets, net of current portion	7,280	6,305
Total assets	567,426	582,475
Current liabilities:
Accounts payable	3,682	3,986
Accrued liabilities	112,690	100,927
Income taxes payable	552	105
Deferred revenue	21,653	21,391
Debt	4,600	4,600
Payable pursuant to tax receivable agreements	219	1,542
Operating lease liabilities	9,663	9,217
Total current liabilities	153,059	141,768
Debt, net of current portion	430,448	432,151
Deferred tax liabilities	7,758	8,193
Deferred revenue, net of current portion	11,429	12,859
Operating lease liabilities, net of current portion	9,195	13,514
Other liabilities, net of current portion	2,425	2,978
Total liabilities	614,314	611,463
Commitments and contingencies
Stockholders' equity (deficit):
Additional paid-in capital	585,644	578,429
Accumulated deficit	(140,210)	(126,072)
Accumulated other comprehensive income (deficit), net of tax	(1,509)	54
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	443,927	452,413
Non-controlling interest	(490,815)	(481,401)
Total stockholders' equity (deficit)	(46,888)	(28,988)
Total liabilities and stockholders' equity (deficit)	567,426	582,475
Common Class A
Stockholders' equity (deficit):
Common stock	2	2
Common Class B
Stockholders' equity (deficit):
Common stock