Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images Investment Thesis RE/MAX Holdings (RMAX) approaches a rock-bottom valuation given its disappointing fundamentals in a slow housing market. Its large debt position and an increasingly competitive market have concerned markets, and rising rates have made homes increasingly unaffordable. Despite these headwinds, I believe the company is still fundamentally strong and has strong brand recognition, an attractive franchise business model with recurr ...

RE/MAX Holdings, Inc. Fourth Quarter & FY 2023 Earnings 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,” “expect,” “estimate,” “plan,” “outlook,” “project,” “anticipate,” “may,” “will,” “would” and other similar words and expressions that predict or indicate ...

财务数据和关键指标变化 - 第四季度总收入为7660万美元,较上年同期下降5.8%,主要由于美国经纪人人数减少和经纪费下降,部分被抵押贷款业务收入增加所抵消 [38][39][40] - 第四季度调整后EBITDA为2300万美元,调整后EBITDA利润率为30% [38] - 第四季度调整后每股收益为0.30美元 [38] - 公司对抵押贷款业务的未来三年的特许经营销售预测进行了下调,导致商誉减值1860万美元 [41] 各条业务线数据和关键指标变化 - RE/MAX经纪人人数在2023年有所下降,但下降幅度有所放缓 [39] - 抵押贷款业务在2023年极其艰难的市场环境下仍实现了收入增长,但增长受到限制,特许经营销售也有所下降 [33][42][43] 各个市场数据和关键指标变化 - 加拿大市场经纪人人数基本持平 [73] - 国际市场经纪人人数增长7% [73] - 美国市场经纪人人数下降6% [73] 公司战略和发展方向及行业竞争 - 公司将重点关注稳定和增加美国经纪人人数,以及拓展抵押贷款业务 [23] - 公司推出了一系列新的计划和举措,如CM&A计划和团队计划,以吸引和留住经纪人 [29][30][45] - 公司认为自身拥有行业领先的品牌、独特的竞争优势和发展潜力 [19][20][21] 管理层对经营环境和未来前景的评论 - 管理层认为2023年是行业艰难的一年,但对2024年的市场前景持乐观态度 [24][28] - 管理层表示公司正在采取措施提高运营效率和客户体验,并专注于实施有效的增长计划 [25][26][27] 问答环节重要的提问和回答 问题1 **Soham Bhonsle 提问** 公司的新计划和举措是否有效,能否带来经纪人人数的增长 [53][54][55] **Erik Carlson、Amy Lessinger、Karri Callahan 回答** - CM&A计划和团队计划已经显示出积极成效,2023年相关交易量翻倍 [54][55] - 公司将进一步推广和优化这些计划,以吸引和留住更多经纪人 [53][54][55] 问题2 **Anthony Paolone 提问** 公司对未来整个行业经纪人人数变化的预判 [67][68] **Amy Lessinger 回答** - 行业通常在年初会有一些淘汰低效经纪人的情况,但RE/MAX经纪人由于更专业和高效,相对更能抵御这种情况 [68] - 随着今年交易量有望好于去年,RE/MAX经纪人人数应该能够保持相对稳定 [68] 问题3 **Ronald Kamdem 提问** 关于公司与行业诉讼和和解的最新进展 [90][91] **Karri Callahan 回答** - 公司已经就全国范围内的买家经纪人相关诉讼达成和解,预计5月9日获得最终法院批准 [91] - 后续出现的一些模仿性诉讼已经被包含在和解范围内,不会对公司造成额外影响 [91]

营收情况 - RE/MAX在2023年12月季度报告显示，营收为7,660万美元，同比下降5.8%[1] - 公司的营收与Zacks Consensus Estimate的77.19万美元相比，出现-0.76%的惊喜[2] 每股收益 - 每股收益为0.30美元，较去年同期的0.41美元有所下降[1] - 每股收益的惊喜为+7.14%，预期每股收益为0.28美元[2] 公司表现 - RE/MAX在最近报告的季度中表现如下：总代理人数为144,835，略低于两位分析师平均估计的145,515[5] 费用情况 - 营收中的营销基金费用为20.59万美元，较三位分析师平均估计的21万美元下降了5.7%[6] - 继续特许费用为31.37万美元，较三位分析师平均估计的31.50万美元下降了3.3%[7] - 特许销售和其他收入为4.85万美元，较三位分析师平均估计的6.24万美元下降了22%[8] - 经纪人费用为11.54万美元，较三位分析师平均估计的9.97万美元下降了3.3%[9] - 年度会费为8.24万美元，较三位分析师平均估计的8.52万美元下降了6.6%[10] 股票表现 - RE/MAX股票在过去一个月中下跌了15.9%，表现不佳，目前Zacks排名为4（卖出），预示着在短期内可能会跑输整体市场[11]

RE/MAX (RMAX) came out with quarterly earnings of $0.30 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.14%. A quarter ago, it was expected that this franchisor of residential real estate brokerages would post earnings of $0.36 per share when it actually produced earnings of $0.40, delivering a surprise of 11.11%.Over the l ...

DENVER, Feb. 22, 2024 /PRNewswire/ -- RE/MAX Holdings, Inc. (the "Company") (NYSE: RMAX), parent company of RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, and of Motto Mortgage, the first and only national mortgage brokerage franchise brand in the U.S., today announced the promotions of three of its senior leaders, Amy Lessinger, Abby Lee, and Susie Winders, in recognition of their contributions to the Company over their long tenures. Ms. Lessinger is being promoted f ...

Exhibit 99.1 RE/MAX HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS Total Revenue of $76.6 Million, Adjusted EBITDA of $23.0 Million DENVER, February 22, 2024 Fourth Quarter 2023 Highlights (Compared to fourth quarter 2022 unless otherwise noted) § Total Revenue decreased 5.7% to $76.6 million § Revenue excluding the Marketing Funds decreased 5.8% to $56.0 million, driven by negative 5.6% organic growth and adverse foreign currency movements of 0.2% § Net loss attributable to RE/MAX Holding ...

第四季度财务表现 - 第四季度总收入为7,660万美元，调整后的EBITDA为2,300万美元[1] - 调整后的EBITDA为2,300万美元，较去年同期下降13.4%[10] - 现金及现金等价物为8260万美元，较去年同期减少2600万美元[12] 代理人数量变动预测 - 总代理人数量增长0.6%，达到144,835名代理人[4] - 预计2024年第一季度代理人数量将在负0.5%至正0.5%之间变动[18] - 预计2024年全年代理人数量将在负0.5%至正1.5%之间变动[19] 公司整体情况 - RE/MAX Holdings是全球房地产行业领先的特许经营商之一，拥有超过140,000名代理人和9,000多个办公室[27] 公司财务表现 - 公司在2023年第四季度的总收入为76.6亿美元，较上一年同期下降5.7%[30] - 公司在2023年全年的净亏损为9.85亿美元，较上一年同期大幅增加[30] - 公司2023年全年的营运活动现金流为2.83亿美元，较上一年同期大幅下降[32] 公司财务指标 - 公司将调整后的EBITDA定义为在未经审计的合并财务报表中提供的每项影响的基础上调整的EBITDA，以反映公司不认为代表其持续经营绩效的以下项目的影响[1] - 公司认为调整后的EBITDA和调整后的EBITDA利润率不包括某些非现金项目和其他非经常性现金支出或其他项目，因此认为这两个指标不太容易受到影响其运营绩效的变化的影响[2] - 调整后的EBITDA和调整后的EBITDA利润率作为辅助衡量指标，有助于评估公司经营业务的表现，并提供更大的透明度[3]

New Listings Soar Higher as Spring Ramp-Up Approaches DENVER, Feb. 15, 2024 /PRNewswire/ -- In what could be a good sign for buyers, the number of newly listed homes in January was a whopping 66.3% higher than in December and 21.5% higher than January 2023 across the 50 metro areas surveyed. The 21.5% year-over-year increase in new listings reversed a multi-year January trend, as new listings dropped 5.1% from January 2022 to January 2023 and 8.1% from January 2021 to January 2022. The dramatic 66.3% month- ...

The real estate brand's biggest event of the year – March 25-28 in Las Vegas – will help affiliates prepare for the market ahead. DENVER, Feb. 6, 2024 /PRNewswire/ -- RE/MAX, LLC, one of the world's leading franchisors of real estate brokerage services, will hold its annual R4® convention in Las Vegas, March 25-28, 2024. Thousands of RE/MAX agents from dozens of countries will gather at the Mandalay Bay Resort & Casino to share ideas, sharpen their skills, discover new tools, and build referral connections ...