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Earnings Call Summary | RE/MAX Holdings(RMAX.US) Q1 2024 Earnings Conference

Futu News ·  May 4 09:30  · Conference Call

The following is a summary of the RE/MAX Holdings, Inc. (RMAX) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • RE/MAX reported Q1 revenue of $78.3 million, with an adjusted EBITDA of $19 million and an adjusted EBITDA margin of 24.3%. The adjusted EPS was $0.20.

  • Revenue, excluding marketing funds revenue, was $58.1 million, showing a 9.3% decrease compared to the previous year, specifically due to a reduction in events-related revenue and lower U.S. agent count.

  • The company expects Q2 agent count to change between negative 1.5% to 0% over Q2 2023 and revenue to range within $75 to $80 million. Full-year revenue is estimated to fall between $300 to $320 million with agent count ranging between negative 0.5% to positive 1.5%.

Business Progress:

  • RE/MAX's agents were proven highly productive, outselling competitors 2-to-1 in residential transactions last year according to a large U.S. brokerages survey.

  • Amidst industry changes proposed by the National Association of REALTORS, RE/MAX has promised support for its affiliates in education, consultation, marketing, and consumer messaging.

  • The company is seeing growth in the mortgage industry despite challenging market conditions.

  • On April 1, RE/MAX launched the expanded teams initiative, aiming to add six new team members.

  • RE/MAX outperforms the industry with less brand-new agents (10% versus an industry average of 20%), demonstrating a trend of having more tenured and experienced agents.

  • Future monetization opportunities with international agents are being targeted, along with the continuous growth of the Motto Mortgage franchise.

More details: RE/MAX Holdings IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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