展示稿99.1

re/max holdings，inc. 公佈2024年第三季度業績

營業收入總額爲78.5百萬美元 調整後的息稅折舊及攤銷前利潤（Adjusted EBITDA）爲2730萬美元

2024年10月31日，丹佛

2024年第三季度 亮點

(與2023年第三季度相比，除非另有說明)

re/max holdings，Inc. （以下簡稱「公司」或「re/max holdings」）（nyse：rmax），re/max的母公司，世界領先的房地產業特許經紀服務提供商之一，以及美國第一家也是唯一一家國家抵押券券商特許經紀品牌motto mortgage（「motto」），今天宣佈了截至2024年9月30日的季度營運業績。

「我們持續推動企業各個部門的運營效率提升，這有助於產生優於預期的第三季度財務業績，」RE/MAX控股首席執行官Erik Carlson說道。「我們的團隊正在開發新的營業收入機會，同時努力提升每天的業務運行水平。這一努力已經爲過去兩個季度的利潤表現做出貢獻，這是一個令人鼓舞的趨勢。」

卡爾森繼續說：「業務優化、培養增長思維和提供客戶體驗的最佳可能性是我們工作手冊的基石。我們在這些方面都取得了可衡量的進展。隨着對未來利率期貨軌跡的日益樂觀，我們全球代理人數量的增長，以及我們大膽的新舉措——包括向我們的RE/MAX合作伙伴提供創新和加強型的科技產品、通過培育潛在客戶改善代理人-客戶體驗，以及開始實現我們的數字資產的貨幣化——我們有望以積極的勢頭度過這一年。」

2024年第三季度營運成果

代理人數量

下表比較了2024年9月30日和2023年的代理商數量：

營業收入

re/max holdings在2024年第三季度創造了7850萬美元的營業收入，較2023年第三季度的8120萬美元減少270萬美元，或3.4%。2024年第三季度不包括營銷資金在內的營業收入爲5840萬美元，較2023年同期的減少200萬美元，或3.3%。不包括營銷資金的營業收入下降部分歸因於3.0%的負有機營收增長和0.3%的不利外匯波動。負有機營收增長主要是由於美國經紀人數量減少和來自先前收購的收入減少，部分抵消了經紀佣金收入的增加。

循環營業收入流，包括持續特許費和年度會費，與2023年第三季度相比減少了$1.5 million，或3.8%，並在2024年第三季度佔營業收入的66.4%，排除了營銷資金，與去年同期佔營業收入的66.7%相比。

研究和開發

2024年第三季度的總營業費用爲6330萬美元，較2023年第三季度的10220萬美元減少3900萬美元，降幅爲38.1%。在2023年第三季度，公司同意支付5500萬美元，解決各種行業集體訴訟，該費用已記錄在2023年第三季度。另外，2023年第三季度還記錄了2490萬美元的減少稅收協議責任的收益。

在2024年第三季度，銷售、營運和行政費用爲3590萬美元，比2023年第三季度減少720萬美元，降低了16.6%，佔營業收入的61.5%，不包括營銷基金，在去年同期佔比爲71.4%。2024年第三季度的銷售、營運和行政費用主要由於人員成本降低以及壞賬、法律和其他科技支出減少。

淨利潤（虧損） 和通用會計準則每股收益

re/max holdings歸屬的淨利潤 2024年第三季度爲100萬美元，而2023年第三季度爲淨損失（59.5）百萬美元。報告的每股基本和稀釋 GAAP盈利分別爲2024年第三季度的0.05美元，而2023年第三季度的每股基本和稀釋GAAP虧損分別爲（3.28）美元。

調整後的EBITDA和 調整後的每股收益

2024年第三季度調整後的EBITDA爲2730萬美元，比2023年第三季度增加50萬美元，增長2.0%。2024年第三季度的調整後EBITDA主要由壞賬減少、法律、人員和其他技術支出減少造成，部分抵消了美國代理數量的減少。2024年第三季度調整後的EBITDA利潤率爲34.8%，而2023年第三季度爲32.9%。

調整後的基本和攤薄每股收益分別爲$0.39和$0.38，與2023年第三季度調整後的基本和攤薄每股收益$0.40相比。用於計算2024年9月30日季度調整後的基本和攤薄每股收益的所有權結構假定 re/max holdings 擁有 RMCO, LLC (「RMCO」) 的100%股權。re/max holdings 在 RMCO 中的加權平均持股比例爲2024年9月30日季度爲60.0%。

資產負債表：

截至2024年9月30日，公司的現金及現金等價物爲8380萬美元，比2023年12月31日增加了120萬美元。截至2024年9月30日，公司的未償債務淨額爲44180萬美元，減去未攤銷的債務折扣和發行成本，相比之下，截至2023年12月31日爲44460萬美元。

股份回購 和養老

根據先前披露的信息，2022年1月，公司董事會授權進行高達10000萬美元的普通股回購計劃。截至2024年9月30日三個月結束時，公司未回購任何股份。截至2024年9月30日，股份回購計劃尚餘6250萬美元可用。

颶風的影響 海倫和米爾頓

公司多個附屬機構受到近期颶風的影響。雖然目前還不完全清楚這些颶風對公司網絡的全面影響，但公司目前估計第四季度的營業收入將低於之前的預期，因爲對受影響附屬機構提供有限時間的財政壓力位。因此，公司第四季度及全年營業收入（見下文）減少了大約100萬到150萬，其中約40%與營銷所有基金類型有關，以反映因這些風暴而對受影響附屬機構提供的費用豁免所導致的預期損失收入。

展望

The Company’s fourth quarter and full year 2024 Outlook includes the impact of the fee waivers to hurricane-impacted affiliates and assumes no further currency movements, acquisitions, or divestitures.

For the fourth quarter of 2024, RE/MAX Holdings expects:

For the full year 2024, the Company now expects:

Webcast and Conference Call

The Company will host a conference call for interested parties on Friday, November 1, 2024, beginning at 8:30 a.m. Eastern Time. Interested parties can register in advance for the conference call using the link below:

https://registrations.events/direct/Q4I941153

Interested parties also can access a live webcast through the Investor Relations section of the Company’s website at http://investors.remaxholdings.com. Please dial-in or join the webcast 10 minutes before the start of the conference call. An archive of the webcast will be available on the Company’s website for a limited time as well.

Basis of Presentation

Unless otherwise noted, the results presented in this press release are consolidated and exclude adjustments attributable to the non-controlling interest.

Footnotes:

¹Revenue excluding the Marketing Funds is a non-GAAP measure of financial performance that differs from U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and a reconciliation to the most directly comparable U.S. GAAP measure is as follows (in thousands):

²The Company defines organic revenue growth as revenue growth from continuing operations excluding (i) revenue from Marketing Funds, (ii) revenue from acquisitions, and (iii) the impact of foreign currency movements. The Company defines revenue from acquisitions as the revenue generated from the date of an acquisition to its first anniversary (excluding Marketing Funds revenue related to acquisitions where applicable).

³Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS are non-GAAP measures. These terms are defined at the end of this release. Please see Tables 5 and 6 appearing later in this release for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

⁴Total open Motto Mortgage franchises includes only “bricks and mortar” offices with a unique physical address with rights granted by a full franchise agreement with Motto Franchising, LLC and excludes any “virtual” offices or Branchise^SM offices.

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About RE/MAX Holdings, Inc.

RE/MAX Holdings, Inc. (NYSE: RMAX) is one of the world’s leading franchisors in the real estate industry, franchising real estate brokerages globally under the RE/MAX^® brand, and mortgage brokerages within the U.S. under the Motto^® Mortgage brand. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Now with more than 140,000 agents in nearly 9,000 offices and a presence in more than 110 countries and territories, nobody in the world sells more real estate than RE/MAX, as measured by total residential transaction sides. Dedicated to innovation and change in the real estate industry, RE/MAX launched Motto Franchising, LLC, a ground-breaking mortgage brokerage franchisor, in 2016. Motto Mortgage, the first and only national mortgage brokerage franchise brand in the U.S., has grown to over 225 offices across more than 40 states.

Forward-Looking Statements

This press release 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 future events or trends that are not statements of historical matters. Forward-looking statements include statements related to agent count; Motto open offices; franchise sales; revenue; operating expenses and cost management; the Company’s outlook for the fourth quarter and full year 2024; non-GAAP financial measures; housing and mortgage market conditions; interest rates; the amount of fee waivers to affiliates affected by recent hurricanes and the impact of such fee waivers on our fourth quarter and full year 2024 outlook; operational efficiencies; business optimization and delivering the absolute best customer experience; development of new revenue opportunities; our strong margin performance being an encouraging trend; increasing optimism about future interest rates; our growing global agent count and our bold new initiatives, including enhanced technology, improved customer experience with leads, and monetizing our digital assets; and being well positioned to finish the year with positive momentum. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, (1) changes in the real estate market or interest rates and availability of financing, (2) changes in business and economic activity in general, (3) the Company’s ability to attract and retain quality franchisees, (4) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (5) changes in laws and regulations, (6) the Company’s ability to enhance, market, and protect its brands, (7) the Company’s ability to implement its technology initiatives, (8) risks related to the Company’s leadership transition, (9) fluctuations in foreign currency exchange rates, (10) the nature and amount of the exclusion of charges in future periods when determining Adjusted EBITDA is subject to uncertainty and may not be similar to such charges in prior periods, and (11) those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remaxholdings.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

TABLE 1

RE/MAX Holdings, Inc.

Consolidated Statements of Income (Loss)

(In thousands, except share and per share amounts)

(Unaudited)

TABLE 2

RE/MAX Holdings, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

TABLE 3

RE/MAX Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

TABLE 4

RE/MAX Holdings, Inc.

Agent Count

(Unaudited)

TABLE 5

RE/MAX Holdings, Inc.

Adjusted EBITDA Reconciliation to Net Income (Loss)

(In thousands, except percentages)

(Unaudited)

TABLE 6

RE/MAX Holdings, Inc.

Adjusted Net Income (Loss) and Adjusted Earnings per Share

(In thousands, except share and per share amounts)

(Unaudited)

TABLE 7

RE/MAX Holdings, Inc.

Pro Forma Shares Outstanding

(Unaudited)

TABLE 8

RE/MAX Holdings, Inc.

Adjusted Free Cash Flow & Unencumbered Cash

(Unaudited)

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 income, Adjusted basic and diluted earnings per share (Adjusted EPS) and adjusted free cash flow. These measures are derived based on methodologies other than in accordance with U.S. GAAP.

Revenue excluding the Marketing Funds is calculated directly from our consolidated financial statements as Total revenue less Marketing Funds fees.

The Company defines Adjusted EBITDA as EBITDA (consolidated net income before depreciation and amortization, interest expense, interest income and the provision for income taxes, each of which is presented in the unaudited consolidated financial statements included earlier in this press release), adjusted for the impact of the following items that are either non-cash or that the Company does not consider representative of its ongoing operating performance: loss or gain on sale or disposition of assets and sublease, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gain on reduction in tax receivable agreement liability, expense or income related to changes in the estimated fair value measurement of contingent consideration, restructuring charges and other non-recurring items. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

Because Adjusted EBITDA and Adjusted EBITDA margin omit certain non-cash items and other non-recurring cash charges or other items, the Company believes that each measure is less susceptible to variances that affect its operating performance resulting from depreciation, amortization and other non-cash and non-recurring cash charges or other items. The Company presents Adjusted EBITDA and the related Adjusted EBITDA margin because the Company believes they are useful as supplemental measures in evaluating the performance of its operating businesses and provides greater transparency into the Company’s results of operations. The Company’s management uses Adjusted EBITDA and Adjusted EBITDA margin as factors in evaluating the performance of the business.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analyzing the Company’s results as reported under U.S. GAAP. Some of these limitations are:

The Company's Adjusted EBITDA guidance does not include certain charges and costs. The adjustments to EBITDA in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior quarters, such as gain or loss on sale or disposition of assets and sublease, settlement and impairment charges, equity-based compensation expense, acquisition-related expense, gains or losses from changes in the tax receivable agreement liability, expense or income related to changes in the fair value measurement of contingent consideration, restructuring charges and other non-recurring items. The exclusion of these charges and costs in future periods will have a significant impact on the Company's Adjusted EBITDA. The Company is not able to provide a reconciliation of the Company's non-GAAP financial guidance to the corresponding U.S. GAAP measures without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

Adjusted net income is calculated as Net income 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 increase to the provision for income taxes after such exchange), plus primarily non-cash items and other items that management does not consider to be useful in assessing the Company’s operating performance (e.g., amortization of acquired intangible assets, gain on sale or disposition of assets and sub-lease, non-cash impairment charges, acquisition-related expense, restructuring charges and equity-based compensation expense).

Adjusted basic and diluted earnings per share (Adjusted EPS) are calculated as Adjusted net income (as defined above) divided by pro forma (assuming the full exchange of all outstanding non-controlling interests) basic and diluted weighted average shares, as applicable.

When used in conjunction with GAAP financial measures, Adjusted net income and Adjusted EPS are supplemental measures of operating performance that management believes are useful measures to evaluate the Company’s performance relative to the performance of its competitors as well as performance period over period. By assuming the full exchange of all outstanding non-controlling interests, management believes these measures:

Adjusted free cash flow is calculated as cash flows from operations less capital expenditures and any changes in restricted cash of the Marketing Funds, all as reported under GAAP, and quantifies how much cash a company has to pursue opportunities that enhance shareholder value. The restricted cash of the Marketing Funds is limited in use for the benefit of franchisees and any impact to adjusted free cash flow is removed. The Company believes adjusted free cash flow is useful to investors as a supplemental measure as it calculates the cash flow available for working capital needs, re-investment opportunities, potential Independent Region and strategic acquisitions, dividend payments or other strategic uses of cash.

Adjusted free cash flow after tax and non-dividend distributions to RIHI is calculated as adjusted free cash flow less tax and other non-dividend distributions paid to RIHI (the non-controlling interest holder) to enable RIHI to satisfy its income tax obligations. Similar payments would be made by the Company directly to federal and state taxing authorities as a component of the Company’s consolidated provision for income taxes if a full exchange of non-controlling interests occurred in the future. As a result and given the significance of the Company’s ongoing tax and non-dividend distribution obligations to its non-controlling interest, adjusted free cash flow after tax and non-dividend distributions, when used in conjunction with GAAP financial measures, provides a meaningful view of cash flow available to the Company to pursue opportunities that enhance shareholder value.

Unencumbered cash generated is calculated as adjusted free cash flow after tax and non-dividend distributions to RIHI less quarterly debt principal payments less annual excess cash flow payment on debt, as applicable. Given the significance of the Company’s excess cash flow payment on debt, when applicable, unencumbered cash generated, when used in conjunction with GAAP financial measures, provides a meaningful view of the cash flow available to the Company to pursue opportunities that enhance shareholder value after considering its debt service obligations.