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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2022.

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             

Commission file number: 001-36101

Logo, company name

Description automatically generated

RE/MAX Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware

80-0937145

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

5075 South Syracuse Street
Denver, Colorado

80237

(Address of principal executive offices)

(Zip Code)

(303) 770-5531

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value per share

RMAX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No     

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

On April 21, 2022, there were 19,266,266 outstanding shares of the registrant’s Class A common stock (including unvested restricted stock), $0.0001 par value per share, and 1 outstanding share of Class B common stock, $0.0001 par value per share.

TABLE OF CONTENTS

 

 

 

Page No.

 

 

PART I. – FINANCIAL INFORMATION

Item 1.

 

Financial Statements

3

 

 

Condensed Consolidated Balance Sheets

3

 

 

Condensed Consolidated Statements of Income

4

Condensed Consolidated Statements of Comprehensive Income

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity

6

 

 

Condensed Consolidated Statements of Cash Flows

7

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risks

32

Item 4.

 

Controls and Procedures

32

 

 

PART II. – OTHER INFORMATION

Item 1.

 

Legal Proceedings

33

Item 1A.

 

Risk Factors

33

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 3.

 

Defaults Upon Senior Securities

34

Item 4.

 

Mine Safety Disclosures

34

Item 5.

 

Other Information

34

Item 6.

 

Exhibits

35

SIGNATURES

37

2

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

RE/MAX HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

March 31, 

December 31, 

2022

2021

Assets

Current assets:

Cash and cash equivalents

$

118,495

$

126,270

Restricted cash

36,889

32,129

Accounts and notes receivable, current portion, net of allowances

34,608

34,611

Income taxes receivable

1,750

1,754

Other current assets

18,873

16,010

Total current assets

210,615

210,774

Property and equipment, net of accumulated depreciation

10,482

12,686

Operating lease right of use assets

34,042

36,523

Franchise agreements, net

138,914

143,832

Other intangible assets, net

34,405

32,530

Goodwill

269,837

269,115

Deferred tax assets, net

52,025

51,314

Income taxes receivable, net of current portion

754

1,803

Other assets, net of current portion

12,609

17,556

Total assets

$

763,683

$

776,133

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$

6,627

$

5,189

Accrued liabilities

86,169

96,768

Income taxes payable

2,054

2,546

Deferred revenue

24,271

27,178

Current portion of debt

4,600

4,600

Current portion of payable pursuant to tax receivable agreements

3,672

3,610

Operating lease liabilities

6,566

6,328

Total current liabilities

133,959

146,219

Debt, net of current portion

446,521

447,459

Payable pursuant to tax receivable agreements, net of current portion

26,856

26,893

Deferred tax liabilities, net

14,530

14,699

Deferred revenue, net of current portion

19,300

18,929

Operating lease liabilities, net of current portion

44,819

45,948

Other liabilities, net of current portion

7,907

6,919

Total liabilities

693,892

707,066

Commitments and contingencies

Stockholders' equity:

Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 19,172,544 and 18,806,194 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

2

2

Class B common stock, par value $.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

Additional paid-in capital

522,072

515,443

Accumulated deficit

(12,808)

(7,821)

Accumulated other comprehensive income, net of tax

892

650

Total stockholders' equity attributable to RE/MAX Holdings, Inc.

510,158

508,274

Non-controlling interest

(440,367)

(439,207)

Total stockholders' equity

69,791

69,067

Total liabilities and stockholders' equity

$

763,683

$

776,133

See accompanying notes to unaudited condensed consolidated financial statements.

3

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Income

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended

March 31, 

2022

2021

Revenue:

Continuing franchise fees

$

33,499

$

25,374

Annual dues

8,920

8,672

Broker fees

15,085

11,953

Marketing Funds fees

22,851

18,145

Franchise sales and other revenue

10,649

8,151

Total revenue

91,004

72,295

Operating expenses:

Selling, operating and administrative expenses

47,831

43,676

Marketing Funds expenses

22,851

18,145

Depreciation and amortization

8,985

6,808

Settlement and impairment charges

3,735

Total operating expenses

83,402

68,629

Operating income (loss)

7,602

3,666

Other expenses, net:

Interest expense

(3,651)

(2,098)

Interest income

19

163

Foreign currency transaction gains (losses)

180

(20)

Total other expenses, net

(3,452)

(1,955)

Income (loss) before provision for income taxes

4,150

1,711

Provision for income taxes

(1,205)

52

Net income (loss)

$

2,945

$

1,763

Less: net income (loss) attributable to non-controlling interest

1,494

600

Net income (loss) attributable to RE/MAX Holdings, Inc.

$

1,451

$

1,163

Net income (loss) attributable to RE/MAX Holdings, Inc. per share
of Class A common stock

Basic

$

0.08

$

0.06

Diluted

$

0.08

$

0.06

Weighted average shares of Class A common stock outstanding

Basic

18,934,424

18,496,532

Diluted

19,211,603

18,866,727

Cash dividends declared per share of Class A common stock

$

0.23

$

0.23

See accompanying notes to unaudited condensed consolidated financial statements.

4

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

Three Months Ended

March 31, 

2022

2021

Net income (loss)

$

2,945

$

1,763

Change in cumulative translation adjustment

482

79

Other comprehensive income (loss), net of tax

482

79

Comprehensive income (loss)

3,427

1,842

Less: comprehensive income (loss) attributable to non-controlling interest

1,734

638

Comprehensive income (loss) attributable to RE/MAX Holdings, Inc., net of tax

$

1,693

$

1,204

See accompanying notes to unaudited condensed consolidated financial statements.

5

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

Retained

Accumulated other

Class A

Class B

Additional

earnings

comprehensive

Non-

Total

common stock

common stock

paid-in

(accumulated

income (loss),

controlling

stockholders'

Shares

    

Amount

    

Shares

    

Amount

    

capital

    

deficit)

    

net of tax

    

interest

    

equity

Balances, January 1, 2022

18,806,194

$

2

1

$

$

515,443

$

(7,821)

$

650

$

(439,207)

$

69,067

Net income (loss)

1,451

1,494

2,945

Distributions to non-controlling unitholders

(2,894)

(2,894)

Equity-based compensation expense and dividend equivalents

587,283

12,215

(685)

11,530

Dividends to Class A common stockholders

(4,439)

(4,439)

Repurchase and retirement of common shares

(45,885)

(1,314)

(1,314)

Change in accumulated other comprehensive income (loss)

242

240

482

Payroll taxes related to net settled restricted stock units

(175,048)

(5,586)

(5,586)

Balances, March 31, 2022

19,172,544

$

2

1

$

$

522,072

$

(12,808)

$

892

$

(440,367)

$

69,791

Retained

Accumulated other

Class A

Class B

Additional

earnings

comprehensive

Non-

Total

common stock

common stock

paid-in

(accumulated

income (loss),

controlling

stockholders'

Shares

    

Amount

    

Shares

    

Amount

    

capital

    

deficit)

    

net of tax

    

interest

    

equity

Balances, January 1, 2021

18,390,691

$

2

1

$

$

491,422

$

25,628

$

612

$

(416,007)

$

101,657

Net income (loss)

1,163

600

1,763

Distributions to non-controlling unitholders

(2,889)

(2,889)

Equity-based compensation expense and dividend equivalents

459,330

12,679

(472)

12,207

Dividends to Class A common stockholders

(4,326)

(4,326)

Change in accumulated other comprehensive income (loss)

41

38

79

Payroll taxes related to net settled restricted stock units

(130,773)

(5,291)

(5,291)

Balances, March 31, 2021

18,719,248

$

2

1

$

$

498,810

$

21,993

$

653

$

(418,258)

$

103,200

See accompanying notes to unaudited condensed consolidated financial statements.

6

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended

March 31, 

2022

2021

Cash flows from operating activities:

Net income (loss)

$

2,945

$

1,763

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

8,985

6,808

Impairment charge - leased assets

3,735

Bad debt expense

170

287

Equity-based compensation expense

5,637

12,054

Deferred income tax expense (benefit)

20

(320)

Fair value adjustments to contingent consideration

285

(280)

Non-cash lease expense (benefit)

(368)

(284)

Other, net

267

87

Changes in operating assets and liabilities

(5,174)

717

Net cash provided by operating activities

16,502

20,832

Cash flows from investing activities:

Purchases of property, equipment and capitalization of software

(3,723)

(4,381)

Net cash used in investing activities

(3,723)

(4,381)

Cash flows from financing activities:

Payments on debt

(1,150)

(660)

Distributions paid to non-controlling unitholders

(2,894)

(2,889)

Dividends and dividend equivalents paid to Class A common stockholders

(5,124)

(4,798)

Payments related to tax withholding for share-based compensation

(5,586)

(5,291)

Common shares repurchased

(1,314)

Net cash used in financing activities

(16,068)

(13,638)

Effect of exchange rate changes on cash

274

92

Net (decrease) increase in cash, cash equivalents and restricted cash

(3,015)

2,905

Cash, cash equivalents and restricted cash, beginning of period

158,399

121,227

Cash, cash equivalents and restricted cash, end of period

$

155,384

$

124,132

Supplemental disclosures of cash flow information:

Cash paid for interest

$

3,433

$

1,970

Net cash paid for income taxes

$

1,542

$

926

See accompanying notes to unaudited condensed consolidated financial statements.

7

1. Business and Organization

RE/MAX Holdings, Inc. (“Holdings”) and its consolidated subsidiaries, including RMCO, LLC (“RMCO”), are referred to hereinafter as the “Company.”

The Company is one of the world’s leading franchisors in the real estate industry, franchising real estate brokerages globally under the RE/MAX brand (“RE/MAX”) and mortgage brokerages within the United States (“U.S.”) under the Motto Mortgage brand (“Motto”).

RE/MAX and Motto are 100% franchised—the Company does not own any of the brokerages that operate under these brands. On July 21, 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA (“INTEGRA NA” or “INTEGRA”) converting INTEGRA’s formerly Independent Regions into Company-Owned Regions.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Condensed Consolidated Balance Sheet at December 31, 2021, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements and notes thereto have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2022 and the results of its operations and comprehensive income, cash flows and changes in its stockholders’ equity for the three months ended 2022 and 2021. Interim results may not be indicative of full-year performance.

These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report on Form 10-K”). Please refer to that document for a fuller discussion of all significant accounting policies.

Use of Estimates

The preparation of the accompanying condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Segment Reporting

The Company operates under the following four operating segments: Real Estate, Mortgage, Marketing Funds and Other. Due to quantitative insignificance, the “Other” operating segment is comprised of operations which do not meet the criteria of a reportable segment.

Revenue Recognition

The Company generates most of its revenue from contracts with customers. The Company’s major streams of revenue are:

Continuing franchise fees, which are fixed contractual fees paid monthly by RE/MAX or Motto franchisees or Independent Region sub-franchisors based on the number of RE/MAX agents or Motto franchisees based on the number of open offices.
Annual dues, which are fees charged directly to RE/MAX agents.

8

Broker fees, which are fees on real estate commissions when a RE/MAX agent assists a consumer with buying or selling a home.
Marketing Funds fees, which are fixed contractual fees paid monthly by franchisees based on the number of RE/MAX agents or Motto franchisees based on the number of offices.
Franchise sales and other revenue, which consists of fees from initial sales of RE/MAX and Motto franchises, renewals of RE/MAX franchises and master franchise fees, as well as data services subscription revenue, preferred marketing arrangements, technology products and subscription revenue, event-based revenue from education and other programs and mortgage loan processing revenue.

Deferred Revenue and Commissions Related to Franchise Sales

Deferred revenue is primarily driven by Franchise sales and Annual dues, as discussed above, and is included in “Deferred revenue” and “Deferred revenue, net of current portion” on the Consolidated Balance Sheets. Other deferred revenue is primarily related to event-based revenue. The activity consists of the following (in thousands):

Balance at

Revenue

Balance at

January 1, 2022

New billings

recognized (a)

March 31, 2022

Franchise sales

$

26,043

$

2,685

$

(2,141)

$

26,587

Annual dues

15,020

10,053

(8,920)

16,153

Other

5,044

4,219

(8,432)

831

$

46,107

$

16,957

$

(19,493)

$

43,571

(a)

Revenue recognized related to the beginning balance for Franchise sales and Annual dues were $2.1 million and $6.7 million, respectively, for the three months ended March 31, 2022.

Commissions paid on franchise sales are recognized as an asset and amortized over the contract life of the franchise agreement. The activity in the Company’s capitalized contract costs for commissions (which are included in “other current assets” and “other assets, net of current portion” on the Condensed Consolidated Balance Sheets) consist of the following (in thousands):

Additions to

Balance at

contract cost

Expense

Balance at

January 1, 2022

for new activity

recognized

March 31, 2022

Three Months Ended March 31, 2022

$

4,010

$

437

$

(501)

$

3,946

9

Disaggregated Revenue

In the following table, segment revenue is disaggregated by Company-Owned or Independent Regions, where applicable, and by geographical area (in thousands):

Three Months Ended March 31, 

2022

2021

U.S. Company-Owned Regions (a)

$

39,154

$

32,546

U.S. Independent Regions (a)

1,701

3,288

Canada Company-Owned Regions (a)

10,475

3,554

Canada Independent Regions (a)

703

2,205

Global

3,092

2,641

Fee revenue (b)

55,125

44,234

Franchise sales and other revenue (c)

9,612

6,920

Total Real Estate

64,737

51,154

U.S. (a)

17,559

16,182

Canada (a)

5,013

1,737

Global

279

226

Total Marketing Funds

22,851

18,145

Mortgage (d)

3,028

2,323

Other (d)

388

673

Total

$

91,004

$

72,295

(a)In July 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA (“INTEGRA”). Fee revenue from these regions were previously recognized in the U.S. and Canada Independent Regions. See Note 5, Acquisitions, for information related to this transaction.
(b)Fee revenue includes Continuing franchise fees, Annual dues and Broker fees.
(c)Franchise sales and other revenue is derived primarily within the U.S.
(d)Revenue from Mortgage and Other are derived exclusively within the U.S.

Transaction Price Allocated to the Remaining Performance Obligations

The following table includes estimated revenue by year, excluding certain other immaterial items, expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period (in thousands):

Remainder of 2022

2023

2024

2025

2026

2027

Thereafter

Total

Annual dues

$

15,370

$

783

$

$

$

$

$

$

16,153

Franchise sales

5,510

6,183

4,994

3,737

2,331

1,184

2,648

26,587

Total

$

20,880

$

6,966

$

4,994

$

3,737

$

2,331

$

1,184

$

2,648

$

42,740

Cash, Cash Equivalents and Restricted Cash

All cash held by the Marketing Funds is contractually restricted. The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the Condensed Consolidated Balance Sheets to the amounts presented in the Condensed Consolidated Statements of Cash Flows (in thousands):

March 31, 2022

December 31, 2021

Cash and cash equivalents

$

118,495

$

126,270

Restricted cash

36,889

32,129

Total cash, cash equivalents and restricted cash

$

155,384

$

158,399

10

Services Provided to the Marketing Funds by Real Estate

Real Estate charges the Marketing Funds for various services it performs. These services primarily comprise (a) building and maintaining agent marketing technology, including customer relationship management tools, the www.remax.com website, agent, office and team websites, and mobile apps, (b) dedicated employees focused on marketing campaigns, and (c) various administrative services including customer support of technology, accounting and legal. Because these costs are ultimately paid by the Marketing Funds, they do not impact the net income (loss) of Holdings as the Marketing Funds have no reported net income (loss).

Costs charged from Real Estate to the Marketing Funds are as follows (in thousands):

Three Months Ended

March 31, 

2022

2021

Technology − operating

$

4,224

$

3,600

Technology − capital

631

180

Marketing staff and administrative services

1,541

1,118

Total

$

6,396

$

4,898

Accounts and Notes Receivable

As of March 31, 2022, and December 31, 2021, the Company had allowances against accounts and notes receivable of $8.9 million and $9.6 million, respectively.

Property and Equipment

As of March 31, 2022, and December 31, 2021, the Company had accumulated depreciation of $10.1 million and $9.4 million, respectively.

Leases

The Company leases corporate offices, a distribution center, billboards and certain equipment. As all franchisees are independently owned and operated; there are no leases recognized for any offices used by the Company’s franchisees. All the Company’s material leases are classified as operating leases. The Company acts as the lessor for sublease agreements on its corporate headquarters, consisting solely of operating leases.

During the first quarter of 2022, the Company subleased a portion of its corporate headquarters. As a result, the Company performed an impairment test on the portion subleased. Based on a comparison of undiscounted cash flows to the right of use (“ROU”) asset, the Company determined that the asset was impaired, driven largely by the difference between the existing lease rate on the Company’s corporate headquarters and the sublease rates received. This resulted in an impairment charge of $3.7 million, which reflects the excess of the ROU asset carrying value over its fair value.

Foreign Currency Derivatives

The Company is exposed to foreign currency transaction gains and losses related to certain foreign currency denominated asset and liability positions, with the Canadian dollar representing the most significant exposure primarily from an intercompany Canadian loan between RMCO and the new Canadian entity for INTEGRA. The Company uses short duration foreign currency forward contracts, generally with maturities ranging from a few days to a few months, to minimize its exposures related to foreign currency exchange rate fluctuations. None of these contracts are designated as accounting hedges as the underlying currency positions are revalued through Foreign currency transaction gains (losses) along with the related derivative contracts.

As of March 31, 2022, the Company had an aggregate U.S. dollar equivalent of $59.3 million notional amount of Canadian dollar forward contracts to hedge these exposures.

11

Recently Adopted Accounting Pronouncements

None.

New Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which contains temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The new guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. The relief is temporary and only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company believes the amendments of ASU 2020-04 will not have a significant impact on the Company’s consolidated financial statements and related disclosures as the Company does not currently engage in interest rate hedging of its LIBOR based debt, nor does it believe it has any material contracts tied to LIBOR other than its Senior Secured Credit Facility, as discussed in Note 8, Debt. The Company does not expect any material adverse consequences from this transition.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets (commissions related to franchise sales) and contract liabilities (deferred revenue) acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The impact to future acquisitions could be material depending on the significance of future acquisitions. There would be no impact to cash flows.

3. Non-controlling Interest

Holdings is the sole managing member of RMCO and operates and controls all the business affairs of RMCO. The ownership of the common units in RMCO is summarized as follows:

March 31, 2022

December 31, 2021

Shares

Ownership %

Shares

Ownership %

Non-controlling interest ownership of common units in RMCO

12,559,600

39.6

%

12,559,600

40.0

%

Holdings outstanding Class A common stock (equal to Holdings common units in RMCO)

19,172,544

60.4

%

18,806,194

60.0

%

Total common units in RMCO

31,732,144

100.0

%

31,365,794

100.0

%

The weighted average ownership percentages for the applicable reporting periods are used to calculate the “Net income (loss) attributable to RE/MAX Holdings, Inc.” A reconciliation of “Income (loss) before provision for income taxes” to “Net income (loss) attributable to RE/MAX Holdings, Inc.” and “Net Income (loss) attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except percentages):

Three Months Ended March 31, 

2022

2021

Non-

Non-

controlling

controlling

Holdings

    

interest

    

Total