Company Quick10K Filing
RE/MAX
Price1.00 EPS-52,720,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt121 EBIT78
TEV121 TEV/EBIT2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2018-03-15
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-28
10-Q 2013-09-30 Filed 2013-11-14
8-K 2020-09-01 Regulation FD, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-23
8-K 2020-05-27
8-K 2020-05-06
8-K 2020-04-17
8-K 2020-04-14
8-K 2020-03-19
8-K 2020-02-20
8-K 2019-12-18
8-K 2019-10-31
8-K 2019-08-01
8-K 2019-05-22
8-K 2019-05-22
8-K 2019-05-02
8-K 2019-02-21
8-K 2019-01-01
8-K 2018-12-05
8-K 2018-12-04
8-K 2018-11-01
8-K 2018-09-26
8-K 2018-08-02
8-K 2018-05-24
8-K 2018-05-04
8-K 2018-05-03
8-K 2018-02-28
8-K 2018-02-27
8-K 2018-02-22
8-K 2018-02-22
8-K 2018-02-14
8-K 2018-02-08

RMAX 10Q Quarterly Report

Part I. - Financial Information
Item 1. Financial Statements
Item 2.
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II. - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 rmax-20200630xex31d1.htm
EX-31.2 rmax-20200630xex31d2.htm
EX-32.1 rmax-20200630xex32d1.htm

RE/MAX Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.60.50.40.20.10.02012201420172020
Assets, Equity
0.10.10.10.00.00.02012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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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 June 30, 2020.

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

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:

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 definition 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  

The number of outstanding shares of the registrant’s Class A common stock, par value $0.0001 per share, and Class B common stock, par value $0.0001, as of July 31, 2020 was 18,123,963 and 1, respectively.

Table of Contents

TABLE OF CONTENTS

 

 

 

Page No.

 

 

PART I. – FINANCIAL INFORMATION

Item 1.

 

Financial Statements

3

 

 

RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

3

 

 

RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and June 30, 2019

4

RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and June 30, 2019

5

 

 

RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and June 30, 2019

6

 

 

RE/MAX Holdings, Inc. Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and June 30, 2019

7

 

 

RE/MAX Holdings, Inc. 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

37

Item 4.

 

Controls and Procedures

38

 

 

PART II. – OTHER INFORMATION

Item 1.

 

Legal Proceedings

38

Item 1A.

 

Risk Factors

39

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3.

 

Defaults Upon Senior Securities

40

Item 4.

 

Mine Safety Disclosures

40

Item 5.

 

Other Information

40

Item 6.

 

Exhibits

41

SIGNATURES

42

2

Table of Contents

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)

June 30, 

December 31, 

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

84,545

$

83,001

Restricted cash

14,752

20,600

Accounts and notes receivable, current portion, less allowances of $15,112 and $12,538, respectively

29,732

28,644

Income taxes receivable

639

896

Other current assets

9,773

9,638

Total current assets

139,441

142,779

Property and equipment, net of accumulated depreciation of $15,914 and $14,940, respectively

5,124

5,444

Operating lease right of use assets

48,787

51,129

Franchise agreements, net

79,933

87,670

Other intangible assets, net

27,628

32,315

Goodwill

161,814

159,038

Deferred tax assets, net

50,169

52,595

Income taxes receivable, net of current portion

1,690

1,690

Other assets, net of current portion

13,126

9,692

Total assets

$

527,712

$

542,352

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$

4,225

$

2,983

Accrued liabilities

44,442

60,163

Income taxes payable

8,210

6,854

Deferred revenue

25,362

25,663

Current portion of debt

2,566

2,648

Current portion of payable pursuant to tax receivable agreements

6,478

3,583

Operating lease liabilities

5,381

5,102

Total current liabilities

96,664

106,996

Debt, net of current portion

222,051

223,033

Payable pursuant to tax receivable agreements, net of current portion

30,745

33,640

Deferred tax liabilities, net

351

293

Deferred revenue, net of current portion

17,905

18,763

Operating lease liabilities, net of current portion

53,197

55,959

Other liabilities, net of current portion

4,642

5,292

Total liabilities

425,555

443,976

Commitments and contingencies (note 12)

Stockholders' equity:

Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 18,123,963 and 17,838,233 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively

2

2

Class B common stock, par value $.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of June 30, 2020 and December 31, 2019

Additional paid-in capital

473,451

466,945

Retained earnings

28,385

30,525

Accumulated other comprehensive income, net of tax

440

414

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

502,278

497,886

Non-controlling interest

(400,121)

(399,510)

Total stockholders' equity

102,157

98,376

Total liabilities and stockholders' equity

$

527,712

$

542,352

See accompanying notes to unaudited condensed consolidated financial statements.

3

Table of Contents

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Income

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended
June 30, 

Six Months Ended
June 30, 

2020

 

2019

 

2020

 

2019

Revenue:

Continuing franchise fees

$

16,738

$

24,894

$

40,881

$

49,850

Annual dues

8,745

8,819

17,666

17,673

Broker fees

10,426

13,459

19,870

22,047

Marketing Funds fees

11,765

18,060

29,287

36,832

Franchise sales and other revenue

4,533

6,149

14,775

16,157

Total revenue

52,207

71,381

122,479

142,559

Operating expenses:

Selling, operating and administrative expenses

25,348

25,710

60,025

59,613

Marketing Funds expenses

11,765

18,060

29,287

36,832

Depreciation and amortization

6,412

5,541

12,722

11,099

Total operating expenses

43,525

49,311

102,034

107,544

Operating income

8,682

22,070

20,445

35,015

Other expenses, net:

Interest expense

(2,187)

(3,154)

(4,869)

(6,309)

Interest income

34

342

303

662

Foreign currency transaction gains (losses)

101

61

(169)

116

Total other expenses, net

(2,052)

(2,751)

(4,735)

(5,531)

Income before provision for income taxes

6,630

19,319

15,710

29,484

Provision for income taxes

(706)

(3,186)

(4,496)

(5,094)

Net income

$

5,924

$

16,133

$

11,214

$

24,390

Less: net income attributable to non-controlling interest (note 3)

2,435

7,563

5,094

11,411

Net income attributable to RE/MAX Holdings, Inc.

$

3,489

$

8,570

$

6,120

$

12,979

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

Basic

$

0.19

$

0.48

$

0.34

$

0.73

Diluted

$

0.19

$

0.48

$

0.34

$

0.73

Weighted average shares of Class A common stock outstanding

Basic

18,123,963

17,808,321

18,049,114

17,791,942

Diluted

18,146,886

17,833,958

18,090,259

17,825,880

Cash dividends declared per share of Class A common stock

$

0.22

$

0.21

$

0.44

$

0.42

See accompanying notes to unaudited condensed consolidated financial statements.

4

Table of Contents

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

2020

2019

2020

2019

Net income

$

5,924

$

16,133

$

11,214

$

24,390

Change in cumulative translation adjustment

117

65

(113)

134

Other comprehensive income (loss), net of tax

117

65

(113)

134

Comprehensive income

6,041

16,198

11,101

24,524

Less: comprehensive income attributable to non-controlling interest

2,490

7,595

4,955

11,476

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

$

3,551

$

8,603

$

6,146

$

13,048

See accompanying notes to unaudited condensed consolidated financial statements.

5

Table of Contents

RE/MAX HOLDINGS, INC.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

Accumulated other

Class A

Class B

Additional

comprehensive

Non-

Total

common stock

common stock

paid-in

Retained

income (loss),

controlling

stockholders'

    

Shares

    

Amount

    

Shares

    

Amount

    

capital

    

earnings

    

net of tax

    

interest

    

equity

Balances, January 1, 2020

17,838,233

$

2

1

$

$

466,945

$

30,525

$

414

$

(399,510)

$

98,376

Net income

2,631

2,659

5,290

Distributions to non-controlling unitholders

(2,777)

(2,777)

Equity-based compensation expense and related dividend equivalents

368,375

5,962

(289)

5,673

Dividends to Class A common stockholders

(3,986)

(3,986)

Change in accumulated other comprehensive income

(36)

(194)

(230)

Payroll taxes related to net settled restricted stock units

(82,645)

(2,268)

(2,268)

Balances, March 31, 2020

18,123,963

2

1

470,639

28,881

378

(399,822)

100,078

Net income

3,489

2,435

5,924

Distributions to non-controlling unitholders

(2,789)

(2,789)

Equity-based compensation expense and related dividend equivalents

2,812

2,812

Dividends to Class A common stockholders

(3,987)

(3,987)

Change in accumulated other comprehensive income

62

55

117

Other

2

2

Balances, June 30, 2020

18,123,963

$

2

1

$

$

473,451

$

28,385

$

440

$

(400,121)

$

102,157

Accumulated other

Class A

Class B

Additional

comprehensive

Non-

Total

common stock

common stock

paid-in

Retained

income (loss),

controlling

stockholders'

    

Shares

    

Amount

    

Shares

    

Amount

    

capital

    

earnings

    

net of tax

    

interest

    

equity

Balances, January 1, 2019

17,754,416

$

2

1

$

$

460,101

$

21,138

$

328

$

(402,294)

$

79,275

Net income

4,409

3,848

8,257

Distributions to non-controlling unitholders

(2,693)

(2,693)

Equity-based compensation expense and related dividend equivalents

70,797

3,213

(42)

3,171

Dividends to Class A common stockholders

(3,740)

(3,740)

Change in accumulated other comprehensive income

36

33

69

Payroll taxes related to net settled restricted stock units

(17,265)

(713)