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10-Q Filing

RE/MAX Holdings, Inc. CIK: 1581091 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001558370-23-008129
Period End Date 20230331
Filing Date 20230504
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance rmax-20230331x10q_htm.xml
Balance Sheet 78 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $96.75M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $108.66M USD Point-in-time
Restricted cash RestrictedCashCurrent $29.46M USD Point-in-time
Restricted cash RestrictedCashCurrent $27.33M USD Point-in-time
Accounts and notes receivable, current portion, net of allowances AccountsNotesAndLoansReceivableNetCurrent $32.52M USD Point-in-time
Accounts and notes receivable, current portion, net of allowances AccountsNotesAndLoansReceivableNetCurrent $33.28M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $2.14M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $1.56M USD Point-in-time
Other current assets OtherAssetsCurrent $18.22M USD Point-in-time
Other current assets OtherAssetsCurrent $20.18M USD Point-in-time
Total current assets AssetsCurrent $177.14M USD Point-in-time
Total current assets AssetsCurrent $192.96M USD Point-in-time
Property and equipment, net of accumulated depreciation PropertyPlantAndEquipmentNet $9.79M USD Point-in-time
Property and equipment, net of accumulated depreciation PropertyPlantAndEquipmentNet $9.25M USD Point-in-time
Operating lease right of use assets OperatingLeaseRightOfUseAsset $25.82M USD Point-in-time
Operating lease right of use assets OperatingLeaseRightOfUseAsset $26.36M USD Point-in-time
Franchise agreements, net FiniteLivedIntangibleAssetsNet $115.33M USD Point-in-time
Franchise agreements, net FiniteLivedIntangibleAssetsNet $120.17M USD Point-in-time
Other intangible assets, net OtherIntangibleAssetsNet $23.75M USD Point-in-time
Other intangible assets, net OtherIntangibleAssetsNet $25.76M USD Point-in-time
Goodwill Goodwill $258.63M USD Point-in-time
Goodwill Goodwill $258.69M USD Point-in-time
Deferred tax assets, net DeferredIncomeTaxAssetsNet $52.46M USD Point-in-time
Deferred tax assets, net DeferredIncomeTaxAssetsNet $51.44M USD Point-in-time
Income taxes receivable, net of current portion IncomeTaxesReceivableNoncurrent $754.00K USD Point-in-time
Income taxes receivable, net of current portion IncomeTaxesReceivableNoncurrent $754.00K USD Point-in-time
Other assets, net of current portion OtherAssetsNoncurrent $8.87M USD Point-in-time
Other assets, net of current portion OtherAssetsNoncurrent $9.90M USD Point-in-time
Total assets Assets $695.23M USD Point-in-time
Total assets Assets $672.61M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.17M USD Point-in-time
Accounts payable AccountsPayableCurrent $3.41M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $70.75M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $65.46M USD Point-in-time
Income taxes payable TaxesPayableCurrent $1.66M USD Point-in-time
Income taxes payable TaxesPayableCurrent $838.00K USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $27.78M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $25.01M USD Point-in-time
Current portion of debt LongTermDebtCurrent $4.60M USD Point-in-time
Current portion of debt LongTermDebtCurrent $4.60M USD Point-in-time
Current portion of payable pursuant to tax receivable agreements AmountsPayableUnderTaxReceivableAgreementsCurrent $1.64M USD Point-in-time
Current portion of payable pursuant to tax receivable agreements AmountsPayableUnderTaxReceivableAgreementsCurrent $1.64M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityCurrent $7.37M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityCurrent $7.07M USD Point-in-time
Total current liabilities LiabilitiesCurrent $119.67M USD Point-in-time
Total current liabilities LiabilitiesCurrent $108.34M USD Point-in-time
Debt, net of current portion LongTermDebtNoncurrent $442.78M USD Point-in-time
Debt, net of current portion LongTermDebtNoncurrent $443.72M USD Point-in-time
Payable pursuant to tax receivable agreements, net of current portion AmountsPayableUnderTaxReceivableAgreementsNoncurrent $24.92M USD Point-in-time
Payable pursuant to tax receivable agreements, net of current portion AmountsPayableUnderTaxReceivableAgreementsNoncurrent $24.92M USD Point-in-time
Deferred tax liabilities, net DeferredIncomeTaxLiabilitiesNet $12.51M USD Point-in-time
Deferred tax liabilities, net DeferredIncomeTaxLiabilitiesNet $13.11M USD Point-in-time
Deferred revenue, net of current portion ContractWithCustomerLiabilityNoncurrent $18.12M USD Point-in-time
Deferred revenue, net of current portion ContractWithCustomerLiabilityNoncurrent $18.29M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilityNoncurrent $37.99M USD Point-in-time
Operating lease liabilities, net of current portion OperatingLeaseLiabilityNoncurrent $37.45M USD Point-in-time
Other liabilities, net of current portion OtherLiabilitiesNoncurrent $5.55M USD Point-in-time
Other liabilities, net of current portion OtherLiabilitiesNoncurrent $5.84M USD Point-in-time
Total liabilities Liabilities $649.67M USD Point-in-time
Total liabilities Liabilities $663.53M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $538.74M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $535.57M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-63.14M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-54.00M USD Point-in-time
Accumulated other comprehensive income (deficit), net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-395.00K USD Point-in-time
Accumulated other comprehensive income (deficit), net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-313.00K USD Point-in-time
Total stockholders' equity attributable to RE/MAX Holdings, Inc. StockholdersEquity $475.30M USD Point-in-time
Total stockholders' equity attributable to RE/MAX Holdings, Inc. StockholdersEquity $481.17M USD Point-in-time
Non-controlling interest MinorityInterest $-452.35M USD Point-in-time
Non-controlling interest MinorityInterest $-449.47M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $22.94M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $31.70M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $69.79M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $69.07M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $672.61M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $695.23M USD Point-in-time
Income Statement 31 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $91.00M USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $85.40M USD 1 Quarter
Selling, operating and administrative expenses SellingGeneralAndAdministrativeExpense $47.83M USD 1 Quarter
Selling, operating and administrative expenses SellingGeneralAndAdministrativeExpense $49.12M USD 1 Quarter
Marketing Funds expenses MarketingAndAdvertisingExpense $22.85M USD 1 Quarter
Marketing Funds expenses MarketingAndAdvertisingExpense $21.34M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.98M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.03M USD 1 Quarter
Settlement and impairment charges AssetImpairmentCharges $3.73M USD 1 Quarter
Total operating expenses OperatingExpenses $78.49M USD 1 Quarter
Total operating expenses OperatingExpenses $83.40M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $7.60M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $6.91M USD 1 Quarter
Interest expense InterestExpense $8.24M USD 1 Quarter
Interest expense InterestExpense $3.65M USD 1 Quarter
Interest income InterestIncomeDomesticDeposits $19.00K USD 1 Quarter
Interest income InterestIncomeDomesticDeposits $1.00M USD 1 Quarter
Foreign currency transaction gains (losses) ForeignCurrencyTransactionGainLossRealized $43.00K USD 1 Quarter
Foreign currency transaction gains (losses) ForeignCurrencyTransactionGainLossRealized $180.00K USD 1 Quarter
Total other expenses, net OtherNonoperatingIncomeExpense $-3.45M USD 1 Quarter
Total other expenses, net OtherNonoperatingIncomeExpense $-7.20M USD 1 Quarter
Income (loss) before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-287.00K USD 1 Quarter
Income (loss) before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $4.15M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $392.00K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $1.21M USD 1 Quarter
Net income (loss) ProfitLoss $-679.00K USD 1 Quarter
Net income (loss) ProfitLoss $2.94M USD 1 Quarter
Less: net income (loss) attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $-8.00K USD 1 Quarter
Less: net income (loss) attributable to non-controlling interest NetIncomeLossAttributableToNoncontrollingInterest $1.49M USD 1 Quarter
Net income (loss) attributable to RE/MAX Holdings, Inc. NetIncomeLoss $1.45M USD 1 Quarter
Net income (loss) attributable to RE/MAX Holdings, Inc. NetIncomeLoss $-671.00K USD 1 Quarter
Cash Flow Statement 59 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-679.00K USD 1 Quarter
Net income (loss) ProfitLoss $2.94M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.98M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $8.03M USD 1 Quarter
Equity-based compensation expense ShareBasedCompensation $4.45M USD 1 Quarter
Equity-based compensation expense ShareBasedCompensation $5.64M USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $1.61M USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $170.00K USD 1 Quarter
Deferred income tax expense (benefit) DeferredIncomeTaxExpenseBenefit $-1.58M USD 1 Quarter
Deferred income tax expense (benefit) DeferredIncomeTaxExpenseBenefit $20.00K USD 1 Quarter
Fair value adjustments to contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $285.00K USD 1 Quarter
Fair value adjustments to contingent consideration BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-4.00K USD 1 Quarter
Impairment charge - leased assets OperatingLeaseImpairmentLoss $3.73M USD 1 Quarter
Loss on sale or disposition of assets, net GainLossOnDispositionOfAssets1 $-6.00K USD 1 Quarter
Loss on sale or disposition of assets, net GainLossOnDispositionOfAssets1 $-178.00K USD 1 Quarter
Non-cash lease benefit AmortizationOfFinancingCostsAndDiscounts $-766.00K USD 1 Quarter
Non-cash lease benefit AmortizationOfFinancingCostsAndDiscounts $-368.00K USD 1 Quarter
Non-cash debt charges NonCashDebtCharges $212.00K USD 1 Quarter
Non-cash debt charges NonCashDebtCharges $212.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $116.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-49.00K USD 1 Quarter
Changes in operating assets and liabilities IncreaseDecreaseInOperatingCapital $8.28M USD 1 Quarter
Changes in operating assets and liabilities IncreaseDecreaseInOperatingCapital $5.17M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $16.50M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $3.06M USD 1 Quarter
Purchases of property, equipment and capitalization of software PaymentsToAcquireProductiveAssets $3.72M USD 1 Quarter
Purchases of property, equipment and capitalization of software PaymentsToAcquireProductiveAssets $1.49M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-195.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.72M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.29M USD 1 Quarter
Payments on debt RepaymentsOfDebt $1.15M USD 1 Quarter
Payments on debt RepaymentsOfDebt $1.15M USD 1 Quarter
Distributions paid to non-controlling unitholders PaymentsToMinorityShareholders $2.89M USD 1 Quarter
Distributions paid to non-controlling unitholders PaymentsToMinorityShareholders $2.89M USD 1 Quarter
Dividends and dividend equivalents paid to Class A common stockholders PaymentsOfDividendsCommonStock $5.12M USD 1 Quarter
Dividends and dividend equivalents paid to Class A common stockholders PaymentsOfDividendsCommonStock $4.82M USD 1 Quarter
Payments related to tax withholding for share-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.46M USD 1 Quarter
Payments related to tax withholding for share-based compensation PaymentsRelatedToTaxWithholdingForShareBasedCompensation $5.59M USD 1 Quarter
Common shares repurchased PaymentsForRepurchaseOfCommonStock $1.31M USD 1 Quarter
Common shares repurchased PaymentsForRepurchaseOfCommonStock $3.41M USD 1 Quarter
Payment of contingent consideration PaymentForContingentConsiderationLiabilityFinancingActivities $120.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-15.85M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-16.07M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $274.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $34.00K USD 1 Quarter
Net decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-3.02M USD 1 Quarter
Net decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-14.04M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $124.08M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $138.13M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $158.40M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $155.38M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $124.08M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $138.13M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $158.40M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $155.38M USD Point-in-time
Cash paid for interest InterestPaidNet $3.43M USD 1 Quarter
Cash paid for interest InterestPaidNet $8.11M USD 1 Quarter
Net cash paid for income taxes IncomeTaxesPaidNet $2.20M USD 1 Quarter
Net cash paid for income taxes IncomeTaxesPaidNet $1.54M USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Beginning balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $22.94M USD Point-in-time
Beginning balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $31.70M USD Point-in-time
Beginning balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $69.79M USD Point-in-time
Beginning balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $69.07M USD Point-in-time
Net income (loss) ProfitLoss $-679.00K USD 1 Quarter
Net income (loss) ProfitLoss $2.94M USD 1 Quarter
Distributions to non-controlling unitholders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $2.89M USD 1 Quarter
Distributions to non-controlling unitholders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $2.89M USD 1 Quarter
Equity-based compensation expense and dividend equivalents, Value StockIssuedDuringPeriodValueEquityBasedCompensationAndDividendEquivalents $5.97M USD 1 Quarter
Equity-based compensation expense and dividend equivalents, Value StockIssuedDuringPeriodValueEquityBasedCompensationAndDividendEquivalents $11.53M USD 1 Quarter
Dividends to Class A common stockholders DividendsCommonStockCash $4.16M USD 1 Quarter
Dividends to Class A common stockholders DividendsCommonStockCash $4.44M USD 1 Quarter
Repurchase and retirement of common shares, Value StockRepurchasedAndRetiredDuringPeriodValue $1.31M USD 1 Quarter
Repurchase and retirement of common shares, Value StockRepurchasedAndRetiredDuringPeriodValue $3.41M USD 1 Quarter
Change in accumulated other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $482.00K USD 1 Quarter
Change in accumulated other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $99.00K USD 1 Quarter
Payroll taxes related to net settled restricted stock units, Value AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.46M USD 1 Quarter
Payroll taxes related to net settled restricted stock units, Value AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $5.59M USD 1 Quarter
Other AdjustmentsToAdditionalPaidInCapitalOther $-235.00K USD 1 Quarter
Ending balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $22.94M USD Point-in-time
Ending balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $31.70M USD Point-in-time
Ending balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $69.79M USD Point-in-time
Ending balance, Value StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $69.07M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-679.00K USD 1 Quarter
Net income (loss) ProfitLoss $2.94M USD 1 Quarter
Change in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $99.00K USD 1 Quarter
Change in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $482.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $482.00K USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $99.00K USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-580.00K USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.43M USD 1 Quarter
Less: Comprehensive income (loss) attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $9.00K USD 1 Quarter
Less: Comprehensive income (loss) attributable to non-controlling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $1.73M USD 1 Quarter
Comprehensive income (loss) attributable to RE/MAX Holdings, Inc., net of tax ComprehensiveIncomeNetOfTax $1.69M USD 1 Quarter
Comprehensive income (loss) attributable to RE/MAX Holdings, Inc., net of tax ComprehensiveIncomeNetOfTax $-589.00K USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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