$RMAX
RE/MAX Holdings, Inc.

2021 Q3 Form 10-Q Financial Statement

#000155837021016974 Filed on December 21, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $91.00M $71.07M
YoY Change 28.03% -0.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $51.10M $28.22M
YoY Change 81.1% 15.32%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.582M $6.730M
YoY Change 27.52% 20.29%
% of Gross Profit
Operating Expenses $128.6M $60.14M
YoY Change 113.8% 25.03%
Operating Profit -$37.58M $10.94M
YoY Change -443.63% -53.36%
Interest Expense $3.315M $2.159M
YoY Change 53.54% -30.11%
% of Operating Profit 19.74%
Other Income/Expense, Net -$3.995M -$2.040M
YoY Change 95.83% -25.19%
Pretax Income -$41.57M $8.895M
YoY Change -567.35% -57.06%
Income Tax $792.0K $2.057M
% Of Pretax Income 23.13%
Net Earnings -$25.15M $3.617M
YoY Change -795.3% -60.57%
Net Earnings / Revenue -27.64% 5.09%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share -$1.342M $0.19
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.4M $89.10M
YoY Change 34.06% 1.48%
Cash & Equivalents $119.4M $89.14M
Short-Term Investments
Other Short-Term Assets $19.25M $12.48M
YoY Change 54.18% 2.62%
Inventory
Prepaid Expenses
Receivables $35.30M $30.00M
Other Receivables $2.459M $700.0K
Total Short-Term Assets $201.6M $148.0M
YoY Change 36.24% -2.18%
LONG-TERM ASSETS
Property, Plant & Equipment $12.46M $6.016M
YoY Change 107.03% 10.14%
Goodwill $268.4M $176.3M
YoY Change 52.23% 16.93%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.10M $14.54M
YoY Change 24.54% 163.98%
Total Long-Term Assets $577.6M $395.3M
YoY Change 46.1% 3.91%
TOTAL ASSETS
Total Short-Term Assets $201.6M $148.0M
Total Long-Term Assets $577.6M $395.3M
Total Assets $779.2M $543.3M
YoY Change 43.41% 2.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.895M $5.727M
YoY Change -14.53% 67.07%
Accrued Expenses $91.19M $52.07M
YoY Change 75.13% 1.85%
Deferred Revenue $25.20M $23.15M
YoY Change 8.85% -7.4%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.600M $2.489M
YoY Change 84.81% -5.9%
Total Short-Term Liabilities $141.1M $102.7M
YoY Change 37.37% 13.03%
LONG-TERM LIABILITIES
Long-Term Debt $448.4M $221.6M
YoY Change 102.35% -0.88%
Other Long-Term Liabilities $7.945M $5.408M
YoY Change 46.91% -11.01%
Total Long-Term Liabilities $456.3M $227.0M
YoY Change 101.03% -1.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.1M $102.7M
Total Long-Term Liabilities $456.3M $227.0M
Total Liabilities $713.0M $431.1M
YoY Change 65.37% -0.04%
SHAREHOLDERS EQUITY
Retained Earnings -$6.585M $27.95M
YoY Change -123.56% -12.63%
Common Stock $510.4M $485.7M
YoY Change 5.1% 5.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $504.5M $514.1M
YoY Change
Total Liabilities & Shareholders Equity $779.2M $543.3M
YoY Change 43.41% 2.18%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$25.15M $3.617M
YoY Change -795.3% -60.57%
Depreciation, Depletion And Amortization $8.582M $6.730M
YoY Change 27.52% 20.29%
Cash From Operating Activities -$13.70M $27.15M
YoY Change -150.44% 22.24%
INVESTING ACTIVITIES
Capital Expenditures -$4.518M -$1.480M
YoY Change 205.27% -45.39%
Acquisitions
YoY Change
Other Investing Activities -$180.4M -$10.63M
YoY Change 1597.1%
Cash From Investing Activities -$184.9M -$12.10M
YoY Change 1428.26% 344.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 221.8M -9.650M
YoY Change -2398.81% 11.05%
NET CHANGE
Cash From Operating Activities -13.70M 27.15M
Cash From Investing Activities -184.9M -12.10M
Cash From Financing Activities 221.8M -9.650M
Net Change In Cash 23.22M 5.400M
YoY Change 330.0% -50.0%
FREE CASH FLOW
Cash From Operating Activities -$13.70M $27.15M
Capital Expenditures -$4.518M -$1.480M
Free Cash Flow -$9.177M $28.63M
YoY Change -132.05% 14.89%

Facts In Submission

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:9pt;line-height:1.19;margin:12pt 0pt 6pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates </span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:9pt;line-height:1.19;margin:12pt 0pt 0pt 0pt;">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.</p>
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:9pt;line-height:1.19;margin:12pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">New Accounting Pronouncements Not Yet Adopted</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:9pt;line-height:1.19;margin:12pt 0pt 12pt 0pt;">In March 2020, the FASB issued ASU 2020-04, <i style="font-style:italic;">Reference Rate Reform (Topic 848)</i>, 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, <i style="font-style:italic;">Debt</i>. The Company does not expect any material adverse consequences from this transition.</p>
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AllocatedShareBasedCompensationExpense
27315000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8347000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
90997000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71073000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
240538000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
193552000
CY2020Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
11000
CY2020Q3 rmax Earnings Before Interest Tax Depreciation And Amortization Before Adjustment
EarningsBeforeInterestTaxDepreciationAndAmortizationBeforeAdjustment
30335000
rmax Earnings Before Interest Tax Depreciation And Amortization Before Adjustment
EarningsBeforeInterestTaxDepreciationAndAmortizationBeforeAdjustment
88611000
rmax Earnings Before Interest Tax Depreciation And Amortization Before Adjustment
EarningsBeforeInterestTaxDepreciationAndAmortizationBeforeAdjustment
68783000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
10000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
33000
CY2021Q3 rmax Gain Loss On Contract Settlement
GainLossOnContractSettlement
-40500000
rmax Gain Loss On Contract Settlement
GainLossOnContractSettlement
-40500000
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-264000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-264000
CY2020Q3 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
7902000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
7902000
CY2021Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
5123000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
5123000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9008000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3414000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27315000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8347000
CY2021Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
9432000
CY2020Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1021000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
14303000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1915000
CY2021Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
320000
CY2020Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
250000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
330000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-105000
CY2021Q3 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
19000
CY2020Q3 us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
25000
us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
201000
us-gaap Interest Income Domestic Deposits
InterestIncomeDomesticDeposits
328000
CY2021Q3 us-gaap Interest Expense
InterestExpense
3315000
CY2020Q3 us-gaap Interest Expense
InterestExpense
2159000
us-gaap Interest Expense
InterestExpense
7537000
us-gaap Interest Expense
InterestExpense
7028000
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8582000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6730000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
22236000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19154000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-41571000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8895000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-28786000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24903000

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