$RMAX
RE/MAX Holdings, Inc.

2014 Q1 Form 10-Q Financial Statement

#000156459014002221 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $41.88M $40.23M $39.08M
YoY Change 7.18% 14.69% 11.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.29M $26.16M $25.99M
YoY Change -2.71% 27.55% 10.51%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.940M $4.080M $3.730M
YoY Change 5.63% 42.66% 4.78%
% of Gross Profit
Operating Expenses $29.22M $30.57M $29.72M
YoY Change -1.65% 21.81% 9.75%
Operating Profit $12.66M $9.669M $9.360M
YoY Change 35.21% -3.19% 18.08%
Interest Expense $2.466M -$2.960M $3.514M
YoY Change -29.82% 20.82% -232.11%
% of Operating Profit 19.48% -30.61% 37.54%
Other Income/Expense, Net -$2.973M -$2.958M -$3.499M
YoY Change -15.03% 20.69% 25.32%
Pretax Income $9.683M $6.711M $5.861M
YoY Change 65.21% -10.96% 14.14%
Income Tax $1.885M $1.111M $454.0K
% Of Pretax Income 19.47% 16.55% 7.75%
Net Earnings $2.408M $1.506M $0.00
YoY Change
Net Earnings / Revenue 5.75% 3.74% 0.0%
Basic Earnings Per Share $0.21 $0.13
Diluted Earnings Per Share $0.20 $0.12 $0.00
COMMON SHARES
Basic Shares Outstanding 11.61M 11.61M
Diluted Shares Outstanding 12.25M 12.23M

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.20M $88.40M $68.10M
YoY Change 42.73% 29.05%
Cash & Equivalents $97.17M $88.38M $68.14M
Short-Term Investments
Other Short-Term Assets $4.600M $5.010M $3.200M
YoY Change 43.75% 85.08%
Inventory
Prepaid Expenses
Receivables $17.60M $15.98M $16.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $119.4M $110.1M $87.80M
YoY Change 35.99% 26.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.600M $2.583M $2.800M
YoY Change -7.14% -22.48%
Goodwill $72.78M
YoY Change 2.45%
Intangibles $88.04M
YoY Change
Long-Term Investments $3.400M $3.642M $3.500M
YoY Change -2.86% -6.62%
Other Assets $71.60M $2.036M $5.300M
YoY Change 1250.94% 2.88%
Total Long-Term Assets $238.3M $242.7M $160.6M
YoY Change 48.38% 47.71%
TOTAL ASSETS
Total Short-Term Assets $119.4M $110.1M $87.80M
Total Long-Term Assets $238.3M $242.7M $160.6M
Total Assets $357.7M $352.8M $248.4M
YoY Change 44.0% 40.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $731.0K $3.700M
YoY Change 5.41% 37.92%
Accrued Expenses $7.700M $9.344M $9.000M
YoY Change -14.44% -0.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.90M $17.30M $18.60M
YoY Change -9.14% 63.21%
Total Short-Term Liabilities $53.19M $49.03M $47.90M
YoY Change 11.03% 21.6%
LONG-TERM LIABILITIES
Long-Term Debt $210.9M $211.1M $205.2M
YoY Change 2.79% -4.79%
Other Long-Term Liabilities $76.80M $9.016M $8.000M
YoY Change 860.0% 30.4%
Total Long-Term Liabilities $210.9M $220.1M $213.2M
YoY Change -1.07% -3.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.19M $49.03M $47.90M
Total Long-Term Liabilities $210.9M $220.1M $213.2M
Total Liabilities $264.1M $337.3M $261.1M
YoY Change 1.15% 25.02%
SHAREHOLDERS EQUITY
Retained Earnings $1.506M
YoY Change
Common Stock $239.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $243.7M $242.0M -$12.70M
YoY Change
Total Liabilities & Shareholders Equity $357.7M $352.8M $248.4M
YoY Change 44.0% 40.33%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $2.408M $1.506M $0.00
YoY Change
Depreciation, Depletion And Amortization $3.940M $4.080M $3.730M
YoY Change 5.63% 42.66% 4.78%
Cash From Operating Activities $12.50M $13.18M $9.110M
YoY Change 37.21% -7.18% -0.22%
INVESTING ACTIVITIES
Capital Expenditures $452.0K -$430.0K $142.0K
YoY Change 218.31% -143.88% -128.4%
Acquisitions
YoY Change
Other Investing Activities -$30.00K -$27.35M -$50.00K
YoY Change -40.0% -41.56% 66.67%
Cash From Investing Activities -$480.0K -$27.79M -$190.0K
YoY Change 152.63% -39.32% -64.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.180M 29.55M -9.320M
YoY Change -65.88% -32.01% 37.46%
NET CHANGE
Cash From Operating Activities 12.50M 13.18M 9.110M
Cash From Investing Activities -480.0K -27.79M -190.0K
Cash From Financing Activities -3.180M 29.55M -9.320M
Net Change In Cash 8.840M 14.94M -400.0K
YoY Change -2310.0% 25.97% -121.98%
FREE CASH FLOW
Cash From Operating Activities $12.50M $13.18M $9.110M
Capital Expenditures $452.0K -$430.0K $142.0K
Free Cash Flow $12.05M $13.61M $8.968M
YoY Change 34.34% 2.95% -6.87%

Facts In Submission

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CY2014Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-weight:bold;font-style:italic;;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of 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 disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas in which management uses assumptions include, among other things, the establishment of the allowance for doubtful accounts and notes receivable, the determination of the estimated lives of intangible assets, equity-based compensation, the estimates of the fair value of reporting units used in the annual assessment of goodwill, the fair value of assets acquired and the amounts payable pursuant to the terms of the Tax Receivable Agreements (&#8220;TRAs&#8221;) discussed in more detail in Note 3, </font><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Non-controlling Interest</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. Actual results could differ from those estimates. </font></p></div>
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AccruedProfessionalFeesCurrent
573000
CY2014Q1 us-gaap Accrued Rent Current
AccruedRentCurrent
747000
CY2013Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
853000
CY2014Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1821000
CY2014Q1 us-gaap Long Term Debt
LongTermDebt
227842000
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
228404000
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
16352000
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2300000
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2300000
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2300000
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2300000
CY2014Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
202723000
CY2014Q1 rmax Long Term Debt Maturities Repayments Of Principal Amount
LongTermDebtMaturitiesRepaymentsOfPrincipalAmount
228275000
CY2014Q2 rmax Credit Facility Of Excess Cash Flows Payment
CreditFacilityOfExcessCashFlowsPayment
14627000
CY2014Q1 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
575000
CY2014Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2020-07-31
CY2013Q1 rmax Credit Facility Of Excess Cash Flows Principal Prepayment
CreditFacilityOfExcessCashFlowsPrincipalPrepayment
8000000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1642282
CY2013Q2 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.50
CY2014Q1 us-gaap Line Of Credit Facility Expiration Period
LineOfCreditFacilityExpirationPeriod
P12M
CY2014Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
12500000
CY2014Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.005
CY2014Q1 rmax Debt Instrument Variable Rate Floor
DebtInstrumentVariableRateFloor
0.04
CY2014Q1 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
4180000
CY2013Q4 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
4256000
CY2013Q1 us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty
803000
CY2014Q1 rmax Amounts Allocated For Services Rendered And Rent For Office Space
AmountsAllocatedForServicesRenderedAndRentForOfficeSpace
562000
CY2013Q1 rmax Amounts Allocated For Services Rendered And Rent For Office Space
AmountsAllocatedForServicesRenderedAndRentForOfficeSpace
769000
CY2014Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
1040000
CY2013Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
1012000
CY2014Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2014Q1 rmax Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
16251000
CY2013Q1 rmax Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
15433000
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2385000
CY2013Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
3440000
CY2014Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
178000
CY2013Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
143000
CY2014Q1 rmax Noncash Rent Expense
NoncashRentExpense
147000
CY2013Q1 rmax Noncash Rent Expense
NoncashRentExpense
339000
CY2014Q1 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
18000
CY2013Q1 rmax Public Offering Expenses
PublicOfferingExpenses
947000

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