$RMAX
RE/MAX Holdings, Inc.

2014 Q2 Form 10-Q Financial Statement

#000156459014003633 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q4 2013 Q2
Revenue $42.30M $40.23M $39.24M
YoY Change 7.79% 14.69% 11.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $19.48M $26.16M $21.99M
YoY Change -11.41% 27.55% 11.62%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.810M $4.080M $3.700M
YoY Change 2.97% 42.66% 28.47%
% of Gross Profit
Operating Expenses $23.29M $30.57M $25.74M
YoY Change -9.54% 21.81% 14.09%
Operating Profit $19.01M $9.669M $13.50M
YoY Change 40.86% -3.19% 7.1%
Interest Expense -$1.200M -$2.960M -$3.370M
YoY Change -64.39% 20.82% 20.36%
% of Operating Profit -6.31% -30.61% -24.97%
Other Income/Expense, Net -$1.374M -$2.958M -$3.372M
YoY Change -59.25% 20.69% 20.51%
Pretax Income $17.64M $6.711M $10.13M
YoY Change 74.2% -10.96% 3.27%
Income Tax $3.129M $1.111M $577.0K
% Of Pretax Income 17.74% 16.55% 5.7%
Net Earnings $4.377M $1.506M $9.548M
YoY Change -54.16%
Net Earnings / Revenue 10.35% 3.74% 24.33%
Basic Earnings Per Share $0.38 $0.13
Diluted Earnings Per Share $0.36 $0.12 $0.00
COMMON SHARES
Basic Shares Outstanding 11.59M 11.61M
Diluted Shares Outstanding 12.23M 12.23M

Balance Sheet

Concept 2014 Q2 2013 Q4 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.60M $88.40M $58.60M
YoY Change 44.37% 29.05%
Cash & Equivalents $84.60M $88.38M $58.58M
Short-Term Investments
Other Short-Term Assets $4.200M $5.010M $3.400M
YoY Change 23.53% 85.08%
Inventory
Prepaid Expenses
Receivables $19.20M $15.98M $17.10M
Other Receivables $1.200M $0.00 $0.00
Total Short-Term Assets $109.3M $110.1M $79.10M
YoY Change 38.18% 26.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.600M $2.583M $2.600M
YoY Change 0.0% -22.48%
Goodwill $72.78M
YoY Change 2.45%
Intangibles $84.53M
YoY Change
Long-Term Investments $3.600M $3.642M $3.700M
YoY Change -2.7% -6.62%
Other Assets $70.60M $2.036M $6.800M
YoY Change 938.24% 2.88%
Total Long-Term Assets $234.1M $242.7M $159.0M
YoY Change 47.23% 47.71%
TOTAL ASSETS
Total Short-Term Assets $109.3M $110.1M $79.10M
Total Long-Term Assets $234.1M $242.7M $159.0M
Total Assets $343.4M $352.8M $238.1M
YoY Change 44.23% 40.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $731.0K $3.200M
YoY Change -6.25% 37.92%
Accrued Expenses $7.500M $9.344M $9.400M
YoY Change -20.21% -0.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.90M $17.30M $17.30M
YoY Change -36.99% 63.21%
Total Short-Term Liabilities $40.20M $49.03M $47.70M
YoY Change -15.72% 21.6%
LONG-TERM LIABILITIES
Long-Term Debt $201.8M $211.1M $205.9M
YoY Change -1.99% -4.79%
Other Long-Term Liabilities $77.00M $9.016M $8.200M
YoY Change 839.02% 30.4%
Total Long-Term Liabilities $278.8M $220.1M $214.1M
YoY Change 30.22% -3.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.20M $49.03M $47.70M
Total Long-Term Liabilities $278.8M $220.1M $214.1M
Total Liabilities $96.40M $337.3M $261.8M
YoY Change -63.18% 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 $247.0M $242.0M -$23.70M
YoY Change
Total Liabilities & Shareholders Equity $343.4M $352.8M $238.1M
YoY Change 44.23% 40.33%

Cashflow Statement

Concept 2014 Q2 2013 Q4 2013 Q2
OPERATING ACTIVITIES
Net Income $4.377M $1.506M $9.548M
YoY Change -54.16%
Depreciation, Depletion And Amortization $3.810M $4.080M $3.700M
YoY Change 2.97% 42.66% 28.47%
Cash From Operating Activities $16.94M $13.18M $14.35M
YoY Change 18.05% -7.18% 15.63%
INVESTING ACTIVITIES
Capital Expenditures -$250.0K -$430.0K -$340.0K
YoY Change -26.47% -143.88% -46.88%
Acquisitions
YoY Change
Other Investing Activities -$30.00K -$27.35M -$40.00K
YoY Change -25.0% -41.56% -20.0%
Cash From Investing Activities -$280.0K -$27.79M -$380.0K
YoY Change -26.32% -39.32% -44.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.24M 29.55M -23.33M
YoY Change 25.33% -32.01% 234.24%
NET CHANGE
Cash From Operating Activities 16.94M 13.18M 14.35M
Cash From Investing Activities -280.0K -27.79M -380.0K
Cash From Financing Activities -29.24M 29.55M -23.33M
Net Change In Cash -12.58M 14.94M -9.360M
YoY Change 34.4% 25.97% -297.47%
FREE CASH FLOW
Cash From Operating Activities $16.94M $13.18M $14.35M
Capital Expenditures -$250.0K -$430.0K -$340.0K
Free Cash Flow $17.19M $13.61M $14.69M
YoY Change 17.02% 2.95% 12.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of 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 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 style="font-style:italic;">Non-controlling Interest</font>. Actual results could differ from those estimates. </p></div>
us-gaap Prior Period Reclassification Adjustment Description
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BusinessCombinationIntegrationRelatedCosts
45000
CY2013Q2 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
222000
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
63000
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
222000
CY2013Q2 rmax Public Offering Expenses
PublicOfferingExpenses
2533000
rmax Public Offering Expenses
PublicOfferingExpenses
3480000
CY2014Q2 rmax Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
24190000
CY2013Q2 rmax Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
21267000
rmax Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
40441000
rmax Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
36700000

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