RE/MAX Holdings Inc (NYSE:RMAX)
$ 11.64 -0.44 (-3.64%) Market Cap: 219.67 Mil Enterprise Value: 619.45 Mil PE Ratio: 0 PB Ratio: 0.52 GF Score: 76/100
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Q2 2024 Re/Max Holdings Inc Earnings Call Transcript

Aug 09, 2024 / 12:30PM GMT
Release Date Price: $9.48 (+9.47%)

Key Points

Positve
  • Stronger-than-expected financial performance in Q2 2024.
  • Successful conversions of several real estate brokerages and teams, adding significant agent count.
  • Effective cost management efforts, resulting in a 13.3% decrease in selling, operating, and administrative expenses.
  • Positive reception and potential of the newly launched MAX/Tech Lead Concierge program.
  • International agent count rebounded in Q2, with notable growth in India, Central, and South America.
Negative
  • Revenue excluding marketing funds decreased by 4.8% compared to the same period last year.
  • US agent count has not yet stabilized, with ongoing challenges in the macroeconomic environment.
  • Negative organic growth driven by reduced US agent count and adverse foreign currency movements.
  • Ongoing industry-wide and macroeconomic forces continue to impact growth initiatives.
  • Litigation settlement is currently being appealed, adding uncertainty to future financial planning.
Operator

Good morning, and welcome to the RE/MAX Holdings second-quarter 2024 earnings conference call and webcast. My name is Sarah, and I will be facilitating the audio portion of today's call.

At this time, I would like to turn the call over to, Andy Schulz, Senior Vice President of Investor Relations. Mr. Schulz?

Andy Schulz;Max Holdings Inc;Senior Vice President;Investor Relations
Re

/--

Thank you, operator, and good morning, everyone. And welcome to RE/MAX Holdings second-quarter 2024 earnings conference call. Please visit the Investor Relations section of www.remaxholdings.com for all earnings-related materials including our standard earnings presentation and to access the live webcast and the replay of the call today.

Our prepared remarks and answers to your questions on today's call may contain forward-looking statements. Forward-looking statements include those related to agent count, franchise sales and open offices,

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