RE/MAX (RMAX) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $72.5M, down 5.4% year-over-year, but adjusted EBITDA rose 1.6% to $23.3M, driven by operational efficiency and cost management.

• Net income attributable to RE/MAX Holdings was $5.8M, reversing a net loss of $10.9M in Q4 2023.

• Total agent count grew 1.2% to 146,627, with record 70,170 agents outside U.S. and Canada, while U.S. and Canada agent count fell 4.8%.

• Settled two major Canadian class-action lawsuits for $5.5M, reducing legal uncertainty.

• Launched new initiatives like Lead Concierge and RE/MAX Media Network, and added two senior executives to drive growth and technology strategy.

Financial highlights

• Full-year 2024 revenue was $307.7M, down 5.5%; Q4 revenue was $72.5M; adjusted EBITDA for 2024 was $97.7M, up 1.5%.

• Adjusted EBITDA margin for Q4 2024 was 32.2%, up 220 basis points year-over-year.

• Adjusted diluted EPS was $0.30 for Q4 2024; full-year adjusted EPS was $1.30.

• Revenue excluding marketing funds was $53.8M in Q4, down 3.9% year-over-year.

• Selling, operating, and administrative expenses fell 8.6% to $35.8M, mainly from lower bad debt and event investments.

Outlook and guidance

• Q1 2025: Agent count expected to rise 1%-2% year-over-year; revenue $71-$76M; adjusted EBITDA $16-$18.5M.

• Full year 2025: Agent count to range from -1% to +1% versus 2024; revenue $290-$310M; adjusted EBITDA $90-$100M.

• Guidance assumes no further currency movements, acquisitions, or divestitures.