RE/MAX Holdings (RMAX) Tops Q1 EPS by 1c, Provides FY Outlook

RE/MAX Holdings (NYSE: RMAX) reported Q1 EPS of $0.32 versus consensus of $0.31. Revenue for the quarter came in at $44.2 million versus the consensus estimate of $43.6 million.

Outlook

Based on the Company's performance through the first three months of this year and the sale of six of its owned brokerage offices in April of this year, RE/MAX is providing the following outlook for its second quarter and its full-year 2015:

Second Quarter 2015 Outlook:

• Agent count is estimated to increase by 4.5% to 5% over second quarter 2014;
• Revenue is estimated to increase by 2.5% to 3.5% over second quarter 2014 after adjusting for the sale of the six owned brokerage offices;
• Selling, operating and administrative expenses are estimated to be 47% to 49% of second quarter 2015 revenue; and
• Adjusted EBITDA margin is estimated to be in the 52% to 53% range.

Full-Year 2015 Outlook:

• Agent count is estimated to increase by 4% to 5% over 2014;
• Revenue is estimated to increase by 1% to 2% over 2014 after adjusting for the sale of the six owned brokerage offices;
• Selling, operating and administrative expenses are estimated to be 50% to 52% of 2015 revenue;
• Adjusted EBITDA margin is estimated to be in the 49% to 50% range;
• Total capital expenditures of $3.5 to $4.0 million including project related capital expenditures of $2.0 to $2.5 million; and
• Project related operating expenditures of approximately $3.0 million.

The Company's 2015 outlook reflects an annualized estimated exchange rate of $0.78 U.S. for every $1.00 Canadian.

For earnings history and earnings-related data on RE/MAX Holdings (RMAX) click here.

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