RE/MAX (RMAX) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Line Items]
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Central Index Key	1,581,091
Document Period End Date	Jun. 30, 2015
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	rmax
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Class A common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,329,110
Class B common stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 80,276,000	$ 107,199,000
Escrow cash - restricted	95,000	693,000
Accounts and notes receivable, current portion, less allowances of $4,794 and $4,495, respectively	19,455,000	16,641,000
Accounts receivable from affiliates		231,000
Income taxes receivable	1,340,000	765,000
Other current assets	3,839,000	5,237,000
Total current assets	105,005,000	130,766,000
Property and equipment, net of accumulated depreciation of $19,184 and $19,993, respectively	2,645,000	2,661,000
Goodwill	72,247,000	72,463,000
Deferred tax assets, net	65,382,000	66,903,000
Investments in equity method investees	3,878,000	3,693,000
Debt issuance costs, net	1,681,000	1,896,000
Other assets	2,068,000	1,715,000
Total assets	325,078,000	358,327,000
Current liabilities:
Accounts payable	192,000	561,000
Accounts payable to affiliates	1,199,000	1,114,000
Escrow liabilities	95,000	693,000
Accrued liabilities	9,611,000	9,380,000
Income taxes payable	112,000	189,000
Deferred revenue and deposits	18,900,000	17,142,000
Current portion of debt	12,381,000	9,460,000
Current portion of payable pursuant to tax receivable agreements	3,914,000	3,914,000
Other current liabilities	343,000	211,000
Total current liabilities	46,747,000	42,664,000
Debt, net of current portion	190,466,000	202,213,000
Payable pursuant to tax receivable agreements, net of current portion	63,504,000	63,504,000
Deferred tax liabilities, net	184,000	190,000
Other liabilities, net of current portion	10,392,000	10,473,000
Total liabilities	$ 311,293,000	$ 319,044,000
Commitments and contingencies (note 12)
Stockholders' equity:
Additional paid-in capital	$ 246,923,000	$ 241,882,000
(Accumulated deficit) retained earnings	(1,183,000)	12,041,000
Accumulated other comprehensive income	127,000	886,000
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	245,868,000	254,810,000
Non-controlling interest	(232,083,000)	(215,527,000)
Total stockholders' equity	13,785,000	39,283,000
Total liabilities and stockholders' equity	325,078,000	358,327,000
Class A common stock
Stockholders' equity:
Common stock	1,000	1,000
Franchise agreements
Current assets:
Intangible assets , net	68,722,000	75,505,000
Other intangible assets
Current assets:
Intangible assets , net	$ 3,450,000	$ 2,725,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts and notes receivable, current portion, allowances	$ 4,794	$ 4,495
Property and equipment, accumulated depreciation	19,184	19,993
Franchise agreements
Franchise agreements and other intangible assets, accumulated depreciation	94,039	87,330
Other intangible assets
Franchise agreements and other intangible assets, accumulated depreciation	$ 8,751	$ 8,550
Class A common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	12,329,110	11,768,041
Common stock, shares outstanding	12,329,110	11,768,041
Class B common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Continuing franchise fees	$ 18,268	$ 18,024	$ 35,928	$ 35,728
Annual dues	7,875	7,643	15,677	15,149
Broker fees	9,247	8,016	15,667	13,574
Franchise sales and other franchise revenue	5,485	4,554	13,911	12,463
Brokerage revenue	3,402	4,062	7,301	7,265
Total revenue	44,277	42,299	88,484	84,179
Operating expenses:
Selling, operating and administrative expenses	19,730	19,475	44,801	44,762
Depreciation and amortization	3,808	3,812	7,619	7,750
Gain on sale or disposition of assets, net	(617)		(615)	(1)
Total operating expenses	22,921	23,287	51,805	52,511
Operating income	21,356	19,012	36,679	31,668
Other expenses, net:
Interest expense	(2,301)	(2,286)	(5,110)	(4,752)
Interest income	33	66	100	147
Foreign currency transaction gains (losses)	37	836	(1,384)	307
Loss on early extinguishment of debt		(178)	(94)	(178)
Equity in earnings of investees	390	188	602	129
Total other expenses, net	(1,841)	(1,374)	(5,886)	(4,347)
Income before provision for income taxes	19,515	17,638	30,793	27,321
Provision for income taxes	(3,457)	(3,129)	(5,605)	(5,014)
Net income (loss)	16,058	14,509	25,188	22,307
Less: net income attributable to non-controlling interest	11,088	10,132	17,500	15,519
Net income attributable to RE/MAX Holdings, Inc.	$ 4,970	$ 4,377	$ 7,688	$ 6,788
Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share
Basic	$ 0.41	$ 0.38	$ 0.64	$ 0.59
Diluted	$ 0.40	$ 0.36	$ 0.62	$ 0.55
Weighted average shares outstanding
Basic	12,225,678	11,593,885	12,022,769	11,600,889
Diluted	12,399,527	12,230,014	12,346,834	12,238,189
Cash dividends declared per share	$ 0.1250	$ 0.0625	$ 1.7500	$ 0.1250

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 16,058	$ 14,509	$ 25,188	$ 22,307
Change in cumulative translation adjustment	75	186	(458)	9
Other comprehensive income (loss), net of tax	75	186	(458)	9
Comprehensive income	16,133	14,695	24,730	22,316
Less: comprehensive income attributable to non-controlling interest	11,742	10,244	17,801	15,524
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 4,391	$ 4,451	$ 6,929	$ 6,792

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Additional paid-in capitalClass A common stock	Additional paid-in capital	Common StockClass A common stock	Common StockClass B common stock	(Accumulated deficit) retained earningsClass A common stock	(Accumulated deficit) retained earnings	Accumulated other comprehensive income	Non-controlling interest	Class A common stock	Class B common stock	Total
Beginning balance, Value at Dec. 31, 2014		$ 241,882	$ 1			$ 12,041	$ 886	$ (215,527)			$ 39,283
Beginning balance, Shares at Dec. 31, 2014			11,768,041	1					11,768,041	1
Net income						7,688		17,500			25,188
Distributions paid to non-controlling unitholders								(34,357)			(34,357)
Equity-based compensation		668									668
Dividends to Class A common stockholders					$ 20,912				$ 20,912
Change in accumulated other comprehensive income							(759)	301			(458)
Issuance of Class A common stock, equity-based compensation plans	$ 2,012								$ 2,012
Issuance of Class A common stock, equity-based compensation plans, shares			561,069
Excess tax benefit realized on exercise of stock options		2,361									2,361
Ending balance, Value at Jun. 30, 2015		$ 246,923	$ 1			$ (1,183)	$ 127	$ (232,083)			$ 13,785
Ending balance, Shares at Jun. 30, 2015			12,329,110	1					12,329,110	1

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 25,188	$ 22,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,619	7,750
Bad debt expense	487	305
Gain on sale or disposition of assets, net	(615)	(1)
Loss on early extinguishment of debt	94	178
Equity-based compensation	668	332
Non-cash interest expense	209	186
Deferred income tax expense and other	1,083	1,313
Changes in operating assets and liabilities:
Accounts and notes receivable, current portion	(3,516)	(3,542)
Advances from/to affiliates	333	(12)
Other current and noncurrent assets	567	1,854
Other current and noncurrent liabilities	113	(2,777)
Deferred revenue and deposits	1,976	1,549
Net cash provided by operating activities	34,206	29,442
Cash flows from investing activities:
Purchase of property, equipment and software	(919)	(702)
Proceeds from sale of property and equipment	11	1
Capitalization of trademark costs	(41)	(58)
Disposition	20
Cost to sell assets	(71)
Net cash used in investing activities	(1,000)	(759)
Cash flows from financing activities:
Payments on debt	(8,360)	(15,740)
Capitalized debt amendment costs	(555)
Distributions to non-controlling unitholders	(34,357)	(14,437)
Dividends paid to Class A common stockholders	(20,912)	(1,449)
Payments on capital lease obligations	(154)	(103)
Proceeds from exercise of stock options	2,013
Excess tax benefit realized on exercise of stock options and delivery of vested restricted stock units	2,361	125
Cancellation of vested restricted stock units for required tax withholding		(818)
Net cash used in financing activities	(59,964)	(32,422)
Effect of exchange rate changes on cash	(165)	(16)
Net decrease in cash and cash equivalents	(26,923)	(3,755)
Cash and cash equivalents, beginning of year	107,199	88,375
Cash and cash equivalents, end of period	80,276	84,620
Supplemental disclosures of cash flow information:
Cash paid for interest and for debt amendment costs	4,901	4,507
Cash paid for income taxes	2,367	4,197
Schedule of non-cash investing and financing activities:
Note receivable received as consideration for sale of brokerage operations assets	430
Capital leases for property and equipment	412	18
Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software	$ 459	$ 50

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2015
Business and Organization
Business and Organization	1. Business and Organizat ion RE/MAX Holdings, Inc. (“RE/MAX Holdings”) was formed as a Delaware corporation on June 25, 2013 and was capitalized on July 8, 2013. On October 7, 2013, RE/MAX Holdings completed an initial public offering (the “IPO”) of 11,500,000 shares of Class A common stock at a public offering price of $22.00 per share. A portion of the proceeds received by RE/MAX Holdings from the IPO was used to acquire the net business assets of HBN, Inc. (“HBN”) and Tails, Inc. (“Tails”) in the Southwest and Central Atlantic regions of the United States (“U.S.”), respectively, which were subsequently contributed to RMCO, LLC and its consolidated subsidiaries (“RMCO”), and the remaining proceeds were used to purchase common membership units in RMCO. After completion of the IPO, RE/MAX Holdings owned 39.56% of the common membership units in RMCO. As of June 30, 2015, RE/MAX Holdings owns 41.01% of the common membership units in RMCO. RE/MAX Holdings’ only business is to act as the sole manager of RMCO and, in that capacity, RE/MAX Holdings operates and controls all of the business and affairs of RMCO. As a result, RE/MAX Holdings consolidates the financial position and results of operations of RMCO. RE/MAX Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as the “Company.” The Company is one of the world’s leading franchisors of residential and commercial real estate brokerage services throughout the U.S. and globally. The Company also operates a small number of real estate brokerages in the U.S. The Company’s revenue is derived from continuing franchise fees (which consist of fixed contractual fees paid monthly by regional franchise owners and franchisees based on the number of agents in the respective franchise region or franchisee’s office), annual dues from agents, broker fees (which consist of fees paid by regional franchise owners and franchisees for real estate commissions paid by customers when an agent sells a home), franchise sales and other franchise revenue (which consist of fees from initial sales and renewals of franchises, regional franchise fees, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs) and brokerage revenue (which consists of fees assessed by the Company’s owned brokerages for services provided to their affiliated real estate agents). The Company, as a franchisor, grants each broker-owner a license to use the RE/MAX brand, trademark, promotional and operating materials and concepts.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and comprise the condensed consolidated financial statements of the Company and have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of June 30, 2015 and December 31, 2014, the results of its operations for the three and six months ended June 30, 2015 and 2014, changes in its stockholders’ equity for the six months ended June 30, 2015 and results of its cash flows for the six months ended June 30, 2015 and 2014. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Use of Estimates 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 condensed 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 trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, 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 (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest . Actual results could differ from those estimates. Principles of Consolidation RE/MAX Holdings holds an approximate 40% economic interest in RMCO, but as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In June 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-10, Technical Corrections and Improvements , which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The standard permits the use of either the retrospective or prospective transition method. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is expected to impact the presentation of certain financial statement line items within the Company’s consolidated balance sheets and related disclosures, but will not affect the Company’s consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by one year and permitted early adoption of the standard, but not before the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also provides guidance on the financial statement presentation and disclosures of discontinued operations. ASU 2014-08 became effective prospectively for the Company on January 1, 2015 and a sale that occurred during the second quarter of 2015 did not qualify as a discontinued operation. See Note 5, Dispositions , for additional information. Critical Accounting Judgments and Estimates There have been no changes in the Company’s critical accounting judgments and estimates from those that were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company believes that the disclosures herein are adequate so that the information presented is not misleading.

Non-controlling Interest

Non-controlling Interest	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest
Non-controlling Interest	3. Non-controlling Interest RE/MAX Holdings is the sole managing member of RMCO and subsequent to the IPO, began to operate and control all of the business affairs of RMCO. As a result, RE/MAX Holdings began to consolidate RMCO on October 7, 2013. RE/MAX Holdings owns a 41.01% and 39.89% minority economic interest in RMCO as of June 30, 2015 and December 31, 2014, respectively, and records a non-controlling interest for the remaining 58.99% and 60.11% economic interest in RMCO held by RIHI, Inc. (“RIHI”) as of June 30, 2015 and December 31, 2014, respectively. RE/MAX Holdings’ minority economic interest in RMCO increased due to the increase in common units which were issued concurrently with the issuance of shares of Class A common stock upon the exercise of 559,068 stock options and the grant of 2,001 shares during the six months ended June 30, 2015, as discussed in Note 10, Equity-Based Compensation . RE/MAX Holdings’ only sources of cash flow from operations are distributions from RMCO and management fees received pursuant to the management services agreement between RE/MAX Holdings and RMCO. “Net income attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income represents the portion of earnings attributable to the economic interest in RMCO held by the non-controlling unitholders. As of October 7, 2013, “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets represented the carryover basis of RIHI’s capital account in RMCO. Prospectively, the non-controlling interest has been adjusted to reflect tax and other cash distributions made to, and the income allocated to, the non-controlling unitholders. The ownership of the common units in RMCO is summarized as follows: June 30, December 31, 2015 2014 Shares Ownership % Shares Ownership % Non-controlling unitholders ownership of common units in RMCO % % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) % % Total common units in RMCO % % The aforementioned ownership percentages are used to calculate the net income attributable to RE/MAX Holdings. A reconciliation from “Income before provision for income taxes” to “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except percentages): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income before provision for income taxes $ $ $ $ Weighted average ownership percentage of controlling interest % % % % Income before provision for income taxes attributable to RE/MAX Holdings, Inc. Provision for income taxes attributable to RE/MAX Holdings, Inc. Net income attributable to RE/MAX Holdings, Inc. $ $ $ $ A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Provision for income taxes attributable to RE/MAX Holdings, Inc. (a) $ $ $ $ Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b) Provision for income taxes $ $ $ $ (a) The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ approximate 40% share of the taxes imposed directly on RE/MAX, LLC, a wholly-owned subsidiary of RMCO, related to tax liabilities in certain foreign jurisdictions of $316,000 and $351,000 for the three months ended June 30, 2015 and 2014, respectively, and $578,000 and $654,000 for the six months ended June 30, 2015 and 2014, respectively. (b) The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest. Distributions and Other Payments to Non-controlling Unitholders Distributions for Taxes As a limited liability company (treated as a partnership for income tax purposes), RMCO does not incur significant federal, state or local income taxes, as these taxes are primarily the obligations of its members. As authorized by the Fourth Amended and Restated RMCO Limited Liability Company Agreement (the “RMCO, LLC Agreement”), RMCO is generally required to distribute cash on a pro rata basis to its members to the extent necessary to cover each member’s estimated tax liabilities, if any, with respect to their allocable share of RMCO earnings, but only to the extent that any other discretionary distributions from RMCO for the relevant period were otherwise insufficient to enable each member to cover its estimated tax liabilities. RMCO makes such tax distributions to its members based on an estimated tax rate stipulated in the RMCO, LLC Agreement. Upon completion of its tax returns with respect to the prior year, RMCO may make other discretionary true-up distributions to its members, if cash is available for such purposes, with respect to actual taxable income for the prior year. Distributions for taxes paid to or on behalf of non-controlling unitholders under the RMCO, LLC Agreement were $115,000 and $12,221,000 during the six months ended June 30, 2015 and 2014, respectively, and are recorded in “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity and reported in “Distributions paid to non-controlling unitholders” in the accompanying Condensed Consolidated Statements of Cash Flows. Other Distributions Discretionary cash distributions may also be made to non-controlling unitholders based on their ownership percentage in RMCO as determined in accordance with the RMCO, LLC Agreement. The Company expects that future cash distributions will be made to non-controlling unitholders pro rata on a quarterly basis equal to the anticipated dividend payments to the stockholders of the Company’s Class A common stock, or otherwise on a discretionary basis as determined to be necessary or appropriate by the Company. The Company made other distributions to non-controlling unitholders of $3 4,242,000 during the six months ended June 30, 2015, which is recorded in “Non-controlling interest” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity and reported in “Distributions paid to non-controlling unitholders” in the accompanying Condensed Consolidated Statements of Cash Flows. Of this amount, $31,036,000 related to dividend distributions as discussed in Note 4, Earnings Per Share and Dividends , and $3,206,000 was a discretionary distribution paid in connection with the terms of the RMCO, LLC Agreement. During the six months ended June 30, 2014, the Company made other distributions to non-controlling unitholders of $2,216,000 . On August 6, 2015, the Company declared a distribution to non-controlling unitholders of $2,217,000 , which is payable on September 3, 2015. No other distributions were paid to non-controlling unitholders during the six months ended June 30, 2015 and 2014. Payments Pursuant to the Tax Receivable Agreements At the time of the IPO, RE/MAX Holdings entered into separate TRAs with RMCO’s historical owners, RIHI and Weston Presidio V., L.P. (“Weston Presidio”). During the second quarter of 2015, Weston Presidio assigned, transferred and conveyed to Oberndorf Investments LLC (“Oberndorf”) all of its rights, title and interest in and to, and all of its liabilities and obligations under, the TRA dated as of October 7, 2013 by and between RE/MAX Holdings and Weston Presidio. In connection therewith, the Company entered into a joinder to the TRA on May 29, 2015 with Western Presidio and Oberndorf (the “Joinder Agreement”). Neither the assignment and transfer nor the Joinder Agreement impacted the financial position or results of operations and cash flows of the Company. As of June 30, 2015, the Company reflected a liability of $67,418,000 , representing the payments due to RIHI and Oberndorf, under the terms of the TRAs (see current and non-current portion of “Payable pursuant to tax receivable agreements” in the accompanying Condensed Consolidated Balance Sheets). As of June 30, 2015, the Company estimates that amounts payable pursuant to the TRAs within the next 12 month period will be approximately $3,914,000 . To determine the current amount of the payments due to RIHI and Oberndorf, the Company estimated the amount of taxable income that RE/MAX Holdings generated during 2014 and the amount of the specified deductions subject to the TRAs which are expected to be realized by RE/MAX Holdings in its 2014 federal and state tax returns. This amount was then used as a basis for determining the Company’s increase in estimated tax cash savings as a result of such deductions on which a current TRA obligation became due (i.e. payable within 12 months of the Company’s year-end). These calculations are performed pursuant to the terms of the TRAs. No amounts were paid pursuant to the terms of the TRAs during the six months ended June 30, 2015 or 2014. The timing and amount of the payments to be made under the TRAs are subject to certain contingencies, including RE/MAX Holdings having sufficient taxable income to utilize all of the tax benefits defined in the TRAs. If the Company elects to terminate the TRAs early, the Company would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the TRAs, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. Obligations pursuant to the TRAs are obligations of RE/MAX Holdings. They do not impact the non-controlling interest. These obligations are not income tax obligations and have no impact on the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. In general, items of income, gain, loss and deduction are allocated on the basis of the members’ ownership interests pursuant to the RMCO, LLC Agreement after taking into consideration all relevant sections of the Internal Revenue Code.

Earnings Per Share and Dividend

Earnings Per Share and Dividends	6 Months Ended
	Jun. 30, 2015
Earnings Per Share and Dividends
Earnings Per Share and Dividends	4. Earnings Per Share and Dividends Earnings Per Share Basic earnings per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive potential of stock options and restricted stock units. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator Net income attributable to RE/MAX Holdings, Inc. $ $ $ $ Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Add dilutive effect of the following: Stock options Restricted stock units Weighted average shares of Class A common stock outstanding, diluted Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ $ $ $ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ $ $ $ The one share of Class B common stock outstanding does not share in the earnings of RE/MAX Holdings and is therefore not a participating security. Accordingly, basic and diluted net income per share of Class B common stock has not been presented. Dividends The Company’s Board of Directors declared quarterly dividends of $0.125 per share on all outstanding shares of Class A common stock in both the first and second quarters of 2015, or $3,029,000 in total dividends. Of this amount, $1,500,000 was paid on April 8, 2015 and $1,529,000 was paid on June 4, 2015. The Company made corresponding distributions to non-controlling unitholders of $2,217,000 on both April 8, 2015 and June 4, 2015. Additionally, during the six months ended June 30, 2015, the Company’s Board of Directors declared a special dividend of $1.50 per share on all outstanding shares of Class A common stock, or $17,883,000 in total dividends, which along with a corresponding distribution to non-controlling unitholders of $26,602,000 , was paid on April 8, 2015. The Company’s Board of Directors declared quarterly dividends of $0.0625 per share on all outstanding shares of Class A common stock in both the first and second quarters of 2014, or $1,449,000 in total dividends. Of this amount, $725,000 was paid on April 18, 2014 and $724,000 was paid on June 5, 2014. The Company made corresponding distributions to non-controlling unitholders of $1,108,000 on both April 18, 2014 and June 5, 2014. On August 6, 2015, the Company’s Board of Directors declared a quarterly dividend of $0.125 per share on all outstanding shares of Class A common stock, which is payable on September 3, 2015 to shareholders of record at the close of business on August 20, 2015.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2015
Dispositions
Dispositions	5. Dispositions Disposition of RE/MAX Caribbean Islands, Inc. On December 31, 2014, the Company sold substantially all of the assets of its owned and operated regional franchising operations located in the Caribbean and Central America for a net sales price of approximately $100,000 . In connection with the sale of the assets, the Company entered into separate regional franchise agreements effective January 1, 2015 with a term of 20 years with the purchasers, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue. Disposition of RB2B, LLC d/b/a RE/MAX 100 On April 10, 2015, the Company sold certain operating assets and liabilities related to six owned brokerage offices located in the U.S., of RB2B, LLC d/b/a RE/MAX 100 (“RE/MAX 100”), a wholly owned subsidiary of the Company, for a net sales price of $450,000 . The Company recognized a gain on the sale of the assets and the liabilities transferred of $615,000 during the second quarter of 2015, which is reflected in “Gain on sale or disposition of assets, net” in the accompanying Condensed Consolidated Statements of Income. In connection with this sale, the Company transferred separate office franchise agreements to the purchaser, under which the Company will receive ongoing monthly continuing franchise fees, broker fees and franchise sales revenue. The financial position and results of operations of RE/MAX 100 were entirely attributable to the Company’s Brokerages reportable segment.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Jun. 30, 2015
Intangible Assets and Goodwill
Intangible Assets and Goodwill	6. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands): Initial Weighted June 30, 2015 December 31, 2014 Average Initial Accumulated Net Initial Accumulated Net Amortization Cost Amortization Balance Cost Amortization Balance Franchise agreements $ $ $ $ $ $ Other intangible assets: Software (a) $ $ $ $ $ $ Trademarks Total other intangible assets $ $ $ $ $ $ (a) As of June 30, 2015 and December 31, 2014, capitalized software development costs of $1,868,000 and $857,000 , respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization. Amortization expense for the three months en ded June 30, 2015 and 2014 was $3,549,000 and $3,562,000 , respectively. Amortization expense for the six months en ded June 30, 2015 and 2014 was $7,098,000 and $7,138,000 , respectively. The estimated future amortization of intangible assets, other than goodwill, is as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $ Amounts recorded as goodwill in the accompanying Condensed Consolidated Balance Sheets are attributable to the Company’s Real Estate Franchise Services reportable segment. During 2014, the Company performed its annual assessment of goodwill and the fair values of the Company’s reporting units significantly exceeded their respective carrying values. No interim indicators of impairment have been identified. The following table presents changes to goodwill for the six months ended June 30, 2015 (in thousands): Balance, January 1, 2015 $ Effect of changes in foreign currency exchange rates Balance, June 30, 2015 $

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2015
Accrued Liabilities
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, 2015 2014 Accrued payroll and related employee costs $ $ Accrued property taxes Accrued professional fees Lease-related accruals Other $ $

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt
Debt	8. Debt Debt consists of the following (in thousands): June 30, December 31, 2015 2014 2013 Senior Secured Credit Facility, principal of $520 payable quarterly, matures in July 2020, net of unamortized discount of $827 and $360 as of June 30, 2015 and December 31, 2014, respectively $ $ Less current portion $ $ Maturities of debt are as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $ On July 31, 2013, the Company entered into a new credit agreement with several lenders and administered by a bank, referred to herein as the “2013 Senior Secured Credit Facility.” The 2013 Senior Secured Credit Facility consists of a $230,000,000 term loan facility and a $10,000,000 revolving loan facility. The proceeds provided by the term loan facility were used to refinance and repay existing indebtedness and for working capital, capital expenditures and general corporate purposes. On March 11, 2015, the 2013 Senior Secured Credit Facility was amended, providing for an increase to the maximum applicable margin for both London Interbank Offered Rate (“LIBOR”) and Alternate Base Rate (“ABR”) loans by 0.25% , and a modification of certain liquidity covenants in order to increase the amounts the Company may distribute in the form of dividends to its non-controlling unitholders and stockholders of its Class A common stock, referred to herein as the “First Amendment.” Interest rates with respect to the amended term loan facility and revolving loan facility are based, at the Company’s option, on (a) adjusted LIBOR, provided that LIBOR shall be no less than 1% plus a maximum applicable margin of 3.25% or (b) ABR, provided that ABR shall be no less than 2% , which is equal to the greater of (1) JPMorgan Chase Bank, N.A.’s prime rate; (2) the Federal Funds Effective Rate plus 0.5% or (3) calculated Eurodollar Rate for a one month interest period plus 1% , plus a maximum applicable margin of 2.25% . The applicable margin is subject to quarterly adjustments based on the Company’s total leverage ratio as defined in the 2013 Senior Secured Credit Facility. In connection with the First Amendment, the Company incurred costs of $1,086,000 , of which $555,000 was recorded as an unamortized debt discount and are being amortized over the remaining term of the 2013 Senior Secured Credit Facility and the remaining $531,000 was expensed as incurred. The Company is required to make principal payments out of excess cash flow, as defined in the 2013 Senior Secured Credit Facility, as well as from the proceeds of certain asset sales, proceeds from the issuance of indebtedness and from insurance recoveries. The Company made an excess cash flow prepayment of $7,320,000 on March 26, 2015. As of June 30, 2015, mandatory principal payments of approximately $520,000 are due quarterly until the facility matures on July 31, 2020 and will be reduced pro rata by the amount of any excess cash flow principal prepayments made. During the six months ended June 30, 2014, the Company made an excess cash flow prepayment of $14,627,000 . The Company accounted for the mandatory principal excess cash flow prepayments as early extinguishments of debt and recorded a loss of $94,000 during the six months ended June 30, 2015 and a loss of $178,000 during the three and six months ended June 30, 2014 related to unamortized debt discount and issuance costs. The Company may make optional prepayments on the term loan facility at any time; however, no such optional prepayments were made during the six months ended June 30, 2015 or 2014. The estimated fair value of the Company’s debt as of June 30, 2015 and December 31, 2014 represents the amount that would be paid to transfer or redeem the debt in an orderly transaction between market participants at those dates and maximizes the use of observable inputs. The fair value of the Company’s debt was estimated using a market approach based on the amount at the measurement date that the Company would pay to enter into the identical liability, since quoted prices for the Company’s debt instruments are not available. As a result, the Company has classified the fair value of the 2013 Senior Secured Credit Facility as Level 2 of the fair value hierarchy. The carrying amounts of the 2013 Senior Secured Credit Facility are included in the accompanying Condensed Consolidated Balance Sheets in “Current portion of debt” and “Debt, net of current portion.” The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of June 30, 2015 and December 31, 2014 (in thousands): June 30, December 31, 2015 2014 Carrying amounts Estimated fair value Carrying amounts Estimated fair value 2013 Senior Secured Credit Facility $ $ $ $ The Company had no borrowings drawn on the revolving loan facility during the six months ended June 30, 2015 or 2014 and had $10,000,000 available under the revolving loan facility as of June 30, 2015. The Company must pay a quarterly commitment fee equal to 0.5% on the average daily amount of the unused portion of the revolving loan facility.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	9. Income Taxes RE/MAX Holdings is subject to U.S. federal and state income taxation on its allocable portion of the income of RMCO. The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three and six months ended June 30, 2015 and 2014 is based on an estimate of the Company’s annualized effective income tax rate. The Company’s effective tax rate includes a rate benefit attributable to the fact that the Company’s subsidiaries operate as a series of limited liability companies which are not themselves subject to federal income tax. Accordingly, the portion of the Company’s subsidiaries earnings attributable to the non-controlling interest are subject to tax when reported as a component of the non-controlling interests’ taxable income. The “Provision for income taxes” is comprised of a provision for income taxes attributable to RE/MAX Holdings and to entities other than RE/MAX Holdings. The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes and RE/MAX Holdings’ approximate 40% share of taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions. The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. As of June 30, 2015, the Company does not believe it has any significant uncertain tax positions.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Equity-Based Compensation
Equity-Based Compensation	10. Equity-Based Compensation On September 30, 2013, the Company’s Board of Directors adopted the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) that provides for the grant of incentive stock options to the Company’s employees, and for the grant of shares of RE/MAX Holdings’ Class A common stock, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and any combination thereof to employees, directors and consultants of the Company. On June 24, 2015, RE/MAX Holdings granted 2,941 shares of RE/MAX Holdings’ Class A common stock to an employee at a grant-date fair value of $34.01 . Of this amount, 940 shares were withheld and cancelled to cover the Company’s minimum statutory tax withholding obligation. On March 11, 2015, RE/MAX Holdings granted an aggregate of 74,893 restricted stock units at a value of $32.45 per unit to certain employees, which vest over a three -year period beginning on April 1, 2016, and an aggregate of 10,787 restricted stock units at a value of $32.45 per unit to its directors, excluding David Liniger, the Company’s Chief Executive Officer, Chairman and Co-Founder, and Gail Liniger, the Company’s Vice Chair and Co-Founder , which vest on April 1, 2016. The grant-date fair value of $32.45 per unit equaled the closing price of RE/MAX Holdings’ Class A common stock on March 11, 2015. For the three and six months ended June 30, 2015, the Company recognized equity-based compensation expense of $526,000 and $668,000 , respectively, in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income resulting from the shares of RE/MAX Holdings’ Class A common stock granted on June 24, 2015 and restricted stock units that were granted on March 11, 2015 and October 7, 2013. For the three and six months ended June 30, 2014, the Company recognized equity-based compensation expense of $74,000 and $332,000 , respectively, in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income resulting from restricted stock units that were granted on October 7, 2013. The following table summarizes equity-based compensation activity related to restricted stock units and stock options as of and for the six months ended June 30, 2015: Restricted Stock Stock Units Options Balance, January 1, 2015 Granted — Exercised (a) — Forfeited — Cancelled — — Balance, June 30, 2015 As of June 30, 2015 Vested — Unvested (b) — (a) Cash received from stock option exercises for the six months ended June 30, 2015 was $2,013,000 . The Company recorded a corporate income tax benefit relating to the options exercised during the six months ended June 30, 2015 of $2,361,000 in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity. (a) In connection with a retirement agreement entered into with the Company’s President Emeritus as described in Note 11, Leadership Changes and Restructuring Activities , 7,576 unvested restricted stock units granted in October 2013 are expected to vest in August 2015 on an accelerated timeline. As such, incremental equity-based compensation expense of $107,000 was recognized during three and six months ended June 30, 2015. At June 30, 2015, there were 1,928,282 additional shares available for the Company to grant under the 2013 Incentive Plan.

Leadership Changes and Restruct

Leadership Changes and Restructuring Activities	6 Months Ended
	Jun. 30, 2015
Leadership Changes and Restructuring Activities
Leadership Changes and Restructuring Activities	11. Leadership Changes and Restructuring Activities The Company’s former Chief Executive Officer retired on December 31, 2014 and pursuant to the terms of the Separation and Release of Claims Agreement (the “Separation Agreement”), the Company is required to provide severance and other related benefits over a 36 month period, beginning on December 31, 2014. The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Separation Agreement, with a corresponding charge of $3,545,000 in 2014. As of June 30, 2015 and December 31, 2014, the short-ter m portion of the liability was $640,000 and $500,000 , respectively, and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014, the long-ter m portion of the liability was $1,151,000 and $1,488,000 , respectively, and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. Subsequent to the retirement of the Company’s former Chief Executive Officer, the Company undertook a realignment of various personnel resources. In addition, on May 4, 2015, the Company’s President Emeritus entered into a retirement agreement with the Company (the “Retirement Agreement”) pursuant to which he will retire on August 19, 2015. Subject to the terms of the Retirement Agreement, the Company is required to provide retirement benefits over a 24 month period, beginning on September 1, 2015. The Company recorded a liability, measured at its estimated fair value, for payments that will be made under the Retirement Agreement, with a corresponding charge to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The Company expects to incur a total cost of $877,000 , including $216,000 of equity-based compensation expense. Of the total expected cost, $434,000 was recorded during the three and six months ended June 30, 2015. As of June 30, 2015, the short-term portion of the liability was $206,000 and is included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and the long-term portion of the liability was $294,000 and is included in “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. Furthermore, the Company incurred severance and other related expenses of $154,000 and $605,000 during the three and six months ended June 30, 2015, respectively, which is included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In addition, management of the Company approved and implemented a restructuring plan during the fourth quarter of 2014 designed to improve operating efficiencies, which reduced the Company’s overall headcount at its corporate headquarters (the “Restructuring Plan”). In connection with the Restructuring Plan, the Company incurred $1,303,000 of expenses in 2014 related to severance and outplacement services provided to certain former employees of the Company. The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs, which are entirely attributable to the Company’s Real Estate Franchise Services reportable segment, from January 1, 2015 to June 30, 2015 (in thousands): Balance, January 1, 2015 $ Additional severance and other related expenses Accretion Cash payments Non-cash adjustment (a) Balance, June 30, 2015 $ (a) Non-cash adjustment represents the non-cash equity-based compensation expense recorded during the three and six months ended June 30, 2015 for the expected vesting of certain restricted stock units in August 2015 pursuant to the terms of the Retirement Agreement. See also Note 10, Equity-Based Compensation .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure
Commitments and Contingencies	12. Commitments and Contingencies Commitments The Company leases offices and equipment under non-cancelable operating leases, subject to certain provisions for renewal options and escalation clauses. Contingencies In connection with the sale of RE/MAX 100 on April 10, 2015 as described in Note 5, Dispositions , the Company entered into an Assignment and Assumption of Leases Agreement (the “Assignment Agreement”) pursuant to which the Company assigned its obligations under and rights, title and interest in six leases to the purchaser. For certain leases, the Company remains secondarily liable for future lease payments over approximately the next 36 month period under the respective lease agreements and accordingly, as of June 30, 2015, the Company has outstanding lease guarantees of $1,479,000 . This amount represents the present value of the maximum potential liability of future payments under the respective lease guarantees. In the event of default by the purchaser, the indemnity and default clauses in the Assignment Agreement govern the Company’s ability to pursue and recover damages incurred, if any, against the purchaser. As of June 30, 2015, the likelihood of default by the purchaser on the Assignment Agreement was deemed to be less than probable and as such, the Company did not record a liability in the accompanying Condensed Consolidated Balance Sheets nor a related charge in the accompanying Condensed Consolidated Statements of Income during the three and six months ended June 30, 2015. Litigation The Company is subject to litigation claims arising in the ordinary course of business. The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries and any insurance recoveries are recorded in “Accounts and notes receivable, current portion” in the accompanying Condensed Consolidated Balance Sheets with a corresponding reduction to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. In connection with the Company’s acquisition of the net assets of HBN on October 7, 2013, several shareholders of HBN dissented from the transaction alleging the Company purchased the net assets of HBN below fair value and demanded payment for their shares in excess of consideration paid. Pursuant to the dissenters’ rights statute in the State of Colorado, on February 11, 2014, HBN petitioned the District Court of Denver County, Colorado (the “Court”) to determine the fair value of HBN. Based on both the plaintiff’s and the defendants’ expert valuation reports prepared in connection with the case, the Company believed that the potential impact to its financial position and results of operations could range from $26,000 to approximately $2,656,000 . A trial occurred between April 14, 2015 and April 17, 2015. HBN vigorously defended its position that the consideration paid for the net assets of HBN materially approximated fair value. To date, the Court has not rendered a decision. However, based upon the results of trial testimonies and the contents of post-trial briefs that have been delivered, the Company determined that the low end of the range that could impact the Company’s financial position and results of operations was $115,00 0 . Since no amount within the range of potential impact is a better estimate than any other amount, the Company recorded an accrual and corresponding charge of $89,000 in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income during the three and six months ended June 30, 2015 in addition to the previously recorded amount of $26,000 . Except for the ongoing litigation concerning the acquisition of the net assets of HBN, management of the Company believes other such litigation matters involving a reasonably possible chance of loss will not, individually or in the aggregate, result in a material adverse effect on the Company's financial condition, results of operations and cash flows.

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2015
Guarantees
Guarantees	13. Guarantees In May 2015, the Company entered into a guarantee of the full and prompt payment and performance when due of all obligations due to a financial institution under a commercial line-of-credit agreement and note entered into by the Company’s equity-method investee, a residential mortgage operation in which the Company has a 50% interest. The term of the line-of-credit agreement is 13 months and the total amount of advances requested and unpaid principal balance cannot exceed $15,000,000 . The line of credit bears interest at the financial institution’s base rate. The Company had entered into a similar guarantee during May 2014, which expired as of May 2015. The outstanding balance on the li ne of credit was approximately $10,751,000 and $4,548,000 as of June 30, 2015 and December 31, 2014, respectively. The Company did not incur any payments under this guarantee during the six months ended June 30, 2015, or in any prior periods, and does not anticipate that it will incur any payments through the duration of the guarantee.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions
Related-Party Transactions	14. Related-Party Transactions The Company’s real estate brokerage operations pay advertising fees to regional and national advertising funds, which promote the RE/MAX brand. These advertising funds are corporations owned by a majority stockholder of RIHI, who is also the Company’s Chief Executive Officer, Chairman and Co-Founder, as trustee for RE/MAX agents, who does not receive any compensation from these corporations, as all funds received by the corporations are required to be spent on advertising for the respective regions. During the three months ended June 30, 2015 and 2014, the Company’s real es tate brokerage operations paid $213,000 and $288,000 , respectively, to these advertising funds. During the six months ended June 30, 2015 and 2014, the Company’s real es tate brokerage operations paid $495,000 and $571,000 , respectively, to these advertising funds. These payments are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. Prior to October 7, 2013, the Company’s real estate brokerage operations in the Washington, D.C. area paid regional continuing franchise fees, broker fees and franchise sales revenue, as do all other RE/MAX franchisees in the Central Atlantic region, to Tails. Several of the Company’s officers and stockholders of RIHI were also stockholders and officers of Tails, and as such, prior to October 7, 2013, Tails was a related party to the Company. As described in Note 1, Business and Organization , a portion of the proceeds raised during the IPO was used to purchase certain assets of Tails. In addition, the Company’s owned real estate brokerage operations in the Washington, D.C. area recorded a payable to Tails’ affiliated regional advertising fund. As of June 30, 2015 and December 31, 2014, the amount of the payable was $1,102,000 and $1,031,000 , respectively, and is included in “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets. The majority stockholders of RIHI, including the Company’s current Chief Executive Officer, have made and continue to make a golf course they own available to the Company for business purposes. During the six months ended June 30, 2015 and 2014, the Company used the golf course for business purposes at no charge. The Company also provides services to certain affiliated entities such as accounting, legal, marketing, technology, human resources and public relations services as it allows these companies to share its leased office space. During the three months ended June 30, 2015 and 2014, the total amounts allocated for services rendered and rent for office space provided on beha lf of affiliated entities were $431,000 and $550,000 , respectively. During the six months ended June 30, 2015 and 2014, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $847,000 and $1,112,000 , respectively. Such amounts are generally paid within 30 days and no such amounts were outstanding at June 30, 2015 or December 31, 2014. The components of the Company’s “Accounts receivable from affiliates” and “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets consists of the following (in thousands): June 30, December 31, 2015 2014 Accounts receivable from affiliates: RE/MAX of Texas Advertising Fund $ — $ Other — Total accounts receivable from affiliates — Accounts payable to affiliates: Central Atlantic Region Advertising Fund Other Total accounts payable to affiliates Net accounts payable to affiliates $ $

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting
Segment Information	15. Segment Information The Company has two reportable segments: Real Estate Franchise Services and Brokerages. Management evaluates the operating results of its reportable segments based upon revenue and adjusted earnings before interest, the provision for income taxes, depreciation and amortization and other non-cash and non-recurring cash charges or other items (“Adjusted EBITDA”). The Company’s presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies. The accounting policies of the reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies . As a result of changes in management’s process to assess performance and allocate resources, the Company implemented a new segment structure beginning in the second quarter of 2014. The changes in the Company’s segment structure relate to certain corporate-wide professional services expenses, which were previously reflected in the Brokerage and Other reportable segment and, beginning in the second quarter of 2014, are being reflected in the Real Estate Franchise Services reportable segment. Adjusted EBITDA for the reportable segments excludes depreciation, amortization, interest expense, net and the provision for income taxes and is then adjusted for other non-cash and non-recurring cash charges or other items. Adjusted EBITDA for the reportable segments is also a key factor that is used by the Company’s internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of management for purposes of annual and other incentive compensation plans. The additional items that are adjusted to determine Adjusted EBITDA for the reportable segments include loss or gain on the sale or disposition of assets and sublease, loss on early extinguishment of debt, non-cash straight-line rent expense, non-recurring severance and other related expenses and acquisition integration and professional fees expense. The Company’s Real Estate Franchise Services reportable segment comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name, intersegment revenue from the Company’s owned brokerages and the Company’s corporate-wide professional services expenses. All of the Company’s brokerage offices in its Real Estate Franchise Services reportable segment are franchised. The Company’s Brokerages reportable segment includes the Company’s brokerage services business and reflects the elimination of intersegment revenue and other consolidation entries. The following tables present the revenue and Adjusted EBITDA results of the Company’s reportable segments for the three and six months ended June 30, 2015 and 2014: Revenue (a) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services $ $ $ $ Brokerages Consolidated revenue $ $ $ $ (a) Transactions between the Real Estate Franchise Services and the Brokerages reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services reportable segment include intersegment amounts paid from the Company’s brokerage services business of $361,000 and $463,000 for the three months ended June 30, 2015 and 2014, respectively, and $793,000 and $885,000 for the six months ended June 30, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment. Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense Adjusted EBITDA $ $ $ $ Brokerages: Net income (loss) $ $ $ $ Depreciation and amortization Interest expense Interest income — — — — Provision (benefit) for income taxes EBITDA (Gain) loss on sale or disposition of assets and sublease Non-cash straight-line rent expense Adjusted EBITDA $ $ $ $ Consolidated: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense Adjusted EBITDA $ $ $ $ As described in Note 5, Dispositions , the Company sold certain operating assets and liabilities related to six owned brokerage offices on April 10, 2015 attributable to the Brokerages reportable segment and therefore, the related assets sold are not reflected in total assets as of June 30, 2015 in the accompanying Condensed Consolidated Balance Sheets. Total segment assets are as follows: June 30, December 31, 2015 2014 (in thousands) Total assets: Real Estate Franchise Services $ $ Brokerages $ $

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and comprise the condensed consolidated financial statements of the Company and have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements are presented on a consolidated basis and include the accounts of RE/MAX Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of June 30, 2015 and December 31, 2014, the results of its operations for the three and six months ended June 30, 2015 and 2014, changes in its stockholders’ equity for the six months ended June 30, 2015 and results of its cash flows for the six months ended June 30, 2015 and 2014. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Use of Estimates	Use of Estimates 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 condensed 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 trade accounts and notes receivable, the determination of the estimated lives of intangible assets, the estimates for amounts accrued for litigation matters, 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 (“TRAs”) discussed in more detail in Note 3, Non-controlling Interest . Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation RE/MAX Holdings holds an approximate 40% economic interest in RMCO, but as its managing member, RE/MAX Holdings controls RMCO’s operations, management and activities. As a result, RE/MAX Holdings consolidates RMCO and records a non-controlling interest in the accompanying Condensed Consolidated Balance Sheets and records net income attributable to the non-controlling interest and comprehensive income attributable to the non-controlling interest in the accompanying Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company meets the definition of an emerging growth company. The Company has irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In June 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-10, Technical Corrections and Improvements , which both clarifies and simplifies content in the FASB Accounting Standards Codification and corrects unintended application of U.S. GAAP. ASU 2015-10 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance on fees paid in a cloud computing arrangement and clarifies the accounting for a software license element of a cloud computing arrangement. ASU 2015-05 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The standard permits the use of either the retrospective or prospective transition method. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires an entity to present debt issuance costs related to a debt liability as a direct deduction from the debt liability rather than as an asset. ASU 2015-03 is effective retrospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. The adoption of this standard is expected to impact the presentation of certain financial statement line items within the Company’s consolidated balance sheets and related disclosures, but will not affect the Company’s consolidated results of operations. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by one year and permitted early adoption of the standard, but not before the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the standard on its consolidated financial statements and related disclosures. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . ASU 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also provides guidance on the financial statement presentation and disclosures of discontinued operations. ASU 2014-08 became effective prospectively for the Company on January 1, 2015 and a sale that occurred during the second quarter of 2015 did not qualify as a discontinued operation. See Note 5, Dispositions , for additional information.
Critical Accounting Judgments and Estimates	Critical Accounting Judgments and Estimates There have been no changes in the Company’s critical accounting judgments and estimates from those that were disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The Company believes that the disclosures herein are adequate so that the information presented is not misleading.

Non-controlling Interest (Table

Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest
Summary of Ownership of the Common Units	June 30, December 31, 2015 2014 Shares Ownership % Shares Ownership % Non-controlling unitholders ownership of common units in RMCO % % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) % % Total common units in RMCO % %
Summary of Reconciliation from Income Before Provision for Income Taxes to Net Income	The aforementioned ownership percentages are used to calculate the net income attributable to RE/MAX Holdings. A reconciliation from “Income before provision for income taxes” to “Net income attributable to RE/MAX Holdings, Inc.” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except percentages): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income before provision for income taxes $ $ $ $ Weighted average ownership percentage of controlling interest % % % % Income before provision for income taxes attributable to RE/MAX Holdings, Inc. Provision for income taxes attributable to RE/MAX Holdings, Inc. Net income attributable to RE/MAX Holdings, Inc. $ $ $ $
Summary of Reconciliation of Provision for Income Taxes	A reconciliation of the “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Provision for income taxes attributable to RE/MAX Holdings, Inc. (a) $ $ $ $ Provision for income taxes attributable to entities other than RE/MAX Holdings, Inc. (b) Provision for income taxes $ $ $ $ (a) The provision for income taxes attributable to RE/MAX Holdings includes all U.S. federal and state income taxes as well as RE/MAX Holdings’ approximate 40% share of the taxes imposed directly on RE/MAX, LLC, a wholly-owned subsidiary of RMCO, related to tax liabilities in certain foreign jurisdictions of $316,000 and $351,000 for the three months ended June 30, 2015 and 2014, respectively, and $578,000 and $654,000 for the six months ended June 30, 2015 and 2014, respectively. (b) The provision for income taxes attributable to entities other than RE/MAX Holdings represents taxes imposed directly on RE/MAX, LLC related to tax liabilities in certain foreign jurisdictions that are allocated to the non-controlling interest.

Earnings Per Share and Divide25

Earnings Per Share and Dividends (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share and Dividends
Reconciliation of Numerator and Denominator used in Basic and Diluted EPS Calculations	The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except share and per share information): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator Net income attributable to RE/MAX Holdings, Inc. $ $ $ $ Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding Add dilutive effect of the following: Stock options Restricted stock units Weighted average shares of Class A common stock outstanding, diluted Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ $ $ $ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ $ $ $

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2015
Intangible Assets and Goodwill
Schedule of components of intangible assets	The following table provides the components of the Company’s intangible assets, other than goodwill (in thousands): Initial Weighted June 30, 2015 December 31, 2014 Average Initial Accumulated Net Initial Accumulated Net Amortization Cost Amortization Balance Cost Amortization Balance Franchise agreements $ $ $ $ $ $ Other intangible assets: Software (a) $ $ $ $ $ $ Trademarks Total other intangible assets $ $ $ $ $ $ (a) As of June 30, 2015 and December 31, 2014, capitalized software development costs of $1,868,000 and $857,000 , respectively, were recorded in “Other intangible assets” in the accompanying Condensed Consolidated Balance Sheets. As of these dates, the associated information technology infrastructure projects were not complete and ready for their intended use and thus were not subject to amortization.
Schedule of estimated future amortization of intangible assets, other than goodwill	The estimated future amortization of intangible assets, other than goodwill, is as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $
Schedule of changes to goodwill	The following table presents changes to goodwill for the six months ended June 30, 2015 (in thousands): Balance, January 1, 2015 $ Effect of changes in foreign currency exchange rates Balance, June 30, 2015 $

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Accrued Liabilities
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, 2015 2014 Accrued payroll and related employee costs $ $ Accrued property taxes Accrued professional fees Lease-related accruals Other $ $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt
Schedule of debt	Debt consists of the following (in thousands): June 30, December 31, 2015 2014 2013 Senior Secured Credit Facility, principal of $520 payable quarterly, matures in July 2020, net of unamortized discount of $827 and $360 as of June 30, 2015 and December 31, 2014, respectively $ $ Less current portion $ $
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): Year ending December 31: Remainder of 2015 $ 2016 2017 2018 2019 Thereafter $
Summary of carrying value and fair value of debt	The following table summarizes the carrying value and fair value of the 2013 Senior Secured Credit Facility as of June 30, 2015 and December 31, 2014 (in thousands): June 30, December 31, 2015 2014 Carrying amounts Estimated fair value Carrying amounts Estimated fair value 2013 Senior Secured Credit Facility $ $ $ $

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Equity-Based Compensation
Summary of Equity-Based Compensation Activity	The following table summarizes equity-based compensation activity related to restricted stock units and stock options as of and for the six months ended June 30, 2015: Restricted Stock Stock Units Options Balance, January 1, 2015 Granted — Exercised (a) — Forfeited — Cancelled — — Balance, June 30, 2015 As of June 30, 2015 Vested — Unvested (b) — (a) Cash received from stock option exercises for the six months ended June 30, 2015 was $2,013,000 . The Company recorded a corporate income tax benefit relating to the options exercised during the six months ended June 30, 2015 of $2,361,000 in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity. (a) In connection with a retirement agreement entered into with the Company’s President Emeritus as described in Note 11, Leadership Changes and Restructuring Activities , 7,576 unvested restricted stock units granted in October 2013 are expected to vest in August 2015 on an accelerated timeline. As such, incremental equity-based compensation expense of $107,000 was recognized during three and six months ended June 30, 2015.

Leadership Changes and Restru30

Leadership Changes and Restructuring Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Leadership Changes and Restructuring Activities
Summary of Estimated Fair Value Liability Established for the Aforementioned Severance and Other Related Costs	The following table presents a rollforward of the estimated fair value liability established for the aforementioned severance and other related costs, which are entirely attributable to the Company’s Real Estate Franchise Services reportable segment, from January 1, 2015 to June 30, 2015 (in thousands): Balance, January 1, 2015 $ Additional severance and other related expenses Accretion Cash payments Non-cash adjustment (a) Balance, June 30, 2015 $ (a) Non-cash adjustment represents the non-cash equity-based compensation expense recorded during the three and six months ended June 30, 2015 for the expected vesting of certain restricted stock units in August 2015 pursuant to the terms of the Retirement Agreement. See also Note 10, Equity-Based Compensation .

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions
Table of the Company’s accounts receivable from affiliates and accounts payable to affiliates	The components of the Company’s “Accounts receivable from affiliates” and “Accounts payable to affiliates” in the accompanying Condensed Consolidated Balance Sheets consists of the following (in thousands): June 30, December 31, 2015 2014 Accounts receivable from affiliates: RE/MAX of Texas Advertising Fund $ — $ Other — Total accounts receivable from affiliates — Accounts payable to affiliates: Central Atlantic Region Advertising Fund Other Total accounts payable to affiliates Net accounts payable to affiliates $ $

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting
Schedule of Revenue of the Company's Reportable Segments	Revenue (a) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services $ $ $ $ Brokerages Consolidated revenue $ $ $ $ (a) Transactions between the Real Estate Franchise Services and the Brokerages reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services reportable segment include intersegment amounts paid from the Company’s brokerage services business of $361,000 and $463,000 for the three months ended June 30, 2015 and 2014, respectively, and $793,000 and $885,000 for the six months ended June 30, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment.
Schedule of Adjusted EBITDA of the Company's Reportable Segments	Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) Real Estate Franchise Services: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense Adjusted EBITDA $ $ $ $ Brokerages: Net income (loss) $ $ $ $ Depreciation and amortization Interest expense Interest income — — — — Provision (benefit) for income taxes EBITDA (Gain) loss on sale or disposition of assets and sublease Non-cash straight-line rent expense Adjusted EBITDA $ $ $ $ Consolidated: Net income $ $ $ $ Depreciation and amortization Interest expense Interest income Provision for income taxes EBITDA Gain on sale or disposition of assets and sublease Loss on early extinguishment of debt — Non-cash straight-line rent expense Non-recurring severance and other related expenses — — Acquisition integration and professional fees expense Adjusted EBITDA $ $ $ $
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	June 30, December 31, 2015 2014 (in thousands) Total assets: Real Estate Franchise Services $ $ Brokerages $ $

Business and Organization (Deta

Business and Organization (Detail) - $ / shares	Oct. 07, 2013	Jun. 30, 2015
RMCO, LLC
IPO of RE/Max and ownership of RMCO
Minority economic interest in RMCO (as a percent)	39.56%	41.01%
Class A common stock | IPO
IPO of RE/Max and ownership of RMCO
Common stock issued at initial public offering	11,500,000
Common stock at public offering price per share	$ 22

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details)	Jun. 30, 2015	Oct. 07, 2013
RMCO, LLC
Significant Accounting Policies [Line Items]
Minority economic interest in RMCO (as a percent)	41.01%	39.56%

Non-controlling Interest - Narr

Non-controlling Interest - Narrative (Details) - USD ($)	1 Months Ended		6 Months Ended
	Sep. 30, 2015	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Exercise of stock options, Shares			559,068
Other distributions, non-controlling unitholders		$ 34,242,000	$ 0	$ 2,216,000
Other distributions, non-controlling unitholders, dividends			31,036,000
Other distributions, non-controlling unitholders, discretionary			3,206,000
Distributions for taxes, non-controlling unitholders			115,000	12,221,000
Liability representing the payments due pursuant to tax receivable agreements			67,418,000
Current portion of payable pursuant to tax receivable agreements			3,914,000		$ 3,914,000
Amounts paid pursuant to Tax Receivable Agreements (TRAs)			$ 0	$ 0
Quarterly distribution | Subsequent Event
Significant Accounting Policies [Line Items]
Distributions declared to non-controlling unitholders	$ 2,217,000
RMCO, LLC
Significant Accounting Policies [Line Items]
Minority economic interest in RMCO (as a percent)			41.01%		39.89%
Non-controlling unitholders ownership of common units in RMCO as a percentage			58.99%		60.11%
RMCO, LLC | RIHI Member
Significant Accounting Policies [Line Items]
Non-controlling unitholders ownership of common units in RMCO as a percentage			58.99%		60.11%
Class A common stock
Significant Accounting Policies [Line Items]
Exercise of stock options, Shares			559,068
Stock granted, net, shares			2,001

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Jun. 30, 2015	Dec. 31, 2014
Shares [Abstract]
Non-controlling unitholders ownership of common units in RMCO	17,734,600	17,734,600
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	12,329,110	11,768,041
Total number of common stock units	30,063,710	29,502,641
Ownership Percentage [Abstract]
Non-controlling unitholders ownership of common units in RMCO as a percentage	58.99%	60.11%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	41.01%	39.89%
Total percentage of common stock units	100.00%	100.00%

Non-controlling Interest - Net

Non-controlling Interest - Net income reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling Interest
Income before provision for income taxes	$ 19,515	$ 17,638	$ 30,793	$ 27,321
Weighted average ownership percentage of controlling interest	40.81%	39.53%	40.40%	39.55%
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ 7,964	$ 6,972	$ 12,440	$ 10,805
Provision for income taxes attributable to RE/MAX Holdings, Inc.	(2,994)	(2,595)	(4,752)	(4,017)
Net income attributable to RE/MAX Holdings, Inc.	$ 4,970	$ 4,377	$ 7,688	$ 6,788

Non-controlling Interest - Prov

Non-controlling Interest - Provision for income taxes reconciliation (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Minority Interest [Line Items]
Provision for income taxes attributable to RE/MAX Holdings, Inc.	$ (2,994,000)		$ (2,595,000)		$ (4,752,000)	$ (4,017,000)
Provision for income taxes attributable to noncontrolling interest	(463,000)		(534,000)		(853,000)	(997,000)
Provision for income tax expense	$ (3,457,000)		$ (3,129,000)		(5,605,000)	(5,014,000)
Certain foreign jurisdictions
Minority Interest [Line Items]
Provision for income tax expense		$ (316,000)		$ (351,000)	$ (578,000)	$ (654,000)
RE/MAX, LLC
Minority Interest [Line Items]
Controlling interest ownership percentage					40.00%

Earnings Per Share and Divide39

Earnings Per Share and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 4,970	$ 4,377	$ 7,688	$ 6,788
Class A common stock
Denominator for basic net income per share of Class A common stock
Weighted average shares outstanding, basic	12,225,678	11,593,885	12,022,769	11,600,889
Denominator for diluted net income per share of Class A common stock
Basic	12,225,678	11,593,885	12,022,769	11,600,889
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	12,399,527	12,230,014	12,346,834	12,238,189
Net income attributable to RE/MAX Holdings, Inc. per share
Basic	$ 0.41	$ 0.38	$ 0.64	$ 0.59
Diluted	$ 0.40	$ 0.36	$ 0.62	$ 0.55
Employee Stock Option | Class A common stock
Add dilutive effect of the following:
Dilutive effect	146,638	587,906	301,928	590,953
Restricted Stock Units (RSUs) | Class A common stock
Add dilutive effect of the following:
Dilutive effect	27,211	48,223	22,137	46,347

Earnings Per Share and Divide40

Earnings Per Share and Dividends (Details 2) - USD ($)	Aug. 06, 2015	Jun. 04, 2015	Apr. 08, 2015	Jun. 05, 2014	Apr. 18, 2014	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders									$ 20,912,000
Cash dividends declared per share							$ 0.1250	$ 0.0625	$ 1.7500	$ 0.1250
Quarterly dividend | Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders		$ 1,529,000	$ 1,500,000	$ 724,000	$ 725,000				$ 3,029,000	$ 1,449,000
Cash dividends declared per share	$ 0.125								$ 0.125	$ 0.0625
Distributions declared to non-controlling unitholders		$ 2,217,000	$ 2,217,000	$ 1,108,000	$ 1,108,000
Special dividend | Class A common stock
Dividends Payable [Line Items]
Dividends to Class A common stockholders									$ 17,883,000
Cash dividends declared per share									$ 1.50
Distributions declared to non-controlling unitholders									$ 26,602,000
Subsequent Event | Quarterly distribution
Dividends Payable [Line Items]
Distributions declared to non-controlling unitholders						$ 2,217,000

Dispositions - Additional Infor

Dispositions - Additional Information (Details)	Apr. 10, 2015USD ($)facility	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Dispositions
Gain on sale or disposition of assets		$ 617,000	$ 615,000	$ 1,000
RE/MAX Caribbean Islands, Inc.
Dispositions
Term of regional franchise agreements					20 years
RE/MAX Caribbean Islands, Inc. | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions
Sales price					$ 100,000
RE/MAX 100 | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Dispositions
Sales price	$ 450,000
Number of Company-owned brokerage offices sold (in offices) | facility	6
Gain on sale or disposition of assets		$ 615,000

Intangible Assets and Goodwil42

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 162,761,000	$ 162,835,000
Accumulated Amortization	(94,039,000)	(87,330,000)
Net Balance	$ 68,722,000	75,505,000
Franchise agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	12 years
Other intangible assets
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 12,201,000	11,275,000
Accumulated Amortization	(8,751,000)	(8,550,000)
Net Balance	$ 3,450,000	2,725,000
Other intangible assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	6 years 10 months 24 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 9,252,000	8,356,000
Accumulated Amortization	(7,238,000)	(7,126,000)
Net Balance	$ 2,014,000	1,230,000
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	4 years 4 months 24 days
Software Development
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 1,868,000	857,000
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,949,000	2,919,000
Accumulated Amortization	(1,513,000)	(1,424,000)
Net Balance	$ 1,436,000	$ 1,495,000
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Initial amortization period	14 years 7 months 6 days

Intangible Assets and Goodwil43

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets and Goodwill
Amortization expense	$ 3,549,000	$ 3,562,000	$ 7,098,000	$ 7,138,000

Intangible Assets and Goodwil44

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2015	$ 7,040
2,016	14,179
2,017	10,261
2,018	6,645
2,019	6,635
Thereafter	27,412
Net Balance	$ 72,172

Intangible Assets and Goodwil45

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Changes to goodwill
Beginning Balance	$ 72,463
Effect of changes in foreign currency exchange rates	(216)
Ending Balance	$ 72,247

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accrued payroll and related employee costs	$ 5,646	$ 4,519
Accrued property taxes	968	1,622
Accrued professional fees	1,142	947
Lease-related accruals	602	773
Other	1,253	1,519
Accrued liabilities	$ 9,611	$ 9,380

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Less current portion	$ (12,381)	$ (9,460)
Debt, net of current portion	190,466	202,213
2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
2013 Senior Secured Credit Facility, principal of $520 payable quarterly, matures in July 2020, net of unamortized discount of $864 and $360 as of March 31, 2015 and December 31, 2014, respectively	$ 202,847	$ 211,673

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - 2013 Senior Secured Credit Facility - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount	$ 827,000	$ 360,000
Term loan facility
Debt Instrument [Line Items]
Principal payments are due on quarterly	$ 520,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Debt
Remainder of 2015	$ 1,040
2,016	2,080
2,017	2,080
2,018	2,080
2,019	2,080
Thereafter	194,314
Total debt	$ 203,674

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Mar. 26, 2015	Mar. 11, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Debt amendment costs				$ 555,000
Loss on early extinguishment of debt			$ 178,000	94,000	$ 178,000
2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount			360,000	827,000	360,000
2013 Senior Secured Credit Facility First amendment
Debt Instrument [Line Items]
Debt amendment costs recorded as unamortized debt discount				555,000
Debt amendment costs				1,086,000
Debt Instrument, expense incurred				531,000
Term loan facility | 2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity				230,000,000
Loss on early extinguishment of debt			$ 178,000	94,000	178,000
Excess cash flow payment	$ 7,320,000				14,627,000
Mandatory principal payments				520,000
Revolving loan facility | 2013 Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity				10,000,000
Borrowings drawn during the period				0	$ 0
Available borrowings under the facility				$ 10,000,000
Revolving loan facility commitment fee on average daily amount of unused portion				0.50%
LIBOR loans | 2013 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate floor				1.00%
LIBOR loans | 2013 Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.25%
LIBOR loans | 2013 Senior Secured Credit Facility First amendment
Debt Instrument [Line Items]
Increase to the maximum applicable margin		0.25%
ABR loans | 2013 Senior Secured Credit Facility | Alternative Base Rate
Debt Instrument [Line Items]
Variable interest rate floor				2.00%
ABR loans | 2013 Senior Secured Credit Facility | Alternative Base Rate | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%
ABR loans | 2013 Senior Secured Credit Facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
ABR loans | 2013 Senior Secured Credit Facility | Eurodollar rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%

Debt - Schedule of Senior Secur

Debt - Schedule of Senior Secured Credit Facility (Detail) - 2013 Senior Secured Credit Facility - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long term debt, carrying amount	$ 202,847	$ 211,673
Carrying amounts
Debt Instrument [Line Items]
Long term debt, carrying amount	202,847	211,673
Level 2 | Estimated fair value
Debt Instrument [Line Items]
Long term debt, fair value	$ 203,929	$ 208,853

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2015
RE/MAX, LLC
Minority Interest [Line Items]
Controlling interest ownership percentage	40.00%

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)	Jun. 24, 2015	Mar. 11, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class A common stock
Equity-based compensation
Shares granted to employee, gross	$ 2,941
Shares withheld from grants to employee					940
Restricted stock units granted, value per unit (in dollars per share)	$ 34.01
Closing price of RE/MAX Holdings’ common stock (in dollars per share)		$ 32.45
Restricted Stock Units (RSUs)
Equity-based compensation
Equity-based compensation (in dollars)			$ 526,000	$ 74,000	$ 668,000	$ 332,000
Restricted Stock Units (RSUs) | Employees
Equity-based compensation
Restricted stock units granted (in shares)		74,893
Restricted stock units granted, value per unit (in dollars per share)		$ 32.45
Vesting Period		3 years
Restricted Stock Units (RSUs) | Directors
Equity-based compensation
Restricted stock units granted (in shares)		10,787
Restricted stock units granted, value per unit (in dollars per share)		$ 32.45

Equity-Based Compensation (De54

Equity-Based Compensation (Details 2) - Jun. 30, 2015 - shares	Total
Stock Options
Options, Balance as of January 1, 2015	652,500
Options, Exercised	(559,068)
Options, Balance as of June 30, 2015	93,432
Options, Vested	93,432
Restricted Stock Units (RSUs)
Restricted Stock Units
Restricted Stock Units, Balance as of January 1, 2015	40,472
Restricted Stock Units, Granted	85,680
Restricted Stock Units, Forfeited	(6,588)
Restricted Stock Units, Balance as of June 30, 2015	119,564
Restricted Stock Units, Unvested	119,564

Equity-Based Compensation (De55

Equity-Based Compensation (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity-based compensation
Cash received related to exercise of stock options			$ 2,013,000
Excess tax benefit realized on exercise of stock options			$ 2,361,000
Additional shares available to grant under plan (in shares)	1,928,282		1,928,282
Restricted Stock Units (RSUs)
Equity-based compensation
Excess tax benefit realized on exercise of stock options			$ 2,361,000
Restricted Stock Units, Unvested	119,564		119,564
Equity-based compensation (in dollars)	$ 526,000	$ 74,000	$ 668,000	$ 332,000
President Emeritus [Member] | Restricted Stock Units (RSUs)
Equity-based compensation
Restricted Stock Units, Unvested	7,576		7,576
Equity-based compensation (in dollars)			$ 107,000

Leadership Changes and Restru56

Leadership Changes and Restructuring Activities (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Restructuring Plan
Severance, separation and restructuring
Expenses related to severance and outplacement services			$ 1,303,000
Former Chief Executive Officer Member | Separation Agreement
Severance, separation and restructuring
Benefit period		36 months
Restructuring and related cost, cost incurred during end of year	$ 154,000	$ 605,000	3,545,000
Severance and other reserve, short-term portion	640,000	640,000	500,000
Severance and other reserve, long-term portion	1,151,000	1,151,000	1,488,000
Severance and other related expenses	154,000	$ 605,000	$ 3,545,000
President Emeritus [Member] | Retirement Agreement
Severance, separation and restructuring
Benefit period		24 months
Restructuring and related cost, cost incurred during end of year	434,000	$ 434,000
Restructuring and related total cost excepted to incur	877,000	877,000
Equity-based compensation liability	216,000	216,000
Severance and other reserve, short-term portion	206,000	206,000
Severance and other reserve, long-term portion	294,000	294,000
Severance and other related expenses	$ 434,000	$ 434,000

Leadership Changes and Restru57

Leadership Changes and Restructuring Activities (Details 2) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Restructuring Cost and Reserve [Line Items]
Additional severance and other related charges	$ 588	$ 1,039
Non-cash adjustment		(668)	$ (332)
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Balance, January 1, 2015		2,408
Additional severance and other related charges		1,039
Accretion		38
Cash payments		(1,053)
Non-cash adjustment		(107)
Balance, June 30, 2015	$ 2,325	$ 2,325

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)	Oct. 07, 2013USD ($)
Loss Contingencies [Line Items]
Impact to financial position and results of operations, minimum			$ 115,000
HBN liability accrual, impact to financial position and results of operations	$ 89,000	$ 26,000
HBN
Loss Contingencies [Line Items]
Impact to financial position and results of operations, minimum			26,000
Impact to financial position and results of operations, maximum			$ 2,656,000
Assignment Agreement
Loss Contingencies [Line Items]
Number of leases assigned to purchaser | item	6
Period over which company remains secondarily liable	P36M
Outstanding lease guarantee	$ 1,479,000

Guarantees (Details)

Guarantees (Details) - Residential mortgage operation - Variable Rate - USD ($)	1 Months Ended
	May. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Guarantee Obligations [Line Items]
Equity method investment, ownership percentage		50.00%
Company guarantee of full and prompt payment
Guarantee Obligations [Line Items]
Term of line-of-credit agreement	13 months
Maximum total amount of advances requested and unpaid principle balance	$ 15,000,000
Outstanding balance of line of credit		$ 10,751,000	$ 4,548,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related party balances and activity
Accounts payable to affiliates	$ 1,199,000		$ 1,199,000		$ 1,114,000
Accounts receivable from affiliates					231,000
Advertising Funds
Related party balances and activity
Related party transactions expenses	213,000	$ 288,000	495,000	$ 571,000
Other affiliates
Related party balances and activity
Accounts payable to affiliates	97,000		97,000		83,000
Accounts receivable from affiliates					(15,000)
Other affiliates | Services rendered and rent for office space provided
Related party balances and activity
Amounts allocated for services rendered and rent for office space	431,000	$ 550,000	$ 847,000	$ 1,112,000
Affiliates payment to Company, general time period			30 days
Tails Inc.
Related party balances and activity
Accounts payable to affiliates	$ 1,102,000		$ 1,102,000		$ 1,031,000

Related-Party Transactions (D61

Related-Party Transactions (Details 2) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable from affiliates:
Accounts receivable from affiliates		$ 231
Accounts payable to affiliates:
Accounts payable to affiliates	$ (1,199)	(1,114)
Net accounts payable to affiliates	(1,199)	(883)
Re Max Of Texas Advertising Fund
Accounts receivable from affiliates:
Accounts receivable from affiliates		246
Central Atlantic Region Advertising Fund [Member]
Accounts payable to affiliates:
Accounts payable to affiliates	(1,102)	(1,031)
Other affiliates
Accounts receivable from affiliates:
Accounts receivable from affiliates		(15)
Accounts payable to affiliates:
Accounts payable to affiliates	$ (97)	$ (83)

Segment information (Details)

Segment information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Consolidated revenue	$ 44,277,000	$ 42,299,000	$ 88,484,000	$ 84,179,000
Intersegment Eliminations
Segment Reporting Information [Line Items]
Consolidated revenue	361,000	463,000	793,000	885,000
Real Estate Franchise Services
Segment Reporting Information [Line Items]
Consolidated revenue	41,236,000	38,699,000	81,976,000	77,798,000
Brokerages
Segment Reporting Information [Line Items]
Consolidated revenue	$ 3,041,000	$ 3,600,000	$ 6,508,000	$ 6,381,000

Segment information (Details 2)

Segment information (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net income (loss)	$ 16,058	$ 14,509	$ 25,188	$ 22,307
Depreciation and amortization	3,808	3,812	7,619	7,750
Interest expense	2,301	2,286	5,110	4,752
Interest income	(33)	(66)	(100)	(147)
Provision for income taxes	3,457	3,129	5,605	5,014
EBITDA	25,591	23,670	43,422	39,676
(Gain) loss on sale or disposition of assets and sublease	(664)	(47)	(707)	(225)
Loss on early extinguishment of debt		178	94	178
Non-cash straight-line rent expense	249	270	480	417
Non-recurring severance and other related expenses	588		1,039
Acquisition integration and professional fees expense	(106)	45	77	63
Adjusted EBITDA	25,658	24,116	44,405	40,109
Real Estate Franchise Services
Segment Reporting Information [Line Items]
Net income (loss)	14,922	14,188	23,894	22,558
Depreciation and amortization	3,733	3,742	7,465	7,610
Interest expense	2,292	2,283	5,085	4,745
Interest income	(33)	(66)	(100)	(147)
Provision for income taxes	3,251	3,073	5,371	5,056
EBITDA	24,165	23,220	41,715	39,822
(Gain) loss on sale or disposition of assets and sublease	(88)	(86)	(171)	(282)
Loss on early extinguishment of debt		178	94	178
Non-cash straight-line rent expense	238	290	512	502
Non-recurring severance and other related expenses	588		1,039
Acquisition integration and professional fees expense	(106)	45	77	63
Adjusted EBITDA	24,797	23,647	43,266	40,283
Brokerages
Segment Reporting Information [Line Items]
Net income (loss)	1,136	321	1,294	(251)
Depreciation and amortization	75	70	154	140
Interest expense	9	3	25	7
Provision for income taxes	206	56	234	(42)
EBITDA	1,426	450	1,707	(146)
(Gain) loss on sale or disposition of assets and sublease	(576)	39	(536)	57
Non-cash straight-line rent expense	11	(20)	(32)	(85)
Adjusted EBITDA	$ 861	$ 469	$ 1,139	$ (174)

Segment information (Details 3)

Segment information (Details 3) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 325,078	$ 358,327
Real Estate Franchise Services
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	316,365	349,481
Brokerages
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 8,713	$ 8,846