RE/MAX (RMAX) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Central Index Key	1,581,091
Document Period End Date	Mar. 31, 2018
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Common Class A
Entity Common Stock, Shares Outstanding		17,746,184
Common Class B
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 30,103	$ 50,807
Accounts and notes receivable, current portion, less allowances of $7,690 and $7,223, respectively	21,121	20,284
Income taxes receivable	753	963
Other current assets	4,775	7,974
Total current assets	56,752	80,028
Property and equipment, net of accumulated depreciation of $12,318 and $12,326, respectively	3,040	2,905
Franchise agreements, net	114,782	119,349
Other intangible assets, net	16,106	8,476
Goodwill	154,196	135,213
Deferred tax assets, net	62,338	62,841
Other assets, net of current portion	4,063	4,023
Total assets	411,277	412,835
Current liabilities:
Accounts payable	1,036	517
Accrued liabilities	10,954	15,390
Income taxes payable		97
Tax and other distributions payable to non-controlling unitholders	1,691
Deferred revenue	24,848	25,268
Current portion of debt	2,350	2,350
Current portion of payable pursuant to tax receivable agreements	6,252	6,252
Total current liabilities	47,131	49,874
Debt, net of current portion	226,176	226,636
Payable pursuant to tax receivable agreements, net of current portion	46,923	46,923
Deferred tax liabilities, net	150	151
Deferred revenue, net of current portion	20,902	20,228
Other liabilities, net of current portion	18,887	19,897
Total liabilities	360,169	363,709
Commitments and contingencies (note 14)
Stockholders' equity:
Additional paid-in capital	451,903	451,199
Retained earnings	9,788	8,400
Accumulated other comprehensive income, net of tax	416	459
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	462,109	460,060
Non-controlling interest	(411,001)	(410,934)
Total stockholders' equity	51,108	49,126
Total liabilities and stockholders' equity	411,277	412,835
Common Class A
Stockholders' equity:
Common stock	2	2
Total stockholders' equity	2	2
Common Class B
Stockholders' equity:
Common stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts Receivable, allowance	$ 7,690	$ 7,223
Property and equipment, accumulated depreciation	$ 12,318	$ 12,326
Common Class A
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	17,733,302	17,696,991
Common stock, shares outstanding	17,733,302	17,696,991
Common Class B
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
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Total revenue	$ 52,642	$ 47,406
Operating expenses:
Selling, operating and administrative expenses	34,368	26,654
Depreciation and amortization	4,575	5,995
Gain on sale or disposition of assets, net	(18)	(12)
Total operating expenses	38,925	32,637
Operating income	13,717	14,769
Other expenses, net:
Interest expense	(2,724)	(2,354)
Interest income	119	26
Foreign currency transaction losses	(83)	(23)
Total other expenses, net	(2,688)	(2,351)
Income before provision for income taxes	11,029	12,418
Provision for income taxes	(1,862)	(3,030)
Net income	9,167	9,388
Less: Net income attributable to non-controlling interest (note 4)	4,184	4,848
Net income attributable to RE/MAX Holdings, Inc.	$ 4,983	$ 4,540
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$ 0.26
Diluted		0.26
Weighted average shares of Class A common stock outstanding
Cash dividends declared per share of Class A common stock	$ 0.20	0.18
Common Class A
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	0.28	0.26
Diluted	$ 0.28	$ 0.26
Weighted average shares of Class A common stock outstanding
Basic	17,709,095	17,662,842
Diluted	17,762,133	17,716,013
Cash dividends declared per share of Class A common stock	$ 0.20	$ 0.18
Continuing franchise fees
Revenue:
Total revenue	$ 25,240	$ 22,965
Annual dues
Revenue:
Total revenue	8,696	8,235
Broker fees
Revenue:
Total revenue	9,188	8,235
Franchise sales and other revenue
Revenue:
Total revenue	$ 9,518	$ 7,971

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 9,167	$ 9,388
Change in cumulative translation adjustment	(82)	89
Other comprehensive (loss) income, net of tax	(82)	89
Comprehensive income	9,085	9,477
Less: comprehensive income attributable to non-controlling interest	4,145	4,899
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 4,940	$ 4,578

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Non-controlling interest	Common Class A	Common Class B	Total
Balances, January 1, 2018 at Dec. 31, 2017	$ 451,199	$ 8,400	$ 459	$ (410,934)	$ 2		$ 49,126
Beginning balance, Shares at Dec. 31, 2017					17,696,991	1
Net income		4,983		4,184			9,167
Distributions to non-controlling unitholders				(4,212)			(4,212)
Equity-based compensation expense and related dividend equivalents, value	1,268	(48)					1,220
Equity-based compensation expense and related dividend equivalents, shares					46,520
Dividends to Class A common stockholders		(3,547)			$ (3,547)		(3,547)
Change in accumulated other comprehensive income			(43)	(39)			(82)
Payroll taxes related to net settled restricted stock units	(564)						(564)
Payroll taxes related to net settled restricted stock units (in shares)					(10,209)
Ending balance, Value at Mar. 31, 2018	$ 451,903	$ 9,788	$ 416	$ (411,001)	$ 2		$ 51,108
Ending balance, Shares at Mar. 31, 2018					17,733,302	1

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 9,167	$ 9,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,575	5,995
Bad debt expense	464	343
Equity-based compensation expense	1,268	562
Deferred income tax expense	478	1,178
Fair value adjustments to contingent consideration	135	130
Payments pursuant to tax receivable agreements		(1,931)
Other, net	99	115
Changes in operating assets and liabilities	(2,614)	(1,685)
Net cash provided by operating activities	13,572	14,095
Cash flows from investing activities:
Purchases of property, equipment and software	(691)	(657)
Acquisitions	(26,250)
Net cash used in investing activities	(26,941)	(657)
Cash flows from financing activities:
Payments on debt	(592)	(592)
Distributions paid to non-controlling unitholders	(2,521)	(2,281)
Dividends and dividend equivalents paid to Class A common stockholders	(3,595)	(3,184)
Payment of payroll taxes related to net settled restricted stock units	(564)	(450)
Payment of contingent consideration	(50)
Net cash used in financing activities	(7,322)	(6,507)
Effect of exchange rate changes on cash	(13)	98
Net (decrease) increase in cash and cash equivalents	(20,704)	7,029
Cash and cash equivalents, beginning of year	50,807	57,609
Cash and cash equivalents, end of period	30,103	64,638
Supplemental disclosures of cash flow information:
Cash paid for interest	2,585	2,600
Net cash paid for income taxes	1,217	1,008
Schedule of non-cash investing and financing activities:
Tax and other distributions payable to non-controlling unitholders	1,691	3,568
Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software	$ 206	$ 134

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2018
Business and Organization
Business and Organization	1. Business and Organizat RE/MAX Holdings, Inc. (“RE/MAX Holdings”) was formed as a Delaware corporation on June 25, 2013. On October 7, 2013, RE/MAX Holdings completed an initial public offering (the “IPO”) of its shares of Class A common stock. RE/MAX Holdings’ only business is to act as the sole manager of RMCO, LLC (“RMCO”). As of March 31, 2018, RE/MAX Holdings owns 58.54% of the common membership units in RMCO, while RIHI, Inc. (“RIHI”) owns the remaining 41.46% of common membership units in RMCO. RE/MAX Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as the “Company.” The Company is a franchisor in the real estate industry, franchising real estate brokerages globally under the RE/MAX brand (“REMAX”) and mortgage brokerages within the United States (“U.S.”) under the Motto Mortgage brand. RE/MAX, founded in 1973, has over 120,000 agents operating in over 7,000 offices and a presence in more than 100 countries and territories. Motto Mortgage (“Motto”), founded in 2016, is the first nationally franchised mortgage brokerage in the U.S. During the first quarter of 2018, the Company acquired all membership interests in booj, LLC, formerly known as Active Website, LLC, (“booj”), a real estate technology company. The Company’s revenue is comprised of continuing franchise fees, annual dues, broker fees and franchise sales and other revenue. See Note 3, Revenue for additional information on revenue streams.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2017, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). 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 March 31, 2018 and December 31, 2017 and the results of its operations and comprehensive income, changes in its stockholders’ equity and its cash flows for the three months ended March 31, 2018 and 2017. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Reclassifications In addition to the change in accounting principle discussed in Note 3, Revenue certain items in the accompanying condensed consolidated financial statements for the three months ended March 31, 2017 have been reclassified to conform to the current year’s presentation. These reclassifications did not affect the Company’s consolidated results of operations or cash flows. 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 the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation As of March 31, 2018, RE/MAX Holdings owns 58.54% of the common membership units in RMCO and, 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. Recently Adopted Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies when transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 became effective prospectively for the Company on January 1, 2018. The Company concluded that the acquisition of booj meets the definition of a business. See Note 6, Acquisitions for additional information. The Company is still assessing the impact of this standard on any future independent region acquisitions, which have historically been accounted for as an acquisition of a business. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which clarifies classification for certain cash receipts and cash payments on the consolidated statement of cash flow. ASU 2016-15 became effective for the Company on January 1, 2018 and required a retrospective transition method for each period presented. Under the new guidance, the contingent consideration payments related to the purchase of Full House Mortgage Connection, Inc. (“Full House”), a franchisor of mortgage brokerages that created concepts used to develop Motto, are classified as financing outflows up to the $6.3 million acquisition date fair value and any cash payments paid in excess of the acquisition date fair value are classified as operating outflows. (See Note 6, Acquisitions ). The adoption of this standard had no other material impact on its financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , with several subsequent amendments, 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 replaced most existing revenue recognition guidance in U.S. GAAP when it became effective for the Company on January 1, 2018. The Company applied Topic 606 retrospectively which resulted in adjusting each prior reporting period presented. Additionally, the adoption of Topic 606 resulted in net cumulative adjustments to “Retained earnings” of $4.9 million and “Non-controlling interest” of $11.6 million which were recorded to the opening balance sheet as of January 1, 2016. The adoption of the new guidance changed the timing of recognition of franchise sales and franchise renewal revenue. Previously, the Company recognized revenue upon completion of a sale or renewal. Under the new guidance, franchise sales and renewal revenue, which are included in “Franchise Sales and Other Revenue” in the Consolidated Statements of Income, are recognized over the contractual term of the franchise agreement. Previously, the Company expensed the commissions upon franchise sale completion. Under the new guidance, the commissions related to franchise sales are recorded as a contract cost and are recognized over the contractual term of the franchise agreement. The adoption of this standard had no material impact on other revenue streams. See Note 3, Revenue for more information. New Accounting Pronouncements Not Yet Adopted In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), which adjusts the classification of stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. ASU 2018-02 is effective for the Company beginning January 1, 2019. The standard is to be applied either in the period of adoption or retrospectively to each period effected by the Tax Cuts and Jobs Act. The Company completed the majority of its accounting for the tax effects of the Tax Cuts and Jobs Act as of December 31, 2017. The Company believes the amendments of ASU 2018-02 will not have a significant impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) , which simplifies the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. ASU 2017-04 is effective for annual and interim impairment tests beginning January 1, 2020 for the Company and is required to be adopted using a prospective approach. Early adoption is allowed for annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize the assets and liabilities that arise from all leases on the consolidated balance sheets. ASU 2016-02 is required to be adopted by the Company on January 1, 2019. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue
Revenue	3. Revenue Changes in Revenue Recognition Policies The Company adopted the new revenue standard on January 1, 2018. The Company applied the new revenue standard retrospectively and has recast the 2017 condensed consolidated financial statements as though the new revenue standard had been applied in all periods presented. The Company’s franchise agreements offer the following benefits to the franchisee: common use and promotion of RE/MAX trademarks; distinctive sales and promotional materials; access to technology; standardized supplies and other materials used in RE/MAX offices; and recommended procedures for operation of RE/MAX offices. The Company concluded that these benefits are all a part of one performance obligation, a license of symbolic intellectual property. Franchise sales is comprised of revenue from the sale or renewal of franchises. The Company previously recognized revenue at the time of sale. Under the new revenue standard, the franchise sale initial fees are considered to be a part of the license of symbolic intellectual property, which is now recognized over the contractual term of the franchise agreement, which is typically 5 years for RE/MAX and 7 years for Motto franchise agreements, respectively. Correspondingly, the commissions related to franchise sales are recorded as an asset (the current portion in “Other current assets” and long term portion in “Other assets, net of current portion”) and are recognized over the contractual term of the franchise agreement in “Selling, operating and administrative expenses”. The following tables summarize the impacts of the new revenue standard adoption on the Company’s condensed consolidated financial statements (in thousands): Condensed Consolidated Balance Sheet Impact of Changes in Accounting Policies As of December 31, 2017 As previously reported Adjustments As adjusted Accounts and notes receivable, current portion, net $ 21,304 $ (1,020) $ 20,284 Income taxes receivable 870 93 963 Other current assets 6,924 1,050 7,974 Deferred tax assets, net 59,151 3,690 62,841 Other assets, net of current portion 1,563 2,460 4,023 Income taxes payable 133 (36) 97 Deferred revenue 18,918 6,350 25,268 Deferred revenue, net of current - 20,228 20,228 Retained earnings 16,027 (7,627) 8,400 Accumulated other comprehensive income, net of tax 515 (56) 459 Non-controlling interest (398,348) (12,586) (410,934) Condensed Consolidated Statement of Income Impact of Changes in Accounting Policies Three Months Ended March 31, 2017 As previously reported Adjustments As adjusted Franchise sales and other revenue $ 8,794 $ (823) $ 7,971 Selling, operating and administrative expenses 26,794 (140) 26,654 Net income 10,071 (683) 9,388 Net income attributable to non-controlling interest 5,159 (311) 4,848 Net income attributable to RE/MAX Holdings, Inc. 4,912 (372) 4,540 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock Basic 0.28 (0.02) 0.26 Diluted 0.28 (0.02) 0.26 Condensed Consolidated Statement of Comprehensive Income Impact of Changes in Accounting Policies Three Months Ended March 31, 2017 As previously reported Adjustments As adjusted Net income $ 10,071 $ (683) $ 9,388 Change in cumulative translation adjustment 95 (6) 89 Comprehensive income 10,166 (689) 9,477 Comprehensive income attributable to non-controlling interest 5,210 (311) 4,899 Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax 4,956 (378) 4,578 Condensed Consolidated Statement of Cash Flows Impact on Changes in Accounting Policies Three Months Ended March 31, 2017 As previously reported Adjustments As adjusted Net income $ 10,071 $ (683) $ 9,388 Changes in operating assets and liabilities (2,368) 683 (1,685) Revenue Recognition Under the New Revenue Standard The Company generates all of its revenue from contracts with customers. The following is a description of principal activities from which the Company generates its revenue. The franchise agreements provide the franchisees the right to access intellectual property throughout the license period. The method used to measure progress is over the passage of time for most streams of revenue. Continuing Franchise Fees The Company provides an ongoing trademark license, operational, training and administrative services and systems to RE/MAX franchisees, which include systems and tools that are designed to help the Company’s franchisees and their agents serve their customers and help franchisees attract new or retain existing agents. Revenue from continuing franchise fees consists of fixed contractual fees paid monthly by franchise owners and franchisees based on the number of RE/MAX agents in the respective franchised region or office and the number of Motto offices (no significant continuing franchise fees were generated by Motto during the periods presented). This revenue is recognized in the month for which the fee is billed. Annual Dues Annual dues revenue represents amounts assessed to agents for membership affiliation in the RE/MAX network. The Company defers the annual dues revenue when billed and recognizes the revenue ratably over the 12-month period to which it relates. The activity in the Company’s annual dues deferred revenue consists of the following (in thousands): Balance at beginning of period New billings Revenue recognized (a) Balance at end of period Three months ended March 31, 2018 $ 15,297 $ 10,430 $ (8,696) $ 17,031 (a) Broker Fees Revenue from broker fees represents fees received from the Company’s RE/MAX franchised regions or franchise offices that are based on a percentage of RE/MAX agents’ gross commission income. Revenue from broker fees is recognized as revenue in the month when a home sale transaction occurs. Franchise Sales The activity in the Company’s deferred revenue is included in “Deferred revenue” and “Deferred revenue, net of current portion” on the Condensed Consolidated Balance Sheets. The activity in the Company’s franchise sales deferred revenue accounts consists of the following (in thousands): Balance at beginning of period New billings Revenue recognized (a) Balance at end of period Three months ended March 31, 2018 $ 27,943 $ 2,534 $ (2,344) $ 28,133 (a) Commissions Related to Franchise Sales Commissions paid on franchise sales are recognized as an asset and amortized over the contract life of the franchise agreement. The activity in the Company’s capitalized contract costs for commissions (which are included in “other current assets” and “other assets, net of current portion” on the Condensed Consolidated Balance Sheets) consist of the following (in thousands): Expense recognized Balance at that is included in Additions to contract Balance at end beginning of period beginning balance cost for new activity of period Three months ended March 31, 2018 $ 3,532 $ (325) $ 470 $ 3,677 Other Revenue Other revenue is primarily revenue from preferred marketing arrangements, approved supplier programs, and event-based revenue from training and other programs. Revenue from preferred marketing arrangement involves both flat fees paid in advance as well as revenue sharing, both of which are generally recognized over the period of the arrangement. Event-based revenue is recognized when the event occurs and until then is included in “Deferred revenue”. Other revenue also includes revenue contributed by booj for web site design, development, implementation, hosting and maintenance for its external customers. Disaggregated Revenue In the following table, revenue is disaggregated by geographical area for each of the three months ended March 31, 2018 and 2017 (in thousands): U.S. Canada Global and Other Total Three months ended March 31, 2018 $ 36,749 $ 5,763 $ 10,130 $ 52,642 Three months ended March 31, 2017 34,078 5,224 8,104 47,406 In the following table, revenue is disaggregated by owned or independent regions in the U.S. or Canada for each of the three months ended March 31, 2018 and 2017 (in thousands): Owned Regions Independent Regions Global and Other Total Three months ended March 31, 2018 $ 31,363 $ 11,149 $ 10,130 $ 52,642 Three months ended March 31, 2017 28,552 10,750 8,104 47,406 Transaction Price Allocated to the Remaining Performance Obligations The following table includes estimated revenue by year expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period (in thousands): Remaining nine months of 2018 2019 2020 2021 2022 2023 Thereafter Total Annual dues $ 16,029 $ 1,002 $ - $ - $ - $ - $ - $ 17,031 Franchise sales 5,898 6,426 5,086 3,653 2,091 952 4,027 28,133 Total $ 21,927 $ 7,428 $ 5,086 $ 3,653 $ 2,091 $ 952 $ 4,027 $ 45,164 Using the transition requirements of the new standard, the Company has elected not to disclose the amount of the transaction price allocated to the remaining performance obligations or when the Company expects to recognize that amount as revenue for the year ended December 31, 2017.

Non-controlling Interest

Non-controlling Interest	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest
Non-controlling Interest	4. Non-controlling Interest RE/MAX Holdings is the sole managing member of RMCO and operates and controls all of the business affairs of RMCO. The ownership of the common units in RMCO is summarized as follows: March 31, December 31, 2018 2017 Shares Ownership % Shares Ownership % Non-controlling interest ownership of common units in RMCO 12,559,600 41.46 % 12,559,600 41.51 % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) 17,733,302 58.54 % 17,696,991 58.49 % Total common units in RMCO 30,292,902 100.00 % 30,256,591 100.00 % The weighted average ownership percentages for the applicable reporting periods are used to calculate the net income attributable to RE/MAX Holdings. A reconciliation of “Income before provision for income taxes” to “Net Income attributable to RE/MAX Holdings, Inc.” and “Net Income attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except for percentages): Three Months Ended March 31, 2017 2018 As adjusted* RE/MAX Holdings, Inc. Non-controlling interest Total RE/MAX Holdings, Inc. Non-controlling interest Total Weighted average ownership percentage of RMCO (a) % % % % 41.56 % 100.00 % Income before provision for income taxes $ 6,453 $ 4,576 $ 11,029 $ 7,252 $ 5,166 $ 12,418 Provision for income taxes (b)(c) (1,470) (392) (1,862) (2,712) (318) (3,030) Net income $ 4,983 $ 4,184 $ 9,167 $ 4,540 $ 4,848 $ 9,388 *See Note 3, Revenue for more information. (a) The weighted average ownership percentage of RMCO differs from the allocation of income before provision for income taxes between RE/MAX Holdings and the non-controlling interest, which is based on ownership of common units in RMCO, due to certain relatively insignificant expenses recorded at RE/MAX Holdings. (b) The provision for income taxes attributable to RE/MAX Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the pass-through income from RMCO. However, it also includes its share of taxes directly incurred by RMCO and its subsidiaries, related primarily to tax liabilities in certain foreign jurisdictions. (c) The provision for income taxes attributable to the non-controlling interest represents its share of taxes related primarily to tax liabilities in certain foreign jurisdictions directly incurred by RMCO or its subsidiaries. Because RMCO is a pass-through entity, there is no U.S. federal and state income tax provision recorded on the non-controlling interest. Distributions and Other Payments to Non-controlling Unitholders Under the terms of RMCO’s fourth amended and restated limited liability company operating agreement (the “New RMCO, LLC Agreement”), RMCO makes cash distributions to non-controlling unitholders on a pro-rata basis. The distributions paid or payable to non-controlling unitholders are summarized as follows (in thousands): Three Months Ended March 31, 2018 2017 Tax and other distributions $ 1,700 $ 3,588 Dividend distributions 2,512 2,261 Total distributions to non-controlling unitholders $ 4,212 $ 5,849 On May 2, 2018, the Company declared a distribution to non-controlling unitholders of $2.5 million, which is payable on May 30, 2018.

Earnings Per Share and Dividend

Earnings Per Share and Dividends	3 Months Ended
	Mar. 31, 2018
Earnings Per Share and Dividends
Earnings Per Share and Dividends	5. 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 March 31, 2017 2018 As adjusted* Numerator Net income attributable to RE/MAX Holdings, Inc. $ 4,983 $ 4,540 Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,709,095 17,662,842 Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,709,095 17,662,842 Add dilutive effect of the following: Restricted stock units 53,038 53,171 Weighted average shares of Class A common stock outstanding, diluted 17,762,133 17,716,013 Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ 0.28 $ 0.26 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ 0.28 $ 0.26 *See Note 3, Revenue for more information. Outstanding Class B common stock 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 Dividends declared and paid quarterly per share on all outstanding shares of Class A common stock were as follows (in thousands, except share and per share information): Three Months Ended March 31, 2018 2017 Date paid Per share Amount paid to Class A stockholders Amount paid to non-controlling unitholders Date paid Per share Amount paid to Class A stockholders Amount paid to non-controlling unitholders Dividend declared during quarter ended: March 31 March 21, 2018 $ $ 3,547 $ 2,512 March 22, 2017 $ $ 3,184 $ 2,261 On May 2, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.20 per share on all outstanding shares of Class A common stock, which is payable on May 30, 2018 to stockholders of record at the close of business on May 16, 2018.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2018
Acquisitions
Acquisitions	6. Acquisitions Booj, LLC On February 26, 2018, RE/MAX, LLC and its consolidated subsidiaries (“RE/MAX, LLC”) acquired all membership interests in booj, a real estate technology company, using $26.3 million in cash generated from operations, plus up to approximately $10.0 million in equity-based compensation to be earned over time, which will be accounted for as compensation expense in the future (see Note 12, Equity-Based Compensation for additional information). RE/MAX, LLC acquired booj in order to deliver core technology solutions designed for RE/MAX affiliates. Booj constitutes a business and was accounted for using the fair value acquisition method. The Company has not completed the analysis necessary to conclude on its purchase price allocation. However, the Company’s best, current estimate is that approximately $18.4 million will be recognized as goodwill with the remainder as amortizable intangibles, with the primary intangibles being related to technology. These amounts are likely to change as the Company completes its purchase price allocation. The goodwill is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible. Revenue and net income attributable to the acquisition of booj were not material for the three months ended March 31, 2018. RE/MAX of Northern Illinois, Inc. On November 15, 2017, RE/MAX, LLC acquired certain assets of RE/MAX of Northern Illinois, Inc. (“RE/MAX of Northern Illinois”), including the franchise agreements issued by the Company permitting the sale of RE/MAX franchises in the region as well as the franchise agreements between the Independent Region and the franchisees, using $35.7 million in cash generated from operations. RE/MAX, LLC acquired these assets in order to expand its owned and operated regional franchising operations. The following table summarizes the allocation of the purchase price to the fair value of assets acquired for RE/MAX of Northern Illinois (in thousands): RE/MAX of Northern Illinois Franchise agreements $ 22,800 Goodwill 12,920 Total purchase price $ 35,720 RE/MAX of Northern Illinois constitutes a business and was accounted for using the fair value acquisition method. The total purchase price was allocated to the assets acquired based on their preliminary estimated fair values. The franchise agreements acquired were preliminarily valued using an income approach which utilizes level 3 inputs and are being amortized over a weighted-average useful life using the straight-line method. The preliminary estimated fair value of the assets acquired is subject to adjustments based on the Company’s final assessment of the fair values of the franchise agreements, which is the acquired asset with the highest likelihood of changing upon finalization of the valuation process. The excess of the total purchase price over the preliminary fair value of the identifiable assets acquired was recorded as goodwill. The goodwill recognized is attributable to expected synergies and projected long term revenue growth. All of the goodwill recognized is tax deductible. Adjustments recorded during the measurement period are calculated as if they were known at the acquisition date, but are recognized in the reporting period in which they are determined. Revisions or adjustments are not made to any prior period information. Adjustments to the accounting for RE/MAX of Northern Illinois were made during the three months ended March 31, 2018 to the consolidated balance sheet to increase “Goodwill” by $0.7 million with a corresponding decrease to “Franchise agreements, net” of $0.7 million. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisition of booj had occurred on January 1, 2017 and RE/MAX of Northern Illinois had occurred on January 1, 2016. The historical financial information has been adjusted to give effect to events that are (1) directly attributed to the acquisitions, (2) factually supportable and (3) expected to have a continuing impact on the combined results, including additional amortization expense associated with the valuation of the acquired franchise agreements. This unaudited pro forma information should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future. Three Months Ended March 31, 2018 2017 2016 (in thousands, except per share amounts) Total revenue $ 53,908 $ 50,177 $ 43,820 Net income attributable to RE/MAX Holdings, Inc. $ 4,291 $ 3,814 $ 5,010 Basic earnings per common share $ 0.24 $ 0.22 $ 0.28 Diluted earnings per common share $ 0.24 $ 0.22 $ 0.28

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2018
Intangible Assets and Goodwill
Intangible Assets and Goodwill	7. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years): Weighted Average As of March 31, 2018 As of December 31, 2017 Amortization Initial Accumulated Net Initial Accumulated Net Period Cost Amortization Balance Cost Amortization Balance Franchise agreements 12.5 $ 180,867 $ (66,085) $ 114,782 $ 181,567 $ (62,218) $ 119,349 Other intangible assets: Software (a) 4.4 $ 13,357 $ (7,903) $ 5,454 $ 13,762 $ (8,111) $ 5,651 Trademarks 10.2 1,334 (682) 652 1,539 (902) 637 Non-compete 10.0 2,500 (375) 2,125 2,500 (312) 2,188 Other - booj (b) 7,875 — 7,875 — — — Total other intangible assets 6.3 $ 25,066 $ (8,960) $ 16,106 $ 17,801 $ (9,325) $ 8,476 (a) As of March 31, 2018 and December 31, 2017, capitalized software development costs of $0.7 million and $ 0.6 million, respectively, were related to information technology infrastructure projects not yet complete and ready for their intended use and thus were not subject to amortization. (b) Includes the preliminary intangible assets assumed with the acquisition of booj. See Note 6 , Acquisitions for additional information. Amortization expense for the three months ended March 31, 2018 and 2017 was $4.3 million and $5.8 million, respectively. As of March 31, 2018 the estimated future amortization expense for the next five years related to intangible assets includes the preliminary intangible assets assumed with the acquisition of booj and is as follows (in thousands): As of March 31, 2018: Remainder of 2018 $ 14,206 2019 18,762 2020 18,561 2021 18,112 2022 15,797 $ 85,438 The following table presents changes to goodwill for the period from January 1, 2018 to March 31, 2018 (in thousands): Balance, January 1, 2018 $ 135,213 Goodwill recognized related to current year acquisitions 18,375 Adjustments to acquisition accounting during the measurement period 700 Effect of changes in foreign currency exchange rates (92) Balance, March 31, 2018 $ 154,196

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Accrued Liabilities.
Accrued Liabilities	8. Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2018 2017 Accrued payroll and related employee costs $ 5,106 $ 3,874 Accrued taxes 1,235 1,635 Accrued professional fees 1,506 2,339 Other (a) 3,107 7,542 $ 10,954 $ 15,390 (a) Other accrued liabilities as of December 31, 2017 includes a $4.5 million payable in connection with the February 13, 2018 settlement, and subsequent payment, resulting from the litigation matter concerning the Company’s 2013 acquisition of the net assets of Tails, Inc. (“Tails”), as discussed in Note 14, Commitments and Contingencies .

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt
Debt	9. Debt Debt, net of current portion, consists of the following (in thousands): March 31, December 31, 2018 2017 Senior Secured Credit Facility $ 231,475 $ 232,063 Less unamortized debt issuance costs (1,705) (1,780) Less unamortized debt discount costs (1,244) (1,297) Less current portion (2,350) (2,350) $ 226,176 $ 226,636 Maturities of debt are as follows (in thousands): As of March 31, 2018: Remainder of 2018 $ 1,763 2019 2,350 2020 2,350 2021 2,350 2022 2,350 Thereafter 220,312 $ 231,475 Senior Secured Credit Facility RE/MAX, LLC is party to a credit agreement, dated December 15, 2016, with JPMorgan Chase Bank, N.A., as administrative agent, and various lenders (the “Senior Secured Credit Facility”). Borrowings under the term loans and revolving loans, if any outstanding, accrue interest at LIBOR (as long as LIBOR is not less than the floor of 0.75%) plus a maximum applicable margin of 2.75%. As of March 31, 2018, the interest rate was 5.05%. As of March 31, 2018, the Company had no revolving loans outstanding under its Senior Secured Credit Facility. Whenever amounts are drawn under the revolving line of credit, the Senior Secured Credit Facility requires compliance with a leverage ratio and an interest coverage ratio. A commitment fee of 0.5% per annum accrues on the amount of unutilized revolving line of credit.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements
Fair Value Measurements	10. Fair Value Measurements Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, the Company follows a three-tier fair value hierarchy, which is described in detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. A summary of the Company’s liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 is as follows (in thousands): As of March 31, 2018 As of December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 6,665 $ - $ - $ 6,665 $ 6,580 $ - $ - $ 6,580 The Company is required to pay additional purchase consideration totaling eight percent of gross revenues collected by Motto each year (the “Revenue Share Year”), beginning after September 30, 2017 and continuing through September 30, 2026, with no limitation as to the maximum payout. The annual payment to the former owner of Full House is required to be made within 120 days of the end of each Revenue Share Year. Each Revenue Share Year ends September 30. The fair value of the contingent purchase consideration represents the forecasted discounted cash payments that the Company expects to pay Full House with respect to the acquired business. The Company measures this liability each reporting period and recognizes changes in fair value, if any, in earnings of the Company. Any changes are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. Increases or decreases in the fair value of the contingent purchase consideration can result from changes in discount rates as well as the timing and amount of forecasted cash payments derived from anticipated gross revenues. The table below presents a reconciliation of all liabilities of the Company measured at fair value on a recurring basis using significant unobservable inputs for the period from January 1, 2018 to March 31, 2018 (in thousands): Fair Value of Contingent Consideration Liability Balance at January 1, 2018 $ 6,580 Fair value adjustments 135 Cash payments (50) Balance at March 31, 2018 $ 6,665 The Company assesses categorization of assets and liabilities by level at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels I, II and III during the three months ended March 31, 2018 . The following table summarizes the carrying value and fair value of the Senior Secured Credit Facility as of March 31, 2018 and December 31, 2017 (in thousands): March 31, December 31, 2018 2017 Carrying Amount Fair Value Level 2 Carrying Amount Fair Value Level 2 Senior Secured Credit Facility $ 228,526 $ 232,065 $ 228,986 $ 232,933

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Taxes
Income Taxes	11. Income Taxes The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2018 and 2017 is based on an estimate of the Company’s annualized effective income tax rate. 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 March 31, 2018, the Company does not believe it has any significant uncertain tax positions. On December 22, 2017, the Tax Cuts and Jobs Act was enacted which includes significant changes to the U.S. corporate tax system. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Tax Cuts and Jobs Act for which the accounting under ASC 740, Income Taxes (“ASC 740”) is incomplete. To the extent that a company's accounting for certain income tax effects of the Tax Cuts and Jobs Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Tax Cuts and Jobs Act. The Company completed the majority of the accounting for the tax effects of the Tax Cuts and Jobs Act as of December 31, 2017. However, the Company’s analysis around the new foreign-derived intangible income (“FDII”) deduction remains incomplete. As such, the Company has not estimated or included a provisional adjustment for deferred tax assets related to the FDII deduction. Also, there is uncertainty around the depreciable life of qualified property as well as eligibility for accelerated depreciation after September 27, 2017. Therefore the Company has not estimated a provisional amount for deferred tax assets related to qualified property depreciation expense. In addition, the Company re-measured the applicable deferred tax assets and liabilities based on the rates at which they are expected to reverse. The Company is still analyzing certain aspects of the Tax Cuts and Jobs Act and is refining its calculations, which could potentially affect the measurement of these balances. In accordance with current SEC guidance, the Company will report the impact of these items in the reporting period in which the accounting is completed, which will not exceed one year from the date of enactment of the Tax Cuts and Jobs Act.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2018
Equity-Based Compensation
Equity-Based Compensation	12. Equity-Based Compensation The RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “2013 Incentive Plan”) includes restricted stock units (“RSUs”) which may have time-based or performance-based vesting criteria. The Company recognizes equity-based compensation expense in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The Company recognizes corporate income tax benefits relating to the vesting of restricted stock units in “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income. Employee stock-based compensation expense under the Company’s 2013 Incentive Plan was as follows (in thousands): Three Months Ended March 31, 2018 2017 Expense from Time-based RSUs $ 800 $ 527 Expense from Performance-based RSUs 468 35 Equity-based compensation expense 1,268 562 Tax benefit from equity-based compensation (179) (123) Excess tax benefit from equity-based compensation (72) (207) Net compensation cost $ 1,017 $ 232 Time-based Restricted Stock Units Time-based RSUs are valued using the Company’s closing stock price on the date of grant. Grants awarded to the Company’s Board of Directors generally vest over a one year period. Grants awarded to the Company’s employees, other than booj employees and former owners, generally vest equally in annual installments over a three year period. Grants awarded to booj employees and former owners vest in three installments over a four year period. Compensation expense is recognized on a straight line basis over the vesting period. The following table summarizes equity-based compensation activity related to time-based RSUs as of and for the three months ended March 31, 2018: Time-based restricted stock units Weighted average grant date fair value per share Balance, January 1, 2018 105,862 $ 41.67 Granted 174,708 $ 55.51 Shares vested (including tax withholding) (a) (46,520) $ 44.32 Balance, March 31, 2018 234,050 $ 51.48 (a) Pursuant to the terms of the 2013 Incentive Plan, RSUs withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are added back to the pool of shares available for future awards. At March 31, 2018, there was $11.1 million of total unrecognized time-based RSU expense, all of which is related to unvested awards. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 3.49 years for time-based restricted stock units. Performance-based Restricted Stock Units Performance-based RSUs for employees, other than booj employees and former owners, are stock-based awards in which the number of shares ultimately received depends on the Company’s achievement of a specified revenue as well as the Company’s total shareholder return (“TSR”) relative to the TSR of all companies in the S&P SmallCap 600 Index over a three year performance period. The number of shares that could be issued range from 0% to 150% of the participant’s target award. Performance-based RSUs are valued on the date of grant using a Monte Carlo simulation for the TSR element of the award. The Company’s expense will be adjusted based on the estimated achievement of revenue versus target. Earned performance-based RSUs cliff-vest at the end of the three year performance period. Compensation expense is recognized on a straight line basis over the vesting period based on the Company’s estimated performance. Performance-based RSUs granted to booj employees and former owners are stock-based awards in which the number of shares ultimately received depends on the achievement of certain technology requirements set forth in the agreement. The number of shares that could be issued range from 0% to 100% of the participant’s target award. The awards were valued using the Company’s closing stock price on the date of grant. The Company’s expense will be adjusted based on the estimated achievement of the requirements. As of March 31, 2018, the Company expects full achievement of the requirements. Earned performance-based RSUs vest May 31, 2019 and November 1, 2019 as the corresponding requirements are achieved. Compensation expense is recognized on a straight line basis over the vesting period based on the Company’s estimated performance. The following table summarizes equity-based compensation activity related to performance-based RSUs as of and for the three months ended March 31, 2018: Performance-based restricted stock units Weighted average grant date fair value per share Balance, January 1, 2018 31,831 $ 57.88 Granted (a) 107,311 $ 55.20 Balance, March 31, 2018 139,142 $ 55.81 (a) Represents the total participant target award. At March 31, 2018, there was $6.4 million of total unrecognized performance-based RSU expense, all of which is related to unvested awards. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.52 years for performance-based RSUs. After giving effect to all outstanding awards (assuming maximum achievement of performance goals for performance-based awards), there were 2,379,333 additional shares available for the Company to grant under the 2013 Incentive Plan as of March 31, 2018.

Leadership Change

Leadership Change	3 Months Ended
	Mar. 31, 2018
Leadership Changes
Leadership Changes	13. Leadership Change On February 9, 2018, the Company announced the retirement of the Company’s President. The Company entered into a Separation Agreement with the President, and pursuant to the terms of this agreement, the Company incurred a total cost of $1.8 million which was recorded to “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income during the three months ended March 31, 2018, which will be paid over a 39-month period.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies.
Commitments and Contingencies	14. Commitments and Contingencies Commitments The Company leases offices and equipment under noncancelable leases, subject to certain provisions for renewal options and escalation clauses. Contingencies In connection with the purchase of Full House, the Company entered into an arrangement to pay additional purchase consideration based on Motto’s future gross revenues collected, excluding certain fees, for each year beginning October 1, 2017 through September 30, 2026. As of March 31, 2018, this liability was estimated to be $6.7 million. See Note 10, Fair Value Measurements for additional information. In connection with the sale of the assets and liabilities related to the Company’s previously owned brokerages, the Company entered into three Assignment and Assumption of Lease Agreements (the “Assignment Agreements”) pursuant to which the Company assigned its obligations under and rights, title and interest in 21 leases to the respective purchasers. For certain leases, the Company remains secondarily liable for future lease payments through July 2021 under the respective lease agreements and accordingly, as of March 31, 2018, the Company has outstanding lease guarantees of $3.2 million. This amount represents the maximum potential amount of future payments under the respective lease guarantees. In the event of default by the purchaser, the indemnity and default clauses in the Assignment Agreements govern the Company’s ability to pursue and recover damages incurred, if any, against the purchaser. 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. On October 7, 2013, RE/MAX Holdings acquired the net assets, excluding cash, of Tails for consideration paid of $20.2 million. Following earlier litigation that was dismissed, several shareholders of Tails filed a complaint entitled Robert B. Fisher, Carla L. Fisher, Bradley G. Rhodes and James D. Schwartz v. Gail Liniger, Dave Liniger, Bruce Benham, RE/MAX Holdings, Inc. and Tails Holdco, Inc. in Denver District Court ("Tails II"). On February 13, 2018, the parties signed a formal Settlement Agreement and Mutual General Release. On February 27, 2018 the Company received $1.9 million from its insurance carriers as reimbursement of attorneys’ fees and a portion of the settlement. On February 28, 2018, the Company paid $4.5 million to satisfy the terms of the Settlement Agreement. As a result of the settlement, the litigation was dismissed with prejudice on March 1, 2018. Management of the Company believes no 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.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions
Related-Party Transactions	15. Related-Party Transactions The majority stockholders of RIHI, including the Company’s current Chairman and Co-Founder and the Company’s Vice Chair and Co-Founder have made and continue to make a golf course they own available to the Company for business purposes. The Company used the golf course and related facilities for business purposes at minimal charge for the three months ended March 31, 2018 and 2017. The Company provides services, such as accounting, legal, marketing, technology, human resources and public relations services, to certain affiliated entities (primarily the Company’s affiliated advertising funds), and it allows these companies to share its leased office space. During the three months ended March 31, 2018 and 2017, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $1.0 million and $0.8 million, respectively. Amounts are generally paid within 30 days and no amounts were outstanding at March 31, 2018 or December 31, 2017. Related party advertising funds had current outstanding amounts due from the Company of $0.2 million and $0.1 million as of March 31, 2018 and December 31, 2017, respectively. Such amounts are included in “Accounts payable” in the accompanying Condensed Consolidated Balance Sheets.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2017, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). 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 March 31, 2018 and December 31, 2017 and the results of its operations and comprehensive income, changes in its stockholders’ equity and its cash flows for the three months ended March 31, 2018 and 2017. Interim results may not be indicative of full year performance. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements within the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
Reclassifications	Reclassifications In addition to the change in accounting principle discussed in Note 3, Revenue certain items in the accompanying condensed consolidated financial statements for the three months ended March 31, 2017 have been reclassified to conform to the current year’s presentation. These reclassifications did not affect the Company’s consolidated results of operations or cash flows.
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 the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation As of March 31, 2018, RE/MAX Holdings owns 58.54% of the common membership units in RMCO and, 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.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220), which adjusts the classification of stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. ASU 2018-02 is effective for the Company beginning January 1, 2019. The standard is to be applied either in the period of adoption or retrospectively to each period effected by the Tax Cuts and Jobs Act. The Company completed the majority of its accounting for the tax effects of the Tax Cuts and Jobs Act as of December 31, 2017. The Company believes the amendments of ASU 2018-02 will not have a significant impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350) , which simplifies the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. ASU 2017-04 is effective for annual and interim impairment tests beginning January 1, 2020 for the Company and is required to be adopted using a prospective approach. Early adoption is allowed for annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize the assets and liabilities that arise from all leases on the consolidated balance sheets. ASU 2016-02 is required to be adopted by the Company on January 1, 2019. The standard requires a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company has not yet determined the effect of the standard on its consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Schedule of capitalized contract costs	The activity in the Company’s capitalized contract costs for commissions (which are included in “other current assets” and “other assets, net of current portion” on the Condensed Consolidated Balance Sheets) consist of the following (in thousands): Expense recognized Balance at that is included in Additions to contract Balance at end beginning of period beginning balance cost for new activity of period Three months ended March 31, 2018 $ 3,532 $ (325) $ 470 $ 3,677
Schedule of Transaction Price Allocated to the Remaining Performance Obligations	Remaining nine months of 2018 2019 2020 2021 2022 2023 Thereafter Total Annual dues $ 16,029 $ 1,002 $ - $ - $ - $ - $ - $ 17,031 Franchise sales 5,898 6,426 5,086 3,653 2,091 952 4,027 28,133 Total $ 21,927 $ 7,428 $ 5,086 $ 3,653 $ 2,091 $ 952 $ 4,027 $ 45,164
ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Schedule of Cumulative impact on financial statements	The following tables summarize the impacts of the new revenue standard adoption on the Company’s condensed consolidated financial statements (in thousands): Condensed Consolidated Balance Sheet Impact of Changes in Accounting Policies As of December 31, 2017 As previously reported Adjustments As adjusted Accounts and notes receivable, current portion, net $ 21,304 $ (1,020) $ 20,284 Income taxes receivable 870 93 963 Other current assets 6,924 1,050 7,974 Deferred tax assets, net 59,151 3,690 62,841 Other assets, net of current portion 1,563 2,460 4,023 Income taxes payable 133 (36) 97 Deferred revenue 18,918 6,350 25,268 Deferred revenue, net of current - 20,228 20,228 Retained earnings 16,027 (7,627) 8,400 Accumulated other comprehensive income, net of tax 515 (56) 459 Non-controlling interest (398,348) (12,586) (410,934) Condensed Consolidated Statement of Income Impact of Changes in Accounting Policies Three Months Ended March 31, 2017 As previously reported Adjustments As adjusted Franchise sales and other revenue $ 8,794 $ (823) $ 7,971 Selling, operating and administrative expenses 26,794 (140) 26,654 Net income 10,071 (683) 9,388 Net income attributable to non-controlling interest 5,159 (311) 4,848 Net income attributable to RE/MAX Holdings, Inc. 4,912 (372) 4,540 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock Basic 0.28 (0.02) 0.26 Diluted 0.28 (0.02) 0.26 Condensed Consolidated Statement of Comprehensive Income Impact of Changes in Accounting Policies Three Months Ended March 31, 2017 As previously reported Adjustments As adjusted Net income $ 10,071 $ (683) $ 9,388 Change in cumulative translation adjustment 95 (6) 89 Comprehensive income 10,166 (689) 9,477 Comprehensive income attributable to non-controlling interest 5,210 (311) 4,899 Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax 4,956 (378) 4,578 Condensed Consolidated Statement of Cash Flows Impact on Changes in Accounting Policies Three Months Ended March 31, 2017 As previously reported Adjustments As adjusted Net income $ 10,071 $ (683) $ 9,388 Changes in operating assets and liabilities (2,368) 683 (1,685)
Annual dues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Schedule of contract liability	The activity in the Company’s annual dues deferred revenue consists of the following (in thousands): Balance at beginning of period New billings Revenue recognized (a) Balance at end of period Three months ended March 31, 2018 $ 15,297 $ 10,430 $ (8,696) $ 17,031 (a)
Franchise sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Schedule of contract liability	The activity in the Company’s franchise sales deferred revenue accounts consists of the following (in thousands): Balance at beginning of period New billings Revenue recognized (a) Balance at end of period Three months ended March 31, 2018 $ 27,943 $ 2,534 $ (2,344) $ 28,133 (a)

Non-controlling Interest (Table

Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2018
Noncontrolling Interest
Summary of Ownership of the Common Units	March 31, December 31, 2018 2017 Shares Ownership % Shares Ownership % Non-controlling interest ownership of common units in RMCO 12,559,600 41.46 % 12,559,600 41.51 % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) 17,733,302 58.54 % 17,696,991 58.49 % Total common units in RMCO 30,292,902 100.00 % 30,256,591 100.00 %
Reconciliation from Income Before Provision for Income Taxes to Net Income	. A reconciliation of “Income before provision for income taxes” to “Net Income attributable to RE/MAX Holdings, Inc.” and “Net Income attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income for the periods indicated is detailed as follows (in thousands, except for percentages): Three Months Ended March 31, 2017 2018 As adjusted* RE/MAX Holdings, Inc. Non-controlling interest Total RE/MAX Holdings, Inc. Non-controlling interest Total Weighted average ownership percentage of RMCO (a) % % % % 41.56 % 100.00 % Income before provision for income taxes $ 6,453 $ 4,576 $ 11,029 $ 7,252 $ 5,166 $ 12,418 Provision for income taxes (b)(c) (1,470) (392) (1,862) (2,712) (318) (3,030) Net income $ 4,983 $ 4,184 $ 9,167 $ 4,540 $ 4,848 $ 9,388 *See Note 3, Revenue for more information. (a) The weighted average ownership percentage of RMCO differs from the allocation of income before provision for income taxes between RE/MAX Holdings and the non-controlling interest, which is based on ownership of common units in RMCO, due to certain relatively insignificant expenses recorded at RE/MAX Holdings. (b) The provision for income taxes attributable to RE/MAX Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the pass-through income from RMCO. However, it also includes its share of taxes directly incurred by RMCO and its subsidiaries, related primarily to tax liabilities in certain foreign jurisdictions. (c) The provision for income taxes attributable to the non-controlling interest represents its share of taxes related primarily to tax liabilities in certain foreign jurisdictions directly incurred by RMCO or its subsidiaries. Because RMCO is a pass-through entity, there is no U.S. federal and state income tax provision recorded on the non-controlling interest.
Distributions Paid or Payable	The distributions paid or payable to non-controlling unitholders are summarized as follows (in thousands): Three Months Ended March 31, 2018 2017 Tax and other distributions $ 1,700 $ 3,588 Dividend distributions 2,512 2,261 Total distributions to non-controlling unitholders $ 4,212 $ 5,849

Earnings Per Share and Divide26

Earnings Per Share and Dividends (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2017 2018 As adjusted* Numerator Net income attributable to RE/MAX Holdings, Inc. $ 4,983 $ 4,540 Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,709,095 17,662,842 Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,709,095 17,662,842 Add dilutive effect of the following: Restricted stock units 53,038 53,171 Weighted average shares of Class A common stock outstanding, diluted 17,762,133 17,716,013 Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ 0.28 $ 0.26 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ 0.28 $ 0.26 *See Note 3, Revenue for more information.
Schedule of Dividends Declared and Paid Quarterly per Share	Dividends declared and paid quarterly per share on all outstanding shares of Class A common stock were as follows (in thousands, except share and per share information): Three Months Ended March 31, 2018 2017 Date paid Per share Amount paid to Class A stockholders Amount paid to non-controlling unitholders Date paid Per share Amount paid to Class A stockholders Amount paid to non-controlling unitholders Dividend declared during quarter ended: March 31 March 21, 2018 $ $ 3,547 $ 2,512 March 22, 2017 $ $ 3,184 $ 2,261

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Acquisition [Line Items]
Summary of Unaudited Pro Forma Information	Three Months Ended March 31, 2018 2017 2016 (in thousands, except per share amounts) Total revenue $ 53,908 $ 50,177 $ 43,820 Net income attributable to RE/MAX Holdings, Inc. $ 4,291 $ 3,814 $ 5,010 Basic earnings per common share $ 0.24 $ 0.22 $ 0.28 Diluted earnings per common share $ 0.24 $ 0.22 $ 0.28
Re/Max Of Northern Illinois Inc.
Business Acquisition [Line Items]
Summary of the allocation of the purchase price to the fair value of assets acquired	The following table summarizes the allocation of the purchase price to the fair value of assets acquired for RE/MAX of Northern Illinois (in thousands): RE/MAX of Northern Illinois Franchise agreements $ 22,800 Goodwill 12,920 Total purchase price $ 35,720

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
Intangible Assets and Goodwill
Schedule of components of intangible assets	The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years): Weighted Average As of March 31, 2018 As of December 31, 2017 Amortization Initial Accumulated Net Initial Accumulated Net Period Cost Amortization Balance Cost Amortization Balance Franchise agreements 12.5 $ 180,867 $ (66,085) $ 114,782 $ 181,567 $ (62,218) $ 119,349 Other intangible assets: Software (a) 4.4 $ 13,357 $ (7,903) $ 5,454 $ 13,762 $ (8,111) $ 5,651 Trademarks 10.2 1,334 (682) 652 1,539 (902) 637 Non-compete 10.0 2,500 (375) 2,125 2,500 (312) 2,188 Other - booj (b) 7,875 — 7,875 — — — Total other intangible assets 6.3 $ 25,066 $ (8,960) $ 16,106 $ 17,801 $ (9,325) $ 8,476 (a) As of March 31, 2018 and December 31, 2017, capitalized software development costs of $0.7 million and $ 0.6 million, respectively, were related to information technology infrastructure projects not yet complete and ready for their intended use and thus were not subject to amortization. (b) Includes the preliminary intangible assets assumed with the acquisition of booj. See Note 6 , Acquisitions for additional information.
Schedule of estimated future amortization of intangible assets, other than goodwill	As of March 31, 2018 the estimated future amortization expense for the next five years related to intangible assets includes the preliminary intangible assets assumed with the acquisition of booj and is as follows (in thousands): As of March 31, 2018: Remainder of 2018 $ 14,206 2019 18,762 2020 18,561 2021 18,112 2022 15,797 $ 85,438
Schedule of changes to goodwill	The following table presents changes to goodwill for the period from January 1, 2018 to March 31, 2018 (in thousands): Balance, January 1, 2018 $ 135,213 Goodwill recognized related to current year acquisitions 18,375 Adjustments to acquisition accounting during the measurement period 700 Effect of changes in foreign currency exchange rates (92) Balance, March 31, 2018 $ 154,196

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Accrued Liabilities.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2018 2017 Accrued payroll and related employee costs $ 5,106 $ 3,874 Accrued taxes 1,235 1,635 Accrued professional fees 1,506 2,339 Other (a) 3,107 7,542 $ 10,954 $ 15,390 (a) Other accrued liabilities as of December 31, 2017 includes a $4.5 million payable in connection with the February 13, 2018 settlement, and subsequent payment, resulting from the litigation matter concerning the Company’s 2013 acquisition of the net assets of Tails, Inc. (“Tails”), as discussed in Note 14, Commitments and Contingencies .

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt
Schedule of debt	Debt, net of current portion, consists of the following (in thousands): March 31, December 31, 2018 2017 Senior Secured Credit Facility $ 231,475 $ 232,063 Less unamortized debt issuance costs (1,705) (1,780) Less unamortized debt discount costs (1,244) (1,297) Less current portion (2,350) (2,350) $ 226,176 $ 226,636
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): As of March 31, 2018: Remainder of 2018 $ 1,763 2019 2,350 2020 2,350 2021 2,350 2022 2,350 Thereafter 220,312 $ 231,475

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Measurements
Liabilities Measured at Fair Value on a Recurring Basis	A summary of the Company’s liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 is as follows (in thousands): As of March 31, 2018 As of December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 6,665 $ - $ - $ 6,665 $ 6,580 $ - $ - $ 6,580
Reconciliation of Assets And Liabilities Measured Using Significant Unobservable Inputs	The table below presents a reconciliation of all liabilities of the Company measured at fair value on a recurring basis using significant unobservable inputs for the period from January 1, 2018 to March 31, 2018 (in thousands): Fair Value of Contingent Consideration Liability Balance at January 1, 2018 $ 6,580 Fair value adjustments 135 Cash payments (50) Balance at March 31, 2018 $ 6,665
Summary of carrying value and fair value of senior secured credit facility	The following table summarizes the carrying value and fair value of the Senior Secured Credit Facility as of March 31, 2018 and December 31, 2017 (in thousands): March 31, December 31, 2018 2017 Carrying Amount Fair Value Level 2 Carrying Amount Fair Value Level 2 Senior Secured Credit Facility $ 228,526 $ 232,065 $ 228,986 $ 232,933

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Employee Stock-Based Compensation Expense	Employee stock-based compensation expense under the Company’s 2013 Incentive Plan was as follows (in thousands): Three Months Ended March 31, 2018 2017 Expense from Time-based RSUs $ 800 $ 527 Expense from Performance-based RSUs 468 35 Equity-based compensation expense 1,268 562 Tax benefit from equity-based compensation (179) (123) Excess tax benefit from equity-based compensation (72) (207) Net compensation cost $ 1,017 $ 232
Time-based Restricted Stock Units
Restricted Stock Units	Time-based restricted stock units Weighted average grant date fair value per share Balance, January 1, 2018 105,862 $ 41.67 Granted 174,708 $ 55.51 Shares vested (including tax withholding) (a) (46,520) $ 44.32 Balance, March 31, 2018 234,050 $ 51.48 (a) Pursuant to the terms of the 2013 Incentive Plan, RSUs withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are added back to the pool of shares available for future awards.
Performance-based Restricted Stock Units
Restricted Stock Units	Performance-based restricted stock units Weighted average grant date fair value per share Balance, January 1, 2018 31,831 $ 57.88 Granted (a) 107,311 $ 55.20 Balance, March 31, 2018 139,142 $ 55.81 (a) Represents the total participant target award.

Business and Organization (Deta

Business and Organization (Details)	Mar. 31, 2018countryOfficeitem	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of agents | item	120,000
Number of offices | Office	7,000
Number of countries in which entity operates | country	100
RMCO, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Parent economic interest in RMCO (as a percent)	58.54%	58.49%
Non-controlling interest ownership of common units in RMCO as a percentage	41.46%	41.51%
RIHI | RMCO, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Non-controlling interest ownership of common units in RMCO as a percentage	41.46%

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Jan. 01, 2016	Mar. 31, 2018	Dec. 31, 2017
ASU 2016-15
Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ 6.3
ASU 2014-09
Significant Accounting Policies [Line Items]
Cumulative effect adjustment to retained earnings	$ 4.9
Cumulative effect adjustment to non-controlling interest	$ 11.6
RMCO, LLC
Significant Accounting Policies [Line Items]
Parent economic interest in RMCO (as a percent)		58.54%	58.49%

Revenue - Condensed Consolidate

Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, current portion, net	$ 21,121	$ 20,284
Income taxes receivable	753	963
Other current assets	4,775	7,974
Deferred tax assets, net	62,338	62,841
Other assets, net of current portion	4,063	4,023
Income taxes payable		97
Deferred revenue	24,848	25,268
Deferred revenue, net of current	20,902	20,228
Retained earnings	9,788	8,400
Accumulated other comprehensive income, net of tax	416	459
Non-controlling interest	$ (411,001)	(410,934)
RE/MAX franchise agreements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Period of franchise agreement	5 years
Motto franchise agreements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Period of franchise agreement	7 years
As previously reported | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, current portion, net		21,304
Income taxes receivable		870
Other current assets		6,924
Deferred tax assets, net		59,151
Other assets, net of current portion		1,563
Income taxes payable		133
Deferred revenue		18,918
Retained earnings		16,027
Accumulated other comprehensive income, net of tax		515
Non-controlling interest		(398,348)
Adjustments | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, current portion, net		(1,020)
Income taxes receivable		93
Other current assets		1,050
Deferred tax assets, net		3,690
Other assets, net of current portion		2,460
Income taxes payable		(36)
Deferred revenue		6,350
Deferred revenue, net of current		20,228
Retained earnings		(7,627)
Accumulated other comprehensive income, net of tax		(56)
Non-controlling interest		$ (12,586)

Revenue - Condensed Consolida36

Revenue - Condensed Consolidated Statement of Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 52,642	$ 47,406
Selling, operating and administrative expenses	34,368	26,654
Net income	9,167	9,388
Less: Net income attributable to non-controlling interest (note 4)	4,184	4,848
Net income attributable to RE/MAX Holdings, Inc.	4,983	$ 4,540
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$ 0.26
Diluted		$ 0.26
Franchise sales and other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 9,518	$ 7,971
ASU 2014-09 | As previously reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, operating and administrative expenses		26,794
Net income		10,071
Less: Net income attributable to non-controlling interest (note 4)		5,159
Net income attributable to RE/MAX Holdings, Inc.		$ 4,912
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$ 0.28
Diluted		$ 0.28
ASU 2014-09 | As previously reported | Franchise sales and other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue		$ 8,794
ASU 2014-09 | Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, operating and administrative expenses		(140)
Net income		(683)
Less: Net income attributable to non-controlling interest (note 4)		(311)
Net income attributable to RE/MAX Holdings, Inc.		$ (372)
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$ (0.02)
Diluted		$ (0.02)
ASU 2014-09 | Adjustments | Franchise sales and other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue		$ (823)

Revenue - Condensed Consolida37

Revenue - Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income	$ 9,167	$ 9,388
Change in cumulative translation adjustment	(82)	89
Comprehensive income	9,085	9,477
Comprehensive income attributable to non-controlling interest	4,145	4,899
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 4,940	4,578
As previously reported | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		10,071
Change in cumulative translation adjustment		95
Comprehensive income		10,166
Comprehensive income attributable to non-controlling interest		5,210
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax		4,956
Adjustments | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		(683)
Change in cumulative translation adjustment		(6)
Comprehensive income		(689)
Comprehensive income attributable to non-controlling interest		(311)
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax		$ (378)

Revenue - Condensed Consolida38

Revenue - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income	$ 9,167	$ 9,388
Changes in operating assets and liabilities	$ (2,614)	(1,685)
As previously reported | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		10,071
Changes in operating assets and liabilities		(2,368)
Adjustments | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		(683)
Changes in operating assets and liabilities		$ 683

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Annual dues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance period	12 months
Balance at beginning of period	$ 15,297
New billings	10,430
Revenue recognized	(8,696)
Balance at the end of period	17,031
Revenue recognized	7,500
Franchise sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Balance at beginning of period	27,943
New billings	2,534
Revenue recognized	(2,344)
Balance at the end of period	28,133
Revenue recognized	$ 2,100

Revenue - Commissions Related t

Revenue - Commissions Related to Franchise Sales (Details) - Commissions Related to Franchise Sales $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 3,532
Expense recognized that is included in beginning balance	(325)
Additions to contract cost for new activity	470
Balance at end of period	$ 3,677

Revenue - Disaggregated revenue

Revenue - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 52,642	$ 47,406
Owned Regions
Disaggregation of Revenue [Line Items]
Total revenue	31,363	28,552
Independent Regions
Disaggregation of Revenue [Line Items]
Total revenue	11,149	10,750
Global and Other
Disaggregation of Revenue [Line Items]
Total revenue	10,130	8,104
U.S.
Disaggregation of Revenue [Line Items]
Total revenue	36,749	34,078
Canada
Disaggregation of Revenue [Line Items]
Total revenue	5,763	5,224
Global and Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,130	$ 8,104

Revenue - Transaction Price All

Revenue - Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total revenue	$ 52,642	$ 47,406
Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation	$ 45,164
Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	12 months
Revenue, Remaining Performance Obligation	$ 17,031
Total revenue	8,696	$ 8,235
Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation	$ 28,133
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	9 months
Revenue, Remaining Performance Obligation	$ 21,927
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	9 months
Revenue, Remaining Performance Obligation	$ 16,029
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	9 months
Revenue, Remaining Performance Obligation	$ 5,898
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 7,428
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 1,002
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 6,426
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 5,086
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 5,086
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 3,653
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 3,653
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 2,091
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 2,091
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 952
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation	$ 952
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Annual Dues And Franchise Sales [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation	4,027
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation	$ 4,027

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Mar. 31, 2018	Dec. 31, 2017
Shares [Abstract]
Non-controlling interest ownership of common units in RMCO	12,559,600	12,559,600
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	17,733,302	17,696,991
Total number of common stock units	30,292,902	30,256,591
Ownership Percentage [Abstract]
Non-controlling interest ownership of common units in RMCO as a percentage	41.46%	41.51%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units	58.54%	58.49%
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
	Mar. 31, 2018	Mar. 31, 2017
Noncontrolling Interest
Weighted average ownership percentage of controlling interest	58.51%	58.44%
Weighted average ownership percentage of noncontrolling interest	41.49%	41.56%
Total (as a percentage)	100.00%	100.00%
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ 6,453	$ 7,252
Provision for income taxes attributable to RE/MAX Holdings, Inc.	(1,470)	(2,712)
Net income attributable to RE/MAX Holdings, Inc.	4,983	4,540
Income before provision for income taxes: Non-controlling interest	4,576	5,166
Provision for income taxes: Non-controlling interest	(392)	(318)
Net income: Non-controlling interest	4,184	4,848
Income before provision for income taxes	11,029	12,418
Provision for income taxes	(1,862)	(3,030)
Net income	$ 9,167	$ 9,388

Non-controlling Interest - Dist

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	May 02, 2018	Mar. 31, 2018	Mar. 31, 2017
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		$ 4,212	$ 5,849
Distributions declared to non-controlling unitholders	$ 2,500
Tax and other distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		1,700	3,588
Dividend distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		$ 2,512	$ 2,261

Earnings Per Share and Divide46

Earnings Per Share and Dividends - Reconciliation of the numerator and denominator used in basic and diluted EPS calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 4,983	$ 4,540
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic		$ 0.26
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted		$ 0.26
Common Class A
Denominator for basic net income per share of common stock
Weighted average shares of Class A common stock outstanding	17,709,095	17,662,842
Denominator for diluted net income per share of common stock
Weighted average shares of Class A common stock outstanding	17,709,095	17,662,842
Weighted average shares of Class A common stock outstanding, diluted	17,762,133	17,716,013
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ 0.28	$ 0.26
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ 0.28	$ 0.26
Restricted Stock Units (RSUs) | Common Class A
Add dilutive effect of the following:
Dilutive effect	53,038	53,171

Earnings Per Share and Divide47

Earnings Per Share and Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 02, 2018	Mar. 31, 2018	Mar. 31, 2017
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.20	$ 0.18
Dividends declared and paid		$ 3,547
Distributions declared to non-controlling unitholders	$ 2,500
Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.20	$ 0.18
Dividends declared and paid		$ 3,547	$ 3,184
Quarterly dividend | Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock	$ 0.20
Non-controlling interest
Dividends Payable [Line Items]
Distributions declared to non-controlling unitholders		$ 2,512	$ 2,261

Acquisitions - Acquisitions (De

Acquisitions - Acquisitions (Details) - USD ($) $ in Thousands	Feb. 26, 2018	Nov. 15, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill			$ 154,196	$ 135,213
Accounting goodwill
Adjustments to acquisition accounting during the measurement period - goodwill			700
booj, LLC
Business Acquisition [Line Items]
Cash consideration	$ 26,300
Equity based compensation	10,000
Goodwill	$ 18,400
Re/Max Of Northern Illinois Inc.
Business Acquisition [Line Items]
Cash consideration		$ 35,700
Franchise agreements		22,800
Goodwill		12,920
Total purchase price		$ 35,720
Accounting goodwill
Adjustments to acquisition accounting during the measurement period - goodwill			700
Accounting franchise agreements
Adjustments to acquisition accounting during the measurement period - franchise agreements			$ (700)

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition, Pro Forma Information [Abstract]
Total revenue	$ 53,908	$ 50,177	$ 43,820
Net income attributable to RE/MAX Holdings, Inc.	$ 4,291	$ 3,814	$ 5,010
Basic earnings per common share	$ 0.24	$ 0.22	$ 0.28
Diluted earnings per common share	$ 0.24	$ 0.22	$ 0.28

Intangible Assets and Goodwil50

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 114,782		$ 119,349
Amortization expense	4,300	$ 5,800
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	180,867		181,567
Accumulated Amortization	(66,085)		(62,218)
Net Balance	$ 114,782		119,349
Franchise agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	12 years 6 months
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 25,066		17,801
Accumulated Amortization	(8,960)		(9,325)
Net Balance	$ 16,106		8,476
Other Intangible Assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	6 years 3 months 18 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 13,357		13,762
Accumulated Amortization	(7,903)		(8,111)
Net Balance	$ 5,454		5,651
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	4 years 4 months 24 days
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 1,334		1,539
Accumulated Amortization	(682)		(902)
Net Balance	$ 652		637
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	10 years 2 months 12 days
Software Development
Finite Lived Intangible Assets [Line Items]
Software development costs, not yet completed	$ 700		600
Non-compete agreement
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,500		2,500
Accumulated Amortization	(375)		(312)
Net Balance	$ 2,125		$ 2,188
Non-compete agreement | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	10 years
Other - booj
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 7,875
Net Balance	$ 7,875

Intangible Assets and Goodwil51

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) $ in Thousands	Mar. 31, 2018USD ($)
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Remainder of 2018	$ 14,206
2,019	18,762
2,020	18,561
2,021	18,112
2,022	15,797
Estimated future amortization expense over next five years	$ 85,438

Intangible Assets and Goodwil52

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Changes to goodwill
Beginning Balance	$ 135,213
Goodwill recognized related to current year acquisitions	18,375
Adjustments to acquisition accounting during the measurement period - goodwill	700
Effect of changes in foreign currency exchange rates	(92)
Ending Balance	$ 154,196

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accrued Liabilities [Line Items]
Accrued payroll and related employee costs	$ 5,106	$ 3,874
Accrued taxes	1,235	1,635
Accrued professional fees	1,506	2,339
Other	3,107	7,542
Accrued liabilities	$ 10,954	15,390
Tails Inc.
Accrued Liabilities [Line Items]
Other		$ 4,500

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt
Senior Secured Credit Facility	$ 231,475	$ 232,063
Less unamortized debt issuance costs	(1,705)	(1,780)
Less unamortized debt discount	(1,244)	(1,297)
Less current portion	(2,350)	(2,350)
Debt, net of current portion	$ 226,176	$ 226,636

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt
Remainder of 2018	$ 1,763
2,019	2,350
2,020	2,350
2,021	2,350
2,022	2,350
Thereafter	220,312
Senior Secured Credit Facility	$ 231,475	$ 232,063

Debt - Additional Information (

Debt - Additional Information (Details) - Senior Secured Credit Facility	3 Months Ended
	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Debt instrument, interest rate	5.05%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Revolving loan facility
Debt Instrument [Line Items]
Revolving loan facility commitment fee on average daily amount of unused portion	0.50%
Amounts drawn on line of credit	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Annual payment period	120 days
Full House Mortgage Connection, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 6,700
Percentage of gross revenues to be paid yearly	8.00%
Full House Mortgage Connection, Inc. | Measured on a recurring basis | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 6,665	$ 6,580
Full House Mortgage Connection, Inc. | Level 3 | Measured on a recurring basis | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 6,665	$ 6,580

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Assets and Liabilities Measured Using Significant Unboservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment	$ 135	$ 130
Cash payments	(50)
Full House Mortgage Connection, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at March 31, 2018	6,700
Full House Mortgage Connection, Inc. | Measured on a recurring basis | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at January 1, 2018	6,580
Balance at March 31, 2018	6,665
Full House Mortgage Connection, Inc. | Level 3 | Measured on a recurring basis | Contingent consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at January 1, 2018	6,580
Fair value adjustment	135
Cash payments	(50)
Balance at March 31, 2018	$ 6,665

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Senior Secured Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Transfer of asset fair value Level 1 to 2	$ 0
Transfer of liability fair value Level 1 to 2	0
Transfer of asset fair value Level 2 to 1	0
Transfer of liability fair value Level 2 to 1	0
Transfers of assets or liabilities between the fair value measurement levels 3	0
Carrying amounts | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long term debt, carrying amount	228,526,000	$ 228,986,000
Fair Value, Inputs, Level 2 | Estimated fair value | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long term debt, fair value	$ 232,065,000	$ 232,933,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Mar. 31, 2018USD ($)
Income Taxes
Uncertain tax positions	$ 0

Equity-Based Compensation - (De

Equity-Based Compensation - (Details) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2018USD ($)installment$ / sharesshares	Mar. 31, 2017USD ($)
Employee stock-based compensation expense
Equity-based compensation expense		$ 1,268	$ 562
2013 Stock Incentive Plan
Employee stock-based compensation expense
Equity-based compensation expense		1,268	562
Tax benefit from share-based compensation		(179)	(123)
Excess tax benefit from share-based compensation		(72)	(207)
Net compensation cost		$ 1,017	232
Restricted Stock Units
Additional shares available to grant under plan (in shares) | shares		2,379,333
Time-based Restricted Stock Units
Restricted Stock Units
Nonvested at beginning of period | shares		105,862
Granted | shares		174,708
Shares vested (including tax withholding) | shares	[1]	(46,520)
Nonvested at end of period | shares		234,050
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares		$ 41.67
Granted, Weighted average grant date fair value per share | $ / shares		55.51
Shares vested (including tax withholding), Weighted average grant date fair value per share | $ / shares	[1]	44.32
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares		$ 51.48
Unrecognized compensation cost		$ 11,100
Period for recognition of RSU compensation expense		3 years 5 months 27 days
Time-based Restricted Stock Units | 2013 Stock Incentive Plan
Employee stock-based compensation expense
Equity-based compensation expense		$ 800	527
Time-based Restricted Stock Units | Directors
Restricted Stock Units
Vesting Period		1 year
Time-based Restricted Stock Units | Employees
Restricted Stock Units
Vesting Period		3 years
Performance-based Restricted Stock Units
Restricted Stock Units
Nonvested at beginning of period | shares		31,831
Granted | shares	[2]	107,311
Nonvested at end of period | shares		139,142
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares		$ 57.88
Granted, Weighted average grant date fair value per share | $ / shares	[2]	55.20
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares		$ 55.81
Period of performance measurement		3 years
Unrecognized compensation cost		$ 6,400
Period for recognition of RSU compensation expense		1 year 6 months 7 days
Performance-based Restricted Stock Units | Minimum
Restricted Stock Units
Shares issued upon participants target award		0.00%
Performance-based Restricted Stock Units | Maximum
Restricted Stock Units
Shares issued upon participants target award		150.00%
Performance-based Restricted Stock Units | 2013 Stock Incentive Plan
Employee stock-based compensation expense
Equity-based compensation expense		$ 468	$ 35
booj, LLC | Time-based Restricted Stock Units
Restricted Stock Units
Vesting Period		4 years
Number of installments in a vesting period | installment		3
booj, LLC | Performance-based Restricted Stock Units | Minimum
Restricted Stock Units
Shares issued upon participants target award		0.00%
booj, LLC | Performance-based Restricted Stock Units | Maximum
Restricted Stock Units
Shares issued upon participants target award		100.00%
[1]	Pursuant to the terms of the 2013 Incentive Plan, RSUs withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are added back to the pool of shares available for future awards.
[2]	Represents the total participant target award.

Leadership Change (Details)

Leadership Change (Details) - Former President $ in Millions	Feb. 09, 2018USD ($)
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Accrued costs under Separation Agreement	$ 1.8
Period for payment of restructuring cost	39 months

Commitments and Contingencies -

Commitments and Contingencies - Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)leaseagreement
Assignment and Assumption of Lease Agreements
Loss Contingencies [Line Items]
Number of leases assigned to purchasers | lease	21
Number of assignment agreements | agreement	3
Outstanding lease guarantees	$ 3.2
Full House Mortgage Connection, Inc.
Loss Contingencies [Line Items]
Contingent consideration liability	$ 6.7

Commitments and Contingencies64

Commitments and Contingencies - Litigation (Details) - USD ($) $ in Millions	Feb. 28, 2018	Feb. 27, 2018	Oct. 07, 2013	Feb. 28, 2018
Loss Contingencies [Line Items]
Payment of legal settlement	$ 4.5			$ 4.5
Amount of reimbursement of fees and portion of settlement.		$ 1.9
Tails Inc.
Loss Contingencies [Line Items]
Cash consideration			$ 20.2

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related party balances and activity
Accounts payable to affiliates	$ 200,000		$ 100,000
Services rendered and rent for office space provided
Related party balances and activity
Amounts allocated for services rendered and rent for office space	$ 1,000,000	$ 800,000
Affiliated Entity | Services rendered and rent for office space provided
Related party balances and activity
General payment period	30 days
Accounts receivable from affiliates	$ 0		$ 0