RE/MAX (RMAX) 10-Q 2 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 31, 2018
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Central Index Key	1,581,091
Document Period End Date	Sep. 30, 2018
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
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	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 51,263	$ 50,807
Accounts and notes receivable, current portion, less allowances of $7,247 and $7,223, respectively	21,566	20,284
Income taxes receivable	760	963
Other current assets	5,265	7,974
Total current assets	78,854	80,028
Property and equipment, net of accumulated depreciation of $12,977 and $12,326, respectively	3,626	2,905
Franchise agreements, net	107,032	119,349
Other intangible assets, net	21,911	8,476
Goodwill	150,859	135,213
Deferred tax assets, net	59,449	62,841
Other assets, net of current portion	4,347	4,023
Total assets	426,078	412,835
Current liabilities:
Accounts payable	783	517
Accrued liabilities	12,440	15,390
Income taxes payable	105	97
Deferred revenue	25,310	25,268
Current portion of debt	2,665	2,350
Current portion of payable pursuant to tax receivable agreements	4,479	6,252
Total current liabilities	45,782	49,874
Debt, net of current portion	225,770	226,636
Payable pursuant to tax receivable agreements, net of current portion	43,710	46,923
Deferred tax liabilities, net	112	151
Deferred revenue, net of current portion	19,939	20,228
Other liabilities, net of current portion	18,607	19,897
Total liabilities	353,920	363,709
Commitments and contingencies (note 14)
Stockholders' equity:
Additional paid-in capital	457,026	451,199
Retained earnings	18,412	8,400
Accumulated other comprehensive income, net of tax	419	459
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	475,859	460,060
Non-controlling interest	(403,701)	(410,934)
Total stockholders' equity	72,158	49,126
Total liabilities and stockholders' equity	426,078	412,835
Common Class A
Stockholders' equity:
Common stock	2	2
Total stockholders' equity	2	2
Common Class B
Stockholders' equity:
Common stock

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts Receivable, allowance	$ 7,247	$ 7,223
Property and equipment, accumulated depreciation	$ 12,977	$ 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	17,746,184	17,696,991
Common stock, shares outstanding	17,746,184	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue:
Total revenue	$ 54,866	$ 49,071	$ 161,785	$ 145,204
Operating expenses:
Selling, operating and administrative expenses	27,461	31,843	90,136	79,167
Depreciation and amortization	5,608	4,286	15,252	15,678
(Gain) loss on sale or disposition of assets, net	(10)	451	(41)	426
Total operating expenses	33,059	36,580	105,347	95,271
Operating income	21,807	12,491	56,438	49,933
Other expenses, net:
Interest expense	(3,050)	(2,598)	(8,945)	(7,414)
Interest income	180	145	397	195
Foreign currency transaction gains (losses)	24	273	(162)	289
Total other expenses, net	(2,846)	(2,180)	(8,710)	(6,930)
Income before provision for income taxes	18,961	10,311	47,728	43,003
Provision for income taxes	(3,420)	(3,021)	(8,429)	(10,786)
Net income	15,541	7,290	39,299	32,217
Less: net income attributable to non-controlling interest (note 4)	7,402	3,573	18,529	16,502
Net income attributable to RE/MAX Holdings, Inc.	$ 8,139	$ 3,717	$ 20,770	$ 15,715
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Diluted	0.46	0.21	1.17	0.89
Weighted average shares of Class A common stock outstanding
Cash dividends declared per share of Class A common stock			0.60	0.54
Common Class A
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	0.46	0.21	1.17	0.89
Diluted	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Weighted average shares of Class A common stock outstanding
Basic	17,746,184	17,696,991	17,733,910	17,685,683
Diluted	17,771,212	17,737,786	17,767,638	17,726,447
Cash dividends declared per share of Class A common stock	$ 0.20	$ 0.18	$ 0.60	$ 0.54
Continuing franchise fees
Revenue:
Total revenue	$ 25,495	$ 23,049	$ 75,946	$ 69,298
Annual dues
Revenue:
Total revenue	9,106	8,592	26,775	25,148
Broker fees
Revenue:
Total revenue	13,488	12,125	36,669	32,914
Franchise sales and other revenue
Revenue:
Total revenue	$ 6,777	$ 5,305	$ 22,395	$ 17,844

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 15,541	$ 7,290	$ 39,299	$ 32,217
Change in cumulative translation adjustment	90	507	(77)	947
Other comprehensive income (loss), net of tax	90	507	(77)	947
Comprehensive income	15,631	7,797	39,222	33,164
Less: comprehensive income attributable to non-controlling interest	7,435	3,859	18,492	17,035
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 8,196	$ 3,938	$ 20,730	$ 16,129

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss), net of tax	Non-controlling interest	Common Class A	Common Class B	Total
Beginning balance, Value 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		20,770		18,529			39,299
Distributions to non-controlling unitholders				(11,259)			(11,259)
Equity-based compensation and related dividend equivalents, value	6,206	(113)					6,093
Equity-based compensation and related dividend equivalents, shares					64,878
Dividends to Class A common stockholders		(10,645)					(10,645)
Change in accumulated other comprehensive income			(40)	(37)			(77)
Payroll taxes related to net settled restricted stock units	(895)						(895)
Payroll taxes related to net settled restricted stock units (in shares)					(15,685)
Other	516						516
Ending balance, Value at Sep. 30, 2018	$ 457,026	$ 18,412	$ 419	$ (403,701)	$ 2		$ 72,158
Ending balance, Shares at Sep. 30, 2018					17,746,184	1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 39,299	$ 32,217
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,252	15,678
Bad debt expense	1,257	836
(Gain) loss on sale or disposition of assets and sublease, net	(146)	3,859
Equity-based compensation expense	6,141	2,161
Deferred income tax expense	3,503	3,822
Fair value adjustments to contingent consideration	(860)	250
Payments pursuant to tax receivable agreements	(5,047)	(7,296)
Other, net	902	888
Changes in operating assets and liabilities	(3,279)	1,025
Net cash provided by operating activities	57,022	53,440
Cash flows from investing activities:
Purchases of property and equipment and capitalization of developed software and trademark costs	(5,316)	(1,781)
Acquisitions, net of cash acquired of $362 and $0, respectively	(25,888)
Net cash used in investing activities	(31,204)	(1,781)
Cash flows from financing activities:
Payments on debt	(2,382)	(1,772)
Distributions paid to non-controlling unitholders	(11,259)	(14,213)
Dividends and dividend equivalents paid to Class A common stockholders	(10,758)	(9,607)
Payment of payroll taxes related to net settled restricted stock units	(895)	(816)
Payment of contingent consideration	(50)
Net cash used in financing activities	(25,344)	(26,408)
Effect of exchange rate changes on cash	(18)	1,076
Net increase in cash and cash equivalents	456	26,327
Cash and cash equivalents, beginning of year	50,807	57,609
Cash and cash equivalents, end of period	51,263	83,936
Supplemental disclosures of cash flow information:
Cash paid for interest	8,487	7,477
Net cash paid for income taxes	4,802	8,619
Schedule of non-cash investing and financing activities:
Increase in accounts payable for capitalization of trademark costs and purchases of property, equipment and software	$ 522	$ 310

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidated Statements of Cash Flows
Cash acquired	$ 362	$ 0

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2018
Business and Organization
Business and Organization	1. Business and Organizat RE/MAX Holdings, Inc. (“RE/MAX Holdings”) completed an initial public offering (the “IPO”) of its shares of Class A common stock on October 7, 2013. RE/MAX Holdings’ only business is to act as the sole manager of RMCO, LLC (“RMCO”). As of September 30, 2018, RE/MAX Holdings owns 58.56% of the common membership units in RMCO, while RIHI, Inc. (“RIHI”) owns the remaining 41.44% 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 (“RE/MAX”) 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 2018 and the results of its operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017, cash flows for the nine months ended September 30, 2018 and 2017 and changes in its stockholders’ equity for the nine months ended September 30, 2018. 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 (“2017 Annual Report on Form 10-K”). 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 nine months ended September 30, 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. Segment Reporting In February 2018, the Company both (a) acquired all membership interests in booj and (b) promoted Adam Contos to the role of sole Chief Executive Officer. Because of these changes and the continued growth of Motto, in the second quarter of 2018 the chief operating decision maker re-evaluated the information used to evaluate performance and make resource allocation decisions. As a result of the re-evaluation, the Company determined it was operating under the following three segments: RE/MAX Franchising, Motto Franchising and booj. Due to quantitative insignificance, the Motto Franchising and booj operating segments do not meet the criteria of a reportable segment, and RE/MAX Franchising is the only reportable segment. The RE/MAX Franchising reportable segment comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name and corporate-wide shared services expenses. Other comprises Motto Franchising and booj. All prior segment information has been recasted to reflect the Company’s new segment structure. Principles of Consolidation 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 has also concluded that it expects future Independent Region acquisitions to be 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 Flows. 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 for additional information. 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. See Note 3, Revenue for more information. New Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) , which eliminates certain disclosure requirements for fair value measurements and requires new or modified disclosures. ASU 2018-13 is effective for the Company beginning January 1, 2020. Certain changes are applied retrospectively to each period presented and others are to be applied either in the period of adoption or prospectively. The Company believes the amendments of ASU 2018-13 will not have a significant impact on the Company’s consolidated financial statements and related disclosures. 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. 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 Company plans to elect the transition method per ASU 2018-11 and apply the new lease standard at adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and will not retrospectively recast prior periods presented. The Company has several building leases and other smaller leases for which the Company is still assessing the application of this standard. The Company has not yet determined the exact effect of the standard on its consolidated financial statements and related disclosures but expects a material increase in both “Total assets” and “Total liabilities” on the Condensed Consolidated Balance Sheets upon implementation primarily related to building leases.

Revenue

Revenue	9 Months Ended
	Sep. 30, 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 adoption of the new guidance changed the timing of recognition of franchise sales and franchise renewal revenue and related commissions paid on franchise sales and renewals, as discussed below. These changes 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 Company’s franchise agreements offer the following benefits to the franchisee: common use and promotion of RE/MAX and Motto trademarks; distinctive sales and promotional materials; access to technology; standardized supplies and other materials used in RE/MAX and Motto offices; and recommended procedures for operation of RE/MAX and Motto offices. The Company concluded that these benefits are all a part of one performance obligation, a license of symbolic intellectual property that is billed through a variety of fees including franchise sales, continuing franchise fees, broker fees, and annual dues, described below. The Company has other performance obligations associated with contracts with customers in other revenue for training, marketing and events. 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. 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”. Previously, such commissions were expensed as incurred. The following tables summarize the impacts of the new revenue standard adoption on the Company’s condensed consolidated financial statements (in thousands, except per share information): Condensed Consolidated Balance Sheet Impact of Changes in Accounting Policies As of December 31, 2017 As previously 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 September 30, 2017 As previously Adjustments As adjusted Franchise sales and other revenue $ 5,611 $ (306) $ 5,305 Selling, operating and administrative expenses 31,832 11 31,843 Provision for income taxes 3,091 (70) 3,021 Net income 7,537 (247) 7,290 Net income attributable to non-controlling interest 3,702 (129) 3,573 Net income attributable to RE/MAX Holdings, Inc. 3,835 (118) 3,717 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock: Basic 0.22 (0.01) 0.21 Diluted 0.22 (0.01) 0.21 Impact of Changes in Accounting Policies Nine Months Ended September 30, 2017 As previously Adjustments As adjusted Franchise sales and other revenue $ 19,065 $ (1,221) $ 17,844 Selling, operating and administrative expenses 79,263 (96) 79,167 Provision for income taxes 10,883 (97) 10,786 Net income 33,245 (1,028) 32,217 Net income attributable to non-controlling interest 16,968 (466) 16,502 Net income attributable to RE/MAX Holdings, Inc. 16,277 (562) 15,715 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock: Basic 0.92 (0.03) 0.89 Diluted 0.92 (0.03) 0.89 Condensed Consolidated Statement of Comprehensive Income Impact of Changes in Accounting Policies Three Months Ended September 30, 2017 As previously Adjustments As adjusted Net income $ 7,537 $ (247) $ 7,290 Change in cumulative translation adjustment 536 (29) 507 Comprehensive income 8,073 (276) 7,797 Comprehensive income attributable to non-controlling interest 3,987 (128) 3,859 Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax 4,086 (148) 3,938 Impact of Changes in Accounting Policies Nine Months Ended September 30, 2017 As previously Adjustments As adjusted Net income $ 33,245 $ (1,028) $ 32,217 Change in cumulative translation adjustment 999 (52) 947 Comprehensive income 34,244 (1,080) 33,164 Comprehensive income attributable to non-controlling interest 17,500 (465) 17,035 Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax 16,744 (615) 16,129 Condensed Consolidated Statement of Cash Flows Impact of Changes in Accounting Policies Nine Months Ended September 30, 2017 As previously Adjustments As adjusted Net income $ 33,245 $ (1,028) $ 32,217 Deferred income tax expense 3,919 (97) 3,822 Changes in operating assets and liabilities (100) 1,125 1,025 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 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. This revenue is recognized in the month for which the fee is billed. This revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents and number of Motto offices. Annual Dues Annual dues revenue consists of fixed contractual fees paid annually based on the number of RE/MAX agents. The Company defers the annual dues revenue when billed and recognizes the revenue ratably over the 12-month period to which it relates. Annual dues revenue is a usage-based royalty as it is dependent on the number of agents. 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 annual dues deferred revenue consists of the following (in thousands): Balance at New billings Revenue recognized (a) Balance at end Nine months ended September 30, 2018 $ 15,297 $ 28,249 $ (26,775) $ 16,771 (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 a sales-based royalty and recognized in the month when a home sale transaction occurs. Motto franchisees do not pay any fees based on the number or dollar value of loans brokered. Franchise Sales The activity in the Company’s franchise sales deferred revenue accounts consists of the following (in thousands): Balance at New billings Revenue recognized (a) Balance at end Nine months ended September 30, 2018 $ 27,943 $ 6,083 $ (6,896) $ 27,130 (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): Balance at Additions to contract Balance at end beginning of period Expense recognized cost for new activity of period Nine months ended September 30, 2018 $ 3,532 $ (956) $ 1,146 $ 3,722 Other Revenue Other revenue is primarily revenue from preferred marketing arrangements and event-based revenue from training and other programs. Revenue from preferred marketing arrangements 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 from booj’s operations for its external customers. Disaggregated Revenue In the following table, segment revenue is disaggregated by geographical area for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* U.S. $ 40,872 $ 36,615 $ 118,794 $ 109,054 Canada 6,170 6,599 18,146 17,573 Global and Other 5,408 5,694 19,214 18,332 Total RE/MAX Franchising 52,450 48,908 156,154 144,959 Other 2,416 163 5,631 245 Total $ 54,866 $ 49,071 $ 161,785 $ 145,204 *See above within Note 3, Revenue for more information In the following table, segment revenue is disaggregated by owned or independent regions in the U.S. and Canada for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Owned Regions $ 35,138 $ 31,616 $ 102,193 $ 93,165 Independent Regions 11,904 11,598 34,747 33,462 Global and Other 5,408 5,694 19,214 18,332 Total RE/MAX Franchising 52,450 48,908 156,154 144,959 Other 2,416 163 5,631 245 Total $ 54,866 $ 49,071 $ 161,785 $ 145,204 *See above within Note 3, Revenue for more information 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 3 2019 2020 2021 2022 2023 Thereafter Total Annual dues $ 7,376 $ 9,395 $ — $ — $ — $ — $ — $ 16,771 Franchise sales 1,916 6,970 5,662 4,246 2,710 1,284 4,342 27,130 Total $ 9,292 $ 16,365 $ 5,662 $ 4,246 $ 2,710 $ 1,284 $ 4,342 $ 43,901 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	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2018 2017 Shares Ownership % Shares Ownership % Non-controlling interest ownership of common units in RMCO 12,559,600 41.44 % 12,559,600 41.51 % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) 17,746,184 58.56 % 17,696,991 58.49 % Total common units in RMCO 30,305,784 100.00 % 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 September 30, 2017 2018 As adjusted* RE/MAX Non-controlling Total RE/MAX Non-controlling Total Weighted average ownership percentage of RMCO (a) 58.56 % 41.44 % 100.00 % 58.49 % 41.51 % 100.00 % Income before provision for income taxes (a) $ 11,096 $ 7,865 $ 18,961 $ 5,992 $ 4,319 $ 10,311 Provision for income taxes (b)(c) (2,957) (463) (3,420) (2,275) (746) (3,021) Net income $ 8,139 $ 7,402 $ 15,541 $ 3,717 $ 3,573 $ 7,290 Nine Months Ended September 30, 2017 2018 As adjusted* RE/MAX Non-controlling Total RE/MAX Non-controlling Total Weighted average ownership percentage of RMCO (a) 58.54 % 41.46 % 100.00 % 58.47 % 41.53 % 100.00 % Income before provision for income taxes (a) $ 27,916 $ 19,812 $ 47,728 $ 25,104 $ 17,899 $ 43,003 Provision for income taxes (b)(c) (7,146) (1,283) (8,429) (9,389) (1,397) (10,786) Net income $ 20,770 $ 18,529 $ 39,299 $ 15,715 $ 16,502 $ 32,217 *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 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. It also includes RE/MAX Holdings’ 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): Nine Months Ended September 30, 2018 2017 Tax and other distributions $ 3,723 $ 7,430 Dividend distributions 7,536 6,783 Total distributions to non-controlling unitholders $ 11,259 $ 14,213

Earnings Per Share and Dividend

Earnings Per Share and Dividends	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Numerator Net income attributable to RE/MAX Holdings, Inc. $ 8,139 $ 3,717 $ 20,770 $ 15,715 Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,746,184 17,696,991 17,733,910 17,685,683 Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,746,184 17,696,991 17,733,910 17,685,683 Add dilutive effect of the following: Restricted stock units 25,028 40,795 33,728 40,764 Weighted average shares of Class A common stock outstanding, diluted 17,771,212 17,737,786 17,767,638 17,726,447 Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ 0.46 $ 0.21 $ 1.17 $ 0.89 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ 0.46 $ 0.21 $ 1.17 $ 0.89 *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): Nine Months Ended September 30, 2018 2017 Date paid Per share Amount paid Amount paid Date paid Per share Amount paid Amount paid Dividend declared during quarter ended: March 31 March 21, 2018 $ $ 3,547 $ 2,512 March 22, 2017 $ $ 3,184 $ 2,261 June 30 May 30, 2018 3,549 2,512 May 31, 2017 3,185 2,261 September 30 August 29, 2018 3,549 2,512 August 30, 2017 3,185 2,261 $ $ 10,645 $ 7,536 $ $ 9,554 $ 6,783 On October 31, 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 November 28, 2018 to stockholders of record at the close of business on November 14, 2018.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2018
Acquisitions
Acquisitions	6. Acquisitions Booj, LLC On February 26, 2018, RE/MAX, LLC acquired all membership interests in booj 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 and with 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 following table summarizes the Company’s best, current estimate of the allocation of the purchase price to the fair value of assets acquired and liabilities assumed (in thousands): booj Cash $ 362 Other current assets 367 Property and equipment 625 Software 7,400 Trademarks 500 Non-compete agreements 1,200 Customer relationships 800 Other intangible assets 1,589 Other assets, net of current portion 336 Total assets acquired, excluding goodwill 13,179 Current portion of debt (606) Other current liabilities (557) Debt, net of current portion (805) Total liabilities assumed (1,968) Goodwill 15,039 Total purchase price $ 26,250 The preliminary estimated fair value of the assets acquired and liabilities assumed is subject to adjustments based on the Company’s final assessment of the fair values of the intangible assets, which are the acquired assets 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 and liabilities assumed was recorded as goodwill. The goodwill is attributable to expected synergies and projected long-term revenue growth for the RE/MAX network. 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 preliminary purchase price allocation for booj were made during the three months ended September 30, 2018 to the Condensed Consolidated Balance Sheets resulting in an increase to “Other intangible assets” of $3.6 million with a corresponding decrease to “Goodwill” of $3.6 million. The Company recognized an increase in depreciation and amortization expense of $0.4 million during the three months ended September 30, 2018 in connection with these measurement adjustments. Revenue and net income attributable to the acquisition of booj were not material for the three and nine months ended September 30, 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 Franchise agreements $ 22,800 Goodwill 12,920 Total purchase price $ 35,720 The Company finalized its accounting for the acquisition of RE/MAX of Northern Illinois during the three months ended June 30, 2018. 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 estimated fair values. The franchise agreements acquired were 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 excess of the total purchase price over the 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 nine months ended September 30, 2018 to the Condensed Consolidated Balance Sheets to decrease “Franchise agreements, net” by $0.7 million with a corresponding increase to “Goodwill.” 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (in thousands, except per share amounts) Total revenue $ 54,866 $ 52,144 $ 163,051 $ 154,241 Net income attributable to RE/MAX Holdings, Inc. $ 8,139 $ 2,950 $ 20,078 $ 13,842 Basic earnings per common share $ 0.46 $ 0.17 $ 1.13 $ 0.78 Diluted earnings per common share $ 0.46 $ 0.17 $ 1.13 $ 0.78

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 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 September 30, 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 $ (73,835) $ 107,032 $ 181,567 $ (62,218) $ 119,349 Other intangible assets: Software (a) 4.6 $ 22,916 $ (9,630) $ 13,286 $ 13,762 $ (8,111) $ 5,651 Trademarks 9.3 1,859 (788) 1,071 1,539 (902) 637 Non-compete agreements 7.7 3,700 (733) 2,967 2,500 (312) 2,188 Training materials 5.0 2,350 — 2,350 — — — Other (b) 11.9 2,389 (152) 2,237 — — — Total other intangible assets 6.0 $ 33,214 $ (11,303) $ 21,911 $ 17,801 $ (9,325) $ 8,476 (a) As of September 30, 2018 and December 31, 2017, capitalized software development costs of $2.4 million and $ 0.6 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization. (b) Other consists of customer relationships and a favorable market lease, both obtained in connection with the acquisition of booj. The favorable market lease is amortized as additional rent expense through “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income over the remaining term of the lease. Amortization expense for the three months ended September 30, 2018 and 2017 was $5.3 million and $4.1 million, respectively. Amortization expense for the nine months ended September 30, 2018 and 2017 was $14.4 million and $15.1 million, respectively. Amounts for the three and nine months ended September 30, 2018 include the booj measurement period adjustment of $0.4 million. Refer to Note 6, Acquisitions for additional information. As of September 30, 2018, the estimated future amortization expense for the next five years related to intangible assets includes the estimated amortization expense associated with the Company’s preliminary estimate of the acquisition date fair value of the intangible assets assumed with the acquisition of booj and is as follows (in thousands): As of September 30, 2018: Remainder of 2018 $ 5,067 2019 20,597 2020 20,524 2021 19,741 2022 16,792 $ 82,721 The following table presents changes to goodwill for the period from January 1, 2018 to September 30, 2018 (in thousands): RE/MAX Other Total Balance, January 1, 2018 $ 123,413 $ 11,800 $ 135,213 Goodwill recognized related to current year acquisitions (a) 15,039 — 15,039 Adjustments to acquisition accounting during the measurement period 700 — 700 Effect of changes in foreign currency exchange rates (93) — (93) Balance, September 30, 2018 $ 139,059 $ 11,800 $ 150,859 (a) The purpose of the booj acquisition is to develop and deliver core technology solutions designed for and with RE/MAX franchisees and agents. As such, the Company expects the majority of goodwill arising from this acquisition to be allocated to RE/MAX Franchising. However, the allocation of goodwill between the RE/MAX Franchising segment and Other segment is preliminary and will be finalized in conjunction with the finalization of the purchase price allocation for booj. See Note 6 , Acquisitions for additional information.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2018
Accrued Liabilities.
Accrued Liabilities	8. Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, 2018 2017 Accrued payroll and related employee costs $ 6,341 $ 3,874 Accrued taxes 1,256 1,635 Accrued professional fees 1,818 2,339 Other (a) 3,025 7,542 $ 12,440 $ 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	9 Months Ended
	Sep. 30, 2018
Debt
Debt	9. Debt Debt, net of current portion, consists of the following (in thousands): September 30, December 31, 2018 2017 2016 Senior Secured Credit Facility $ 230,300 $ 232,063 Other long-term financing (a) 825 — Less unamortized debt issuance costs (1,555) (1,780) Less unamortized debt discount costs (1,135) (1,297) Less current portion (a) (2,665) (2,350) $ 225,770 $ 226,636 (a) Includes financing assumed with the acquisition of booj. As of September 30, 2018, the carrying value of this financing approximates the fair value. Maturities of debt are as follows (in thousands): As of September 30, 2018: Remainder of 2018 $ 663 2019 2,672 2020 2,703 2021 2,424 2022 2,350 Thereafter 220,313 $ 231,125 Senior Secured Credit Facility On December 15, 2016, RMCO and RE/MAX, LLC, a wholly owned subsidiary of RMCO, entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and various lenders party thereto (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 an applicable margin of 2.75%. As of September 30, 2018, the interest rate was 4.99%. As of September 30, 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	9 Months Ended
	Sep. 30, 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 2017 Annual Report on Form 10-K . A summary of the Company’s liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017 is as follows (in thousands): As of September 30, 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 $ 5,670 $ — $ — $ 5,670 $ 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 September 30, 2018 (in thousands): Fair Value of Balance at January 1, 2018 $ 6,580 Fair value adjustments (a) (860) Cash payments (50) Balance at September 30, 2018 $ 5,670 (a) Fair value adjustments relate to realignment of future franchise sales assumptions to more closely reflect historical sales trends from inception to date. 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 nine months ended September 30, 2018 . The following table summarizes the carrying value and fair value of the Senior Secured Credit Facility as of September 30, 2018 and December 31, 2017 (in thousands): September 30, December 31, 2018 2017 Carrying Fair Value Carrying Fair Value Senior Secured Credit Facility $ 227,610 $ 232,027 $ 228,986 $ 232,933

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Taxes
Income Taxes	11. Income Taxes The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income for the three and nine months ended September 30, 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 September 30, 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. 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	9 Months Ended
	Sep. 30, 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, net of the amount capitalized in internally developed software, is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Expense from Time-based RSUs $ 1,412 $ 750 $ 3,270 $ 1,892 Expense from Performance-based RSUs 1,305 118 2,871 269 Equity-based compensation expense 2,717 868 6,141 2,161 Tax benefit from equity-based compensation (384) (191) (868) (475) Excess tax benefit from equity-based compensation — — (145) (324) Net compensation cost $ 2,333 $ 677 $ 5,128 $ 1,362 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 in connection with the acquisition, generally vest equally in annual installments over a three-year period. Grants awarded to booj employees and former owners in connection with the acquisition 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 nine months ended September 30, 2018: Time-based Weighted average Balance, January 1, 2018 105,862 $ 41.67 Granted 253,315 $ 54.06 Shares vested (including tax withholding) (a) (64,878) $ 40.96 Forfeited (4,477) $ 42.38 Balance, September 30, 2018 289,822 $ 52.65 (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 September 30, 2018, there was $12.4 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 2.86 years for time-based restricted stock units. Performance-based Restricted Stock Units Performance-based RSUs for employees, other than booj employees and former owners in connection with the acquisition, are stock-based awards in which the number of shares ultimately received depends on the Company’s achievement of a specified revenue target 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 in connection with the acquisition are stock-based awards in which the number of shares ultimately received depends on the achievement of certain technology requirements set forth in the related purchase 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. Earned performance-based RSUs vest May 31, 2019 and November 1, 2019 to the extent 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 nine months ended September 30, 2018: Performance-based Weighted average Balance, January 1, 2018 31,831 $ 57.88 Granted (a) 156,694 $ 55.38 Forfeited (3,213) $ 57.55 Balance, September 30, 2018 185,312 $ 55.77 (a) Represents the total participant target award. At September 30, 2018, there was $6.1 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 1.47 years for performance-based RSUs. After giving effect to all outstanding awards (assuming maximum achievement of performance goals for performance-based awards), there were 2,241,423 additional shares available for the Company to grant under the 2013 Incentive Plan as of September 30, 2018.

Leadership Change

Leadership Change	9 Months Ended
	Sep. 30, 2018
Leadership Change
Leadership Change	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 nine months ended September 30, 2018, which will be paid over a 39-month period.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. On August 16, 2017, the Company entered into a sublease agreement for certain office space at its corporate headquarters where the Company’s expected costs related to the subleased space, including lease payments the Company will make to its lessor, exceed the anticipated revenue, and as a result, the Company recorded a loss of $3.7 million during the three and nine months ended September 30, 2017. Additionally, the Company acquired an office lease in connection with the acquisition of booj. Future lease payments related to the booj office lease are approximately $0.2 million per year for the next five years with payments thereafter totaling approximately $2.0 million. 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 September 30, 2018, this liability was estimated to be $5.7 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 September 30, 2018, the Company has outstanding lease guarantees of $2.3 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 in accordance with the requirements of GAAP. 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 February 13, 2018, a settlement was reached in the litigation surrounding the acquisition of the net assets of Tails, as described in the Company’s 2017 Annual Report on Form 10-K. The Company recorded a charge equivalent to the net cost of this settlement of $2.6 million in “Selling, operating and administrative expenses” in the accompanying Consolidated Statements of Income during the three months ended September 30, 2017. Management of the Company believes that no other such litigation matters involving a reasonably possible chance of loss will, 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	9 Months Ended
	Sep. 30, 2018
Related Party Transactions
Related-Party Transactions	15. Related-Party Transactions The majority stockholders of RIHI, specifically 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 during the nine months ended September 30, 2018 and 2017. Additionally, the Company recorded expense of $0.2 million and $0.5 million for the value of the benefits provided to Company personnel and others for the complimentary use of the golf course during the three months ended September 30, 2018 and 2017, respectively, and $0.5 million during both the nine months ended September 30, 2018 and 2017, with an offsetting increase in additional paid in capital. 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 both the three months ended September 30, 2018 and 2017, the total amount allocated for services rendered and rent for office space provided on behalf of affiliated entities was $0.9 million. During the nine months ended September 30, 2018 and 2017, the total amounts allocated for services rendered and rent for office space provided on behalf of affiliated entities were $2.8 million and $2.4 million, respectively. Amounts are generally paid within 30 days and no amounts were outstanding at September 30, 2018 or December 31, 2017. Related party advertising funds had current outstanding amounts due from the Company of $0.1 million as of both September 30, 2018 and December 31, 2017. Such amounts are included in “Accounts payable” in the accompanying Condensed Consolidated Balance Sheets.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2018
Segment Information
Segment Information	16. Segment Information The Company has one reportable segment: RE/MAX Franchising. Other consists of the Motto Franchising and booj operating segments. Management evaluates the operating results of its segments based upon revenue and adjusted earnings before interest, the provision for income taxes, depreciation and amortization and other non-cash and non-recurring cash charges or other items (“Adjusted EBITDA”). The Company’s presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies. The accounting policies of the reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies . The following table presents revenue from external customers by segment for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Revenue: RE/MAX Franchising $ 52,450 $ 48,908 $ 156,154 $ 144,959 Other 2,416 163 5,631 245 Total revenue $ 54,866 $ 49,071 $ 161,785 $ 145,204 *See Note 3, Revenue for more information. The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Adjusted EBITDA: RE/MAX Franchising $ 30,632 $ 26,582 $ 84,429 $ 78,737 Adjusted EBITDA: Other (1,169) (698) (3,377) (2,169) Adjusted EBITDA: Consolidated 29,463 25,884 81,052 76,568 Gain (loss) on sale or disposition of assets and sublease, net (a) 5 (3,980) 146 (3,859) Equity-based compensation expense (2,717) (868) (6,141) (2,161) Acquisition-related expense (b) (141) (3,566) (1,628) (4,398) Special Committee investigation and remediation expense (c) (111) — (2,761) — Fair value adjustments to contingent consideration (d) 940 (420) 860 (250) Interest income 180 145 397 195 Interest expense (3,050) (2,598) (8,945) (7,414) Depreciation and amortization (5,608) (4,286) (15,252) (15,678) Income before provision for income taxes $ 18,961 $ 10,311 $ 47,728 $ 43,003 *See Note 3, Revenue for more information. (a) Represents gain (loss) on the sale or disposition of assets as well as the gains (losses) on the sublease of a portion of our corporate headquarters office building. (b) Acquisition-related expense includes legal, accounting, advisory and consulting fees incurred in connection with the acquisition and integration of acquired companies that are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. (c) Special Committee investigation and remediation expense relates to costs incurred in relation to the previously disclosed investigation by the special committee of independent directors of actions of certain members of our senior management and the implementation of the remediation plan. (d) Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liability related to the acquisition of Full House. See Note 10, Fair Value Measurements for additional information. (e)

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events
Subsequent Events	17. Subsequent Events On October 4, 2018, with the Company’s approval, Oberndorf Investments, LLC (“Oberndorf”) assigned all of its rights, title and interest in and to the Tax Receivable Agreement with the Company (“TRA”) to Parallaxes Opportunity Fund I, LP (“Parallaxes”). Of the amounts reflected in the Condensed Consolidated Balance Sheets as of September 30, 2018 within “Current portion of payable pursuant to tax receivable agreements” and “Payable pursuant to tax receivable agreement”, $21.7 million was owed to Oberndorf and subject to this assignment. The assignment does not impact the financial position or results of operations and cash flows of the Company. On October 7, 2018, pursuant to the terms of the Company’s Certificate of Incorporation, RIHI lost its previous effective control of a majority of the voting power of RE/MAX Holdings common stock. RIHI owns all of RE/MAX Holdings’ Class B common stock which, prior to October 7, 2018, entitled RIHI to a number of votes on matters presented to RE/MAX Holdings stockholders equal to two times the number of RMCO common units that RIHI held. Effective October 7, 2018, the voting power of Class B common stock was reduced to equal the number of RMCO common units held, and therefore RIHI lost the controlling vote of RE/MAX Holdings. As a result of this change in the voting rights of the Class B common stock, RIHI no longer controls a majority of the voting power of RE/MAX Holdings’ common stock, and RE/MAX Holdings no longer constitutes a “controlled company” under the corporate governance standards of the New York Stock Exchange (the “NYSE”). RE/MAX Holdings does not currently take advantage of any of the exemptions for controlled companies under NYSE listing standards. RIHI remains a significant stockholder of the Company and through its ownership of the Class B common stock holds approximately 42% of the voting power of the Company’s stock. See Item 1 of the Company’s 2017 Annual Report on Form 10-K for further information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2018 and the results of its operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017, cash flows for the nine months ended September 30, 2018 and 2017 and changes in its stockholders’ equity for the nine months ended September 30, 2018. 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 (“2017 Annual Report on Form 10-K”).
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 nine months ended September 30, 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.
Segment Reporting	Segment Reporting In February 2018, the Company both (a) acquired all membership interests in booj and (b) promoted Adam Contos to the role of sole Chief Executive Officer. Because of these changes and the continued growth of Motto, in the second quarter of 2018 the chief operating decision maker re-evaluated the information used to evaluate performance and make resource allocation decisions. As a result of the re-evaluation, the Company determined it was operating under the following three segments: RE/MAX Franchising, Motto Franchising and booj. Due to quantitative insignificance, the Motto Franchising and booj operating segments do not meet the criteria of a reportable segment, and RE/MAX Franchising is the only reportable segment. The RE/MAX Franchising reportable segment comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand name and corporate-wide shared services expenses. Other comprises Motto Franchising and booj. All prior segment information has been recasted to reflect the Company’s new segment structure.
Principles of Consolidation	Principles of Consolidation 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	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 has also concluded that it expects future Independent Region acquisitions to be 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 Flows. 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 for additional information. 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. See Note 3, Revenue for more information.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) , which eliminates certain disclosure requirements for fair value measurements and requires new or modified disclosures. ASU 2018-13 is effective for the Company beginning January 1, 2020. Certain changes are applied retrospectively to each period presented and others are to be applied either in the period of adoption or prospectively. The Company believes the amendments of ASU 2018-13 will not have a significant impact on the Company’s consolidated financial statements and related disclosures. 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. 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 Company plans to elect the transition method per ASU 2018-11 and apply the new lease standard at adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and will not retrospectively recast prior periods presented. The Company has several building leases and other smaller leases for which the Company is still assessing the application of this standard. The Company has not yet determined the exact effect of the standard on its consolidated financial statements and related disclosures but expects a material increase in both “Total assets” and “Total liabilities” on the Condensed Consolidated Balance Sheets upon implementation primarily related to building leases.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Schedule of disaggregated revenue	In the following table, segment revenue is disaggregated by geographical area for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* U.S. $ 40,872 $ 36,615 $ 118,794 $ 109,054 Canada 6,170 6,599 18,146 17,573 Global and Other 5,408 5,694 19,214 18,332 Total RE/MAX Franchising 52,450 48,908 156,154 144,959 Other 2,416 163 5,631 245 Total $ 54,866 $ 49,071 $ 161,785 $ 145,204 *See above within Note 3, Revenue for more information In the following table, segment revenue is disaggregated by owned or independent regions in the U.S. and Canada for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Owned Regions $ 35,138 $ 31,616 $ 102,193 $ 93,165 Independent Regions 11,904 11,598 34,747 33,462 Global and Other 5,408 5,694 19,214 18,332 Total RE/MAX Franchising 52,450 48,908 156,154 144,959 Other 2,416 163 5,631 245 Total $ 54,866 $ 49,071 $ 161,785 $ 145,204 *See above within Note 3, Revenue for more information
Schedule of transaction price allocated to the remaining performance obligations	Remaining 3 2019 2020 2021 2022 2023 Thereafter Total Annual dues $ 7,376 $ 9,395 $ — $ — $ — $ — $ — $ 16,771 Franchise sales 1,916 6,970 5,662 4,246 2,710 1,284 4,342 27,130 Total $ 9,292 $ 16,365 $ 5,662 $ 4,246 $ 2,710 $ 1,284 $ 4,342 $ 43,901
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 New billings Revenue recognized (a) Balance at end Nine months ended September 30, 2018 $ 15,297 $ 28,249 $ (26,775) $ 16,771 (a)
Franchise sales revenue
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 New billings Revenue recognized (a) Balance at end Nine months ended September 30, 2018 $ 27,943 $ 6,083 $ (6,896) $ 27,130 (a)
Commissions related to franchise sales	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): Balance at Additions to contract Balance at end beginning of period Expense recognized cost for new activity of period Nine months ended September 30, 2018 $ 3,532 $ (956) $ 1,146 $ 3,722
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, except per share information): Condensed Consolidated Balance Sheet Impact of Changes in Accounting Policies As of December 31, 2017 As previously 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 September 30, 2017 As previously Adjustments As adjusted Franchise sales and other revenue $ 5,611 $ (306) $ 5,305 Selling, operating and administrative expenses 31,832 11 31,843 Provision for income taxes 3,091 (70) 3,021 Net income 7,537 (247) 7,290 Net income attributable to non-controlling interest 3,702 (129) 3,573 Net income attributable to RE/MAX Holdings, Inc. 3,835 (118) 3,717 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock: Basic 0.22 (0.01) 0.21 Diluted 0.22 (0.01) 0.21 Impact of Changes in Accounting Policies Nine Months Ended September 30, 2017 As previously Adjustments As adjusted Franchise sales and other revenue $ 19,065 $ (1,221) $ 17,844 Selling, operating and administrative expenses 79,263 (96) 79,167 Provision for income taxes 10,883 (97) 10,786 Net income 33,245 (1,028) 32,217 Net income attributable to non-controlling interest 16,968 (466) 16,502 Net income attributable to RE/MAX Holdings, Inc. 16,277 (562) 15,715 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock: Basic 0.92 (0.03) 0.89 Diluted 0.92 (0.03) 0.89 Condensed Consolidated Statement of Comprehensive Income Impact of Changes in Accounting Policies Three Months Ended September 30, 2017 As previously Adjustments As adjusted Net income $ 7,537 $ (247) $ 7,290 Change in cumulative translation adjustment 536 (29) 507 Comprehensive income 8,073 (276) 7,797 Comprehensive income attributable to non-controlling interest 3,987 (128) 3,859 Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax 4,086 (148) 3,938 Impact of Changes in Accounting Policies Nine Months Ended September 30, 2017 As previously Adjustments As adjusted Net income $ 33,245 $ (1,028) $ 32,217 Change in cumulative translation adjustment 999 (52) 947 Comprehensive income 34,244 (1,080) 33,164 Comprehensive income attributable to non-controlling interest 17,500 (465) 17,035 Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax 16,744 (615) 16,129 Condensed Consolidated Statement of Cash Flows Impact of Changes in Accounting Policies Nine Months Ended September 30, 2017 As previously Adjustments As adjusted Net income $ 33,245 $ (1,028) $ 32,217 Deferred income tax expense 3,919 (97) 3,822 Changes in operating assets and liabilities (100) 1,125 1,025

Non-controlling Interest (Table

Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2018
Noncontrolling Interest
Summary of Ownership of the Common Units	September 30, December 31, 2018 2017 Shares Ownership % Shares Ownership % Non-controlling interest ownership of common units in RMCO 12,559,600 41.44 % 12,559,600 41.51 % RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO) 17,746,184 58.56 % 17,696,991 58.49 % Total common units in RMCO 30,305,784 100.00 % 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 September 30, 2017 2018 As adjusted* RE/MAX Non-controlling Total RE/MAX Non-controlling Total Weighted average ownership percentage of RMCO (a) 58.56 % 41.44 % 100.00 % 58.49 % 41.51 % 100.00 % Income before provision for income taxes (a) $ 11,096 $ 7,865 $ 18,961 $ 5,992 $ 4,319 $ 10,311 Provision for income taxes (b)(c) (2,957) (463) (3,420) (2,275) (746) (3,021) Net income $ 8,139 $ 7,402 $ 15,541 $ 3,717 $ 3,573 $ 7,290 Nine Months Ended September 30, 2017 2018 As adjusted* RE/MAX Non-controlling Total RE/MAX Non-controlling Total Weighted average ownership percentage of RMCO (a) 58.54 % 41.46 % 100.00 % 58.47 % 41.53 % 100.00 % Income before provision for income taxes (a) $ 27,916 $ 19,812 $ 47,728 $ 25,104 $ 17,899 $ 43,003 Provision for income taxes (b)(c) (7,146) (1,283) (8,429) (9,389) (1,397) (10,786) Net income $ 20,770 $ 18,529 $ 39,299 $ 15,715 $ 16,502 $ 32,217 *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 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. It also includes RE/MAX Holdings’ 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): Nine Months Ended September 30, 2018 2017 Tax and other distributions $ 3,723 $ 7,430 Dividend distributions 7,536 6,783 Total distributions to non-controlling unitholders $ 11,259 $ 14,213

Earnings Per Share and Divide_2

Earnings Per Share and Dividends (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Numerator Net income attributable to RE/MAX Holdings, Inc. $ 8,139 $ 3,717 $ 20,770 $ 15,715 Denominator for basic net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,746,184 17,696,991 17,733,910 17,685,683 Denominator for diluted net income per share of Class A common stock Weighted average shares of Class A common stock outstanding 17,746,184 17,696,991 17,733,910 17,685,683 Add dilutive effect of the following: Restricted stock units 25,028 40,795 33,728 40,764 Weighted average shares of Class A common stock outstanding, diluted 17,771,212 17,737,786 17,767,638 17,726,447 Earnings per share of Class A common stock Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic $ 0.46 $ 0.21 $ 1.17 $ 0.89 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted $ 0.46 $ 0.21 $ 1.17 $ 0.89
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): Nine Months Ended September 30, 2018 2017 Date paid Per share Amount paid Amount paid Date paid Per share Amount paid Amount paid Dividend declared during quarter ended: March 31 March 21, 2018 $ $ 3,547 $ 2,512 March 22, 2017 $ $ 3,184 $ 2,261 June 30 May 30, 2018 3,549 2,512 May 31, 2017 3,185 2,261 September 30 August 29, 2018 3,549 2,512 August 30, 2017 3,185 2,261 $ $ 10,645 $ 7,536 $ $ 9,554 $ 6,783

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2018
Acquisitions and Dispositions
Summary of Unaudited Pro Forma Information	Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (in thousands, except per share amounts) Total revenue $ 54,866 $ 52,144 $ 163,051 $ 154,241 Net income attributable to RE/MAX Holdings, Inc. $ 8,139 $ 2,950 $ 20,078 $ 13,842 Basic earnings per common share $ 0.46 $ 0.17 $ 1.13 $ 0.78 Diluted earnings per common share $ 0.46 $ 0.17 $ 1.13 $ 0.78
Booj Llc
Acquisitions and Dispositions
Schedule of Estimated Fair Value Of Assets at Acquisition Date	However, the following table summarizes the Company’s best, current estimate of the allocation of the purchase price to the fair value of assets acquired and liabilities assumed (in thousands): booj Cash $ 362 Other current assets 367 Property and equipment 625 Software 7,400 Trademarks 500 Non-compete agreements 1,200 Customer relationships 800 Other intangible assets 1,589 Other assets, net of current portion 336 Total assets acquired, excluding goodwill 13,179 Current portion of debt (606) Other current liabilities (557) Debt, net of current portion (805) Total liabilities assumed (1,968) Goodwill 15,039 Total purchase price $ 26,250
Remax Of Northern Illinois Inc
Acquisitions and Dispositions
Summary of Final Fair Value of Assets at Acquisition Date	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 Franchise agreements $ 22,800 Goodwill 12,920 Total purchase price $ 35,720

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ (73,835) $ 107,032 $ 181,567 $ (62,218) $ 119,349 Other intangible assets: Software (a) 4.6 $ 22,916 $ (9,630) $ 13,286 $ 13,762 $ (8,111) $ 5,651 Trademarks 9.3 1,859 (788) 1,071 1,539 (902) 637 Non-compete agreements 7.7 3,700 (733) 2,967 2,500 (312) 2,188 Training materials 5.0 2,350 — 2,350 — — — Other (b) 11.9 2,389 (152) 2,237 — — — Total other intangible assets 6.0 $ 33,214 $ (11,303) $ 21,911 $ 17,801 $ (9,325) $ 8,476 (a) As of September 30, 2018 and December 31, 2017, capitalized software development costs of $2.4 million and $ 0.6 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization. (b) Other consists of customer relationships and a favorable market lease, both obtained in connection with the acquisition of booj. The favorable market lease is amortized as additional rent expense through “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income over the remaining term of the lease.
Schedule of estimated future amortization of intangible assets, other than goodwill	As of September 30, 2018, the estimated future amortization expense for the next five years related to intangible assets includes the estimated amortization expense associated with the Company’s preliminary estimate of the acquisition date fair value of the intangible assets assumed with the acquisition of booj and is as follows (in thousands): As of September 30, 2018: Remainder of 2018 $ 5,067 2019 20,597 2020 20,524 2021 19,741 2022 16,792 $ 82,721
Schedule of changes to goodwill	The following table presents changes to goodwill for the period from January 1, 2018 to September 30, 2018 (in thousands): RE/MAX Other Total Balance, January 1, 2018 $ 123,413 $ 11,800 $ 135,213 Goodwill recognized related to current year acquisitions (a) 15,039 — 15,039 Adjustments to acquisition accounting during the measurement period 700 — 700 Effect of changes in foreign currency exchange rates (93) — (93) Balance, September 30, 2018 $ 139,059 $ 11,800 $ 150,859 (a) The purpose of the booj acquisition is to develop and deliver core technology solutions designed for and with RE/MAX franchisees and agents. As such, the Company expects the majority of goodwill arising from this acquisition to be allocated to RE/MAX Franchising. However, the allocation of goodwill between the RE/MAX Franchising segment and Other segment is preliminary and will be finalized in conjunction with the finalization of the purchase price allocation for booj. See Note 6 , Acquisitions for additional information.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Accrued Liabilities.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): September 30, December 31, 2018 2017 Accrued payroll and related employee costs $ 6,341 $ 3,874 Accrued taxes 1,256 1,635 Accrued professional fees 1,818 2,339 Other (a) 3,025 7,542 $ 12,440 $ 15,390 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)	9 Months Ended
	Sep. 30, 2018
Debt
Schedule of debt	Debt, net of current portion, consists of the following (in thousands): September 30, December 31, 2018 2017 2016 Senior Secured Credit Facility $ 230,300 $ 232,063 Other long-term financing (a) 825 — Less unamortized debt issuance costs (1,555) (1,780) Less unamortized debt discount costs (1,135) (1,297) Less current portion (a) (2,665) (2,350) $ 225,770 $ 226,636 (a) Includes financing assumed with the acquisition of booj. As of September 30, 2018, the carrying value of this financing approximates the fair value.
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): As of September 30, 2018: Remainder of 2018 $ 663 2019 2,672 2020 2,703 2021 2,424 2022 2,350 Thereafter 220,313 $ 231,125

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2018 and December 31, 2017 is as follows (in thousands): As of September 30, 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 $ 5,670 $ — $ — $ 5,670 $ 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 September 30, 2018 (in thousands): Fair Value of Balance at January 1, 2018 $ 6,580 Fair value adjustments (a) (860) Cash payments (50) Balance at September 30, 2018 $ 5,670 Fair value adjustments relate to realignment of future franchise sales assumptions to more closely reflect historical sales trends from inception to date.
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 September 30, 2018 and December 31, 2017 (in thousands): September 30, December 31, 2018 2017 Carrying Fair Value Carrying Fair Value Senior Secured Credit Facility $ 227,610 $ 232,027 $ 228,986 $ 232,933

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Employee Stock-Based Compensation Expense	Employee stock-based compensation expense under the Company’s 2013 Incentive Plan, net of the amount capitalized in internally developed software, is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Expense from Time-based RSUs $ 1,412 $ 750 $ 3,270 $ 1,892 Expense from Performance-based RSUs 1,305 118 2,871 269 Equity-based compensation expense 2,717 868 6,141 2,161 Tax benefit from equity-based compensation (384) (191) (868) (475) Excess tax benefit from equity-based compensation — — (145) (324) Net compensation cost $ 2,333 $ 677 $ 5,128 $ 1,362
Time-based Restricted Stock Units
Restricted Stock Units	Time-based Weighted average Balance, January 1, 2018 105,862 $ 41.67 Granted 253,315 $ 54.06 Shares vested (including tax withholding) (a) (64,878) $ 40.96 Forfeited (4,477) $ 42.38 Balance, September 30, 2018 289,822 $ 52.65 (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 Weighted average Balance, January 1, 2018 31,831 $ 57.88 Granted (a) 156,694 $ 55.38 Forfeited (3,213) $ 57.55 Balance, September 30, 2018 185,312 $ 55.77 (a) Represents the total participant target award.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Information
Schedule of Revenue of the Company's Reportable Segment	The following table presents revenue from external customers by segment for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Revenue: RE/MAX Franchising $ 52,450 $ 48,908 $ 156,154 $ 144,959 Other 2,416 163 5,631 245 Total revenue $ 54,866 $ 49,071 $ 161,785 $ 145,204 *See Note 3, Revenue for more information.
Reconciliation of Adjusted EBITDA for its Reportable Segment to Consolidated Balances	The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes for the three and nine months ended September 30, 2018 and 2017 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 2017 2018 As adjusted* 2018 As adjusted* Adjusted EBITDA: RE/MAX Franchising $ 30,632 $ 26,582 $ 84,429 $ 78,737 Adjusted EBITDA: Other (1,169) (698) (3,377) (2,169) Adjusted EBITDA: Consolidated 29,463 25,884 81,052 76,568 Gain (loss) on sale or disposition of assets and sublease, net (a) 5 (3,980) 146 (3,859) Equity-based compensation expense (2,717) (868) (6,141) (2,161) Acquisition-related expense (b) (141) (3,566) (1,628) (4,398) Special Committee investigation and remediation expense (c) (111) — (2,761) — Fair value adjustments to contingent consideration (d) 940 (420) 860 (250) Interest income 180 145 397 195 Interest expense (3,050) (2,598) (8,945) (7,414) Depreciation and amortization (5,608) (4,286) (15,252) (15,678) Income before provision for income taxes $ 18,961 $ 10,311 $ 47,728 $ 43,003 *See Note 3, Revenue for more information. (a) Represents gain (loss) on the sale or disposition of assets as well as the gains (losses) on the sublease of a portion of our corporate headquarters office building. (b) Acquisition-related expense includes legal, accounting, advisory and consulting fees incurred in connection with the acquisition and integration of acquired companies that are included in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. (c) Special Committee investigation and remediation expense relates to costs incurred in relation to the previously disclosed investigation by the special committee of independent directors of actions of certain members of our senior management and the implementation of the remediation plan. (d) Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liability related to the acquisition of Full House. See Note 10, Fair Value Measurements for additional information.

Business and Organization (Deta

Business and Organization (Details)	Sep. 30, 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)	58.56%	58.49%
Non-controlling unitholders ownership of common units in RMCO as a percentage	41.44%	41.51%
RIHI | RMCO, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Non-controlling unitholders ownership of common units in RMCO as a percentage	41.44%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)segment
Summary of Significant Accounting Policies
Number of operating segments | segment	3
ASU 2016-15 | Maximum
Summary of Significant Accounting Policies
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $	$ 6.3

Revenue - Condensed Consolidate

Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Jan. 01, 2016
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, current portion, net	$ 21,566	$ 20,284
Income taxes receivable	760	963
Other current assets	5,265	7,974
Deferred tax assets, net		62,841
Other assets, net of current portion	4,347	4,023
Income taxes payable	105	97
Deferred revenue	25,310	25,268
Deferred revenue, net of current	19,939	20,228
Retained earnings	18,412	8,400
Accumulated other comprehensive income, net of tax	419	459
Non-controlling interest	$ 403,701	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
Deferred revenue, net of current		0
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)	$ 4,900
Accumulated other comprehensive income, net of tax		(56)
Non-controlling interest		$ 12,586	$ 11,600

Revenue - Condensed Consolida_2

Revenue - Condensed Consolidated Statement of Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 54,866	$ 49,071	$ 161,785	$ 145,204
Selling, operating and administrative expenses	27,461	31,843	90,136	79,167
Provision for income taxes	3,420	3,021	8,429	10,786
Net income	15,541	7,290	39,299	32,217
Less: net income attributable to non-controlling interest (note 4)	7,402	3,573	18,529	16,502
Net income attributable to RE/MAX Holdings, Inc.	$ 8,139	$ 3,717	$ 20,770	$ 15,715
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Diluted	$ 0.46	$ 0.21	$ 1.17	$ 0.89
As previously reported | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, operating and administrative expenses		$ 31,832		$ 79,263
Provision for income taxes		3,091		10,883
Net income		7,537		33,245
Less: net income attributable to non-controlling interest (note 4)		3,702		16,968
Net income attributable to RE/MAX Holdings, Inc.		$ 3,835		$ 16,277
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$ 0.22		$ 0.92
Diluted		$ 0.22		$ 0.92
Adjustments | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Selling, operating and administrative expenses		$ 11		$ (96)
Provision for income taxes		(70)		(97)
Net income		(247)		(1,028)
Less: net income attributable to non-controlling interest (note 4)		(129)		(466)
Net income attributable to RE/MAX Holdings, Inc.		$ (118)		$ (562)
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic		$ (0.01)		$ (0.03)
Diluted		$ (0.01)		$ (0.03)
Franchise sales and other revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 6,777	$ 5,305	$ 22,395	$ 17,844
Franchise sales and other revenue | As previously reported | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue		5,611		19,065
Franchise sales and other revenue | Adjustments | ASU 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue		(306)		(1,221)
Annual dues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 9,106	$ 8,592	$ 26,775	$ 25,148

Revenue - Condensed Consolida_3

Revenue - Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income	$ 15,541	$ 7,290	$ 39,299	$ 32,217
Change in cumulative translation adjustment	90	507	(77)	947
Comprehensive income	15,631	7,797	39,222	33,164
Comprehensive income attributable to non-controlling interest	7,435	3,859	18,492	17,035
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 8,196	3,938	$ 20,730	16,129
ASU 2014-09 | As previously reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		7,537		33,245
Change in cumulative translation adjustment		536		999
Comprehensive income		8,073		34,244
Comprehensive income attributable to non-controlling interest		3,987		17,500
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax		4,086		16,744
ASU 2014-09 | Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		(247)		(1,028)
Change in cumulative translation adjustment		(29)		(52)
Comprehensive income		(276)		(1,080)
Comprehensive income attributable to non-controlling interest		(128)		(465)
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax		$ (148)		$ (615)

Revenue - Condensed Consolida_4

Revenue - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income	$ 15,541	$ 7,290	$ 39,299	$ 32,217
Deferred income tax expense			3,503	3,822
Changes in operating assets and liabilities			$ (3,279)	1,025
ASU 2014-09 | As previously reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		7,537		33,245
Deferred income tax expense				3,919
Changes in operating assets and liabilities				(100)
ASU 2014-09 | Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net income		$ (247)		(1,028)
Deferred income tax expense				(97)
Changes in operating assets and liabilities				$ 1,125

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Annual dues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Term over which revenue is ratably recognized		12 months
Balance at beginning of period		$ 15,297
New billings		28,249
Revenue recognized		(26,775)
Balance at the end of period	$ 16,771	16,771
Revenue recognized	2,400	13,400
Franchise sales revenue
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Balance at beginning of period		27,943
New billings		6,083
Revenue recognized		(6,896)
Balance at the end of period	27,130	27,130
Revenue recognized	$ 1,900	$ 5,700

Revenue - Commissions Related t

Revenue - Commissions Related to Franchise Sales (Details) - Commissions Related to Franchise Sales $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 3,532
Expense recognized	(956)
Additions to contract cost for new activity	1,146
Balance at end of period	$ 3,722

Revenue - Disaggregated revenue

Revenue - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenue	$ 54,866	$ 49,071	$ 161,785	$ 145,204
Owned Regions
Disaggregation of Revenue [Line Items]
Total revenue	35,138	31,616	102,193	93,165
Independent Regions
Disaggregation of Revenue [Line Items]
Total revenue	11,904	11,598	34,747	33,462
Global and Other
Disaggregation of Revenue [Line Items]
Total revenue	5,408	5,694	19,214	18,332
RE/MAX Franchising
Disaggregation of Revenue [Line Items]
Total revenue	52,450	48,908	156,154	144,959
Other
Disaggregation of Revenue [Line Items]
Total revenue	2,416	163	5,631	245
U.S.
Disaggregation of Revenue [Line Items]
Total revenue	40,872	36,615	118,794	109,054
Canada
Disaggregation of Revenue [Line Items]
Total revenue	6,170	6,599	18,146	17,573
Global and Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,408	$ 5,694	$ 19,214	$ 18,332

Revenue - Transaction Price (De

Revenue - Transaction Price (Details) $ in Thousands	Sep. 30, 2018USD ($)
Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 43,901
Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	16,771
Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	27,130
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 9,292
Performance period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 7,376
Performance period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,916
Performance period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 16,365
Performance period	1 year
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]
Remaining performance obligation revenue	$ 9,395
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 6,970
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 5,662
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 5,662
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 4,246
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 4,246
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,710
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,710
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,284
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,284
Performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 4,342
Performance period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Franchise sales revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 4,342
Performance period

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Sep. 30, 2018	Dec. 31, 2017
Shares [Abstract]
Non-controlling unitholders 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 in RMCO	17,746,184	17,696,991
Total number of common stock units in RMCO	30,305,784	30,256,591
Ownership Percentage [Abstract]
Non-controlling unitholders ownership of common units in RMCO as a percentage	41.44%	41.51%
RE/MAX Holdings, Inc. outstanding Class A common stock (equal to RE/MAX Holdings, Inc. common units in RMCO	58.56%	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Minority Interest [Line Items]
Weighted average ownership percentage of controlling interest	58.56%	58.49%	58.54%	58.47%
Weighted average ownership percentage of noncontrolling interest	41.44%	41.51%	41.46%	41.53%
Total (as a percentage)	100.00%	100.00%	100.00%	100.00%
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ 11,096	$ 5,992	$ 27,916	$ 25,104
Provision for income taxes attributable to RE/MAX Holdings, Inc.	(2,957)	(2,275)	(7,146)	(9,389)
Net income attributable to RE/MAX Holdings, Inc.	8,139	3,717	20,770	15,715
Income before provision for income taxes: Non-controlling interest	7,865	4,319	19,812	(17,899)
Provision for income taxes: Non-controlling interest	(463)	(746)	(1,283)	(1,397)
Net income: Non-controlling interest	7,402	3,573	18,529	16,502
Income before provision for income taxes	18,961	10,311	47,728	43,003
Provision for income taxes	(3,420)	(3,021)	(8,429)	(10,786)
Net income	$ 15,541	$ 7,290	39,299	$ 32,217
Non-controlling interest
Minority Interest [Line Items]
Net income			$ 18,529

Non-controlling Interest - Dist

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 11,259	$ 14,213
Payment Pursuant To Tax Receivable Agreements	5,047	7,296
Distributions declared to non-controlling unitholders	7,536	6,783
Tax and other distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	3,723	7,430
Dividend distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 7,536	$ 6,783

Earnings Per Share and Divide_3

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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 8,139	$ 3,717	$ 20,770	$ 15,715
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Common Class A
Denominator for basic net income per share of common stock
Weighted average shares of Class A common stock outstanding	17,746,184	17,696,991	17,733,910	17,685,683
Denominator for diluted net income per share of common stock
Weighted average shares of Class A common stock outstanding	17,746,184	17,696,991	17,733,910	17,685,683
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	17,771,212	17,737,786	17,767,638	17,726,447
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ 0.46	$ 0.21	$ 1.17	$ 0.89
Restricted Stock Units (RSUs) | Common Class A
Add dilutive effect of the following:
Dilutive effect	25,028	40,795	33,728	40,764

Earnings Per Share and Divide_4

Earnings Per Share and Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock								$ 0.60	$ 0.54
Dividends declared and paid								$ 10,645	$ 9,554
Distributions declared to non-controlling unitholders								$ 7,536	$ 6,783
Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.20	$ 0.20	$ 0.20	$ 0.18	$ 0.18	$ 0.18	$ 0.60	$ 0.54
Dividends declared and paid		$ 3,549	$ 3,549	$ 3,547	$ 3,185	$ 3,185	$ 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	$ 2,512	$ 2,512	$ 2,261	$ 2,261	$ 2,261

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 26, 2018	Nov. 15, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Purchase Price Allocation
Increase (Decrease) to goodwill					$ 700
Increase in depreciation and amortization expense			$ 400		400
Goodwill			150,859		150,859		$ 135,213
Acquisition- related expense			141	$ 3,566	1,628	$ 4,398
Pro Forma Information
Total revenue			54,866	52,144	163,051	154,241
Net income attributable to RE/MAX Holdings, Inc.			$ 8,139	$ 2,950	$ 20,078	$ 13,842
Basic earnings per common share			$ 0.46	$ 0.17	$ 1.13	$ 0.78
Diluted earnings per common share			$ 0.46	$ 0.17	$ 1.13	$ 0.78
Booj Llc
Business Acquisition [Line Items]
Cash consideration	$ 26,300
Issuance of Class A common stock, equity-based compensation plans, value	10,000
Purchase Price Allocation
Increase (Decrease) to goodwill			$ (3,600)
Increase to other intangible assets			3,600
Increase in depreciation and amortization expense			$ 400
Cash	362
Other current assets	367
Property and equipment	625
Software	7,400
Trademarks	500
Non-compete agreement	1,200
Customer relationships	800
Other assets, net of current portion	336
Total assets acquired, excluding goodwill	13,179
Current portion of debt	(606)
Other current liabilities	(557)
Debt, net of current portion	(805)
Total liabilities assumed	(1,968)
Goodwill	15,039
Total purchase price	26,250
Remax Of Northern Illinois Inc
Business Acquisition [Line Items]
Cash consideration		$ 35,700
Purchase Price Allocation
Decrease to franchise agreements, net					$ (700)
Increase (Decrease) to goodwill					$ 700
Goodwill		12,920
Total purchase price		35,720
Franchise agreements | Remax Of Northern Illinois Inc
Purchase Price Allocation
Other intangible assets		$ 22,800
Other intangible assets | Booj Llc
Purchase Price Allocation
Other intangible assets	$ 1,589

Acquisitions ReMax Northern Ill

Acquisitions ReMax Northern Illinois (Details) - USD ($) $ in Thousands	Nov. 15, 2017	Sep. 30, 2018	Dec. 31, 2017
Purchase Price Allocation
Increase (Decrease) to goodwill		$ 700
Goodwill		150,859	$ 135,213
Remax Of Northern Illinois Inc
Business Acquisition [Line Items]
Cash consideration	$ 35,700
Purchase Price Allocation
Decrease to franchise agreements, net		(700)
Increase (Decrease) to goodwill		$ 700
Goodwill	12,920
Total purchase price	35,720
Franchise agreements | Remax Of Northern Illinois Inc
Purchase Price Allocation
Franchise agreements	$ 22,800

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 107,032		$ 107,032		$ 119,349
Amortization expense	5,300	$ 4,100	14,400	$ 15,100
Increase in depreciation and amortization expense	400		400
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	180,867		180,867		181,567
Accumulated Amortization	(73,835)		(73,835)		(62,218)
Net Balance	107,032		$ 107,032		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	33,214		$ 33,214		17,801
Accumulated Amortization	(11,303)		(11,303)		(9,325)
Net Balance	21,911		$ 21,911		8,476
Other intangible assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			6 years
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	22,916		$ 22,916		13,762
Accumulated Amortization	(9,630)		(9,630)		(8,111)
Net Balance	13,286		$ 13,286		5,651
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			4 years 7 months 6 days
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	1,859		$ 1,859		1,539
Accumulated Amortization	(788)		(788)		(902)
Net Balance	1,071		$ 1,071		637
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			9 years 3 months 18 days
Software Development
Finite Lived Intangible Assets [Line Items]
Capitalized software development costs	2,400		$ 2,400		600
Non-compete agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	3,700		3,700		2,500
Accumulated Amortization	(733)		(733)		(312)
Net Balance	2,967		$ 2,967		$ 2,188
Non-compete agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			7 years 8 months 12 days
Training materials
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,350		$ 2,350
Net Balance	2,350		$ 2,350
Training materials | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			5 years
Other
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,389		$ 2,389
Accumulated Amortization	(152)		(152)
Net Balance	$ 2,237		$ 2,237
Other | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			11 years 10 months 24 days

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) $ in Thousands	Sep. 30, 2018USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2018	$ 5,067
2,019	20,597
2,020	20,524
2,021	19,741
2,022	16,792
Estimated future amortization expense over next five years	$ 82,721

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Changes to goodwill
Beginning Balance	$ 135,213
Goodwill recognized related to acquisitions	15,039
Adjustments to acquisition accounting during the measurement period	700
Effect of changes in foreign currency exchange rates	(93)
Ending Balance	150,859
RE/MAX Franchising
Changes to goodwill
Beginning Balance	123,413
Goodwill recognized related to acquisitions	15,039
Adjustments to acquisition accounting during the measurement period	700
Effect of changes in foreign currency exchange rates	(93)
Ending Balance	139,059
Other
Changes to goodwill
Beginning Balance	11,800
Ending Balance	$ 11,800

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accrued Liabilities [Line Items]
Accrued payroll and related employee costs	$ 6,341	$ 3,874
Accrued taxes	1,256	1,635
Accrued professional fees	1,818	2,339
Other	3,025	7,542
Accrued liabilities	$ 12,440	15,390
Tails Inc.
Accrued Liabilities [Line Items]
Other		$ 4,500

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long term debt	$ 231,125
Less unamortized debt issuance costs	(1,555)	$ (1,780)
Less unamortized debt discount costs	(1,135)	(1,297)
Less current portion	(2,665)	(2,350)
Debt, net of current portion	225,770	226,636
Senior Secured Credit Facility
Debt Instrument [Line Items]
Long term debt	230,300	$ 232,063
Other Long Term Financing
Debt Instrument [Line Items]
Long term debt	$ 825

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Sep. 30, 2018USD ($)
Debt
Long term debt	$ 231,125
Remainder of 2018	663
2,019	2,672
2,020	2,703
2,021	2,424
2,022	2,350
Thereafter	$ 220,313

Debt - Additional Information (

Debt - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Debt instrument, interest rate	4.99%
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	9 Months Ended
	Sep. 30, 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	$ 5,700
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	$ 5,670	$ 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	$ 5,670	$ 6,580

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Assets and Liabilities Measured Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment	$ (940)	$ 420	$ (860)	$ 250
Cash payments			(50)
Full House Mortgage Connection, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at Ending	5,700		5,700
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 Beginning			6,580
Balance at Ending	5,670		5,670
Full House Mortgage Connection, Inc. | Measured on a recurring basis | Contingent consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at Beginning			6,580
Fair value adjustment			(860)
Cash payments			(50)
Balance at Ending	$ 5,670		$ 5,670

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Senior Secured Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 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	227,610,000	$ 228,986,000
Level 2 | Estimated fair value | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long term debt, fair value	$ 232,027,000	$ 232,933,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Sep. 30, 2018USD ($)
Income Taxes
Uncertain tax positions	$ 0

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)installment$ / sharesshares	Sep. 30, 2017USD ($)
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 2,717	$ 868	$ 6,141	$ 2,161
2013 Stock Incentive Plan
Employee stock-based compensation expense
Equity-based compensation expense | $	2,717	868	6,141	2,161
Tax benefit from share-based compensation | $	(384)	(191)	(868)	(475)
Excess tax benefit from share-based compensation | $			(145)	(324)
Net compensation cost | $	$ 2,333	677	$ 5,128	1,362
Restricted Stock Units
Additional shares available to grant under plan (in shares)	2,241,423		2,241,423
Time-based Restricted Stock Units
Restricted Stock Units
Nonvested at beginning of period			105,862
Granted			253,315
Shares vested (including tax withholding)			(64,878)
Forfeited			(4,477)
Nonvested at end of period	289,822		289,822
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			54.06
Shares vested (including tax withholding), Weighted average grant date fair value per share | $ / shares			40.96
Forfeited, Weighted average grant date fair value per share | $ / shares			42.38
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 52.65		$ 52.65
Unrecognized compensation cost | $	$ 12,400		$ 12,400
Period for recognition of RSU compensation expense			2 years 10 months 10 days
Time-based Restricted Stock Units | 2013 Stock Incentive Plan
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 1,412	750	$ 3,270	1,892
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			31,831
Granted			156,694
Forfeited			(3,213)
Nonvested at end of period	185,312		185,312
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			55.38
Forfeited, Weighted average grant date fair value per share | $ / shares			57.55
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 55.77		$ 55.77
Unrecognized compensation cost | $	$ 6,100		$ 6,100
Period for recognition of RSU compensation expense			1 year 5 months 19 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 | $	$ 1,305	$ 118	$ 2,871	$ 269
Restricted Stock Units (RSUs)
Restricted Stock Units
Period of performance measurement			3 years
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%

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]
Incurred cost under Separation Agreement	$ 1.8
The period for payment of restructuring costs.	39 months

Commitments and Contingencies -

Commitments and Contingencies - Commitments (Details) $ in Millions	Sep. 30, 2018USD ($)
Future lease payments
Year one	$ 0.2
Year two	0.2
Year three	0.2
Year four	0.2
Year five	0.2
Thereafter	$ 2

Commitments and Contingencies_2

Commitments and Contingencies - Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)leaseagreement	Sep. 30, 2017USD ($)
Loss Contingencies [Line Items]
Loss recorded related to sublease agreement	$ 3.7		$ 3.7
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		$ 2.3
Full House Mortgage Connection, Inc.
Loss Contingencies [Line Items]
Contingent consideration liability		$ 5.7

Commitments and Contingencies_3

Commitments and Contingencies - Litigation (Details) $ in Millions	3 Months Ended
	Sep. 30, 2017USD ($)
Selling, General and Administrative Expenses
Loss Contingencies [Line Items]
Charges on settlement	$ 2.6

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Related party balances and activity
Expenses recorded for benefits provided by related party	$ 200,000	$ 500,000	$ 500,000	$ 500,000
Accounts payable to affiliates	100,000		100,000		$ 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	900,000	$ 900,000	$ 2,800,000	$ 2,400,000
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		$ 0

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Sep. 30, 2018segment
Segment Information
Number Of Reportable Segments	1

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information
Total revenue	$ 54,866	$ 49,071	$ 161,785	$ 145,204
RE/MAX Franchising
Segment Reporting Information
Total revenue	52,450	48,908	156,154	144,959
Other
Segment Reporting Information
Total revenue	$ 2,416	$ 163	$ 5,631	$ 245

Segment Information - Reconcili

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ 29,463	$ 25,884	$ 81,052	$ 76,568
Gain (loss) on sale or disposition of assets and sublease, net	5	(3,980)	146	(3,859)
Equity-based compensation expense	(2,717)	(868)	(6,141)	(2,161)
Acquisition-related expense	(141)	(3,566)	(1,628)	(4,398)
Special Committee investigation and remediation expense	(111)		(2,761)
Fair value adjustments to contingent consideration	940	(420)	860	(250)
Interest income	180	145	397	195
Interest expense	(3,050)	(2,598)	(8,945)	(7,414)
Depreciation and amortization	(5,608)	(4,286)	(15,252)	(15,678)
Income before provision for income taxes	18,961	10,311	47,728	43,003
RE/MAX Franchising
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	30,632	26,582	84,429	78,737
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ (1,169)	$ (698)	$ (3,377)	$ (2,169)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Oct. 07, 2018	Oct. 04, 2018
Common Class B | RIHI
Subsequent events
Ownership interest percentage	42.00%
Parallaxes | TRA
Subsequent events
Amount owed under the agreement		$ 21.7