RE/MAX (RMAX) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-36101
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0937145
Entity Address Line One	5075 South Syracuse Street
Entity Address City or Town	Denver
Entity Address State or Province	CO
Entity Address Postal Zip Code	80237
City Area Code	303
Local Phone Number	770-5531
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	RMAX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001581091
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,890,602
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 102,632	$ 101,355
Restricted cash	21,500	19,872
Accounts and notes receivable, current portion, less allowances of $11,705 and $11,724, respectively	29,544	29,985
Income taxes receivable	2,158	1,222
Other current assets	14,715	13,938
Total current assets	170,549	166,372
Property and equipment, net of accumulated depreciation of $15,292 and $14,731, respectively	9,184	7,872
Operating lease right of use assets	37,816	38,878
Franchise agreements, net	68,337	72,196
Other intangible assets, net	28,284	29,969
Goodwill	176,008	175,835
Deferred tax assets, net	49,162	48,855
Income taxes receivable, net of current portion	1,980	1,980
Other assets, net of current portion	17,068	15,435
Total assets	558,388	557,392
Current liabilities:
Accounts payable	5,782	2,108
Accrued liabilities	67,208	68,571
Income taxes payable	9,884	9,579
Deferred revenue	24,689	25,282
Current portion of debt	2,356	2,428
Current portion of payable pursuant to tax receivable agreements	3,590	3,590
Operating lease liabilities	5,826	5,687
Total current liabilities	119,335	117,245
Debt, net of current portion	220,676	221,137
Payable pursuant to tax receivable agreements, net of current portion	29,974	29,974
Deferred tax liabilities, net	496	490
Deferred revenue, net of current portion	19,601	19,864
Operating lease liabilities, net of current portion	48,794	50,279
Other liabilities, net of current portion	5,411	5,722
Total liabilities	444,287	444,711
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	498,810	491,422
Retained earnings	21,433	25,139
Accumulated other comprehensive income, net of tax	653	612
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	520,898	517,175
Non-controlling interest	(406,797)	(404,494)
Total stockholders' equity	114,101	112,681
Total liabilities and stockholders' equity	558,388	557,392
Common Class A
Stockholders' equity:
Common stock	2	2
Total stockholders' equity	$ 2	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts and notes receivable, allowance	$ 11,705	$ 11,724
Property and equipment, accumulated depreciation	$ 15,292	$ 14,731
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	18,719,248	18,390,691
Common stock, shares outstanding	18,719,248	18,390,691
Common Class B
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Total revenue	$ 72,295	$ 70,272
Operating expenses:
Selling, operating and administrative expenses	43,676	34,677
Marketing Funds expenses	18,145	17,522
Depreciation and amortization	6,937	6,310
Total operating expenses	68,758	58,509
Operating income	3,537	11,763
Other expenses, net:
Interest expense	(2,098)	(2,682)
Interest income	163	269
Foreign currency transaction gains (losses)	(20)	(270)
Total other expenses, net	(1,955)	(2,683)
Income before provision for income taxes	1,582	9,080
Provision for income taxes	58	(3,790)
Net income	1,640	5,290
Less: net income attributable to non-controlling interest	548	2,659
Net income attributable to RE/MAX Holdings, Inc.	$ 1,092	$ 2,631
Common Class A
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.06	$ 0.15
Diluted	$ 0.06	$ 0.15
Weighted average shares of Class A common stock outstanding
Basic	18,496,532	17,974,264
Diluted	18,866,727	18,033,631
Cash dividends declared per share of Class A common stock	$ 0.23	$ 0.22
Continuing franchise fees
Revenue:
Total revenue	$ 25,374	$ 24,143
Annual dues
Revenue:
Total revenue	8,672	8,921
Broker fees
Revenue:
Total revenue	11,953	9,444
Marketing Funds fees
Revenue:
Total revenue	18,145	17,522
Franchise sales and other revenue
Revenue:
Total revenue	$ 8,151	$ 10,242

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 1,640	$ 5,290
Change in cumulative translation adjustment	79	(230)
Other comprehensive income (loss), net of tax	79	(230)
Comprehensive income	1,719	5,060
Less: comprehensive income attributable to non-controlling interest	586	2,465
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 1,133	$ 2,595

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Class A	Common Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss), net of tax	Non-controlling interest	Total
Beginning balance, Value at Dec. 31, 2019	$ 2		$ 466,945	$ 30,525	$ 414	$ (399,510)	$ 98,376
Beginning balance, Shares at Dec. 31, 2019	17,838,233	1
Net income				2,631		2,659	5,290
Distributions to non-controlling unitholders						(2,777)	(2,777)
Equity-based compensation expense and dividend equivalents, Value			5,962	(289)			5,673
Equity-based compensation expense and dividend equivalents, Shares	368,375
Dividends to Class A common stockholders				(3,986)			(3,986)
Change in accumulated other comprehensive income					(36)	(194)	(230)
Payroll taxes related to net settled restricted stock units, Value			(2,268)				(2,268)
Payroll taxes related to net settled restricted stock units, Shares	(82,645)
Ending balance, Value at Mar. 31, 2020	$ 2		470,639	28,881	378	(399,822)	100,078
Ending balance, Shares at Mar. 31, 2020	18,123,963	1
Beginning balance, Value at Dec. 31, 2020	$ 2		491,422	25,139	612	(404,494)	112,681
Beginning balance, Shares at Dec. 31, 2020	18,390,691	1
Net income				1,092		548	1,640
Distributions to non-controlling unitholders						(2,889)	(2,889)
Equity-based compensation expense and dividend equivalents, Value			12,679	(472)			12,207
Equity-based compensation expense and dividend equivalents, Shares	459,330
Dividends to Class A common stockholders				(4,326)			(4,326)
Change in accumulated other comprehensive income					41	38	79
Payroll taxes related to net settled restricted stock units, Value			(5,291)				(5,291)
Payroll taxes related to net settled restricted stock units, Shares	(130,773)
Ending balance, Value at Mar. 31, 2021	$ 2		$ 498,810	$ 21,433	$ 653	$ (406,797)	$ 114,101
Ending balance, Shares at Mar. 31, 2021	18,719,248	1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 1,640	$ 5,290
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,937	6,310
Bad debt expense	287	3,435
Equity-based compensation expense	12,054	2,186
Deferred income tax expense	(320)	2,241
Fair value adjustments to contingent consideration	(280)	(505)
Non-cash lease expense (benefit)	(284)
Other, net	87	(504)
Changes in operating assets and liabilities	711	(4,804)
Net cash provided by operating activities	20,832	13,649
Cash flows from investing activities:
Purchases of property, equipment and capitalization of software	(4,381)	(1,965)
Net cash used in investing activities	(4,381)	(1,965)
Cash flows from financing activities:
Payments on debt	(660)	(660)
Distributions paid to non-controlling unitholders	(2,889)	(2,777)
Dividends and dividend equivalents paid to Class A common stockholders	(4,798)	(4,275)
Payments related to tax withholding for share-based compensation	(5,291)	(2,268)
Net cash used in financing activities	(13,638)	(9,980)
Effect of exchange rate changes on cash	92	(205)
Net increase in cash, cash equivalents and restricted cash	2,905	1,499
Cash, cash equivalents and restricted cash, beginning of period	121,227	103,601
Cash, cash equivalents and restricted cash, end of period	124,132	105,100
Supplemental disclosures of cash flow information:
Cash paid for interest	1,970	2,556
Net cash paid for income taxes	$ 926	$ 1,079

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2021
Business and Organization
Business and Organization	1. Business and Organization RE/MAX Holdings, Inc. (“Holdings”) and its consolidated subsidiaries, including RMCO, LLC (“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 (“Motto”). RE/MAX, founded in 1973, has nearly 140,000 agents operating in over 8,000 offices and a presence in more than 110 countries and territories. Motto, founded in 2016, is the first nationally franchised mortgage brokerage in the U.S. RE/MAX and Motto are 100% franchised—the Company does not own any of the brokerages that operate under these brands.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements and notes thereto 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 Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2021 and the results of its operations and comprehensive income, cash flows and changes in its stockholders’ equity for the three months ended March 31, 2021 and 2020. 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, 2020 (“2020 Annual Report on Form 10-K”). Please refer to that document for a fuller discussion of all significant accounting policies. Use of Estimates The preparation of the accompanying 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 The Company operates under the following four operating segments: Real Estate, Mortgage, Marketing Funds and booj. Due to quantitative insignificance, the booj operating segment does not meet the criteria of a reportable segment and is included in “Other”. Revenue Recognition The Company generates most of its revenue from contracts with customers. The Company’s major streams of revenue are: ● Continuing franchise fees, which are fixed contractual fees paid monthly by regional franchise owners and franchisees based on the number of RE/MAX agents and the number of Motto offices. ● Annual dues, which are fees charged directly to RE/MAX agents. ● Broker fees, which are fees on real estate commissions when a RE/MAX agent assists a consumer to buy or sell a home. ● Marketing Funds fees, which are fixed contractual fees paid monthly by franchisees based on the number of RE/MAX agents in the respective franchised region or office or the number of Motto offices. ● Franchise sales and other revenue, which consist of fees from initial sales of RE/MAX and Motto franchises, renewals of RE/MAX franchises and master franchise fees, as well as technology and data services subscription revenue, loan processing revenue, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs. Annual Dues The activity in the Company’s deferred revenue for annual dues consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ New billings ​ Revenue recognized (a) ​ Balance at end Three Months Ended March 31, 2021 ​ $ 14,539 ​ $ 10,277 ​ $ (8,672) ​ $ 16,144 ​ (a) Revenue recognized related to the beginning balance was $6.3 million for the three months ended March 31, 2021. 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 Three Months Ended March 31, 2021 ​ $ 25,069 ​ $ 2,005 ​ $ (2,349) ​ $ 24,725 (a) Revenue recognized related to the beginning balance was $2.3 million for the three months ended March 31, 2021. 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 ​ Expense ​ Additions to contract ​ Balance at end Three Months Ended March 31, 2021 ​ $ 3,690 ​ $ (421) ​ $ 320 ​ $ 3,589 ​ Disaggregated Revenue In the following table, segment revenue is disaggregated by Company-Owned or Independent Regions, where applicable, and by geographical area (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 U.S. Company-Owned Regions $ 32,546 ​ $ 30,578 U.S. Independent Regions ​ 3,288 ​ ​ 2,996 Canada Company-Owned Regions ​ 3,554 ​ ​ 3,081 Canada Independent Regions ​ 2,205 ​ ​ 2,039 Global ​ 2,641 ​ ​ 2,548 Fee revenue (a) ​ 44,234 ​ ​ 41,242 Franchise sales and other revenue (b) ​ 6,920 ​ ​ 8,663 Total Real Estate ​ 51,154 ​ ​ 49,905 U.S. ​ 16,182 ​ ​ 15,651 Canada ​ 1,737 ​ ​ 1,655 Global ​ 226 ​ ​ 216 Total Marketing Funds ​ 18,145 ​ ​ 17,522 Mortgage (c) ​ 2,323 ​ ​ 1,458 Other (c) ​ 673 ​ ​ 1,387 Total $ 72,295 ​ $ 70,272 (a) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. (b) Franchise sales and other revenue is derived primarily within the U.S. (c) Revenue from Mortgage and Other are derived exclusively within the U.S. Transaction Price Allocated to the Remaining Performance Obligations The following table includes estimated revenue by year, excluding certain other immaterial items, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Annual dues ​ $ 15,373 ​ $ 771 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 16,144 Franchise sales ​ ​ 5,244 ​ ​ 5,898 ​ ​ 4,533 ​ ​ 3,300 ​ ​ 2,023 ​ ​ 1,049 ​ ​ 2,678 ​ ​ 24,725 Total ​ $ 20,617 ​ $ 6,669 ​ $ 4,533 ​ $ 3,300 ​ $ 2,023 ​ $ 1,049 ​ $ 2,678 ​ $ 40,869 ​ Cash, Cash Equivalents and Restricted Cash All cash held by the Marketing Funds is contractually restricted. The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the Condensed Consolidated Balance Sheets to the amounts presented in the Condensed Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Cash and cash equivalents ​ $ 102,632 ​ $ 101,355 Restricted cash ​ ​ 21,500 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 124,132 ​ $ 121,227 ​ Services Provided to the Marketing Funds by Real Estate Real Estate charges the Marketing Funds for various services it performs. These services primarily comprise (a) building and maintaining agent marketing technology, including customer relationship management tools, the www.remax.com website, agent, office and team websites, and mobile apps, (b) dedicated employees focused on marketing campaigns, and (c) various administrative services including customer support of technology, accounting and legal. Because these costs are ultimately paid by the Marketing Funds, they do not impact the net income of Holdings as the Marketing Funds have no reported net income. Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Technology - operating ​ $ 3,600 ​ $ 2,971 Technology - capital ​ ​ 180 ​ ​ 644 Marketing staff and administrative services ​ ​ 1,118 ​ ​ 1,228 Total ​ $ 4,898 ​ $ 4,843 ​ Leases The Company leases corporate offices, a distribution center, billboards and certain equipment. As all franchisees are independently owned and operated, there are no leases recognized for any offices used by the Company’s franchisees. All the Company’s material leases are classified as operating leases. The Company acts as the lessor for sublease agreements on its corporate headquarters, consisting solely of operating leases. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from any of its short-term leases. All leases with a term of 12 months or less at commencement, for which the Company is not reasonably certain to exercise available renewal options that would extend the lease term past 12 months, will be recognized on a straight-line basis over the lease term. Recently Adopted Accounting Pronouncements None. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which contains temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The new guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. The relief is temporary and only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company believes the amendments of ASU 2020-04 will not have a significant impact on the Company’s consolidated financial statements and related disclosures as the Company does not currently engage in interest rate hedging of its LIBOR based debt, nor does it believe it has any material contracts tied to LIBOR other than its Senior Secured Credit Agreement, as discussed in Note 8, Debt . An amendment to the Senior Secured Credit agreement will likely be required, but the Company does not expect any material adverse consequences from this transition .

Non-controlling Interest

Non-controlling Interest	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest
Non-controlling Interest	3. Non-controlling Interest Holdings is the sole managing member of RMCO and operates and controls all the business affairs of RMCO. The ownership of the common units in RMCO is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ Shares ​ Ownership % ​ Shares ​ Ownership % ​ Non-controlling interest ownership of common units in RMCO ​ 12,559,600 ​ 40.2 % 12,559,600 ​ 40.6 % Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) ​ 18,719,248 ​ 59.8 % 18,390,691 ​ 59.4 % Total common units in RMCO ​ 31,278,848 ​ 100.0 % 30,950,291 ​ 100.0 % ​ The weighted average ownership percentages for the applicable reporting periods are used to calculate the “Net income attributable to RE/MAX Holdings, Inc.” 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 percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 ​ ​ RE/MAX Non-controlling Total RE/MAX Non-controlling Total ​ Weighted average ownership percentage of RMCO(a) ​ 59.6 % ​ 40.4 % ​ 100 % ​ 58.9 % ​ 41.1 % ​ 100.0 % Income before provision for income taxes(a) $ 942 ​ $ 640 ​ $ 1,582 ​ $ 5,552 ​ $ 3,528 ​ $ 9,080 ​ Provision for income taxes(b)(c) ​ 150 ​ ​ (92) ​ ​ 58 ​ ​ (2,921) ​ ​ (869) ​ ​ (3,790) ​ Net income $ 1,092 ​ $ 548 ​ $ 1,640 ​ $ 2,631 ​ $ 2,659 ​ $ 5,290 ​ (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 items recorded at RE/MAX Holdings. (b) The provision for income taxes attributable to Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the flow-through income from RMCO. It also includes 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 and its subsidiaries. Otherwise, because RMCO is a flow-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 limited liability company operating agreement, RMCO makes cash distributions to non-controlling unitholders on a pro-rata basis. The distributions paid or payable to non-controlling unitholders are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 Tax and other distributions $ — ​ $ 14 Dividend distributions ​ 2,889 ​ ​ 2,763 Total distributions to non-controlling unitholders $ 2,889 ​ $ 2,777 ​

Earnings Per Share and Dividend

Earnings Per Share and Dividends	3 Months Ended
	Mar. 31, 2021
Earnings Per Share and Dividends
Earnings Per Share and Dividends	4. Earnings Per Share and Dividends Earnings Per Share The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS calculations (in thousands, except shares and per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Numerator ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. ​ $ 1,092 ​ $ 2,631 Denominator for basic net income per share of Class A common stock ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,496,532 ​ ​ 17,974,264 Denominator for diluted net income per share of Class A common stock ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,496,532 ​ ​ 17,974,264 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ Restricted stock ​ ​ 370,195 ​ ​ 59,367 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,866,727 ​ ​ 18,033,631 Earnings per share of Class A common stock ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ 0.06 ​ $ 0.15 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ 0.06 ​ $ 0.15 ​ Outstanding Class B common stock does not share in the earnings of 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 during each quarter ended per share on all outstanding shares of Class A common stock were as follows (in thousands, except per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Quarter end declared Date paid Per share Amount paid to Class A Amount paid to Non-controlling Date paid Per share Amount paid to Class A Amount paid to Non-controlling March 31 ​ March 17, 2021 ​ $ 0.23 ​ $ 4,326 ​ $ 2,889 ​ March 18, 2020 ​ $ 0.22 ​ $ 3,986 ​ $ 2,763 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On May 5, 2021, the Company’s Board of Directors declared a quarterly dividend of $0.23 per share on all outstanding shares of Class A common stock, which is payable on June 2, 2021 to stockholders of record at the close of business on May 19, 2021.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
Acquisitions
Acquisitions	5. Acquisitions Gadberry & wemlo On September 10, 2020, the Company acquired The Gadberry Group, LLC (“Gadberry”) for $4.6 million in cash, net of cash acquired, and $5.5 million in Class A common stock, plus approximately $9.9 million of equity-based compensation, which will be accounted for as compensation expense in the future over two to three years (see Note 11, Equity-Based Compensation for additional information). In addition, the Company recorded a contingent consideration liability in connection with the purchase of Gadberry, which had an acquisition date fair value of $0.9 million, measured at the present value of the probability weighted consideration expected to be transferred. Gadberry is a location intelligence data company whose products have been instrumental in the success of the Company’s consumer website, www.remax.com . Founded in 2000, Gadberry specializes in building products that help clients solve geospatial challenges through location data. Gadberry plans to expand its non-RE/MAX clients while maintaining and enhancing its contributions to the RE/MAX technology offering. On August 25, 2020, the Company acquired Wemlo, Inc. (“wemlo”) for $6.1 million in cash, net of cash acquired, and $3.3 million in Class A common stock, plus approximately $6.7 million of equity-based compensation, which will be accounted for as compensation expense in the future over three years (see Note 11, Equity-Based Compensation for additional information). Wemlo is a fintech company that has developed its cloud service for mortgage brokers, combining third-party loan processing services with an all-in-one digital platform. The total purchase price for both of the aforementioned acquisitions was allocated to the assets and liabilities acquired based on their preliminary estimated fair values. The Company recorded $14.4 million in goodwill, virtually all of which is deductible for tax purposes, and $6.3 million in other intangibles as a result of these acquisitions.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2021
Intangible Assets and Goodwill
Intangible Assets and Goodwill	6. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ As of March 31, 2021 ​ As of December 31, 2020 ​ ​ Amortization ​ Initial ​ Accumulated ​ Net ​ Initial ​ Accumulated ​ Net ​ ​ Period ​ Cost ​ Amortization ​ Balance ​ Cost ​ Amortization ​ Balance Franchise agreements ​ 12.6 ​ $ 180,867 ​ $ (112,530) ​ $ 68,337 ​ $ 180,867 ​ $ (108,671) ​ $ 72,196 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ 4.5 ​ $ 45,876 ​ $ (21,519) ​ $ 24,357 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ 8.3 ​ ​ 2,325 ​ ​ (1,341) ​ ​ 984 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ 5.1 ​ ​ 3,920 ​ ​ (3,110) ​ ​ 810 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ 5.0 ​ ​ 2,400 ​ ​ (1,240) ​ ​ 1,160 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ 5.3 ​ ​ 1,670 ​ ​ (697) ​ ​ 973 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ 4.7 ​ $ 56,191 ​ $ (27,907) ​ $ 28,284 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of March 31, 2021 and December 31, 2020, capitalized software development costs of $1.6 million and $1.4 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization. Amortization expense was $6.4 million and $5.9 million for the three months ended March 31, 2021 and 2020, respectively. The estimated future amortization expense related to intangible assets includes the estimated amortization expense associated with the Company’s intangible assets assumed with the Company’s acquisitions (in thousands): ​ ​ ​ As of March 31, 2021: ​ ​ Remainder of 2021 $ 19,238 2022 ​ 23,444 2023 ​ 17,512 2024 ​ 14,513 2025 ​ 10,467 Thereafter ​ 11,447 ​ $ 96,621 ​ The following table presents changes to goodwill by reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Mortgage ​ Total Balance, January 1, 2021 ​ 157,202 ​ ​ 18,633 ​ ​ 175,835 Purchase price adjustments ​ 133 ​ ​ — ​ ​ 133 Effect of changes in foreign currency exchange rates ​ 40 ​ ​ — ​ ​ 40 Balance, March 31, 2021 $ 157,375 ​ $ 18,633 ​ $ 176,008 ​

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Accrued Liabilities.
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Marketing Funds (a) ​ $ 50,675 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 7,101 ​ ​ 10,692 Accrued taxes ​ ​ 2,019 ​ ​ 2,491 Accrued professional fees ​ ​ 2,545 ​ ​ 1,806 Other ​ ​ 4,868 ​ ​ 5,130 ​ ​ $ 67,208 ​ $ 68,571 ​ (a) Consists primarily of liabilities recognized to reflect the contractual restriction that all funds collected in the Marketing Funds must be spent for designated purposes. See Note 2, Summary of Significant Accounting Policies for additional information.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt
Debt	8. Debt Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Senior Secured Credit Facility ​ $ 224,425 ​ $ 225,013 Other long-term financing ​ ​ 6 ​ ​ 78 Less unamortized debt issuance costs ​ ​ (809) ​ ​ (882) Less unamortized debt discount costs ​ ​ (590) ​ ​ (644) Less current portion ​ ​ (2,356) ​ ​ (2,428) ​ ​ $ 220,676 ​ $ 221,137 ​ Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of March 31, 2021 ​ ​ ​ Remainder of 2021 ​ $ 1,768 2022 ​ ​ 2,350 2023 ​ ​ 220,313 ​ ​ $ 224,431 ​ Senior Secured Credit Facility The Senior Secured Credit Facility consists of a $235.0 million term loan facility which matures on December 15, 2023 and a $10.0 million revolving loan facility which must be repaid on December 15, 2021. As of March 31, 2021, the Company had no revolving loans outstanding under its Senior Secured Credit Facility and the interest rate on the term loan facility was 3.5% . ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements	9. 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 is 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 2020 Annual Report on Form 10-K. A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 ​ ​ Fair Value Level 1 Level 2 Level 3 ​ Fair Value Level 1 Level 2 Level 3 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Motto contingent consideration ​ $ 4,700 ​ $ — ​ $ — ​ $ 4,700 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration ​ ​ 1,360 ​ ​ — ​ ​ — ​ ​ 1,360 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 6,060 ​ $ — ​ $ — ​ $ 6,060 ​ $ 6,340 ​ $ — ​ $ — ​ $ 6,340 (a) Recorded as a component of “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets. The Company is required to pay additional purchase consideration totaling 8% of gross receipts collected by Motto each year (the “Revenue Share Year”) through September 30, 2026, with no limitation as to the maximum payout. The annual payment is required to be made within 120 days of the end of each Revenue Share Year. The fair value of the contingent purchase consideration represents the forecasted discounted cash payments that the Company expects to pay. 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 revenues. The forecasted revenue growth assumption that is most sensitive is the assumed franchise sales count for which the forecast assumes between 70 and 80 franchises sold annually. This assumption is based on historical sales and an assumption of growth over time. A 10% reduction in the number of franchise sales would decrease the liability by $0.2 million. A 1% change to the discount rate applied to the forecast changes the liability by approximately $0.1 million. As of March 31, 2021, contingent consideration also includes an amount recognized in connection with the acquisition of Gadberry (see Note 6, Acquisitions, for more information on this acquisition).The Company measures these liabilities each reporting period and recognizes changes in fair value, if any, in “Selling, operating and administrative expenses” in the accompanying Condensed Consolidated Statements of Income. The table below presents a reconciliation of the contingent consideration (in thousands): ​ ​ ​ ​ ​ ​ Total Balance at January 1, 2021 ​ $ 6,340 Fair value adjustments ​ ​ (280) Cash payments ​ ​ — Balance at March 31, 2021 ​ $ 6,060 ​ The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying Fair Value Carrying Fair Value Senior Secured Credit Facility ​ $ 223,026 ​ $ 223,303 ​ $ 223,487 ​ $ 223,887 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes
Income Taxes	10. Income Taxes The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income is based on an estimate of the Company’s annualized effective income tax rate.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2021
Equity-Based Compensation
Equity-Based Compensation	11. Equity-Based Compensation Employee equity-based compensation expense under the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Incentive Plan”), net of the amount capitalized in internally developed software, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Expense from time-based awards (a)(b) ​ $ 9,821 ​ $ 2,137 Expense from performance-based awards (a)(c) ​ ​ 796 ​ ​ 81 Expense from bonus to be settled in shares (d) ​ ​ 1,437 ​ ​ — Equity-based compensation capitalized ​ ​ — ​ ​ (32) Equity-based compensation expense ​ $ 12,054 ​ $ 2,186 (a) Includes awards granted to booj, First, wemlo and Gadberry employees and former owners at the time of acquisition. (b) During the three months ended March 31, 2021, the Company recognized $5.5 million of expense as a result of the acceleration of significant grants that were issued to two employees of an acquired company who departed during the period. (c) Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. (d) A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued. Time-based Restricted Stock The following table summarizes equity-based compensation activity related to time-based restricted stock units and restricted stock awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average Balance, January 1, 2021 ​ 1,018,008 ​ $ 36.74 Granted ​ 240,101 ​ $ 41.72 Shares vested (including tax withholding) (a) ​ (410,418) ​ $ 38.42 Forfeited ​ (13,347) ​ $ 37.88 Balance, March 31, 2021 ​ 834,344 ​ $ 37.33 ​ (a) Pursuant to the terms of the Incentive Plan, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards. As of March 31, 2021, there was $24.9 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.9 years. Performance-based Restricted Stock As discussed in more detail in the Company’s Annual Report on Form 10-K, the Company has historically issued performance-based restricted stock awards (PSUs) that contained revenue performance targets and relative total shareholder return (rTSR) targets, both measured over a 3 -year performance period. In 2021, the Company changed the structure of its PSUs by issuing awards with only a revenue target and eliminated the rTSR component. Additionally, the revenue target will be measured over three distinct 1-year performance periods, with the target determined near the beginning of each performance period. As a result, the target for 2021 has been determined but will be determined subsequently for 2022 and 2023. These awards cliff-vest at the end of a 3 -year period, although the amount of shares that may be earned is fixed after each 1-year performance period ends and performance against target for that period is measured. As with prior revenue performance awards, the Company’s expense will be adjusted based on the estimated achievement of revenue versus each target. Because the performance targets for the 1-year periods in 2022 and 2023 have not yet been determined, they do not yet have a grant date under GAAP and are therefore excluded from the table below. The following table summarizes equity-based compensation activity related to performance-based restricted stock units: ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average Balance, January 1, 2021 ​ 281,735 ​ $ 32.34 Granted (a) ​ 55,229 ​ $ 41.72 Forfeited ​ (2,573) ​ $ 28.29 Balance, March 31, 2021 ​ 334,391 ​ $ 33.92 ​ (a) Represents the total participant target award. As of March 31, 2021, there was $5.8 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.9 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies A number of putative class action complaints are pending against the National Association of Realtors (“NAR”), Realogy Holdings Corp., HomeServices of America, Inc., RE/MAX, LLC and Keller Williams Realty, Inc. The first was filed on March 6, 2019, by plaintiff Christopher Moehrl in the United States District Court for the Northern District of Illinois. The second was filed in the same court on April 15, 2019, by plaintiff Sawbill Strategic, Inc. These two actions have now been consolidated (the “Moehrl Action”). Similar actions have been filed in federal courts: a) by Joshua Sitzer and other plaintiffs in the Western District of Missouri (the “Sitzer Action”); b) by Mark Rubenstein and Jeffery Nolan in the District of Connecticut (the “Rubenstein Action”); c) by plaintiffs Gary Bauman, Mary Jane Bauman, and Jennifer Nosalek in the District of Massachusetts (the “Bauman Action”); d) by plaintiff Judah Leeder in the Northern District of Illinois (the “Leeder Action”) and e) by plaintiff Alfio Conti in the Northern District of California (the “Conti Action”). The complaints make substantially similar allegations and seek substantially similar relief. For convenience, all of these lawsuits are collectively referred to as the “Moehrl-related suits.” In the Moehrl Action, the plaintiffs allege that a NAR rule requires brokers to make a blanket, non-negotiable offer of buyer broker compensation when listing a property, resulting in inflated costs to sellers in violation of federal antitrust law. They further allege that certain defendants use their agreements with franchisees to require adherence to the NAR rule in violation of federal antitrust law. Amended complaints added allegations regarding buyer steering and non-disclosure of buyer-broker compensation to the buyer. While similar to the Moehrl Action, various other lawsuits: allege violations of the Missouri Merchandising Practices Act (the Sitzer Action); include a multiple listing service (MLS) defendant (the Bauman Action); allege state antitrust violations (the Sitzer Action, Bauman Action, and Conti Action); allege harm to home buyers rather than sellers (the Rubenstein Action, Leeder Action, and Conti Action); allege unjust enrichment (the Leeder Action and Conti Action) or unfair competition (the Conti Action); and/or allege violations of the Racketeer Influenced and Corrupt Organizations Act (RICO) rather than antitrust law (the Rubenstein Action). Among other requested relief, plaintiffs seek damages against the defendants and injunctive relief. The Company intends to vigorously defend against all claims. The Company may become involved in additional litigation or other legal proceedings concerning the same or similar claims. We are unable to predict whether resolution of these matters would have a material effect on our financial position or results of operations.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Information
Segment Information	13. Segment Information ​ The Company operates under the following four operating segments: Real Estate, Mortgage, Marketing Funds and booj. Due to quantitative insignificance, the booj operating segment does not meet the criteria of a reportable segment and is included in “Other”. Mortgage does not meet the quantitative significance test; however, management has chosen to report results for the segment as it believes it will be a key driver of future success for Holdings. 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. Except for the adjustments identified below in arriving at Adjusted EBITDA, the accounting policies of the reportable segments are the same as those described in the Company’s 2020 Annual Report on Form 10-K. ​ The following table presents revenue from external customers by segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Continuing franchise fees ​ $ 23,609 ​ $ 22,877 Annual dues ​ ​ 8,672 ​ ​ 8,921 Broker fees ​ ​ 11,953 ​ ​ 9,444 Franchise sales and other revenue ​ ​ 6,920 ​ ​ 8,663 Total Real Estate ​ ​ 51,154 ​ ​ 49,905 Continuing franchise fees ​ ​ 1,765 ​ ​ 1,266 Franchise sales and other revenue ​ ​ 558 ​ ​ 192 Total Mortgage ​ ​ 2,323 ​ ​ 1,458 Marketing Funds fees ​ ​ 18,145 ​ ​ 17,522 Other ​ ​ 673 ​ ​ 1,387 Total revenue ​ $ 72,295 ​ $ 70,272 ​ ​ ​ ​ ​ ​ ​ The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Adjusted EBITDA: Real Estate ​ $ 24,420 ​ $ 20,731 Adjusted EBITDA: Mortgage ​ ​ (1,150) ​ ​ (578) Adjusted EBITDA: Other ​ ​ (110) ​ ​ (614) Adjusted EBITDA: Consolidated ​ ​ 23,160 ​ ​ 19,539 Gain (loss) on sale or disposition of assets, net ​ ​ 11 ​ ​ 11 Equity-based compensation expense ​ ​ (12,054) ​ ​ (2,186) Acquisition-related expense (a) ​ ​ (943) ​ ​ (566) Gain on reduction in tax receivable agreement liability ​ ​ — ​ ​ 500 Fair value adjustments to contingent consideration (b) ​ ​ 280 ​ ​ 505 Interest income ​ ​ 163 ​ ​ 269 Interest expense ​ ​ (2,098) ​ ​ (2,682) Depreciation and amortization ​ ​ (6,937) ​ ​ (6,310) Income before provision for income taxes ​ $ 1,582 ​ $ 9,080 ​ ​ ​ ​ ​ ​ ​ (a) Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies. (b) Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities. See Note 9, Fair Value Measurements for additional information .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Balance Sheet at December 31, 2020, which was derived from the audited consolidated financial statements at that date, and the unaudited interim condensed consolidated financial statements and notes thereto 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 Holdings and its consolidated subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2021 and the results of its operations and comprehensive income, cash flows and changes in its stockholders’ equity for the three months ended March 31, 2021 and 2020. 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, 2020 (“2020 Annual Report on Form 10-K”). Please refer to that document for a fuller discussion of all significant accounting policies.
Use of Estimates	Use of Estimates The preparation of the accompanying 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 The Company operates under the following four operating segments: Real Estate, Mortgage, Marketing Funds and booj. Due to quantitative insignificance, the booj operating segment does not meet the criteria of a reportable segment and is included in “Other”.
Revenue Recognition	Revenue Recognition The Company generates most of its revenue from contracts with customers. The Company’s major streams of revenue are: ● Continuing franchise fees, which are fixed contractual fees paid monthly by regional franchise owners and franchisees based on the number of RE/MAX agents and the number of Motto offices. ● Annual dues, which are fees charged directly to RE/MAX agents. ● Broker fees, which are fees on real estate commissions when a RE/MAX agent assists a consumer to buy or sell a home. ● Marketing Funds fees, which are fixed contractual fees paid monthly by franchisees based on the number of RE/MAX agents in the respective franchised region or office or the number of Motto offices. ● Franchise sales and other revenue, which consist of fees from initial sales of RE/MAX and Motto franchises, renewals of RE/MAX franchises and master franchise fees, as well as technology and data services subscription revenue, loan processing revenue, preferred marketing arrangements, approved supplier programs and event-based revenue from training and other programs. Annual Dues The activity in the Company’s deferred revenue for annual dues consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ New billings ​ Revenue recognized (a) ​ Balance at end Three Months Ended March 31, 2021 ​ $ 14,539 ​ $ 10,277 ​ $ (8,672) ​ $ 16,144 ​ (a) Revenue recognized related to the beginning balance was $6.3 million for the three months ended March 31, 2021. 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 Three Months Ended March 31, 2021 ​ $ 25,069 ​ $ 2,005 ​ $ (2,349) ​ $ 24,725 (a) Revenue recognized related to the beginning balance was $2.3 million for the three months ended March 31, 2021. 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 ​ Expense ​ Additions to contract ​ Balance at end Three Months Ended March 31, 2021 ​ $ 3,690 ​ $ (421) ​ $ 320 ​ $ 3,589 ​ Disaggregated Revenue In the following table, segment revenue is disaggregated by Company-Owned or Independent Regions, where applicable, and by geographical area (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 U.S. Company-Owned Regions $ 32,546 ​ $ 30,578 U.S. Independent Regions ​ 3,288 ​ ​ 2,996 Canada Company-Owned Regions ​ 3,554 ​ ​ 3,081 Canada Independent Regions ​ 2,205 ​ ​ 2,039 Global ​ 2,641 ​ ​ 2,548 Fee revenue (a) ​ 44,234 ​ ​ 41,242 Franchise sales and other revenue (b) ​ 6,920 ​ ​ 8,663 Total Real Estate ​ 51,154 ​ ​ 49,905 U.S. ​ 16,182 ​ ​ 15,651 Canada ​ 1,737 ​ ​ 1,655 Global ​ 226 ​ ​ 216 Total Marketing Funds ​ 18,145 ​ ​ 17,522 Mortgage (c) ​ 2,323 ​ ​ 1,458 Other (c) ​ 673 ​ ​ 1,387 Total $ 72,295 ​ $ 70,272 (a) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. (b) Franchise sales and other revenue is derived primarily within the U.S. (c) Revenue from Mortgage and Other are derived exclusively within the U.S. Transaction Price Allocated to the Remaining Performance Obligations The following table includes estimated revenue by year, excluding certain other immaterial items, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Annual dues ​ $ 15,373 ​ $ 771 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 16,144 Franchise sales ​ ​ 5,244 ​ ​ 5,898 ​ ​ 4,533 ​ ​ 3,300 ​ ​ 2,023 ​ ​ 1,049 ​ ​ 2,678 ​ ​ 24,725 Total ​ $ 20,617 ​ $ 6,669 ​ $ 4,533 ​ $ 3,300 ​ $ 2,023 ​ $ 1,049 ​ $ 2,678 ​ $ 40,869 ​
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash All cash held by the Marketing Funds is contractually restricted. The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the Condensed Consolidated Balance Sheets to the amounts presented in the Condensed Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Cash and cash equivalents ​ $ 102,632 ​ $ 101,355 Restricted cash ​ ​ 21,500 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 124,132 ​ $ 121,227
Services Provided to the Marketing Funds by Real Estate	Services Provided to the Marketing Funds by Real Estate Real Estate charges the Marketing Funds for various services it performs. These services primarily comprise (a) building and maintaining agent marketing technology, including customer relationship management tools, the www.remax.com website, agent, office and team websites, and mobile apps, (b) dedicated employees focused on marketing campaigns, and (c) various administrative services including customer support of technology, accounting and legal. Because these costs are ultimately paid by the Marketing Funds, they do not impact the net income of Holdings as the Marketing Funds have no reported net income. Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Technology - operating ​ $ 3,600 ​ $ 2,971 Technology - capital ​ ​ 180 ​ ​ 644 Marketing staff and administrative services ​ ​ 1,118 ​ ​ 1,228 Total ​ $ 4,898 ​ $ 4,843
Leases	Leases The Company leases corporate offices, a distribution center, billboards and certain equipment. As all franchisees are independently owned and operated, there are no leases recognized for any offices used by the Company’s franchisees. All the Company’s material leases are classified as operating leases. The Company acts as the lessor for sublease agreements on its corporate headquarters, consisting solely of operating leases. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from any of its short-term leases. All leases with a term of 12 months or less at commencement, for which the Company is not reasonably certain to exercise available renewal options that would extend the lease term past 12 months, will be recognized on a straight-line basis over the lease term.
Leases	Leases The Company leases corporate offices, a distribution center, billboards and certain equipment. As all franchisees are independently owned and operated, there are no leases recognized for any offices used by the Company’s franchisees. All the Company’s material leases are classified as operating leases. The Company acts as the lessor for sublease agreements on its corporate headquarters, consisting solely of operating leases. The Company has made an accounting policy election not to recognize right-of-use assets and lease liabilities that arise from any of its short-term leases. All leases with a term of 12 months or less at commencement, for which the Company is not reasonably certain to exercise available renewal options that would extend the lease term past 12 months, will be recognized on a straight-line basis over the lease term.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements None.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , which contains temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The new guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. The relief is temporary and only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company believes the amendments of ASU 2020-04 will not have a significant impact on the Company’s consolidated financial statements and related disclosures as the Company does not currently engage in interest rate hedging of its LIBOR based debt, nor does it believe it has any material contracts tied to LIBOR other than its Senior Secured Credit Agreement, as discussed in Note 8, Debt . An amendment to the Senior Secured Credit agreement will likely be required, but the Company does not expect any material adverse consequences from this transition .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Annual Dues Deferred Revenue	The activity in the Company’s deferred revenue for annual dues consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ New billings ​ Revenue recognized (a) ​ Balance at end Three Months Ended March 31, 2021 ​ $ 14,539 ​ $ 10,277 ​ $ (8,672) ​ $ 16,144 ​ (a) Revenue recognized related to the beginning balance was $6.3 million for the three months ended March 31, 2021.
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 ​ Expense ​ Additions to contract ​ Balance at end Three Months Ended March 31, 2021 ​ $ 3,690 ​ $ (421) ​ $ 320 ​ $ 3,589
Schedule of disaggregated revenue	In the following table, segment revenue is disaggregated by Company-Owned or Independent Regions, where applicable, and by geographical area (in thousands): ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 U.S. Company-Owned Regions $ 32,546 ​ $ 30,578 U.S. Independent Regions ​ 3,288 ​ ​ 2,996 Canada Company-Owned Regions ​ 3,554 ​ ​ 3,081 Canada Independent Regions ​ 2,205 ​ ​ 2,039 Global ​ 2,641 ​ ​ 2,548 Fee revenue (a) ​ 44,234 ​ ​ 41,242 Franchise sales and other revenue (b) ​ 6,920 ​ ​ 8,663 Total Real Estate ​ 51,154 ​ ​ 49,905 U.S. ​ 16,182 ​ ​ 15,651 Canada ​ 1,737 ​ ​ 1,655 Global ​ 226 ​ ​ 216 Total Marketing Funds ​ 18,145 ​ ​ 17,522 Mortgage (c) ​ 2,323 ​ ​ 1,458 Other (c) ​ 673 ​ ​ 1,387 Total $ 72,295 ​ $ 70,272 (a) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. (b) Franchise sales and other revenue is derived primarily within the U.S. (c) Revenue from Mortgage and Other are derived exclusively within the U.S.
Schedule of transaction price allocated to the remaining performance obligations	The following table includes estimated revenue by year, excluding certain other immaterial items, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Annual dues ​ $ 15,373 ​ $ 771 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 16,144 Franchise sales ​ ​ 5,244 ​ ​ 5,898 ​ ​ 4,533 ​ ​ 3,300 ​ ​ 2,023 ​ ​ 1,049 ​ ​ 2,678 ​ ​ 24,725 Total ​ $ 20,617 ​ $ 6,669 ​ $ 4,533 ​ $ 3,300 ​ $ 2,023 ​ $ 1,049 ​ $ 2,678 ​ $ 40,869
Schedule of reconciliation of cash, both unrestricted and restricted	The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the Condensed Consolidated Balance Sheets to the amounts presented in the Condensed Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Cash and cash equivalents ​ $ 102,632 ​ $ 101,355 Restricted cash ​ ​ 21,500 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 124,132 ​ $ 121,227
Schedule of cost charges to intersegment	Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Technology - operating ​ $ 3,600 ​ $ 2,971 Technology - capital ​ ​ 180 ​ ​ 644 Marketing staff and administrative services ​ ​ 1,118 ​ ​ 1,228 Total ​ $ 4,898 ​ $ 4,843
Franchise sales
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 Three Months Ended March 31, 2021 ​ $ 25,069 ​ $ 2,005 ​ $ (2,349) ​ $ 24,725 (a) Revenue recognized related to the beginning balance was $2.3 million for the three months ended March 31, 2021.

Non-controlling Interest (Table

Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest
Summary of Ownership of the Common Units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ Shares ​ Ownership % ​ Shares ​ Ownership % ​ Non-controlling interest ownership of common units in RMCO ​ 12,559,600 ​ 40.2 % 12,559,600 ​ 40.6 % Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) ​ 18,719,248 ​ 59.8 % 18,390,691 ​ 59.4 % Total common units in RMCO ​ 31,278,848 ​ 100.0 % 30,950,291 ​ 100.0 %
Reconciliation from Income Before Provision for Income Taxes to Net Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 ​ ​ RE/MAX Non-controlling Total RE/MAX Non-controlling Total ​ Weighted average ownership percentage of RMCO(a) ​ 59.6 % ​ 40.4 % ​ 100 % ​ 58.9 % ​ 41.1 % ​ 100.0 % Income before provision for income taxes(a) $ 942 ​ $ 640 ​ $ 1,582 ​ $ 5,552 ​ $ 3,528 ​ $ 9,080 ​ Provision for income taxes(b)(c) ​ 150 ​ ​ (92) ​ ​ 58 ​ ​ (2,921) ​ ​ (869) ​ ​ (3,790) ​ Net income $ 1,092 ​ $ 548 ​ $ 1,640 ​ $ 2,631 ​ $ 2,659 ​ $ 5,290 ​ (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 items recorded at RE/MAX Holdings. (b) The provision for income taxes attributable to Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the flow-through income from RMCO. It also includes 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 and its subsidiaries. Otherwise, because RMCO is a flow-through entity, there is no U.S. federal and state income tax provision recorded on the non-controlling interest.
Distributions Paid or Payable	​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 Tax and other distributions $ — ​ $ 14 Dividend distributions ​ 2,889 ​ ​ 2,763 Total distributions to non-controlling unitholders $ 2,889 ​ $ 2,777

Earnings Per Share and Divide_2

Earnings Per Share and Dividends (Tables)	3 Months Ended
	Mar. 31, 2021
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 shares and per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Numerator ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. ​ $ 1,092 ​ $ 2,631 Denominator for basic net income per share of Class A common stock ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,496,532 ​ ​ 17,974,264 Denominator for diluted net income per share of Class A common stock ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,496,532 ​ ​ 17,974,264 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ Restricted stock ​ ​ 370,195 ​ ​ 59,367 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,866,727 ​ ​ 18,033,631 Earnings per share of Class A common stock ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ 0.06 ​ $ 0.15 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ 0.06 ​ $ 0.15
Schedule of Dividends Declared and Paid Quarterly per Share	Dividends declared and paid during each quarter ended per share on all outstanding shares of Class A common stock were as follows (in thousands, except per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Quarter end declared Date paid Per share Amount paid to Class A Amount paid to Non-controlling Date paid Per share Amount paid to Class A Amount paid to Non-controlling March 31 ​ March 17, 2021 ​ $ 0.23 ​ $ 4,326 ​ $ 2,889 ​ March 18, 2020 ​ $ 0.22 ​ $ 3,986 ​ $ 2,763 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Intangible Assets and Goodwill
Schedule of components of intangible assets	The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ As of March 31, 2021 ​ As of December 31, 2020 ​ ​ Amortization ​ Initial ​ Accumulated ​ Net ​ Initial ​ Accumulated ​ Net ​ ​ Period ​ Cost ​ Amortization ​ Balance ​ Cost ​ Amortization ​ Balance Franchise agreements ​ 12.6 ​ $ 180,867 ​ $ (112,530) ​ $ 68,337 ​ $ 180,867 ​ $ (108,671) ​ $ 72,196 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ 4.5 ​ $ 45,876 ​ $ (21,519) ​ $ 24,357 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ 8.3 ​ ​ 2,325 ​ ​ (1,341) ​ ​ 984 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ 5.1 ​ ​ 3,920 ​ ​ (3,110) ​ ​ 810 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ 5.0 ​ ​ 2,400 ​ ​ (1,240) ​ ​ 1,160 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ 5.3 ​ ​ 1,670 ​ ​ (697) ​ ​ 973 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ 4.7 ​ $ 56,191 ​ $ (27,907) ​ $ 28,284 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of March 31, 2021 and December 31, 2020, capitalized software development costs of $1.6 million and $1.4 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization.
Schedule of estimated future amortization of intangible assets, other than goodwill	The estimated future amortization expense related to intangible assets includes the estimated amortization expense associated with the Company’s intangible assets assumed with the Company’s acquisitions (in thousands): ​ ​ ​ As of March 31, 2021: ​ ​ Remainder of 2021 $ 19,238 2022 ​ 23,444 2023 ​ 17,512 2024 ​ 14,513 2025 ​ 10,467 Thereafter ​ 11,447 ​ $ 96,621
Schedule of changes to goodwill	The following table presents changes to goodwill by reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Mortgage ​ Total Balance, January 1, 2021 ​ 157,202 ​ ​ 18,633 ​ ​ 175,835 Purchase price adjustments ​ 133 ​ ​ — ​ ​ 133 Effect of changes in foreign currency exchange rates ​ 40 ​ ​ — ​ ​ 40 Balance, March 31, 2021 $ 157,375 ​ $ 18,633 ​ $ 176,008

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued Liabilities.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Marketing Funds (a) ​ $ 50,675 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 7,101 ​ ​ 10,692 Accrued taxes ​ ​ 2,019 ​ ​ 2,491 Accrued professional fees ​ ​ 2,545 ​ ​ 1,806 Other ​ ​ 4,868 ​ ​ 5,130 ​ ​ $ 67,208 ​ $ 68,571 ​ (a) Consists primarily of liabilities recognized to reflect the contractual restriction that all funds collected in the Marketing Funds must be spent for designated purposes. See Note 2, Summary of Significant Accounting Policies for additional information.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt
Schedule of debt	Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Senior Secured Credit Facility ​ $ 224,425 ​ $ 225,013 Other long-term financing ​ ​ 6 ​ ​ 78 Less unamortized debt issuance costs ​ ​ (809) ​ ​ (882) Less unamortized debt discount costs ​ ​ (590) ​ ​ (644) Less current portion ​ ​ (2,356) ​ ​ (2,428) ​ ​ $ 220,676 ​ $ 221,137
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of March 31, 2021 ​ ​ ​ Remainder of 2021 ​ $ 1,768 2022 ​ ​ 2,350 2023 ​ ​ 220,313 ​ ​ $ 224,431

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021 ​ As of December 31, 2020 ​ ​ Fair Value Level 1 Level 2 Level 3 ​ Fair Value Level 1 Level 2 Level 3 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Motto contingent consideration ​ $ 4,700 ​ $ — ​ $ — ​ $ 4,700 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration ​ ​ 1,360 ​ ​ — ​ ​ — ​ ​ 1,360 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 6,060 ​ $ — ​ $ — ​ $ 6,060 ​ $ 6,340 ​ $ — ​ $ — ​ $ 6,340 (a) Recorded as a component of “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets.
Reconciliation of the contingent consideration	The table below presents a reconciliation of the contingent consideration (in thousands): ​ ​ ​ ​ ​ ​ Total Balance at January 1, 2021 ​ $ 6,340 Fair value adjustments ​ ​ (280) Cash payments ​ ​ — Balance at March 31, 2021 ​ $ 6,060
Summary of carrying value and fair value of senior secured credit facility	The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying Fair Value Carrying Fair Value Senior Secured Credit Facility ​ $ 223,026 ​ $ 223,303 ​ $ 223,487 ​ $ 223,887

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Employee Stock-Based Compensation Expense	Employee equity-based compensation expense under the RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Incentive Plan”), net of the amount capitalized in internally developed software, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Expense from time-based awards (a)(b) ​ $ 9,821 ​ $ 2,137 Expense from performance-based awards (a)(c) ​ ​ 796 ​ ​ 81 Expense from bonus to be settled in shares (d) ​ ​ 1,437 ​ ​ — Equity-based compensation capitalized ​ ​ — ​ ​ (32) Equity-based compensation expense ​ $ 12,054 ​ $ 2,186 (a) Includes awards granted to booj, First, wemlo and Gadberry employees and former owners at the time of acquisition. (b) During the three months ended March 31, 2021, the Company recognized $5.5 million of expense as a result of the acceleration of significant grants that were issued to two employees of an acquired company who departed during the period. (c) Expense recognized for performance-based awards is re-assessed each quarter based on expectations of achievement against the performance conditions. (d) A portion of the annual corporate bonus earned is to be settled in shares. These amounts are recognized as “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.
Time-based awards
Restricted Stock Units	​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average Balance, January 1, 2021 ​ 1,018,008 ​ $ 36.74 Granted ​ 240,101 ​ $ 41.72 Shares vested (including tax withholding) (a) ​ (410,418) ​ $ 38.42 Forfeited ​ (13,347) ​ $ 37.88 Balance, March 31, 2021 ​ 834,344 ​ $ 37.33 ​ (a) Pursuant to the terms of the Incentive Plan, shares withheld by the Company for the payment of the employee's tax withholding related to shares vesting are added back to the pool of shares available for future awards.
Performance-based awards
Restricted Stock Units	​ ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average Balance, January 1, 2021 ​ 281,735 ​ $ 32.34 Granted (a) ​ 55,229 ​ $ 41.72 Forfeited ​ (2,573) ​ $ 28.29 Balance, March 31, 2021 ​ 334,391 ​ $ 33.92 ​ (a) Represents the total participant target award.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Information
Schedule of Revenue from External Customers By Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Continuing franchise fees ​ $ 23,609 ​ $ 22,877 Annual dues ​ ​ 8,672 ​ ​ 8,921 Broker fees ​ ​ 11,953 ​ ​ 9,444 Franchise sales and other revenue ​ ​ 6,920 ​ ​ 8,663 Total Real Estate ​ ​ 51,154 ​ ​ 49,905 Continuing franchise fees ​ ​ 1,765 ​ ​ 1,266 Franchise sales and other revenue ​ ​ 558 ​ ​ 192 Total Mortgage ​ ​ 2,323 ​ ​ 1,458 Marketing Funds fees ​ ​ 18,145 ​ ​ 17,522 Other ​ ​ 673 ​ ​ 1,387 Total revenue ​ $ 72,295 ​ $ 70,272 ​ ​ ​ ​ ​ ​ ​
Schedule of Revenue and Adjusted EBITDA of the Company's Reportable Segment	The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Adjusted EBITDA: Real Estate ​ $ 24,420 ​ $ 20,731 Adjusted EBITDA: Mortgage ​ ​ (1,150) ​ ​ (578) Adjusted EBITDA: Other ​ ​ (110) ​ ​ (614) Adjusted EBITDA: Consolidated ​ ​ 23,160 ​ ​ 19,539 Gain (loss) on sale or disposition of assets, net ​ ​ 11 ​ ​ 11 Equity-based compensation expense ​ ​ (12,054) ​ ​ (2,186) Acquisition-related expense (a) ​ ​ (943) ​ ​ (566) Gain on reduction in tax receivable agreement liability ​ ​ — ​ ​ 500 Fair value adjustments to contingent consideration (b) ​ ​ 280 ​ ​ 505 Interest income ​ ​ 163 ​ ​ 269 Interest expense ​ ​ (2,098) ​ ​ (2,682) Depreciation and amortization ​ ​ (6,937) ​ ​ (6,310) Income before provision for income taxes ​ $ 1,582 ​ $ 9,080 ​ ​ ​ ​ ​ ​ ​ (a) Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies. (b) Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities. See Note 9, Fair Value Measurements for additional information .

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2021countryOfficeitem
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of Company consisting of franchises	100.00%
Minimum
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of agents | item	140,000
Number of offices | Office	8,000
Number of countries in which entity operates | country	110
Mortgage
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of Company consisting of franchises	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)segment
Disaggregation of Revenue [Line Items]
Number of operating segments | segment	4
Annual dues
Disaggregation of Revenue [Line Items]
Balance at beginning of period	$ 14,539
New billings	10,277
Revenue recognized	(8,672)
Balance at the end of period	16,144
Franchise sales
Disaggregation of Revenue [Line Items]
Balance at beginning of period	25,069
New billings	2,005
Revenue recognized	(2,349)
Balance at the end of period	24,725
Annual dues
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	(6,300)
Franchise sales
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	$ (2,300)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Commissions Related to Franchise Sales (Details) - Commissions Related to Franchise Sales $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 3,690
Expense recognized	(421)
Additions to contract cost for new activity	320
Balance at end of period	$ 3,589

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 72,295	$ 70,272
Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	8,151	10,242
Total Real Estate
Disaggregation of Revenue [Line Items]
Total revenue	51,154	49,905
Total Real Estate | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	44,234	41,242
Total Real Estate | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	6,920	8,663
Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	18,145	17,522
Mortgage
Disaggregation of Revenue [Line Items]
Total revenue	2,323	1,458
Mortgage | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	558	192
Other
Disaggregation of Revenue [Line Items]
Total revenue	673	1,387
U.S. | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	32,546	30,578
U.S. | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	3,288	2,996
U.S. | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	16,182	15,651
U.S. | Mortgage
Disaggregation of Revenue [Line Items]
Total revenue	2,323	1,458
U.S. | Other
Disaggregation of Revenue [Line Items]
Total revenue	673	1,387
Canada | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	3,554	3,081
Canada | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,205	2,039
Canada | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	1,737	1,655
Global | Global. | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,641	2,548
Global | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	$ 226	$ 216

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Transaction Price (Details) $ in Thousands	Mar. 31, 2021USD ($)
Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 40,869
Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	16,144
Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	24,725
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 20,617
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 15,373
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	5,244
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	$ 6,669
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	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]
Remaining performance obligation revenue	$ 771
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	5,898
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	$ 4,533
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 4,533
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	$ 3,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 3,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,049
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,049
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,678
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,678

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 102,632	$ 101,355
Restricted cash	21,500	19,872
Total cash, cash equivalents and restricted cash	124,132	121,227	$ 105,100	$ 103,601
Marketing funds
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	102,632	101,355
Restricted cash	21,500	19,872
Total cash, cash equivalents and restricted cash	$ 124,132	$ 121,227

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Services Provided to Marketing Funds by RE/MAX Franchising (Details) - Marketing funds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cost charges	$ 4,898	$ 4,843
Technology - operating
Cost charges	3,600	2,971
Technology - capital
Cost charges	180	644
Marketing staff and administrative services
Cost charges	$ 1,118	$ 1,228

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Leases (Details)	Mar. 31, 2021lease
Leases
Number of franchisees' leases recognized by the Company	0

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Mar. 31, 2021	Dec. 31, 2020
Shares
Holdings outstanding Class A common stock (equal to Holdings common units in RMCO)	18,719,248	18,390,691
Total number of common stock units in RMCO	31,278,848	30,950,291
Ownership Percentage
Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) (as a percentage)	59.80%	59.40%
Total percentage of common stock units	100.00%	100.00%
RIHI
Shares
Non-controlling interest ownership of common units in RMCO	12,559,600	12,559,600
Ownership Percentage
Non-controlling interest ownership of common units in RMCO (as a percentage)	40.20%	40.60%

Non-controlling Interest - Net

Non-controlling Interest - Net income reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Minority Interest [Line Items]
Income before provision for income taxes - parent	$ 942	$ 5,552
Income before provision for income taxes: Non-controlling interest	640	3,528
Income before provision for income taxes	1,582	9,080
Provision for income taxes attributable to RE/MAX Holdings, Inc.	150	(2,921)
Provision for income taxes: Non-controlling interest	(92)	(869)
Provision for income taxes	58	(3,790)
Net income attributable to RE/MAX Holdings, Inc.	1,092	2,631
Net income: Non-controlling interest	548	2,659
Net income	$ 1,640	5,290
RMCO, LLC
Minority Interest [Line Items]
Parent economic interest in RMCO (as a percentage)	59.80%		59.40%
Net income attributable to RE/MAX Holdings, Inc.	$ 1,092	$ 2,631
RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Parent economic interest in RMCO (as a percentage)	59.60%	58.90%
Total (as a percentage)	100.00%	100.00%
RIHI | RMCO, LLC
Minority Interest [Line Items]
Weighted average ownership of non-controlling interest (as a percentage)	40.20%		40.60%
RIHI | RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Weighted average ownership of non-controlling interest (as a percentage)	40.40%	41.10%

Non-controlling Interest - Dist

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 2,889	$ 2,777
Tax and other distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		14
Dividend distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 2,889	$ 2,763

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
	Mar. 31, 2021	Mar. 31, 2020
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 1,092	$ 2,631
RMCO, LLC
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 1,092	$ 2,631
Common Class A
Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,496,532	17,974,264
Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,496,532	17,974,264
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	18,866,727	18,033,631
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ 0.06	$ 0.15
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ 0.06	$ 0.15
Restricted stock
Add dilutive effect of the following:
Restricted stock	370,195	59,367

Earnings Per Share and Divide_4

Earnings Per Share and Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 05, 2021	Mar. 31, 2021	Mar. 31, 2020
Dividends Payable [Line Items]
Dividends to Class A common stockholders		$ 4,326	$ 3,986
Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.23	$ 0.22
Quarterly dividend
Dividends Payable [Line Items]
Dividend to Non-controlling unitholders		$ 2,889	$ 2,763
Quarterly dividend | Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.23	$ 0.22
Dividends to Class A common stockholders		$ 4,326	$ 3,986
Quarterly dividend | Common Class A | Subsequent Event
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock	$ 0.23

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Sep. 10, 2020	Aug. 25, 2020	Mar. 31, 2021	Dec. 31, 2020
Purchase Price Allocation
Goodwill			$ 176,008	$ 175,835
Gadberry
Business Acquisition [Line Items]
Cash consideration, net of cash acquired	$ 4,600
Maximum amount of equity based compensation to be earned over time	9,900
Equity-based compensation, value	$ 900
Gadberry | Minimum
Business Acquisition [Line Items]
Period over which equity based compensation will be accounted for into the future (in years)	2 years
Gadberry | Maximum
Business Acquisition [Line Items]
Period over which equity based compensation will be accounted for into the future (in years)	3 years
Gadberry | Common Class A
Business Acquisition [Line Items]
Consideration transferred, stock	$ 5,500
Wemlo
Business Acquisition [Line Items]
Cash consideration, net of cash acquired		$ 6,100
Maximum amount of equity based compensation to be earned over time		$ 6,700
Period over which equity based compensation will be accounted for into the future (in years)		3 years
Purchase Price Allocation
Other intangible assets		$ 6,300
Goodwill		14,400
Wemlo | Common Class A
Business Acquisition [Line Items]
Consideration transferred, stock		$ 3,300

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 68,337		$ 72,196
Net Balance	28,284		29,969
Amortization expense	6,400	$ 5,900
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	180,867	180,867
Accumulated Amortization	(112,530)	(108,671)
Net Balance	$ 68,337	72,196
Franchise agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	12 years 7 months 6 days
Other intangible assets
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 56,191	54,704
Accumulated Amortization	(27,907)	(24,735)
Net Balance	$ 28,284	29,969
Other intangible assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	4 years 8 months 12 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 45,876	44,389
Accumulated Amortization	(21,519)	(18,926)
Net Balance	$ 24,357	25,463
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	4 years 6 months
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 2,325	2,325
Accumulated Amortization	(1,341)	(1,274)
Net Balance	$ 984	1,051
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	8 years 3 months 18 days
Software Development
Finite Lived Intangible Assets [Line Items]
Capitalized software development costs	$ 1,600		$ 1,400
Non-compete agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	3,920	3,920
Accumulated Amortization	(3,110)	(2,814)
Net Balance	$ 810	1,106
Non-compete agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	5 years 1 month 6 days
Training materials
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 2,400	2,400
Accumulated Amortization	(1,240)	(1,120)
Net Balance	$ 1,160	1,280
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	$ 1,670	1,670
Accumulated Amortization	(697)	(601)
Net Balance	$ 973	$ 1,069
Other | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	5 years 3 months 18 days

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) $ in Thousands	Mar. 31, 2021USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2021	$ 19,238
2022	23,444
2023	17,512
2024	14,513
2025	10,467
Thereafter	11,447
Estimated future amortization expense	$ 96,621

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Changes to goodwill
Beginning Balance	$ 175,835
Purchase price adjustments	133
Effect of changes in foreign currency exchange rates	40
Ending Balance	176,008
Total Real Estate
Changes to goodwill
Beginning Balance	157,202
Purchase price adjustments	133
Effect of changes in foreign currency exchange rates	40
Ending Balance	157,375
Mortgage
Changes to goodwill
Beginning Balance	18,633
Ending Balance	$ 18,633

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities.
Marketing Funds	$ 50,675	$ 48,452
Accrued payroll and related employee costs	7,101	10,692
Accrued taxes	2,019	2,491
Accrued professional fees	2,545	1,806
Other	4,868	5,130
Accrued liabilities	$ 67,208	$ 68,571

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 224,431
Less unamortized debt issuance costs	(809)	$ (882)
Less unamortized debt discount costs	(590)	(644)
Less current portion	(2,356)	(2,428)
Debt, net of current portion	220,676	221,137
Senior Secured Credit Facility
Debt Instrument [Line Items]
Senior Secured Credit Facility	224,425	225,013
Other long-term financing
Debt Instrument [Line Items]
Other long-term financing	$ 6	$ 78

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Mar. 31, 2021USD ($)
Debt
Remainder of 2021	$ 1,768
2022	2,350
2023	220,313
Long term debt	$ 224,431

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Payments on debt	$ 660	$ 660
Term loan | Senior Secured Credit Facility
Debt Instrument [Line Items]
Notes Payable to Bank	$ 235,000
Debt instrument, interest rate	3.50%
Revolving loan facility
Debt Instrument [Line Items]
Amounts drawn on line of credit	$ 0
Revolving loan facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 10,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of gross revenues to be paid yearly	8.00%
Reduction in franchise sales - percentage	10.00%
Annual payment period	120 days
Change in discount rate	1.00%
Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 6,060	$ 6,340
Level 3 | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	6,060	6,340
Motto Mortgage | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	4,700	4,750
Motto Mortgage | Level 3 | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	4,700	4,750
Gadberry | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	1,360	1,590
Gadberry | Level 3 | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	1,360	$ 1,590
Ten Percent Reduction In Franchise Sales [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred revenue, current and noncurrent	200
One Percent Change To Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred revenue, current and noncurrent	$ 100
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed number of franchises sold annually | item	70
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed number of franchises sold annually | item	80

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Assets and Liabilities Measured Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments	$ (280)	$ (505)
Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at Beginning	6,340
Balance at Ending	6,060
Level 3 | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at Beginning	6,340
Fair value adjustments	(280)
Balance at Ending	$ 6,060

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Senior Secured Credit Facility (Details) - Senior Secured Credit Facility - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Carrying amounts
Debt Instrument [Line Items]
Long term debt, carrying amount	$ 223,026	$ 223,487
Level 2 | Estimated fair value
Debt Instrument [Line Items]
Long term debt, fair value	$ 223,303	$ 223,887

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)itememployee$ / sharesshares	Mar. 31, 2020USD ($)
Employee stock-based compensation expense
Equity-based compensation capitalized | $		$ (32)
Equity-based compensation expense | $	$ 12,054	2,186
Time-based awards
Employee stock-based compensation expense
Equity-based compensation expense | $	9,821	2,137
Accelerated expense | $	$ 5,500
Number of employees departed | employee	2
Restricted Stock Units
Nonvested at beginning of period | shares	1,018,008
Granted | shares	240,101
Shares vested (including tax withholding) | shares	(410,418)
Forfeited | shares	(13,347)
Nonvested at end of period | shares	834,344
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares	$ 36.74
Granted, Weighted average grant date fair value per share | $ / shares	41.72
Shares vested (including tax withholding) , Weighted average grant date fair value per share | $ / shares	38.42
Forfeited, Weighted average grant date fair value per share | $ / shares	37.88
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 37.33
Unrecognized compensation cost | $	$ 24,900
Period for recognition of RSU compensation expense	1 year 10 months 24 days
Performance-based awards
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 796	$ 81
Restricted Stock Units
Nonvested at beginning of period | shares	281,735
Granted | shares	55,229
Forfeited | shares	(2,573)
Nonvested at end of period | shares	334,391
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares	$ 32.34
Granted, Weighted average grant date fair value per share | $ / shares	41.72
Forfeited, Weighted average grant date fair value per share | $ / shares	28.29
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 33.92
Unrecognized compensation cost | $	$ 5,800
Period for recognition of RSU compensation expense	1 year 10 months 24 days
Period of performance measurement	3 years
Number of one year performance periods | item	3
Bonus settled in shares
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 1,437

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Information
Number of Operating Segments	4

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Total revenue	$ 72,295	$ 70,272
Total Real Estate
Segment Reporting Information
Total revenue	51,154	49,905
Mortgage
Segment Reporting Information
Total revenue	2,323	1,458
Marketing Funds fees
Segment Reporting Information
Total revenue	18,145	17,522
Other
Segment Reporting Information
Total revenue	673	1,387
Continuing franchise fees
Segment Reporting Information
Total revenue	25,374	24,143
Continuing franchise fees | Total Real Estate
Segment Reporting Information
Total revenue	23,609	22,877
Continuing franchise fees | Mortgage
Segment Reporting Information
Total revenue	1,765	1,266
Annual dues
Segment Reporting Information
Total revenue	8,672	8,921
Annual dues | Total Real Estate
Segment Reporting Information
Total revenue	8,672	8,921
Broker fees
Segment Reporting Information
Total revenue	11,953	9,444
Broker fees | Total Real Estate
Segment Reporting Information
Total revenue	11,953	9,444
Franchise sales and other revenue
Segment Reporting Information
Total revenue	8,151	10,242
Franchise sales and other revenue | Total Real Estate
Segment Reporting Information
Total revenue	6,920	8,663
Franchise sales and other revenue | Mortgage
Segment Reporting Information
Total revenue	$ 558	$ 192

Segment Information - Reconcili

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ 23,160	$ 19,539
Gain (loss) on sale or disposition of assets	11	11
Equity-based compensation expense	(12,054)	(2,186)
Acquisition-related expense	(943)	(566)
Gain on reduction in tax receivable agreement liability		500
Fair value adjustments to contingent consideration	280	505
Interest income	163	269
Interest expense	(2,098)	(2,682)
Depreciation and amortization	(6,937)	(6,310)
Income before provision for income taxes	1,582	9,080
Total Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	24,420	20,731
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	(1,150)	(578)
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ (110)	$ (614)