RE/MAX (RMAX) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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	Q2
Entity Central Index Key	0001581091
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,891,019
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 107,252	$ 101,355
Restricted cash	14,425	19,872
Accounts and notes receivable, current portion, less allowances of $11,235 and $11,724, respectively	31,093	29,985
Income taxes receivable	2,417	1,222
Other current assets	13,343	13,938
Total current assets	168,530	166,372
Property and equipment, net of accumulated depreciation of $15,835 and $14,731, respectively	10,484	7,872
Operating lease right of use assets	36,758	38,878
Franchise agreements, net	64,495	72,196
Other intangible assets, net	26,415	29,969
Goodwill	176,061	175,835
Deferred tax assets, net	48,459	48,855
Income taxes receivable, net of current portion	1,980	1,980
Other assets, net of current portion	17,119	15,435
Total assets	550,301	557,392
Current liabilities:
Accounts payable	4,737	2,108
Accrued liabilities	63,740	68,571
Income taxes payable	1,643	9,579
Deferred revenue	24,936	25,282
Current portion of debt	2,350	2,428
Current portion of payable pursuant to tax receivable agreements	3,590	3,590
Operating lease liabilities	5,904	5,687
Total current liabilities	106,900	117,245
Debt, net of current portion	220,217	221,137
Payable pursuant to tax receivable agreements, net of current portion	29,974	29,974
Deferred tax liabilities, net	504	490
Deferred revenue, net of current portion	19,032	19,864
Operating lease liabilities, net of current portion	47,307	50,279
Other liabilities, net of current portion	5,648	5,722
Total liabilities	429,582	444,711
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	503,430	491,422
Retained earnings	22,289	25,139
Accumulated other comprehensive income, net of tax	763	612
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	526,484	517,175
Non-controlling interest	(405,765)	(404,494)
Total stockholders' equity	120,719	112,681
Total liabilities and stockholders' equity	550,301	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	Jun. 30, 2021	Dec. 31, 2020
Accounts and notes receivable, allowance	$ 11,235	$ 11,724
Property and equipment, accumulated depreciation	$ 15,835	$ 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	18,719,665	18,390,691
Common stock, shares outstanding	18,719,665	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue:
Total revenue	$ 77,246	$ 52,207	$ 149,541	$ 122,479
Operating expenses:
Selling, operating and administrative expenses	38,816	25,348	82,492	60,025
Marketing Funds expenses	18,042	11,765	36,187	29,287
Depreciation and amortization	6,978	6,412	13,915	12,722
Total operating expenses	63,836	43,525	132,594	102,034
Operating income	13,410	8,682	16,947	20,445
Other expenses, net:
Interest expense	(2,124)	(2,187)	(4,222)	(4,869)
Interest income	19	34	182	303
Foreign currency transaction gains (losses)	(363)	101	(383)	(169)
Total other expenses, net	(2,468)	(2,052)	(4,423)	(4,735)
Income before provision for income taxes	10,942	6,630	12,524	15,710
(Provision) benefit for income taxes	(696)	(706)	(638)	(4,496)
Net income	10,246	5,924	11,886	11,214
Less: net income attributable to non-controlling interest	5,045	2,435	5,593	5,094
Net income attributable to RE/MAX Holdings, Inc.	$ 5,201	$ 3,489	$ 6,293	$ 6,120
Common Class A
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ 0.28	$ 0.19	$ 0.34	$ 0.34
Diluted	$ 0.27	$ 0.19	$ 0.33	$ 0.34
Weighted average shares of Class A common stock outstanding
Basic	18,719,477	18,123,963	18,608,005	18,049,114
Diluted	18,941,343	18,146,886	18,904,036	18,090,259
Cash dividends declared per share of Class A common stock	$ 0.23	$ 0.22	$ 0.46	$ 0.44
Continuing franchise fees
Revenue:
Total revenue	$ 26,955	$ 16,738	$ 52,329	$ 40,881
Annual dues
Revenue:
Total revenue	8,869	8,745	17,541	17,666
Broker fees
Revenue:
Total revenue	17,453	10,426	29,406	19,870
Marketing Funds fees
Revenue:
Total revenue	18,042	11,765	36,187	29,287
Franchise sales and other revenue
Revenue:
Total revenue	$ 5,927	$ 4,533	$ 14,078	$ 14,775

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 10,246	$ 5,924	$ 11,886	$ 11,214
Change in cumulative translation adjustment	207	117	286	(113)
Other comprehensive income (loss), net of tax	207	117	286	(113)
Comprehensive income	10,453	6,041	12,172	11,101
Less: comprehensive income attributable to non-controlling interest	5,142	2,490	5,728	4,955
Comprehensive income attributable to RE/MAX Holdings, Inc., net of tax	$ 5,311	$ 3,551	$ 6,444	$ 6,146

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, 2019	$ 2		466,945	30,525	414	(399,510)	98,376
Beginning balance, Shares at Dec. 31, 2019	17,838,233	1
Net income							11,214
Change in accumulated other comprehensive income							(113)
Ending balance, Value at Jun. 30, 2020	$ 2		473,451	28,385	440	(400,121)	102,157
Ending balance, Shares at Jun. 30, 2020	18,123,963	1
Beginning balance, Value at Mar. 31, 2020	$ 2		470,639	28,881	378	(399,822)	100,078
Beginning balance, Shares at Mar. 31, 2020	18,123,963	1
Net income				3,489		2,435	5,924
Distributions to non-controlling unitholders						(2,789)	(2,789)
Equity-based compensation expense and dividend equivalents, Value			2,812				2,812
Dividends to Class A common stockholders				(3,987)			(3,987)
Change in accumulated other comprehensive income					62	55	117
Other				2			2
Ending balance, Value at Jun. 30, 2020	$ 2		473,451	28,385	440	(400,121)	102,157
Ending balance, Shares at Jun. 30, 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
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							11,886
Change in accumulated other comprehensive income							286
Ending balance, Value at Jun. 30, 2021	$ 2		503,430	22,289	763	(405,765)	120,719
Ending balance, Shares at Jun. 30, 2021	18,719,665	1
Beginning balance, Value at Mar. 31, 2021	$ 2		498,810	21,433	653	(406,797)	114,101
Beginning balance, Shares at Mar. 31, 2021	18,719,248	1
Net income				5,201		5,045	10,246
Distributions to non-controlling unitholders						(4,110)	(4,110)
Equity-based compensation expense and dividend equivalents, Value			4,615				4,615
Equity-based compensation expense and dividend equivalents, Shares	640
Dividends to Class A common stockholders				(4,345)			(4,345)
Change in accumulated other comprehensive income					110	97	207
Payroll taxes related to net settled restricted stock units, Value			(7)				(7)
Payroll taxes related to net settled restricted stock units, Shares	(223)
Other			12				12
Ending balance, Value at Jun. 30, 2021	$ 2		$ 503,430	$ 22,289	$ 763	$ (405,765)	$ 120,719
Ending balance, Shares at Jun. 30, 2021	18,719,665	1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 11,886	$ 11,214
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,915	12,722
Bad debt expense	261	3,860
Equity-based compensation expense	18,307	4,933
Deferred income tax expense	335	1,099
Fair value adjustments to contingent consideration	10	(355)
Non-cash lease expense (benefit)	(635)
Other, net	177	229
Changes in operating assets and liabilities	(13,917)	(17,379)
Net cash provided by operating activities	30,339	16,323
Cash flows from investing activities:
Purchases of property, equipment and capitalization of software	(7,551)	(3,102)
Net cash used in investing activities	(7,551)	(3,102)
Cash flows from financing activities:
Payments on debt	(1,253)	(1,322)
Distributions paid to non-controlling unitholders	(6,999)	(5,566)
Dividends and dividend equivalents paid to Class A common stockholders	(9,143)	(8,262)
Payments related to tax withholding for share-based compensation	(5,298)	(2,268)
Net cash used in financing activities	(22,693)	(17,418)
Effect of exchange rate changes on cash	355	(107)
Net increase (decrease) in cash, cash equivalents and restricted cash	450	(4,304)
Cash, cash equivalents and restricted cash, beginning of period	121,227	103,601
Cash, cash equivalents and restricted cash, end of period	121,677	99,297
Supplemental disclosures of cash flow information:
Cash paid for interest	3,955	4,608
Net cash paid for income taxes	$ 9,792	$ 1,682

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2021 and the results of its operations and comprehensive income, cash flows and changes in its stockholders’ equity for the three and six months ended June 30, 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 franchisees or Independent Region sub-franchisors based on the number of RE/MAX agents or Motto franchisees based on the number of 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 or Motto franchisees based on the number of 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 Six Months Ended June 30, 2021 ​ $ 14,539 ​ $ 18,808 ​ $ (17,541) ​ $ 15,806 ​ (a) Revenue recognized related to the beginning balance was $ 10.6 million for the six months ended June 30, 2021, respectively. 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 Six Months Ended June 30, 2021 ​ $ 25,069 ​ $ 4,127 ​ $ (4,541) ​ $ 24,655 (a) Revenue recognized related to the beginning balance was $ 4.2 million for the six months ended June 30, 2021, respectively. 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 Six Months Ended June 30, 2021 ​ $ 3,690 ​ $ (714) ​ $ 638 ​ $ 3,614 ​ 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 U.S. Company-Owned Regions ​ $ 37,613 ​ $ 25,511 ​ $ 70,159 ​ $ 56,089 U.S. Independent Regions ​ ​ 3,730 ​ ​ 3,167 ​ ​ 7,018 ​ ​ 6,163 Canada Company-Owned Regions ​ ​ 4,800 ​ ​ 2,459 ​ ​ 8,354 ​ ​ 5,540 Canada Independent Regions ​ ​ 2,364 ​ ​ 2,033 ​ ​ 4,569 ​ ​ 4,072 Global ​ ​ 2,854 ​ ​ 1,796 ​ ​ 5,495 ​ ​ 4,344 Fee revenue (a) ​ ​ 51,361 ​ ​ 34,966 ​ ​ 95,595 ​ ​ 76,208 Franchise sales and other revenue (b) ​ ​ 4,930 ​ ​ 3,405 ​ ​ 11,850 ​ ​ 12,068 Total Real Estate ​ ​ 56,291 ​ ​ 38,371 ​ ​ 107,445 ​ ​ 88,276 U.S. ​ ​ 16,359 ​ ​ 10,596 ​ ​ 32,541 ​ ​ 26,247 Canada ​ ​ 1,424 ​ ​ 1,015 ​ ​ 3,161 ​ ​ 2,670 Global ​ ​ 259 ​ ​ 154 ​ ​ 485 ​ ​ 370 Total Marketing Funds (c) ​ ​ 18,042 ​ ​ 11,765 ​ ​ 36,187 ​ ​ 29,287 Mortgage (d) ​ ​ 2,410 ​ ​ 1,070 ​ ​ 4,733 ​ ​ 2,528 Other (d) ​ ​ 503 ​ ​ 1,001 ​ ​ 1,176 ​ ​ 2,388 Total ​ $ 77,246 ​ $ 52,207 ​ $ 149,541 ​ $ 122,479 (a) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. Amounts for the three months ended June 30, 2020 are heavily impacted by temporary COVID-19 waivers. (b) Franchise sales and other revenue is derived primarily within the U.S. (c) Amounts for the three months ended June 30, 2020 are heavily impacted by temporary COVID-19 waivers. (d) 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 ​ $ 12,305 ​ $ 3,501 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,806 Franchise sales ​ ​ 3,576 ​ ​ 6,223 ​ ​ 4,868 ​ ​ 3,640 ​ ​ 2,365 ​ ​ 1,208 ​ ​ 2,775 ​ ​ 24,655 Total ​ $ 15,881 ​ $ 9,724 ​ $ 4,868 ​ $ 3,640 ​ $ 2,365 ​ $ 1,208 ​ $ 2,775 ​ $ 40,461 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Cash and cash equivalents ​ $ 107,252 ​ $ 101,355 Restricted cash ​ ​ 14,425 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 121,677 ​ $ 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Technology - operating ​ $ 3,233 ​ $ 3,722 ​ $ 6,833 ​ $ 6,693 Technology - capital ​ ​ 224 ​ ​ 116 ​ ​ 404 ​ ​ 760 Marketing staff and administrative services ​ ​ 1,189 ​ ​ 983 ​ ​ 2,307 ​ ​ 2,211 Total ​ $ 4,646 ​ $ 4,821 ​ $ 9,544 ​ $ 9,664 ​ 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, are 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 Facility, as discussed in Note 8, Debt . In addition, see Note 14, Subsequent Event , for information related to the amended and restated Senior Secured Credit Facility which has provisions for transition to an alternative rate. The Company does not expect any material adverse consequences from this transition .

Non-controlling Interest

Non-controlling Interest	6 Months Ended
	Jun. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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) ​ 18,719,665 ​ 59.8 % 18,390,691 ​ 59.4 % Total common units in RMCO ​ 31,279,265 ​ 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 June 30, ​ ​ 2021 ​ 2020 ​ ​ RE/MAX Non-controlling Total RE/MAX Non-controlling Total ​ Weighted average ownership percentage of RMCO(a) ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.1 % ​ 40.9 % ​ 100.0 % Income before provision for income taxes(a) $ 6,531 ​ $ 4,411 ​ $ 10,942 ​ $ 3,895 ​ $ 2,735 ​ $ 6,630 ​ (Provision) / benefit for income taxes(b)(c) ​ (1,330) ​ ​ 634 ​ ​ (696) ​ ​ (406) ​ ​ (300) ​ ​ (706) ​ Net income $ 5,201 ​ $ 5,045 ​ $ 10,246 ​ $ 3,489 ​ $ 2,435 ​ $ 5,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ RE/MAX Non-controlling Total RE/MAX Non-controlling Total ​ Weighted average ownership percentage of RMCO(a) ​ 59.7 % ​ 40.3 % ​ 100.0 % ​ 59.0 % ​ 41.0 % ​ 100.0 % Income before provision for income taxes(a) $ 7,473 ​ $ 5,051 ​ $ 12,524 ​ $ 9,447 ​ $ 6,263 ​ $ 15,710 ​ (Provision) / benefit for income taxes(b)(c) ​ (1,180) ​ ​ 542 ​ ​ (638) ​ ​ (3,327) ​ ​ (1,169) ​ ​ (4,496) ​ Net income $ 6,293 ​ $ 5,593 ​ $ 11,886 ​ $ 6,120 ​ $ 5,094 ​ $ 11,214 ​ (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. Amounts shown for the three and six months ended June 30, 2021 include a reversal of an uncertain tax position, the majority of which was allocated to the non-controlling interest (see Note 10 for additional information). 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): ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2021 ​ 2020 Tax and other distributions $ 1,221 ​ $ 40 Dividend distributions ​ 5,778 ​ ​ 5,526 Total distributions to non-controlling unitholders $ 6,999 ​ $ 5,566 ​

Earnings Per Share and Dividend

Earnings Per Share and Dividends	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. ​ $ 5,201 ​ $ 3,489 ​ $ 6,293 ​ $ 6,120 Denominator for basic net income per share of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,719,477 ​ ​ 18,123,963 ​ ​ 18,608,005 ​ ​ 18,049,114 Denominator for diluted net income per share of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,719,477 ​ ​ 18,123,963 ​ ​ 18,608,005 ​ ​ 18,049,114 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock ​ ​ 221,866 ​ ​ 22,923 ​ ​ 296,031 ​ ​ 41,145 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,941,343 ​ ​ 18,146,886 ​ ​ 18,904,036 ​ ​ 18,090,259 Earnings per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ 0.28 ​ $ 0.19 ​ $ 0.34 ​ $ 0.34 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ 0.27 ​ $ 0.19 ​ $ 0.33 ​ $ 0.34 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 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 June 30 ​ June 2, 2021 ​ ​ 0.23 ​ ​ 4,345 ​ ​ 2,889 ​ June 2, 2020 ​ ​ 0.22 ​ ​ 3,987 ​ ​ 2,763 ​ ​ ​ ​ $ 0.46 ​ $ 8,671 ​ $ 5,778 ​ ​ ​ $ 0.44 ​ $ 7,973 ​ $ 5,526 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On August 3, 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 August 31, 2021 to stockholders of record at the close of business on August 17, 2021.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 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 is accounted for as compensation expense over the service period of 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, the vast majority of which was expensed in the first quarter of 2021 related to two employees who departed (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 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	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ $ (116,372) ​ $ 64,495 ​ $ 180,867 ​ $ (108,671) ​ $ 72,196 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ ​ 4.4 ​ $ 47,301 ​ $ (24,327) ​ $ 22,974 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ ​ 8.4 ​ ​ 2,350 ​ ​ (1,406) ​ ​ 944 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ ​ 5.1 ​ ​ 3,920 ​ ​ (3,339) ​ ​ 581 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ ​ 5.0 ​ ​ 2,400 ​ ​ (1,360) ​ ​ 1,040 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ ​ 5.3 ​ ​ 1,670 ​ ​ (794) ​ ​ 876 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ ​ 4.6 ​ $ 57,641 ​ $ (31,226) ​ $ 26,415 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of June 30, 2021 and December 31, 2020, capitalized software development costs of $2.2 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 $6.5 million and $6.0 million for the three months ended June 30, 2021 and 2020, respectively. Amortization expense was $ 12.9 million and $ 11.8 million for the six months ended June 30, 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 June 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 13,005 2022 ​ ​ 23,642 2023 ​ ​ 17,995 2024 ​ ​ 14,615 2025 ​ ​ 10,167 Thereafter ​ ​ 11,486 ​ ​ $ 90,910 ​ 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 ​ ​ 93 ​ ​ — ​ ​ 93 Balance, June 30, 2021 ​ $ 157,428 ​ $ 18,633 ​ $ 176,061 ​

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities.
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Marketing Funds (a) ​ $ 44,575 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 10,922 ​ ​ 10,692 Accrued taxes ​ ​ 1,152 ​ ​ 2,491 Accrued professional fees ​ ​ 2,939 ​ ​ 1,806 Other ​ ​ 4,152 ​ ​ 5,130 ​ ​ $ 63,740 ​ $ 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	6 Months Ended
	Jun. 30, 2021
Debt
Debt	8. Debt Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Senior Secured Credit Facility ​ $ 223,838 ​ $ 225,013 Other long-term financing ​ ​ — ​ ​ 78 Less unamortized debt issuance costs ​ ​ (735) ​ ​ (882) Less unamortized debt discount costs ​ ​ (536) ​ ​ (644) Less current portion ​ ​ (2,350) ​ ​ (2,428) ​ ​ $ 220,217 ​ $ 221,137 ​ Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of June 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 1,175 2022 ​ ​ 2,350 2023 ​ ​ 220,313 ​ ​ $ 223,838 ​ Senior Secured Credit Facility As of June 30, 2021, the Senior Secured Credit Facility consisted of a $235.0 million term loan facility and a $10.0 million revolving loan facility. As of June 30, 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% . See Note 14, Subsequent Event , for information related to the amended and restated Senior Secured Credit Facility.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ $ 5,000 ​ $ — ​ $ — ​ $ 5,000 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration ​ ​ 1,350 ​ ​ — ​ ​ — ​ ​ 1,350 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 6,350 ​ $ — ​ $ — ​ $ 6,350 ​ $ 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 June 30, 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 ​ ​ 10 Balance at June 30, 2021 ​ $ 6,350 ​ The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Carrying Fair Value Carrying Fair Value Senior Secured Credit Facility ​ $ 222,567 ​ $ 223,278 ​ $ 223,487 ​ $ 223,887 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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. Uncertain Tax Positions The company has recognized uncertain tax position liabilities and related tax expense for certain foreign tax matters, along with a receivable for amounts of such foreign taxes expected to be creditable in the U.S. While the Company believes the liabilities recognized for uncertain tax positions are adequate to cover reasonable expected tax risks, there can be no assurance that an issue raised by a tax authority will be resolved at a cost that does not exceed the liability recognized. Interest and penalties are accrued on the uncertain tax positions and included in the “Provision for income taxes” in the accompanying Consolidated Statements of Income. Uncertain tax position liabilities represent the aggregate tax effect of differences between the tax return positions and the amounts otherwise recognized in the consolidated financial statements and are recognized in “Income taxes payable” in the Condensed Consolidated Balance Sheets. During the quarter ending June 30, 2021, an uncertain position was settled with a taxing authority for foreign tax matters described above. Based upon the above settlement of this uncertain tax position, the Company adjusted its liability to reflect the amounts ultimately paid during the three months ended June 30, 2021. This resulted in a reduction to income tax expense of $1.4 million (including interest and penalties) in the Condensed Consolidated Statements of Income for the three months ended June 30, 2021. A reconciliation of the beginning and ending amount, excluding interest and penalties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ ​ 2021 ​ 2020 Balance, January 1 ​ $ 5,300 ​ $ 4,810 Increases related to prior period tax positions ​ ​ 96 ​ ​ 230 Decrease related to prior year tax positions ​ ​ (815) ​ ​ — Settlements ​ ​ (3,776) ​ ​ — Foreign currency transaction gains/losses ​ ​ 380 ​ ​ — Balance, June 30 ​ $ 1,185 ​ $ 5,040 ​ The Company’s remaining uncertain tax positions have a reasonable possibility of being settled within the next 12 months.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Expense from time-based awards (a)(b) ​ $ 3,744 ​ $ 2,358 ​ $ 13,565 ​ $ 4,495 Expense from performance-based awards (a)(c) ​ ​ 871 ​ ​ 389 ​ ​ 1,667 ​ ​ 470 Expense from bonus to be settled in shares (d) ​ ​ 1,638 ​ ​ — ​ ​ 3,075 ​ ​ — Equity-based compensation capitalized ​ ​ — ​ ​ — ​ ​ — ​ ​ (32) Equity-based compensation expense ​ $ 6,253 ​ $ 2,747 ​ $ 18,307 ​ $ 4,933 (a) Includes awards granted to booj, First Leads, Inc. (“First”), wemlo and Gadberry employees and former owners at the time of acquisition. (b) During the six months ended June 30, 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 first quarter of 2021. (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 ​ 243,879 ​ $ 41.62 Shares vested (including tax withholding) (a) ​ (410,418) ​ $ 38.42 Forfeited ​ (14,457) ​ $ 38.06 Balance, June 30, 2021 ​ 837,012 ​ $ 37.32 ​ (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 June 30, 2021, there was $21.2 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.7 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 is being 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) ​ 55,323 ​ $ 41.71 Forfeited ​ (2,573) ​ $ 28.29 Balance, June 30, 2021 ​ 334,485 ​ $ 33.92 ​ (a) Represents the total participant target award. As of June 30, 2021, there was $5.2 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.8 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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”); and d) by plaintiff Judah Leeder in the Northern District of Illinois (the “Leeder 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 and Bauman Action); allege harm to home buyers rather than sellers (the Rubenstein Action and Leeder Action); allege unjust enrichment (the Leeder 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. In July 2021, the court granted RE/MAX, LLC’s motion to dismiss the Rubenstein Action and ordered the case dismissed with prejudice. The Company intends to vigorously defend against all remaining 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. On April 9, 2021, a putative class action claim was filed in the Federal Court of Canada against the Toronto Regional Real Estate Board (“TRREB”), The Canadian Real Estate Association (“CREA”), RE/MAX Ontario-Atlantic Canada Inc. (“RE/MAX OA”), which was acquired by the Company in July 2021 (see Note 14, Subsequent Event , for information), Century 21 Canada Limited Partnership, Brookfield Asset Management Inc., Royal Lepage Real Estate Services Ltd., Homelife Realty Services Inc., Right At Home Realty Inc., Forest Hill Real Estate Inc., Harvey Kalles Real Estate Ltd., Sotheby's International Realty Canada, Chestnut Park Real Estate Limited, Sutton Group Realty Services Ltd. and IPRO Realty Ltd. by the putative representative plaintiff, Mark Sunderland (the “Plaintiff”). The Plaintiff alleges that the Defendants and their co-conspirators conspired, agreed or arranged with each other to fix, maintain, increase, control, raise, or stabilize the rate of real estate buyers’ brokerages’ and salespersons’ commissions in respect of the purchase and sale of properties listed on TRREB’s multiple listing service system (the “Toronto MLS”); that the Defendants and their co-conspirators acted in furtherance of their conspiracy, agreement or arrangement to fix, maintain, increase, control, raise, or stabilize the rate of real estate buyers’ brokerages’ and salespersons’ commissions in respect of the purchase and sale of properties listed on the Toronto MLS; and violation of Part VI of the Competition Act, R.S.C. 1985, c. C-34 (“Competition Act”). Among other requested relief, Plaintiff seeks damages against the defendants and injunctive relief. RE/MAX OA denies the allegations in the claim and intends to vigorously defend the action.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Continuing franchise fees ​ $ 25,039 ​ $ 15,795 ​ $ 48,648 ​ $ 38,672 Annual dues ​ ​ 8,869 ​ ​ 8,745 ​ ​ 17,541 ​ ​ 17,666 Broker fees ​ ​ 17,453 ​ ​ 10,426 ​ ​ 29,406 ​ ​ 19,870 Franchise sales and other revenue ​ ​ 4,930 ​ ​ 3,405 ​ ​ 11,850 ​ ​ 12,068 Total Real Estate ​ ​ 56,291 ​ ​ 38,371 ​ ​ 107,445 ​ ​ 88,276 Continuing franchise fees ​ ​ 1,916 ​ ​ 943 ​ ​ 3,681 ​ ​ 2,209 Franchise sales and other revenue ​ ​ 494 ​ ​ 127 ​ ​ 1,052 ​ ​ 319 Total Mortgage ​ ​ 2,410 ​ ​ 1,070 ​ ​ 4,733 ​ ​ 2,528 Marketing Funds fees ​ ​ 18,042 ​ ​ 11,765 ​ ​ 36,187 ​ ​ 29,287 Other ​ ​ 503 ​ ​ 1,001 ​ ​ 1,176 ​ ​ 2,388 Total revenue ​ $ 77,246 ​ $ 52,207 ​ $ 149,541 ​ $ 122,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Adjusted EBITDA: Real Estate ​ $ 31,302 ​ $ 19,318 ​ $ 55,722 ​ $ 40,049 Adjusted EBITDA: Mortgage ​ ​ (733) ​ ​ (741) ​ ​ (1,883) ​ ​ (1,319) Adjusted EBITDA: Other ​ ​ (72) ​ ​ 332 ​ ​ (182) ​ ​ (282) Adjusted EBITDA: Consolidated ​ ​ 30,497 ​ ​ 18,909 ​ ​ 53,657 ​ ​ 38,448 Gain (loss) on sale or disposition of assets, net ​ ​ (1) ​ ​ 11 ​ ​ 10 ​ ​ 22 Equity-based compensation expense ​ ​ (6,253) ​ ​ (2,747) ​ ​ (18,307) ​ ​ (4,933) Acquisition-related expense (a) ​ ​ (3,928) ​ ​ (328) ​ ​ (4,871) ​ ​ (894) Gain on reduction in tax receivable agreement liability ​ ​ — ​ ​ (500) ​ ​ — ​ ​ — Fair value adjustments to contingent consideration (b) ​ ​ (290) ​ ​ (150) ​ ​ (10) ​ ​ 355 Interest income ​ ​ 19 ​ ​ 34 ​ ​ 182 ​ ​ 303 Interest expense ​ ​ (2,124) ​ ​ (2,187) ​ ​ (4,222) ​ ​ (4,869) Depreciation and amortization ​ ​ (6,978) ​ ​ (6,412) ​ ​ (13,915) ​ ​ (12,722) Income before provision for income taxes ​ $ 10,942 ​ $ 6,630 ​ $ 12,524 ​ $ 15,710 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 .

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2021
Subsequent Event.
Subsequent Events	14. Subsequent Event RE/MAX INTEGRA North America Region Acquisition On July 21, 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA (“INTEGRA NA”), whose territories cover five Canadian provinces (New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Prince Edward Island) and nine U.S. states (Connecticut, Indiana, Maine, Massachusetts, Minnesota, New Hampshire, Rhode Island, Vermont and Wisconsin) for cash consideration of approximately $235 million. The Company acquired these companies in order to convert these formerly Independent Regions into Company-Owned Regions, advance its ability to scale, deliver value to its affiliates and recapture the value differential of nearly 19,000 agents (approximately 12,000 in Canada and 7,000 in the U.S.). The initial accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized for the major classes of assets acquired and the pro forma revenues for the combined entity. This information will be included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. Senior Secured Credit Facility Refinancing ​ On July 21, 2021, RE/MAX, LLC amended and restated its Senior Secured Credit Facility to fund the acquisition of INTEGRA NA and refinance its existing facility. The revised facility provides for a seven-year , $460 million term loan facility and a five-year $50 million revolving loan facility. No amounts were drawn on the revolving loan facility as of the date of this report. The term loan bears interest at LIBOR (subject to a floor of 0.50% ) plus 2.50% , but also contains transition provisions to move to an alternative reference rate when LIBOR is eliminated in June 2023. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and the results of its operations and comprehensive income, cash flows and changes in its stockholders’ equity for the three and six months ended June 30, 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 franchisees or Independent Region sub-franchisors based on the number of RE/MAX agents or Motto franchisees based on the number of 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 or Motto franchisees based on the number of 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 Six Months Ended June 30, 2021 ​ $ 14,539 ​ $ 18,808 ​ $ (17,541) ​ $ 15,806 ​ (a) Revenue recognized related to the beginning balance was $ 10.6 million for the six months ended June 30, 2021, respectively. 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 Six Months Ended June 30, 2021 ​ $ 25,069 ​ $ 4,127 ​ $ (4,541) ​ $ 24,655 (a) Revenue recognized related to the beginning balance was $ 4.2 million for the six months ended June 30, 2021, respectively. 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 Six Months Ended June 30, 2021 ​ $ 3,690 ​ $ (714) ​ $ 638 ​ $ 3,614 ​ 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 U.S. Company-Owned Regions ​ $ 37,613 ​ $ 25,511 ​ $ 70,159 ​ $ 56,089 U.S. Independent Regions ​ ​ 3,730 ​ ​ 3,167 ​ ​ 7,018 ​ ​ 6,163 Canada Company-Owned Regions ​ ​ 4,800 ​ ​ 2,459 ​ ​ 8,354 ​ ​ 5,540 Canada Independent Regions ​ ​ 2,364 ​ ​ 2,033 ​ ​ 4,569 ​ ​ 4,072 Global ​ ​ 2,854 ​ ​ 1,796 ​ ​ 5,495 ​ ​ 4,344 Fee revenue (a) ​ ​ 51,361 ​ ​ 34,966 ​ ​ 95,595 ​ ​ 76,208 Franchise sales and other revenue (b) ​ ​ 4,930 ​ ​ 3,405 ​ ​ 11,850 ​ ​ 12,068 Total Real Estate ​ ​ 56,291 ​ ​ 38,371 ​ ​ 107,445 ​ ​ 88,276 U.S. ​ ​ 16,359 ​ ​ 10,596 ​ ​ 32,541 ​ ​ 26,247 Canada ​ ​ 1,424 ​ ​ 1,015 ​ ​ 3,161 ​ ​ 2,670 Global ​ ​ 259 ​ ​ 154 ​ ​ 485 ​ ​ 370 Total Marketing Funds (c) ​ ​ 18,042 ​ ​ 11,765 ​ ​ 36,187 ​ ​ 29,287 Mortgage (d) ​ ​ 2,410 ​ ​ 1,070 ​ ​ 4,733 ​ ​ 2,528 Other (d) ​ ​ 503 ​ ​ 1,001 ​ ​ 1,176 ​ ​ 2,388 Total ​ $ 77,246 ​ $ 52,207 ​ $ 149,541 ​ $ 122,479 (a) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. Amounts for the three months ended June 30, 2020 are heavily impacted by temporary COVID-19 waivers. (b) Franchise sales and other revenue is derived primarily within the U.S. (c) Amounts for the three months ended June 30, 2020 are heavily impacted by temporary COVID-19 waivers. (d) 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 ​ $ 12,305 ​ $ 3,501 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,806 Franchise sales ​ ​ 3,576 ​ ​ 6,223 ​ ​ 4,868 ​ ​ 3,640 ​ ​ 2,365 ​ ​ 1,208 ​ ​ 2,775 ​ ​ 24,655 Total ​ $ 15,881 ​ $ 9,724 ​ $ 4,868 ​ $ 3,640 ​ $ 2,365 ​ $ 1,208 ​ $ 2,775 ​ $ 40,461 ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Cash and cash equivalents ​ $ 107,252 ​ $ 101,355 Restricted cash ​ ​ 14,425 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 121,677 ​ $ 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Technology - operating ​ $ 3,233 ​ $ 3,722 ​ $ 6,833 ​ $ 6,693 Technology - capital ​ ​ 224 ​ ​ 116 ​ ​ 404 ​ ​ 760 Marketing staff and administrative services ​ ​ 1,189 ​ ​ 983 ​ ​ 2,307 ​ ​ 2,211 Total ​ $ 4,646 ​ $ 4,821 ​ $ 9,544 ​ $ 9,664
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, are 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, are 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 Facility, as discussed in Note 8, Debt . In addition, see Note 14, Subsequent Event , for information related to the amended and restated Senior Secured Credit Facility which has provisions for transition to an alternative rate. The Company does not expect any material adverse consequences from this transition .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, 2021 ​ $ 14,539 ​ $ 18,808 ​ $ (17,541) ​ $ 15,806 ​ (a) Revenue recognized related to the beginning balance was $ 10.6 million for the six months ended June 30, 2021, respectively.
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 Six Months Ended June 30, 2021 ​ $ 3,690 ​ $ (714) ​ $ 638 ​ $ 3,614
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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 U.S. Company-Owned Regions ​ $ 37,613 ​ $ 25,511 ​ $ 70,159 ​ $ 56,089 U.S. Independent Regions ​ ​ 3,730 ​ ​ 3,167 ​ ​ 7,018 ​ ​ 6,163 Canada Company-Owned Regions ​ ​ 4,800 ​ ​ 2,459 ​ ​ 8,354 ​ ​ 5,540 Canada Independent Regions ​ ​ 2,364 ​ ​ 2,033 ​ ​ 4,569 ​ ​ 4,072 Global ​ ​ 2,854 ​ ​ 1,796 ​ ​ 5,495 ​ ​ 4,344 Fee revenue (a) ​ ​ 51,361 ​ ​ 34,966 ​ ​ 95,595 ​ ​ 76,208 Franchise sales and other revenue (b) ​ ​ 4,930 ​ ​ 3,405 ​ ​ 11,850 ​ ​ 12,068 Total Real Estate ​ ​ 56,291 ​ ​ 38,371 ​ ​ 107,445 ​ ​ 88,276 U.S. ​ ​ 16,359 ​ ​ 10,596 ​ ​ 32,541 ​ ​ 26,247 Canada ​ ​ 1,424 ​ ​ 1,015 ​ ​ 3,161 ​ ​ 2,670 Global ​ ​ 259 ​ ​ 154 ​ ​ 485 ​ ​ 370 Total Marketing Funds (c) ​ ​ 18,042 ​ ​ 11,765 ​ ​ 36,187 ​ ​ 29,287 Mortgage (d) ​ ​ 2,410 ​ ​ 1,070 ​ ​ 4,733 ​ ​ 2,528 Other (d) ​ ​ 503 ​ ​ 1,001 ​ ​ 1,176 ​ ​ 2,388 Total ​ $ 77,246 ​ $ 52,207 ​ $ 149,541 ​ $ 122,479 (a) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. Amounts for the three months ended June 30, 2020 are heavily impacted by temporary COVID-19 waivers. (b) Franchise sales and other revenue is derived primarily within the U.S. (c) Amounts for the three months ended June 30, 2020 are heavily impacted by temporary COVID-19 waivers. (d) 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 ​ $ 12,305 ​ $ 3,501 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,806 Franchise sales ​ ​ 3,576 ​ ​ 6,223 ​ ​ 4,868 ​ ​ 3,640 ​ ​ 2,365 ​ ​ 1,208 ​ ​ 2,775 ​ ​ 24,655 Total ​ $ 15,881 ​ $ 9,724 ​ $ 4,868 ​ $ 3,640 ​ $ 2,365 ​ $ 1,208 ​ $ 2,775 ​ $ 40,461
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Cash and cash equivalents ​ $ 107,252 ​ $ 101,355 Restricted cash ​ ​ 14,425 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 121,677 ​ $ 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Technology - operating ​ $ 3,233 ​ $ 3,722 ​ $ 6,833 ​ $ 6,693 Technology - capital ​ ​ 224 ​ ​ 116 ​ ​ 404 ​ ​ 760 Marketing staff and administrative services ​ ​ 1,189 ​ ​ 983 ​ ​ 2,307 ​ ​ 2,211 Total ​ $ 4,646 ​ $ 4,821 ​ $ 9,544 ​ $ 9,664
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 Six Months Ended June 30, 2021 ​ $ 25,069 ​ $ 4,127 ​ $ (4,541) ​ $ 24,655 (a) Revenue recognized related to the beginning balance was $ 4.2 million for the six months ended June 30, 2021, respectively.

Non-controlling Interest (Table

Non-controlling Interest (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest
Summary of Ownership of the Common Units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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) ​ 18,719,665 ​ 59.8 % 18,390,691 ​ 59.4 % Total common units in RMCO ​ 31,279,265 ​ 100.0 % 30,950,291 ​ 100.0 %
Reconciliation from Income Before Provision for Income Taxes to Net Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ RE/MAX Non-controlling Total RE/MAX Non-controlling Total ​ Weighted average ownership percentage of RMCO(a) ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.1 % ​ 40.9 % ​ 100.0 % Income before provision for income taxes(a) $ 6,531 ​ $ 4,411 ​ $ 10,942 ​ $ 3,895 ​ $ 2,735 ​ $ 6,630 ​ (Provision) / benefit for income taxes(b)(c) ​ (1,330) ​ ​ 634 ​ ​ (696) ​ ​ (406) ​ ​ (300) ​ ​ (706) ​ Net income $ 5,201 ​ $ 5,045 ​ $ 10,246 ​ $ 3,489 ​ $ 2,435 ​ $ 5,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ ​ RE/MAX Non-controlling Total RE/MAX Non-controlling Total ​ Weighted average ownership percentage of RMCO(a) ​ 59.7 % ​ 40.3 % ​ 100.0 % ​ 59.0 % ​ 41.0 % ​ 100.0 % Income before provision for income taxes(a) $ 7,473 ​ $ 5,051 ​ $ 12,524 ​ $ 9,447 ​ $ 6,263 ​ $ 15,710 ​ (Provision) / benefit for income taxes(b)(c) ​ (1,180) ​ ​ 542 ​ ​ (638) ​ ​ (3,327) ​ ​ (1,169) ​ ​ (4,496) ​ Net income $ 6,293 ​ $ 5,593 ​ $ 11,886 ​ $ 6,120 ​ $ 5,094 ​ $ 11,214 ​ (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. Amounts shown for the three and six months ended June 30, 2021 include a reversal of an uncertain tax position, the majority of which was allocated to the non-controlling interest (see Note 10 for additional information).
Distributions Paid or Payable	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2021 ​ 2020 Tax and other distributions $ 1,221 ​ $ 40 Dividend distributions ​ 5,778 ​ ​ 5,526 Total distributions to non-controlling unitholders $ 6,999 ​ $ 5,566

Earnings Per Share and Divide_2

Earnings Per Share and Dividends (Tables)	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. ​ $ 5,201 ​ $ 3,489 ​ $ 6,293 ​ $ 6,120 Denominator for basic net income per share of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,719,477 ​ ​ 18,123,963 ​ ​ 18,608,005 ​ ​ 18,049,114 Denominator for diluted net income per share of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,719,477 ​ ​ 18,123,963 ​ ​ 18,608,005 ​ ​ 18,049,114 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock ​ ​ 221,866 ​ ​ 22,923 ​ ​ 296,031 ​ ​ 41,145 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,941,343 ​ ​ 18,146,886 ​ ​ 18,904,036 ​ ​ 18,090,259 Earnings per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ 0.28 ​ $ 0.19 ​ $ 0.34 ​ $ 0.34 Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ 0.27 ​ $ 0.19 ​ $ 0.33 ​ $ 0.34
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 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 June 30 ​ June 2, 2021 ​ ​ 0.23 ​ ​ 4,345 ​ ​ 2,889 ​ June 2, 2020 ​ ​ 0.22 ​ ​ 3,987 ​ ​ 2,763 ​ ​ ​ ​ $ 0.46 ​ $ 8,671 ​ $ 5,778 ​ ​ ​ $ 0.44 ​ $ 7,973 ​ $ 5,526 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ $ (116,372) ​ $ 64,495 ​ $ 180,867 ​ $ (108,671) ​ $ 72,196 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ ​ 4.4 ​ $ 47,301 ​ $ (24,327) ​ $ 22,974 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ ​ 8.4 ​ ​ 2,350 ​ ​ (1,406) ​ ​ 944 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ ​ 5.1 ​ ​ 3,920 ​ ​ (3,339) ​ ​ 581 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ ​ 5.0 ​ ​ 2,400 ​ ​ (1,360) ​ ​ 1,040 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ ​ 5.3 ​ ​ 1,670 ​ ​ (794) ​ ​ 876 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ ​ 4.6 ​ $ 57,641 ​ $ (31,226) ​ $ 26,415 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of June 30, 2021 and December 31, 2020, capitalized software development costs of $2.2 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 June 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 13,005 2022 ​ ​ 23,642 2023 ​ ​ 17,995 2024 ​ ​ 14,615 2025 ​ ​ 10,167 Thereafter ​ ​ 11,486 ​ ​ $ 90,910
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 ​ ​ 93 ​ ​ — ​ ​ 93 Balance, June 30, 2021 ​ $ 157,428 ​ $ 18,633 ​ $ 176,061

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Accrued Liabilities.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Marketing Funds (a) ​ $ 44,575 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 10,922 ​ ​ 10,692 Accrued taxes ​ ​ 1,152 ​ ​ 2,491 Accrued professional fees ​ ​ 2,939 ​ ​ 1,806 Other ​ ​ 4,152 ​ ​ 5,130 ​ ​ $ 63,740 ​ $ 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)	6 Months Ended
	Jun. 30, 2021
Debt
Schedule of debt	Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 Senior Secured Credit Facility ​ $ 223,838 ​ $ 225,013 Other long-term financing ​ ​ — ​ ​ 78 Less unamortized debt issuance costs ​ ​ (735) ​ ​ (882) Less unamortized debt discount costs ​ ​ (536) ​ ​ (644) Less current portion ​ ​ (2,350) ​ ​ (2,428) ​ ​ $ 220,217 ​ $ 221,137
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of June 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 1,175 2022 ​ ​ 2,350 2023 ​ ​ 220,313 ​ ​ $ 223,838

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 ​ $ 5,000 ​ $ — ​ $ — ​ $ 5,000 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration ​ ​ 1,350 ​ ​ — ​ ​ — ​ ​ 1,350 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 6,350 ​ $ — ​ $ — ​ $ 6,350 ​ $ 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 ​ ​ 10 Balance at June 30, 2021 ​ $ 6,350
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Carrying Fair Value Carrying Fair Value Senior Secured Credit Facility ​ $ 222,567 ​ $ 223,278 ​ $ 223,487 ​ $ 223,887

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Taxes
Schedule of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ ​ 2021 ​ 2020 Balance, January 1 ​ $ 5,300 ​ $ 4,810 Increases related to prior period tax positions ​ ​ 96 ​ ​ 230 Decrease related to prior year tax positions ​ ​ (815) ​ ​ — Settlements ​ ​ (3,776) ​ ​ — Foreign currency transaction gains/losses ​ ​ 380 ​ ​ — Balance, June 30 ​ $ 1,185 ​ $ 5,040

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Expense from time-based awards (a)(b) ​ $ 3,744 ​ $ 2,358 ​ $ 13,565 ​ $ 4,495 Expense from performance-based awards (a)(c) ​ ​ 871 ​ ​ 389 ​ ​ 1,667 ​ ​ 470 Expense from bonus to be settled in shares (d) ​ ​ 1,638 ​ ​ — ​ ​ 3,075 ​ ​ — Equity-based compensation capitalized ​ ​ — ​ ​ — ​ ​ — ​ ​ (32) Equity-based compensation expense ​ $ 6,253 ​ $ 2,747 ​ $ 18,307 ​ $ 4,933 (a) Includes awards granted to booj, First Leads, Inc. (“First”), wemlo and Gadberry employees and former owners at the time of acquisition. (b) During the six months ended June 30, 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 first quarter of 2021. (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 ​ 243,879 ​ $ 41.62 Shares vested (including tax withholding) (a) ​ (410,418) ​ $ 38.42 Forfeited ​ (14,457) ​ $ 38.06 Balance, June 30, 2021 ​ 837,012 ​ $ 37.32 ​ (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) ​ 55,323 ​ $ 41.71 Forfeited ​ (2,573) ​ $ 28.29 Balance, June 30, 2021 ​ 334,485 ​ $ 33.92 ​ (a) Represents the total participant target award.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Information
Schedule of Revenue from External Customers By Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Continuing franchise fees ​ $ 25,039 ​ $ 15,795 ​ $ 48,648 ​ $ 38,672 Annual dues ​ ​ 8,869 ​ ​ 8,745 ​ ​ 17,541 ​ ​ 17,666 Broker fees ​ ​ 17,453 ​ ​ 10,426 ​ ​ 29,406 ​ ​ 19,870 Franchise sales and other revenue ​ ​ 4,930 ​ ​ 3,405 ​ ​ 11,850 ​ ​ 12,068 Total Real Estate ​ ​ 56,291 ​ ​ 38,371 ​ ​ 107,445 ​ ​ 88,276 Continuing franchise fees ​ ​ 1,916 ​ ​ 943 ​ ​ 3,681 ​ ​ 2,209 Franchise sales and other revenue ​ ​ 494 ​ ​ 127 ​ ​ 1,052 ​ ​ 319 Total Mortgage ​ ​ 2,410 ​ ​ 1,070 ​ ​ 4,733 ​ ​ 2,528 Marketing Funds fees ​ ​ 18,042 ​ ​ 11,765 ​ ​ 36,187 ​ ​ 29,287 Other ​ ​ 503 ​ ​ 1,001 ​ ​ 1,176 ​ ​ 2,388 Total revenue ​ $ 77,246 ​ $ 52,207 ​ $ 149,541 ​ $ 122,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Reconciliation of Adjusted EBITDA for its Reportable Segment to Consolidated Balances	The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Adjusted EBITDA: Real Estate ​ $ 31,302 ​ $ 19,318 ​ $ 55,722 ​ $ 40,049 Adjusted EBITDA: Mortgage ​ ​ (733) ​ ​ (741) ​ ​ (1,883) ​ ​ (1,319) Adjusted EBITDA: Other ​ ​ (72) ​ ​ 332 ​ ​ (182) ​ ​ (282) Adjusted EBITDA: Consolidated ​ ​ 30,497 ​ ​ 18,909 ​ ​ 53,657 ​ ​ 38,448 Gain (loss) on sale or disposition of assets, net ​ ​ (1) ​ ​ 11 ​ ​ 10 ​ ​ 22 Equity-based compensation expense ​ ​ (6,253) ​ ​ (2,747) ​ ​ (18,307) ​ ​ (4,933) Acquisition-related expense (a) ​ ​ (3,928) ​ ​ (328) ​ ​ (4,871) ​ ​ (894) Gain on reduction in tax receivable agreement liability ​ ​ — ​ ​ (500) ​ ​ — ​ ​ — Fair value adjustments to contingent consideration (b) ​ ​ (290) ​ ​ (150) ​ ​ (10) ​ ​ 355 Interest income ​ ​ 19 ​ ​ 34 ​ ​ 182 ​ ​ 303 Interest expense ​ ​ (2,124) ​ ​ (2,187) ​ ​ (4,222) ​ ​ (4,869) Depreciation and amortization ​ ​ (6,978) ​ ​ (6,412) ​ ​ (13,915) ​ ​ (12,722) Income before provision for income taxes ​ $ 10,942 ​ $ 6,630 ​ $ 12,524 ​ $ 15,710 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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)	6 Months Ended
	Jun. 30, 2021countryitemOffice
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	6 Months Ended
	Jun. 30, 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	18,808
Revenue recognized	(17,541)
Balance at the end of period	15,806
Franchise sales
Disaggregation of Revenue [Line Items]
Balance at beginning of period	25,069
New billings	4,127
Revenue recognized	(4,541)
Balance at the end of period	24,655
Annual dues
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	10,600
Franchise sales
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	$ 4,200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Commissions Related to Franchise Sales (Details) - Commissions Related to Franchise Sales $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 3,690
Expense recognized	(714)
Additions to contract cost for new activity	638
Balance at end of period	$ 3,614

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 77,246	$ 52,207	$ 149,541	$ 122,479
Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	5,927	4,533	14,078	14,775
Total Real Estate
Disaggregation of Revenue [Line Items]
Total revenue	56,291	38,371	107,445	88,276
Total Real Estate | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	51,361	34,966	95,595	76,208
Total Real Estate | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	4,930	3,405	11,850	12,068
Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	18,042	11,765	36,187	29,287
Mortgage
Disaggregation of Revenue [Line Items]
Total revenue	2,410	1,070	4,733	2,528
Mortgage | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	494	127	1,052	319
Other
Disaggregation of Revenue [Line Items]
Total revenue	503	1,001	1,176	2,388
U.S. | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	37,613	25,511	70,159	56,089
U.S. | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	3,730	3,167	7,018	6,163
U.S. | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	16,359	10,596	32,541	26,247
U.S. | Mortgage
Disaggregation of Revenue [Line Items]
Total revenue	2,410	1,070	4,733	2,528
U.S. | Other
Disaggregation of Revenue [Line Items]
Total revenue	503	1,001	1,176	2,388
Canada | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	4,800	2,459	8,354	5,540
Canada | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,364	2,033	4,569	4,072
Canada | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	1,424	1,015	3,161	2,670
Global | Global. | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,854	1,796	5,495	4,344
Global | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	$ 259	$ 154	$ 485	$ 370

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Transaction Price (Details) $ in Thousands	Jun. 30, 2021USD ($)
Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 40,461
Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	15,806
Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	24,655
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 15,881
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 12,305
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 3,576
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	6 months
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	$ 9,724
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	$ 3,501
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 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 6,223
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 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 4,868
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	$ 4,868
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 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 3,640
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	$ 3,640
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 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,365
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	$ 2,365
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 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,208
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	$ 1,208
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 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 2,775
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1
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	$ 2,775
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 107,252	$ 101,355
Restricted cash	14,425	19,872
Total cash, cash equivalents and restricted cash	121,677	121,227	$ 99,297	$ 103,601
Marketing funds
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	107,252	101,355
Restricted cash	14,425	19,872
Total cash, cash equivalents and restricted cash	$ 121,677	$ 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs charged	$ 4,646	$ 4,821	$ 9,544	$ 9,664
Technology - operating
Costs charged	3,233	3,722	6,833	6,693
Technology - capital
Costs charged	224	116	404	760
Marketing staff and administrative services
Costs charged	$ 1,189	$ 983	$ 2,307	$ 2,211

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Leases (Details)	Jun. 30, 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	Jun. 30, 2021	Dec. 31, 2020
Shares
Holdings outstanding Class A common stock (equal to Holdings common units in RMCO)	18,719,665	18,390,691
Total number of common stock units in RMCO	31,279,265	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				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Minority Interest [Line Items]
Income before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ 6,531		$ 3,895		$ 7,473	$ 9,447
Income before provision for income taxes: Non-controlling interest	4,411		2,735		5,051	6,263
Income before provision for income taxes	10,942		6,630		12,524	15,710
(Provision) benefit for income taxes attributable to RE/MAX Holdings, Inc.	(1,330)		(406)		(1,180)	(3,327)
(Provision) benefit for income taxes: Non-controlling interest	634		(300)		542	(1,169)
(Provision) benefit for income taxes	(696)		(706)		(638)	(4,496)
Net income attributable to RE/MAX Holdings, Inc.	5,201		3,489		6,293	6,120
Net income: Non-controlling interest	5,045		2,435		5,593	5,094
Net income	$ 10,246	$ 1,640	5,924	$ 5,290	$ 11,886	11,214
RMCO, LLC
Minority Interest [Line Items]
Weighted average ownership percentage	100.00%				100.00%		100.00%
Net income attributable to RE/MAX Holdings, Inc.	$ 5,201		$ 3,489		$ 6,293	$ 6,120
RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Weighted average ownership percentage attributable to RE/MAX Holdings, Inc.	59.80%		59.10%		59.70%	59.00%
Weighted average ownership percentage	100.00%		100.00%		100.00%	100.00%
RIHI | RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Weighted average ownership percentage: Non-controlling interest	40.20%		40.90%		40.30%	41.00%

Non-controlling Interest - Dist

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 6,999	$ 5,566
Tax and other distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	1,221	40
Dividend distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 5,778	$ 5,526

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 5,201	$ 3,489	$ 6,293	$ 6,120
RMCO, LLC
Numerator
Net income attributable to RE/MAX Holdings, Inc.	$ 5,201	$ 3,489	$ 6,293	$ 6,120
Common Class A
Denominator for basic net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,719,477	18,123,963	18,608,005	18,049,114
Denominator for diluted net income per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,719,477	18,123,963	18,608,005	18,049,114
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	18,941,343	18,146,886	18,904,036	18,090,259
Earnings per share of Class A common stock
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ 0.28	$ 0.19	$ 0.34	$ 0.34
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ 0.27	$ 0.19	$ 0.33	$ 0.34
Restricted stock
Add dilutive effect of the following:
Restricted stock	221,866	22,923	296,031	41,145

Earnings Per Share and Divide_4

Earnings Per Share and Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 03, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Dividends Payable [Line Items]
Dividends to Class A common stockholders		$ 4,345	$ 4,326	$ 3,987	$ 3,986
Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.23		$ 0.22		$ 0.46	$ 0.44
Quarterly dividend
Dividends Payable [Line Items]
Dividend to Non-controlling unitholders		$ 2,889	$ 2,889	$ 2,763	$ 2,763	$ 5,778	$ 5,526
Quarterly dividend | Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.23	$ 0.23	$ 0.22	$ 0.22	$ 0.46	$ 0.44
Dividends to Class A common stockholders		$ 4,345	$ 4,326	$ 3,987	$ 3,986	$ 8,671	$ 7,973
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) $ in Thousands	Sep. 10, 2020USD ($)	Aug. 25, 2020USD ($)	Mar. 31, 2021employee	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Purchase Price Allocation
Goodwill				$ 176,061	$ 175,835
Time-based awards
Business Acquisition [Line Items]
Number of employees departed | employee			2
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]
Service period over which equity based compensation is accounted (in years)	2 years
Gadberry | Maximum
Business Acquisition [Line Items]
Service period over which equity based compensation is accounted (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
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 64,495		$ 64,495		$ 72,196
Amortization expense	6,500	$ 6,000	12,900	$ 11,800
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	180,867		180,867		180,867
Accumulated Amortization	(116,372)		(116,372)		(108,671)
Net Balance	64,495		$ 64,495		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	57,641		$ 57,641		54,704
Accumulated Amortization	(31,226)		(31,226)		(24,735)
Net Balance	26,415		$ 26,415		29,969
Other intangible assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			4 years 7 months 6 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	47,301		$ 47,301		44,389
Accumulated Amortization	(24,327)		(24,327)		(18,926)
Net Balance	22,974		$ 22,974		25,463
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			4 years 4 months 24 days
Software Development
Finite Lived Intangible Assets [Line Items]
Capitalized software development costs	2,200		$ 2,200		1,400
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,350		2,350		2,325
Accumulated Amortization	(1,406)		(1,406)		(1,274)
Net Balance	944		$ 944		1,051
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			8 years 4 months 24 days
Non-compete agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	3,920		$ 3,920		3,920
Accumulated Amortization	(3,339)		(3,339)		(2,814)
Net Balance	581		$ 581		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		2,400
Accumulated Amortization	(1,360)		(1,360)		(1,120)
Net Balance	1,040		$ 1,040		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		1,670
Accumulated Amortization	(794)		(794)		(601)
Net Balance	$ 876		$ 876		$ 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	Jun. 30, 2021USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2021	$ 13,005
2022	23,642
2023	17,995
2024	14,615
2025	10,167
Thereafter	11,486
Estimated future amortization expense	$ 90,910

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Changes to goodwill
Beginning Balance	$ 175,835
Purchase price adjustments	133
Effect of changes in foreign currency exchange rates	93
Ending Balance	176,061
Total Real Estate
Changes to goodwill
Beginning Balance	157,202
Purchase price adjustments	133
Effect of changes in foreign currency exchange rates	93
Ending Balance	157,428
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	Jun. 30, 2021	Dec. 31, 2020
Accrued Liabilities.
Marketing Funds	$ 44,575	$ 48,452
Accrued payroll and related employee costs	10,922	10,692
Accrued taxes	1,152	2,491
Accrued professional fees	2,939	1,806
Other	4,152	5,130
Accrued liabilities	$ 63,740	$ 68,571

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 223,838
Less unamortized debt issuance costs	(735)	$ (882)
Less unamortized debt discount costs	(536)	(644)
Less current portion	(2,350)	(2,428)
Debt, net of current portion	220,217	221,137
Senior Secured Credit Facility
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 223,838	225,013
Other long-term financing
Debt Instrument [Line Items]
Other long-term financing		$ 78

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt
Remainder of 2021	$ 1,175
2022	2,350
2023	220,313
Long term debt	$ 223,838

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Payments on debt	$ 1,253	$ 1,322
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 | Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 10,000
Amounts drawn on line of credit	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	$ 6,350	$ 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	6,350	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	5,000	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	5,000	4,750
Gadberry | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	1,350	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	1,350	$ 1,590
Ten Percent Reduction In Franchise Sales [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
New billings	200
One Percent Change To Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
New billings	$ 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments	$ 290	$ 150	$ 10	$ (355)
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	6,350		6,350
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			10
Balance at Ending	$ 6,350		$ 6,350

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Senior Secured Credit Facility (Details) - Senior Secured Credit Facility - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying amounts
Debt Instrument [Line Items]
Long term debt, carrying amount	$ 222,567	$ 223,487
Level 2 | Estimated fair value
Debt Instrument [Line Items]
Long term debt, fair value	$ 223,278	$ 223,887

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)
Income Taxes
Reduction to income tax expense including interest and penalties due to settlement of uncertain tax position	$ 1.4

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax position liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, January 1	$ 5,300	$ 4,810
Increases related to prior period tax positions	96	230
Decrease related to prior year tax positions	(815)
Settlements	(3,776)
Foreign currency transaction gains/losses	380
Balance, June 30	$ 1,185	$ 5,040

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)item$ / sharesshares	Mar. 31, 2021employee$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item$ / sharesshares	Jun. 30, 2020USD ($)
Employee stock-based compensation expense
Equity-based compensation capitalized | $					$ (32)
Equity-based compensation expense | $	$ 6,253		$ 2,747	$ 18,307	4,933
Time-based awards
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 3,744		2,358	13,565	4,495
Accelerated expense | $				$ 5,500
Number of employees departed | employee		2
Restricted Stock Units
Nonvested at beginning of period | shares		1,018,008		1,018,008
Granted | shares				243,879
Shares vested (including tax withholding) | shares				(410,418)
Forfeited | shares				(14,457)
Nonvested at end of period | shares	837,012			837,012
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares		$ 36.74		$ 36.74
Granted, Weighted average grant date fair value per share | $ / shares				41.62
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				38.06
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 37.32			$ 37.32
Unrecognized compensation cost | $	$ 21,200			$ 21,200
Period for recognition of RSU compensation expense				1 year 8 months 12 days
Performance-based awards
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 871		$ 389	$ 1,667	$ 470
Restricted Stock Units
Nonvested at beginning of period | shares		281,735		281,735
Granted | shares				55,323
Forfeited | shares				(2,573)
Nonvested at end of period | shares	334,485			334,485
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares		$ 32.34		$ 32.34
Granted, Weighted average grant date fair value per share | $ / shares				41.71
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			$ 33.92
Unrecognized compensation cost | $	$ 5,200			$ 5,200
Period for recognition of RSU compensation expense				1 year 9 months 18 days
Period of performance measurement				3 years
Number of one year performance periods | item	3			3
Bonus settled in shares
Employee stock-based compensation expense
Equity-based compensation expense | $	$ 1,638			$ 3,075

Segment Information (Details)

Segment Information (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Information
Number of Operating Segments	4

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Total revenue	$ 77,246	$ 52,207	$ 149,541	$ 122,479
Total Real Estate
Segment Reporting Information
Total revenue	56,291	38,371	107,445	88,276
Mortgage
Segment Reporting Information
Total revenue	2,410	1,070	4,733	2,528
Marketing Funds fees
Segment Reporting Information
Total revenue	18,042	11,765	36,187	29,287
Other
Segment Reporting Information
Total revenue	503	1,001	1,176	2,388
Continuing franchise fees
Segment Reporting Information
Total revenue	26,955	16,738	52,329	40,881
Continuing franchise fees | Total Real Estate
Segment Reporting Information
Total revenue	25,039	15,795	48,648	38,672
Continuing franchise fees | Mortgage
Segment Reporting Information
Total revenue	1,916	943	3,681	2,209
Annual dues
Segment Reporting Information
Total revenue	8,869	8,745	17,541	17,666
Annual dues | Total Real Estate
Segment Reporting Information
Total revenue	8,869	8,745	17,541	17,666
Broker fees
Segment Reporting Information
Total revenue	17,453	10,426	29,406	19,870
Broker fees | Total Real Estate
Segment Reporting Information
Total revenue	17,453	10,426	29,406	19,870
Franchise sales and other revenue
Segment Reporting Information
Total revenue	5,927	4,533	14,078	14,775
Franchise sales and other revenue | Total Real Estate
Segment Reporting Information
Total revenue	4,930	3,405	11,850	12,068
Franchise sales and other revenue | Mortgage
Segment Reporting Information
Total revenue	$ 494	$ 127	$ 1,052	$ 319

Segment Information - Reconcili

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ 30,497	$ 18,909	$ 53,657	$ 38,448
Gain (loss) on sale or disposition of assets, net	(1)	11	10	22
Equity-based compensation expense	(6,253)	(2,747)	(18,307)	(4,933)
Acquisition-related expense	(3,928)	(328)	(4,871)	(894)
Gain on reduction in tax receivable agreement liability		(500)
Fair value adjustments to contingent consideration	(290)	(150)	(10)	355
Interest income	19	34	182	303
Interest expense	(2,124)	(2,187)	(4,222)	(4,869)
Depreciation and amortization	(6,978)	(6,412)	(13,915)	(12,722)
Income before provision for income taxes	10,942	6,630	12,524	15,710
Total Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	31,302	19,318	55,722	40,049
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	(733)	(741)	(1,883)	(1,319)
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ (72)	$ 332	$ (182)	$ (282)

Subsequent Event (Details)

Subsequent Event (Details)	Jul. 21, 2021USD ($)stateitem
Senior Secured Credit Facility Refinancing | Term loan
Subsequent Event [Line Items]
Long Term Debt | $	$ 0
Subsequent Event | Senior Secured Credit Facility Refinancing | Term loan
Subsequent Event [Line Items]
Credit facility, borrowing capacity | $	$ 460,000,000
Loan term	7 years
Subsequent Event | Senior Secured Credit Facility Refinancing | Term loan | London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Floor rate	0.50%
Loan bears interest rate	2.50%
Subsequent Event | Senior Secured Credit Facility Refinancing | Revolving loan facility
Subsequent Event [Line Items]
Credit facility, borrowing capacity | $	$ 50,000,000
Loan term	5 years
Subsequent Event | RE/MAX INTEGRA North America Region Asset Acquisition
Subsequent Event [Line Items]
Cash consideration | $	$ 235,000,000
Number of agents | item	19,000
Subsequent Event | RE/MAX INTEGRA North America Region Asset Acquisition | Canada
Subsequent Event [Line Items]
Number of provinces | item	5
Number of agents | item	12,000
Subsequent Event | RE/MAX INTEGRA North America Region Asset Acquisition | U.S.
Subsequent Event [Line Items]
Number of states | state	9
Number of agents | item	7,000