RE/MAX (RMAX) 10-Q 21 Dec 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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	Q3
Entity Central Index Key	0001581091
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,891,871
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 119,446	$ 101,355
Restricted cash	25,150	19,872
Accounts and notes receivable, current portion, less allowances of $10,581 and $11,724, respectively	35,295	29,985
Income taxes receivable	2,459	1,222
Other current assets	19,248	13,938
Total current assets	201,598	166,372
Property and equipment, net of accumulated depreciation of $16,017 and $14,731, respectively	12,455	7,872
Operating lease right of use assets	36,555	38,878
Franchise agreements, net	153,666	69,802
Other intangible assets, net	33,719	29,969
Goodwill	268,390	165,358
Deferred tax assets, net	52,714	50,702
Income taxes receivable, net of current portion	1,980	1,980
Other assets, net of current portion	18,102	15,435
Total assets	779,179	546,368
Current liabilities:
Accounts payable	4,895	2,108
Accrued liabilities	91,193	68,571
Income taxes payable	5,581	9,579
Deferred revenue	25,196	25,282
Current portion of debt	4,600	2,428
Current portion of payable pursuant to tax receivable agreements	3,590	3,590
Operating lease liabilities	6,045	5,687
Total current liabilities	141,100	117,245
Debt, net of current portion	448,390	221,137
Payable pursuant to tax receivable agreements, net of current portion	29,974	29,974
Deferred tax liabilities, net	20,619	490
Deferred revenue, net of current portion	18,356	19,864
Operating lease liabilities, net of current portion	46,614	50,279
Other liabilities, net of current portion	7,945	5,722
Total liabilities	712,998	444,711
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	510,424	491,422
Retained earnings (accumulated deficit)	(6,585)	25,628
Accumulated other comprehensive income, net of tax	639	612
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	504,480	517,664
Non-controlling interest	(438,299)	(416,007)
Total stockholders' equity	66,181	101,657
Total liabilities and stockholders' equity	779,179	546,368
Common Class A
Stockholders' equity:
Common stock	$ 2	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts and notes receivable, allowance	$ 10,581	$ 11,724
Property and equipment, accumulated depreciation	$ 16,017	$ 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	18,806,194	18,390,691
Common stock, shares outstanding	18,806,194	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 (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 90,997	$ 71,073	$ 240,538	$ 193,552
Operating expenses:
Selling, operating and administrative expenses	51,099	28,216	133,591	88,241
Marketing Funds expenses	23,269	17,290	59,456	46,577
Depreciation and amortization	8,582	6,730	22,236	19,154
Settlement and impairment charges	45,623	7,902	45,623	7,902
Total operating expenses	128,573	60,138	260,906	161,874
Operating income (loss)	(37,576)	10,935	(20,368)	31,678
Other expenses, net:
Interest expense	(3,315)	(2,159)	(7,537)	(7,028)
Interest income	19	25	201	328
Foreign currency transaction gains (losses)	(435)	94	(818)	(75)
Loss on early extinguishment of debt	(264)		(264)
Total other expenses, net	(3,995)	(2,040)	(8,418)	(6,775)
Income (loss) before provision for income taxes	(41,571)	8,895	(28,786)	24,903
Provision for income taxes	(792)	(2,057)	(1,454)	(6,584)
Net income (loss)	(42,363)	6,838	(30,240)	18,319
Less: net income (loss) attributable to non-controlling interest	(17,214)	3,221	(11,515)	8,436
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (25,149)	$ 3,617	$ (18,725)	$ 9,883
Common Class A
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ (1.34)	$ 0.20	$ (1)	$ 0.55
Diluted	$ (1.34)	$ 0.20	$ (1)	$ 0.54
Weighted average shares of Class A common stock outstanding
Basic	18,739,564	18,196,454	18,651,858	18,098,227
Diluted	18,739,564	18,368,051	18,651,858	18,182,856
Cash dividends declared per share of Class A common stock	$ 0.23	$ 0.22	$ 0.69	$ 0.66
Continuing franchise fees
Revenue:
Total revenue	$ 32,464	$ 24,339	$ 84,793	$ 65,220
Annual dues
Revenue:
Total revenue	8,967	8,638	26,508	26,304
Broker fees
Revenue:
Total revenue	19,245	15,457	48,651	35,327
Marketing Funds fees
Revenue:
Total revenue	23,269	17,290	59,456	46,577
Franchise sales and other revenue
Revenue:
Total revenue	$ 7,052	$ 5,349	$ 21,130	$ 20,124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (42,363)	$ 6,838	$ (30,240)	$ 18,319
Change in cumulative translation adjustment	(256)	70	30	(43)
Other comprehensive income (loss), net of tax	(256)	70	30	(43)
Comprehensive income (loss)	(42,619)	6,908	(30,210)	18,276
Less: comprehensive income (loss) attributable to non-controlling interest	(17,346)	3,255	(11,512)	8,331
Comprehensive income (loss) attributable to RE/MAX Holdings, Inc., net of tax	$ (25,273)	$ 3,653	$ (18,698)	$ 9,945

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Class ACommon Stock	Common Class A	Common Class BCommon Stock	Common Class B	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss), net of tax	Non-controlling interest	Total
Beginning balance, Value at Dec. 31, 2019	$ 2				$ 466,945	$ 30,732	$ 414	$ (411,267)	$ 86,826
Beginning balance, Shares at Dec. 31, 2019	17,838,233		1
Net income (loss)						2,714		2,724	5,438
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 (loss)							(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	29,171	378	(411,514)	88,676
Ending balance, Shares at Mar. 31, 2020	18,123,963		1
Beginning balance, Value at Dec. 31, 2019	$ 2				466,945	30,732	414	(411,267)	86,826
Beginning balance, Shares at Dec. 31, 2019	17,838,233		1
Net income (loss)									18,319
Change in accumulated other comprehensive income (loss)									(43)
Ending balance, Value at Sep. 30, 2020	$ 2				485,664	28,368	476	(413,502)	101,008
Ending balance, Shares at Sep. 30, 2020	18,372,134		1
Beginning balance, Value at Mar. 31, 2020	$ 2				470,639	29,171	378	(411,514)	88,676
Beginning balance, Shares at Mar. 31, 2020	18,123,963		1
Net income (loss)						3,552		2,491	6,043
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 (loss)							62	55	117
Other						2			2
Ending balance, Value at Jun. 30, 2020	$ 2				473,451	28,738	440	(411,757)	90,874
Ending balance, Shares at Jun. 30, 2020	18,123,963		1
Net income (loss)						3,617		3,221	6,838
Distributions to non-controlling unitholders								(5,000)	(5,000)
Equity-based compensation expense and dividend equivalents, Value					3,413				3,413
Dividends to Class A common stockholders						(3,988)			(3,988)
Change in accumulated other comprehensive income (loss)							36	34	70
Acquisitions, Value					8,800				8,800
Acquisitions, Shares	248,171
Other						1			1
Ending balance, Value at Sep. 30, 2020	$ 2				485,664	28,368	476	(413,502)	101,008
Ending balance, Shares at Sep. 30, 2020	18,372,134		1
Beginning balance, Value at Dec. 31, 2020	$ 2				491,422	25,628	612	(416,007)	101,657
Beginning balance, Shares at Dec. 31, 2020	18,390,691	18,390,691	1	1
Net income (loss)						1,163		600	1,763
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 (loss)							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	21,993	653	(418,258)	103,200
Ending balance, Shares at Mar. 31, 2021	18,719,248		1
Beginning balance, Value at Dec. 31, 2020	$ 2				491,422	25,628	612	(416,007)	101,657
Beginning balance, Shares at Dec. 31, 2020	18,390,691	18,390,691	1	1
Net income (loss)									(30,240)
Change in accumulated other comprehensive income (loss)									30
Ending balance, Value at Sep. 30, 2021	$ 2				510,424	(6,585)	639	(438,299)	66,181
Ending balance, Shares at Sep. 30, 2021	18,806,194	18,806,194	1	1
Beginning balance, Value at Mar. 31, 2021	$ 2				498,810	21,993	653	(418,258)	103,200
Beginning balance, Shares at Mar. 31, 2021	18,719,248		1
Net income (loss)						5,261		5,099	10,360
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 (loss)							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	22,909	763	(417,172)	109,932
Ending balance, Shares at Jun. 30, 2021	18,719,665		1
Net income (loss)						(25,149)		(17,214)	(42,363)
Distributions to non-controlling unitholders								(3,781)	(3,781)
Equity-based compensation expense and dividend equivalents, Value					7,004				7,004
Equity-based compensation expense and dividend equivalents, Shares	87,428
Dividends to Class A common stockholders						(4,345)			(4,345)
Change in accumulated other comprehensive income (loss)							(124)	(132)	(256)
Payroll taxes related to net settled restricted stock units, Value					(31)				(31)
Payroll taxes related to net settled restricted stock units, Shares	(899)
Other					21				21
Ending balance, Value at Sep. 30, 2021	$ 2				$ 510,424	$ (6,585)	$ 639	$ (438,299)	$ 66,181
Ending balance, Shares at Sep. 30, 2021	18,806,194	18,806,194	1	1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (30,240)	$ 18,319
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,236	19,154
Impairment charge - leased assets		7,902
Impairment charge - goodwill	5,123
Bad debt expense	(208)	4,024
Loss on early extinguishment of debt	264
Equity-based compensation expense	27,315	8,347
Deferred income tax expense (benefit)	(1,869)	1,889
Fair value adjustments to contingent consideration	330	(105)
Non-cash lease expense (benefit)	(984)
Other, net	453	209
Changes in operating assets and liabilities	(5,776)	(16,268)
Net cash provided by operating activities	16,644	43,471
Cash flows from investing activities:
Purchases of property, equipment and capitalization of software	(12,069)	(4,575)
Acquisitions, net of cash, cash equivalents and restricted cash acquired of $14.1 million and $0.9 million, respectively	(180,402)	(10,627)
Net cash used in investing activities	(192,471)	(15,202)
Cash flows from financing activities:
Proceeds from the issuance of debt	458,850
Payments on debt	(226,240)	(1,986)
Capitalized debt amendment costs	(3,871)
Distributions paid to non-controlling unitholders	(10,780)	(10,566)
Dividends and dividend equivalents paid to Class A common stockholders	(13,488)	(12,250)
Payments related to tax withholding for share-based compensation	(5,329)	(2,268)
Net cash provided by (used in) financing activities	199,142	(27,070)
Effect of exchange rate changes on cash	54	(30)
Net increase in cash, cash equivalents and restricted cash	23,369	1,169
Cash, cash equivalents and restricted cash, beginning of period	121,227	103,601
Cash, cash equivalents and restricted cash, end of period	144,596	104,770
Supplemental disclosures of cash flow information:
Cash paid for interest	3,962	6,638
Net cash paid for income taxes	$ 11,452	3,963
Schedule of non-cash investing activities:
Class A shares issued as consideration for acquisitions		$ 8,800

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Cash Flows
Cash acquired	$ 14.1	$ 0.9

Business and Organization

Business and Organization	9 Months Ended
	Sep. 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2021 and the results of its operations and comprehensive income (loss), cash flows and changes in its stockholders’ equity for the three and nine months ended September 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 Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2020 (“2020 Amendment No. 1 to Annual Report on Form 10-K/A”), filed with the Securities and Exchange Commission (“SEC”) on December 21, 2021. 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 RE/MAX or Motto 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 beginning of period ​ New billings ​ Revenue recognized (a) ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 14,539 ​ $ 27,246 ​ $ (26,508) ​ $ 15,277 ​ (a) Revenue recognized related to the beginning balance was $12.9 million for the nine months ended September 30, 2021, respectively. Franchise Sales The activity in the Company’s franchise sales deferred revenue accounts consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ New billings ​ Revenue recognized (a) ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 25,069 ​ $ 6,933 ​ $ (6,651) ​ $ 25,351 (a) Revenue recognized related to the beginning balance was $6.0 million for the nine months ended September 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 beginning of period ​ Expense recognized ​ Additions to contract cost for new activity ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 3,690 ​ $ (1,013) ​ $ 1,135 ​ $ 3,812 ​ 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 U.S. Company-Owned Regions (a) ​ $ 42,922 ​ $ 35,286 ​ $ 113,081 ​ $ 91,375 U.S. Independent Regions (a) ​ ​ 2,592 ​ ​ 3,604 ​ ​ 9,610 ​ ​ 9,767 Canada Company-Owned Regions (a) ​ ​ 8,889 ​ ​ 3,579 ​ ​ 17,243 ​ ​ 9,119 Canada Independent Regions (a) ​ ​ 1,258 ​ ​ 2,090 ​ ​ 5,827 ​ ​ 6,162 Global ​ ​ 2,967 ​ ​ 2,335 ​ ​ 8,462 ​ ​ 6,679 Fee revenue (b) ​ ​ 58,628 ​ ​ 46,894 ​ ​ 154,223 ​ ​ 123,102 Franchise sales and other revenue (c) ​ ​ 5,995 ​ ​ 4,058 ​ ​ 17,845 ​ ​ 16,126 Total Real Estate ​ ​ 64,623 ​ ​ 50,952 ​ ​ 172,068 ​ ​ 139,228 U.S. ​ ​ 18,471 ​ ​ 15,701 ​ ​ 51,012 ​ ​ 41,948 Canada ​ ​ 4,541 ​ ​ 1,405 ​ ​ 7,702 ​ ​ 4,075 Global ​ ​ 257 ​ ​ 184 ​ ​ 742 ​ ​ 554 Total Marketing Funds ​ ​ 23,269 ​ ​ 17,290 ​ ​ 59,456 ​ ​ 46,577 Mortgage (d) ​ ​ 2,620 ​ ​ 1,906 ​ ​ 7,353 ​ ​ 4,434 Other (d) ​ ​ 485 ​ ​ 925 ​ ​ 1,661 ​ ​ 3,313 Total ​ $ 90,997 ​ $ 71,073 ​ $ 240,538 ​ $ 193,552 (a) On July 21, 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA. Fee revenue from these regions were previously recognized in the U.S. and Canada Independent Regions. See Note 5, Acquisitions , for information related to this transaction. (b) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. (c) Franchise sales and other revenue is derived primarily within the U.S. (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 ​ $ 7,146 ​ $ 8,131 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,277 Franchise sales ​ ​ 1,850 ​ ​ 6,646 ​ ​ 5,295 ​ ​ 4,078 ​ ​ 2,812 ​ ​ 1,509 ​ ​ 3,161 ​ ​ 25,351 Total ​ $ 8,996 ​ $ 14,777 ​ $ 5,295 ​ $ 4,078 ​ $ 2,812 ​ $ 1,509 ​ $ 3,161 ​ $ 40,628 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents ​ $ 119,446 ​ $ 101,355 Restricted cash ​ ​ 25,150 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 144,596 ​ $ 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 (loss) of Holdings as the Marketing Funds have no reported net income (loss). Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Technology - operating ​ $ 3,213 ​ $ 2,721 ​ $ 10,046 ​ $ 9,414 Technology - capital ​ ​ 243 ​ ​ 104 ​ ​ 647 ​ ​ 864 Marketing staff and administrative services ​ ​ 1,725 ​ ​ 988 ​ ​ 4,032 ​ ​ 3,199 Total ​ $ 5,181 ​ $ 3,813 ​ $ 14,725 ​ $ 13,477 ​ 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. During the third quarter of 2020, the Company began executing on a plan to both refresh its corporate headquarters and sublease space made available through the refresh. As a result, the Company changed its asset grouping for its headquarters ROU asset to separate the portion that it intends to sublease from the portion it will continue to occupy and performed an impairment test on the portion it intends to sublease. Based on a comparison of undiscounted cash flows to the ROU asset, the Company determined that the asset was impaired, driven largely by the difference between the existing lease rate on the Company’s corporate headquarters and expected sublease rates available in the market. This resulted in an impairment charge of $7.9 million, which reflects the excess of the ROU asset over its fair value. Foreign Currency Derivatives The Company is exposed to foreign currency transaction gains and losses related to certain foreign currency denominated asset and liability positions, with the Canadian dollar representing the most significant exposure primarily from an intercompany Canadian loan between RMCO and the new Canadian entity for INTEGRA. The Company uses short duration foreign currency forward contracts, generally with maturities ranging from a few days to a few months, to minimize its exposures related to foreign currency exchange rate fluctuations. None of these contracts are designated as accounting hedges as the underlying currency positions are revalued through Foreign currency transaction gains (losses) As of September 30, 2021, the Company had an aggregate U.S. dollar equivalent of $58.5 million notional amount of Canadian dollar forward contracts to hedge these exposures. ​ 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) Debt

Non-controlling Interest

Non-controlling Interest	9 Months Ended
	Sep. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ ​ Shares ​ Ownership % ​ Shares ​ Ownership % ​ Non-controlling interest ownership of common units in RMCO ​ 12,559,600 ​ 40.0 % 12,559,600 ​ 40.6 % Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) ​ 18,806,194 ​ 60.0 % 18,390,691 ​ 59.4 % Total common units in RMCO ​ 31,365,794 ​ 100.0 % 30,950,291 ​ 100.0 % ​ The weighted average ownership percentages for the applicable reporting periods are used to calculate the “Net income (loss) attributable to RE/MAX Holdings, Inc.” A reconciliation of “Income (loss) before provision for income taxes” to “Net income (loss) attributable to RE/MAX Holdings, Inc.” and “Net Income (loss) attributable to non-controlling interest” in the accompanying Condensed Consolidated Statements of Income (Loss) for the periods indicated is detailed as follows (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2021 ​ 2020 (d) ​ RE/MAX Holdings, Inc. Non-controlling interest Total RE/MAX Holdings, Inc. Non-controlling interest Total Weighted average ownership percentage of RMCO (a) ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.2 % ​ 40.8 % ​ 100.0 Income (loss) before provision for income taxes (a) $ (24,836) ​ $ (16,735) ​ $ (41,571) ​ $ 5,212 ​ $ 3,683 ​ $ 8,895 (Provision) / benefit for income taxes (b)(c) ​ (313) ​ ​ (479) ​ ​ (792) ​ ​ (1,595) ​ ​ (462) ​ ​ (2,057) Net income (loss) $ (25,149) ​ $ (17,214) ​ $ (42,363) ​ $ 3,617 ​ $ 3,221 ​ $ 6,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2021 ​ 2020 (d) ​ RE/MAX Holdings, Inc. Non-controlling interest Total RE/MAX Holdings, Inc. Non-controlling interest Total Weighted average ownership percentage of RMCO (a) ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.0 % ​ 41.0 % ​ 100.0 Income (loss) before provision for income taxes (a) $ (17,208) ​ $ (11,578) ​ $ (28,786) ​ $ 14,836 ​ $ 10,067 ​ $ 24,903 (Provision) / benefit for income taxes (b)(c) ​ (1,517) ​ ​ 63 ​ ​ (1,454) ​ ​ (4,953) ​ ​ (1,631) ​ ​ (6,584) Net income (loss) $ (18,725) ​ $ (11,515) ​ $ (30,240) ​ $ 9,883 ​ $ 8,436 ​ $ 18,319 (a) The weighted average ownership percentage of RMCO differs from the allocation of income (loss) before provision for income taxes between Holdings and the non-controlling interest due to certain relatively insignificant items recorded at 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 (loss) from RMCO. It also includes Holdings’ share of taxes directly incurred by RMCO and its subsidiaries, including taxes in certain foreign jurisdictions. (c) The provision for income taxes attributable to the non-controlling interest represents its share of taxes incurred by RMCO and its subsidiaries (both foreign taxes and taxes from non-flow through 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 nine months ended September 30, 2021 include a reversal of an uncertain tax position, the majority of which was allocated to the non-controlling interest (see Note 10, Income Taxes for additional information). (d) Prior year amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements 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): ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 30, ​ 2021 ​ 2020 Tax and other distributions $ 2,113 ​ $ 2,277 Dividend distributions ​ 8,667 ​ ​ 8,289 Total distributions to non-controlling unitholders $ 10,780 ​ $ 10,566 ​

Earnings (Loss) Per Share and D

Earnings (Loss) Per Share and Dividends	9 Months Ended
	Sep. 30, 2021
Earnings (Loss) Per Share and Dividends
Earnings (Loss) Per Share and Dividends	4. Earnings (Loss) Per Share and Dividends Earnings (Loss) 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 (b) ​ 2021 ​ 2020 (b) Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (25,149) ​ $ 3,617 ​ $ (18,725) ​ $ 9,883 Denominator for basic net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,739,564 ​ ​ 18,196,454 ​ ​ 18,651,858 ​ ​ 18,098,227 Denominator for diluted net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,739,564 ​ ​ 18,196,454 ​ ​ 18,651,858 ​ ​ 18,098,227 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock (a) ​ ​ — ​ ​ 171,597 ​ ​ — ​ ​ 84,629 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,739,564 ​ ​ 18,368,051 ​ ​ 18,651,858 ​ ​ 18,182,856 Earnings per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ (1.34) ​ $ 0.20 ​ $ (1.00) ​ $ 0.55 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ (1.34) ​ $ 0.20 ​ $ (1.00) ​ $ 0.54 (a) As the Company had a net loss for the three and nine months ended September 30, 2021, these shares would have been considered anti-dilutive and therefore there is no effect on the weighted average shares of Class A common stock outstanding EPS calculation. (b) Prior year amounts and per share amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements for additional information. 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 (loss) 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 Quarter end declared Date paid Per share Amount paid to Class A stockholders Amount paid to Non-controlling unitholders Date paid Per share Amount paid to Class A stockholders Amount paid to Non-controlling unitholders 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 September 30 ​ August 31, 2021 ​ ​ 0.23 ​ ​ 4,345 ​ ​ 2,889 ​ September 2, 2020 ​ ​ 0.22 ​ ​ 3,988 ​ ​ 2,763 ​ ​ ​ ​ $ 0.69 ​ $ 13,016 ​ $ 8,667 ​ ​ ​ $ 0.66 ​ $ 11,961 ​ $ 8,289 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On November 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 December 1, 2021 to stockholders of record at the close of business on November 17, 2021.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Acquisitions
Acquisitions	5. Acquisitions RE/MAX INTEGRA North America Regions Acquisition On July 21, 2021, the Company acquired the operating companies of the North America regions of INTEGRA 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 $235.0 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 more than 19,000 agents (approximately 12,000 in Canada and 7,000 in the U.S.). The Company funded the acquisition by refinancing its Senior Secured Credit Facility (See Note 8, Debt The Company allocated $40.5 million of the purchase price to a loss on the pre-existing master franchise agreements with INTEGRA which were effectively settled with the acquisition. The loss represents the fair value of the difference between the historical contractual royalty rates paid by INTEGRA and the current market rate. The loss is recorded in “Settlement and impairment charges” in the accompanying Condensed Consolidated Statements of Income (Loss). For the three and nine months ended September 30, 2021, INTEGRA contributed incremental revenues of $11.5 million. ​ The following table summarizes the preliminary allocation of the purchase price (net of settlement loss) to the fair value of assets acquired and liabilities assumed for the acquisition (in thousands): ​ ​ ​ ​ ​ Cash and cash equivalents and restricted cash ​ $ 14,098 Accounts and notes receivable, net ​ ​ 6,610 Income taxes receivable ​ ​ 494 Other current assets ​ ​ 683 Property and equipment, net of accumulated depreciation ​ ​ 63 Franchise agreements (a) ​ ​ 96,550 Other intangible assets, net (a) ​ ​ 9,000 Other assets, net of current portion ​ ​ 1,930 Goodwill (c) ​ ​ 108,269 Accounts payable ​ ​ (3,409) Accrued liabilities ​ ​ (14,012) Income taxes payable ​ ​ (2,900) Deferred revenue ​ ​ (824) Deferred tax liabilities, net ​ ​ (20,152) Other liabilities, net of current portion ​ ​ (1,900) Total purchase price allocated to assets and liabilities ​ ​ 194,500 Loss on contract settlement ​ ​ 40,500 Total consideration ​ $ 235,000 ​ (a) The Company expects to amortize the acquired Franchise agreements over a weighted average useful life of approximately 12 years and the non-compete agreements included in Other intangible assets, net over a useful life of 5 years using the straight-line method. (b) The Company expects 50% of the goodwill in Canada but none in the U.S. to be deductible for tax purposes. The amounts above are preliminary as the Company has not yet finalized its valuation of the loss on contract settlement, intangible assets and goodwill with its third-party valuation firm. Evaluation of all tax matters remains preliminary as well, including deferred taxes and uncertain tax positions. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisitions of INTEGRA had occurred on January 1, 2020. The pro forma information presented below is for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Total revenue ​ $ 93,809 ​ $ 81,943 ​ $ 267,326 ​ $ 226,161 Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (25,059) ​ $ 2,202 ​ $ (19,325) ​ $ 6,280 ​ 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 Equity-Based Compensation 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 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	9 Months Ended
	Sep. 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 September 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 ​ $ 272,028 ​ $ (118,362) ​ $ 153,666 ​ $ 176,354 ​ $ (106,552) ​ $ 69,802 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ ​ 4.4 ​ $ 49,119 ​ $ (27,012) ​ $ 22,107 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ ​ 8.3 ​ ​ 2,352 ​ ​ (1,471) ​ ​ 881 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ ​ 5.0 ​ ​ 12,897 ​ ​ (3,868) ​ ​ 9,029 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ ​ 5.0 ​ ​ 2,400 ​ ​ (1,480) ​ ​ 920 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ ​ 5.3 ​ ​ 1,670 ​ ​ (888) ​ ​ 782 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ ​ 4.7 ​ $ 68,438 ​ $ (34,719) ​ $ 33,719 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of September 30, 2021 and December 31, 2020, capitalized software development costs of $3.5 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 $7.9 million and $6.3 million for the three months ended September 30, 2021 and 2020, respectively. Amortization expense was $20.6 million and $17.8 million for the nine months ended September 30, 2021 and 2020. The prior year amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements 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 September 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 8,749 2022 ​ ​ 32,598 2023 ​ ​ 28,011 2024 ​ ​ 24,569 2025 ​ ​ 20,163 Thereafter ​ ​ 73,295 ​ ​ $ 187,385 ​ The following table presents changes to goodwill by reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Mortgage ​ Total Balance, January 1, 2021 ​ $ 146,725 ​ $ 18,633 ​ $ 165,358 Purchase price adjustments ​ ​ 133 ​ ​ — ​ ​ 133 Goodwill recognized from acquisitions ​ ​ 108,269 ​ ​ — ​ ​ 108,269 Impairment charge ​ ​ (5,123) ​ ​ — ​ ​ (5,123) Effect of changes in foreign currency exchange rates ​ ​ (247) ​ ​ — ​ ​ (247) Balance, September 30, 2021 ​ $ 249,757 ​ $ 18,633 ​ $ 268,390 ​ Impairment charge - goodwill ​ We assess goodwill for impairment at least annually or whenever an event occurs, or circumstances change that would indicate impairment may have occurred at the reporting unit level. Reporting units are driven by the level at which segment management reviews operating results. ​

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities.
Accrued Liabilities	7. Accrued Liabilities Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 Marketing Funds (a) ​ $ 58,481 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 18,370 ​ ​ 10,692 Accrued taxes ​ ​ 1,712 ​ ​ 2,491 Accrued professional fees ​ ​ 4,232 ​ ​ 1,806 Other ​ ​ 8,398 ​ ​ 5,130 ​ ​ $ 91,193 ​ $ 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	9 Months Ended
	Sep. 30, 2021
Debt
Debt	8. Debt Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 Senior Secured Credit Facility ​ $ 458,850 ​ $ 225,013 Other long-term financing ​ ​ — ​ ​ 78 Less unamortized debt issuance costs ​ ​ (4,329) ​ ​ (882) Less unamortized debt discount costs ​ ​ (1,531) ​ ​ (644) Less current portion ​ ​ (4,600) ​ ​ (2,428) ​ ​ $ 448,390 ​ $ 221,137 ​ Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of September 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 1,150 2022 ​ ​ 4,600 2023 ​ ​ 4,600 2024 ​ ​ 4,600 2025 ​ ​ 4,600 Thereafter ​ ​ 439,300 ​ ​ $ 458,850 ​ Senior Secured Credit Facility On July 21, 2021, the Company amended and restated its Senior Secured Credit Facility to fund the acquisition of INTEGRA and refinance its existing facility. The revised facility provides for a seven-year $460.0 million term loan facility which matures on July 21, 2028, and a $50.0 million revolving loan facility which must be repaid on July 21, 2026. The Senior Secured Credit Facility requires RE/MAX, LLC to repay term loans at $1.2 million per quarter. Borrowings under the term loans and revolving loans accrue interest, at the Company’s option on (a) LIBOR, provided LIBOR shall be no less than 0.50% plus an applicable margin of 2.50% and, provided further that such rate shall be adjusted for reserve requirements for eurocurrency liabilities, if any (the “LIBOR Rate”) or (b) the greatest of (i) the prime rate as quoted by the Wall Street Journal, (ii) the NYFRB Rate (as defined in the Senior Secured Credit Facility) plus 0.50% and (iii) the one-month Eurodollar Rate plus 1.00%, (such greatest rate, the “ABR”) plus, in each case, an applicable margin of 1.50%. As of September 30, 2021, the interest rate on the term loan facility was 3.0%. A commitment fee of 0.5% per annum (subject to reductions) accrues on the amount of unutilized revolving line of credit. As of the date of this report, no amounts were drawn on the revolving line of credit.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 Amendment No. 1 to Annual Report on Form 10-K/A. A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 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 (a) ​ $ 5,200 ​ $ — ​ $ — ​ $ 5,200 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration (a) ​ ​ 1,470 ​ ​ — ​ ​ — ​ ​ 1,470 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 6,670 ​ $ — ​ $ — ​ $ 6,670 ​ $ 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 September 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 (Loss). The table below presents a reconciliation of the contingent consideration (in thousands): ​ ​ ​ ​ ​ ​ Total Balance at January 1, 2021 ​ $ 6,340 Fair value adjustments ​ ​ 330 Balance at September 30, 2021 ​ $ 6,670 ​ The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying Amount Fair Value Level 2 Carrying Amount Fair Value Level 2 Senior Secured Credit Facility ​ $ 452,990 ​ $ 457,129 ​ $ 223,487 ​ $ 223,887 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	10. Income Taxes The “Provision for income taxes” in the accompanying Condensed Consolidated Statements of Income (Loss) is based on an estimate of the Company’s annualized effective income tax rate, except for the loss on settlement of the pre-existing master franchise contracts of $40.5 million (as discussed in Note 5, Acquisitions 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. Based upon the settlement of certain of these matters, 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 (Loss) for the three months ended June 30, 2021. During the three months ended September 30, 2021 and in connection with the INTEGRA acquisition, the Company assumed an uncertain tax position related to certain U.S. tax matters and also recorded a largely offsetting related indemnification asset. See Note 5 for further details. 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. 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. 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. A reconciliation of the beginning and ending amount, excluding interest and penalties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ 2021 ​ 2020 Balance, January 1 ​ $ 5,300 ​ $ 4,810 Increases related to prior period tax positions ​ ​ 96 ​ ​ 338 Decrease related to prior year tax positions ​ ​ (815) ​ ​ — Increase related to tax positions from acquired companies ​ ​ 1,587 ​ ​ — Settlements ​ ​ (3,776) ​ ​ — Foreign currency transaction gains/losses ​ ​ 351 ​ ​ — Balance, September 30 ​ $ 2,743 ​ $ 5,148 ​ Of the Company’s remaining uncertain tax positions, $1.9 million have a reasonable possibility of being settled within the next 12 months.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Expense from time-based awards (a)(b) ​ $ 3,756 ​ $ 3,040 ​ $ 17,321 ​ $ 7,535 Expense from performance-based awards (a)(c) ​ ​ 3,188 ​ ​ 374 ​ ​ 4,855 ​ ​ 844 Expense from bonus to be settled in shares (d) ​ ​ 2,064 ​ ​ — ​ ​ 5,139 ​ ​ — Equity-based compensation capitalized ​ ​ — ​ ​ — ​ ​ — ​ ​ (32) Equity-based compensation expense ​ $ 9,008 ​ $ 3,414 ​ $ 27,315 ​ $ 8,347 (a) Includes awards granted to booj, First, wemlo and Gadberry employees and former owners at the time of acquisition. (b) During the nine months ended September 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. The acquisition of INTEGRA significantly increased the expected performance against the revenue performance condition resulting in an increase in expense for those awards. (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 grant date fair value per share Balance, January 1, 2021 ​ 1,018,008 ​ $ 36.74 Granted ​ 268,858 ​ $ 39.16 Shares vested (including tax withholding) (a) ​ (498,446) ​ $ 37.78 Forfeited ​ (20,545) ​ $ 38.05 Balance, September 30, 2021 ​ 767,875 ​ $ 36.88 ​ (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 September 30, 2021, there was $17.6 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.6 years. Performance-based Restricted Stock As discussed in more detail in the Company’s Amendment No.1 to Annual Report on Form 10-K/A, 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 -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 -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 The following table summarizes equity-based compensation activity related to performance-based restricted stock units: ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average grant date fair value per share Balance, January 1, 2021 ​ 281,735 ​ $ 32.34 Granted (a) ​ 56,716 ​ $ 40.07 Forfeited ​ (2,843) ​ $ 28.77 Balance, September 30, 2021 ​ 335,608 ​ $ 33.68 ​ (a) Represents the total participant target award. As of September 30, 2021, there was $6.6 million of total unrecognized expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.7 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 plaintiff Jennifer Nosalek in the District of Massachusetts (the “Nosalek 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 Nosalek Action); allege state antitrust violations (the Sitzer Action and Nosalek 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 5, Acquisitions

Immaterial Corrections to Prior

Immaterial Corrections to Prior Period Financial Statements	9 Months Ended
	Sep. 30, 2021
Immaterial Corrections to Prior Period Financial Statements
Immaterial Corrections to Prior Period Financial Statements	13. Immaterial Corrections to Prior Period Financial Statements During the third quarter of 2021, in analyzing the purchase accounting with respect to the acquisition of INTEGRA, the Company determined that a portion of the acquisition purchase price was attributable to a loss on the settlement of the pre-existing master franchise agreements in which the pre-acquisition royalty rates paid by INTEGRA were below the current market rate. This is in contrast to prior Independent Region acquisitions where the Company allocated the entire purchase price to acquired assets, primarily goodwill and other identifiable intangible assets. The Company has determined this same conclusion applied to certain other Independent Regions acquired between 2007 and 2017 where the region paid a royalty rate below the market rate as of the acquisition date. In these circumstances, the Company failed to recognize a loss on settlement of the master franchise contract in the year of acquisition, which caused overstated goodwill and identifiable intangible assets and generally overstated levels of intangible asset amortization expense subsequent to acquisition. The control deficiencies that led to these errors were deemed to constitute a material weakness in the Company’s internal control over financial reporting. Accordingly, management is correcting the relevant consolidated financial statements and related footnotes for the unaudited three and nine month period ended September 30, 2020 within these condensed consolidated financial statements. Management has evaluated the materiality of these misstatements based on an analysis of quantitative and qualitative factors and concluded they were not material to the prior period financial statements, individually or in aggregate. The following table reflects the impact of the immaterial correction on the Company’s previously reported consolidated financial statements (in thousands, except per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, 2020 ​ September 30, 2020 ​ ​ As previously ​ ​ ​ As previously ​ ​ ​ ​ reported ​ As Adjusted ​ reported ​ As Adjusted Depreciation and amortization ​ $ 6,850 ​ $ 6,730 ​ $ 19,572 ​ $ 19,154 Operating income (loss) ​ $ 10,815 ​ $ 10,935 ​ $ 31,260 ​ $ 31,678 Income (loss) before provision for income taxes ​ $ 8,775 ​ $ 8,895 ​ $ 24,485 ​ $ 24,903 Provision for income taxes ​ $ (2,051) ​ $ (2,057) ​ $ (6,547) ​ $ (6,584) Net income (loss) ​ $ 6,724 ​ $ 6,838 ​ $ 17,938 ​ $ 18,319 Less: net income (loss) attributable to non-controlling interest ​ $ 3,171 ​ $ 3,221 ​ $ 8,265 ​ $ 8,436 Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ 3,553 ​ $ 3,617 ​ $ 9,673 ​ $ 9,883 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ 0.20 ​ $ 0.20 ​ $ 0.53 ​ $ 0.55 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ 0.19 ​ $ 0.20 ​ $ 0.53 ​ $ 0.54 ​

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Information
Segment Information	14. 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 Amendment No. 1 to Annual Report on Form 10-K/A. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Continuing franchise fees ​ $ 30,416 ​ $ 22,799 ​ $ 79,064 ​ $ 61,471 Annual dues ​ ​ 8,967 ​ ​ 8,638 ​ ​ 26,508 ​ ​ 26,304 Broker fees ​ ​ 19,245 ​ ​ 15,457 ​ ​ 48,651 ​ ​ 35,327 Franchise sales and other revenue ​ ​ 5,995 ​ ​ 4,058 ​ ​ 17,845 ​ ​ 16,126 Total Real Estate ​ ​ 64,623 ​ ​ 50,952 ​ ​ 172,068 ​ ​ 139,228 Continuing franchise fees ​ ​ 2,048 ​ ​ 1,540 ​ ​ 5,729 ​ ​ 3,749 Franchise sales and other revenue ​ ​ 572 ​ ​ 366 ​ ​ 1,624 ​ ​ 685 Total Mortgage ​ ​ 2,620 ​ ​ 1,906 ​ ​ 7,353 ​ ​ 4,434 Marketing Funds fees ​ ​ 23,269 ​ ​ 17,290 ​ ​ 59,456 ​ ​ 46,577 Other ​ ​ 485 ​ ​ 925 ​ ​ 1,661 ​ ​ 3,313 Total revenue ​ $ 90,997 ​ $ 71,073 ​ $ 240,538 ​ $ 193,552 The following table presents a reconciliation of Adjusted EBITDA by segment to income (loss) before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Adjusted EBITDA: Real Estate ​ $ 36,292 ​ $ 30,959 ​ $ 92,014 ​ $ 71,008 Adjusted EBITDA: Mortgage ​ ​ (1,282) ​ ​ (176) ​ ​ (3,165) ​ ​ (1,495) Adjusted EBITDA: Other ​ ​ (56) ​ ​ (448) ​ ​ (238) ​ ​ (730) Adjusted EBITDA: Consolidated ​ ​ 34,954 ​ ​ 30,335 ​ ​ 88,611 ​ ​ 68,783 Gain (loss) on sale or disposition of assets, net ​ ​ — ​ ​ 11 ​ ​ 10 ​ ​ 33 Loss on contract settlement (a) ​ ​ (40,500) ​ ​ — ​ ​ (40,500) ​ ​ — Loss on extinguishment of debt (b) ​ ​ (264) ​ ​ — ​ ​ (264) ​ ​ — Impairment charge - leased assets (c) ​ ​ — ​ ​ (7,902) ​ ​ — ​ ​ (7,902) Impairment charge - goodwill (d) ​ ​ (5,123) ​ ​ — ​ ​ (5,123) ​ ​ — Equity-based compensation expense ​ ​ (9,008) ​ ​ (3,414) ​ ​ (27,315) ​ ​ (8,347) Acquisition-related expense (e) ​ ​ (9,432) ​ ​ (1,021) ​ ​ (14,303) ​ ​ (1,915) Fair value adjustments to contingent consideration (f) ​ ​ (320) ​ ​ (250) ​ ​ (330) ​ ​ 105 Interest income ​ ​ 19 ​ ​ 25 ​ ​ 201 ​ ​ 328 Interest expense ​ ​ (3,315) ​ ​ (2,159) ​ ​ (7,537) ​ ​ (7,028) Depreciation and amortization (g) ​ ​ (8,582) ​ ​ (6,730) ​ ​ (22,236) ​ ​ (19,154) Income (loss) before provision for income taxes (g) ​ $ (41,571) ​ $ 8,895 ​ $ (28,786) ​ $ 24,903 (a) Represents the effective settlement of the pre-existing master franchise agreement with INTEGRA that was recognized with the acquisition. See Note 5, Acquisitions for additional information. (b) The loss was recognized in connection with the amended and restated Senior Secured Credit Facility. See Note 8, Debt for additional information. (c) Represents the impairment recognized on a portion of the Company’s corporate headquarters office building in the prior year. See Note 2, Summary of Significant Accounting Policies for additional information. (d) Lower than expected adoption rates of the First technology resulted in downward revisions to long-term forecasts, resulting in an impairment charge to the First reporting unit goodwill. See Note 6, Intangible Assets and Goodwill for additional information. (e) Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with the evaluation, due diligence, execution and integration of acquisitions. (f) 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 . (g) Prior year amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements for additional information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 September 30, 2021 and the results of its operations and comprehensive income (loss), cash flows and changes in its stockholders’ equity for the three and nine months ended September 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 Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2020 (“2020 Amendment No. 1 to Annual Report on Form 10-K/A”), filed with the Securities and Exchange Commission (“SEC”) on December 21, 2021. 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 RE/MAX or Motto 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 beginning of period ​ New billings ​ Revenue recognized (a) ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 14,539 ​ $ 27,246 ​ $ (26,508) ​ $ 15,277 ​ (a) Revenue recognized related to the beginning balance was $12.9 million for the nine months ended September 30, 2021, respectively. Franchise Sales The activity in the Company’s franchise sales deferred revenue accounts consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ New billings ​ Revenue recognized (a) ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 25,069 ​ $ 6,933 ​ $ (6,651) ​ $ 25,351 (a) Revenue recognized related to the beginning balance was $6.0 million for the nine months ended September 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 beginning of period ​ Expense recognized ​ Additions to contract cost for new activity ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 3,690 ​ $ (1,013) ​ $ 1,135 ​ $ 3,812 ​ 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 U.S. Company-Owned Regions (a) ​ $ 42,922 ​ $ 35,286 ​ $ 113,081 ​ $ 91,375 U.S. Independent Regions (a) ​ ​ 2,592 ​ ​ 3,604 ​ ​ 9,610 ​ ​ 9,767 Canada Company-Owned Regions (a) ​ ​ 8,889 ​ ​ 3,579 ​ ​ 17,243 ​ ​ 9,119 Canada Independent Regions (a) ​ ​ 1,258 ​ ​ 2,090 ​ ​ 5,827 ​ ​ 6,162 Global ​ ​ 2,967 ​ ​ 2,335 ​ ​ 8,462 ​ ​ 6,679 Fee revenue (b) ​ ​ 58,628 ​ ​ 46,894 ​ ​ 154,223 ​ ​ 123,102 Franchise sales and other revenue (c) ​ ​ 5,995 ​ ​ 4,058 ​ ​ 17,845 ​ ​ 16,126 Total Real Estate ​ ​ 64,623 ​ ​ 50,952 ​ ​ 172,068 ​ ​ 139,228 U.S. ​ ​ 18,471 ​ ​ 15,701 ​ ​ 51,012 ​ ​ 41,948 Canada ​ ​ 4,541 ​ ​ 1,405 ​ ​ 7,702 ​ ​ 4,075 Global ​ ​ 257 ​ ​ 184 ​ ​ 742 ​ ​ 554 Total Marketing Funds ​ ​ 23,269 ​ ​ 17,290 ​ ​ 59,456 ​ ​ 46,577 Mortgage (d) ​ ​ 2,620 ​ ​ 1,906 ​ ​ 7,353 ​ ​ 4,434 Other (d) ​ ​ 485 ​ ​ 925 ​ ​ 1,661 ​ ​ 3,313 Total ​ $ 90,997 ​ $ 71,073 ​ $ 240,538 ​ $ 193,552 (a) On July 21, 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA. Fee revenue from these regions were previously recognized in the U.S. and Canada Independent Regions. See Note 5, Acquisitions , for information related to this transaction. (b) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. (c) Franchise sales and other revenue is derived primarily within the U.S. (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 ​ $ 7,146 ​ $ 8,131 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,277 Franchise sales ​ ​ 1,850 ​ ​ 6,646 ​ ​ 5,295 ​ ​ 4,078 ​ ​ 2,812 ​ ​ 1,509 ​ ​ 3,161 ​ ​ 25,351 Total ​ $ 8,996 ​ $ 14,777 ​ $ 5,295 ​ $ 4,078 ​ $ 2,812 ​ $ 1,509 ​ $ 3,161 ​ $ 40,628 ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents ​ $ 119,446 ​ $ 101,355 Restricted cash ​ ​ 25,150 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 144,596 ​ $ 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 (loss) of Holdings as the Marketing Funds have no reported net income (loss). Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Technology - operating ​ $ 3,213 ​ $ 2,721 ​ $ 10,046 ​ $ 9,414 Technology - capital ​ ​ 243 ​ ​ 104 ​ ​ 647 ​ ​ 864 Marketing staff and administrative services ​ ​ 1,725 ​ ​ 988 ​ ​ 4,032 ​ ​ 3,199 Total ​ $ 5,181 ​ $ 3,813 ​ $ 14,725 ​ $ 13,477
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. During the third quarter of 2020, the Company began executing on a plan to both refresh its corporate headquarters and sublease space made available through the refresh. As a result, the Company changed its asset grouping for its headquarters ROU asset to separate the portion that it intends to sublease from the portion it will continue to occupy and performed an impairment test on the portion it intends to sublease. Based on a comparison of undiscounted cash flows to the ROU asset, the Company determined that the asset was impaired, driven largely by the difference between the existing lease rate on the Company’s corporate headquarters and expected sublease rates available in the market. This resulted in an impairment charge of $7.9 million, which reflects the excess of the ROU asset over its fair value.
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. During the third quarter of 2020, the Company began executing on a plan to both refresh its corporate headquarters and sublease space made available through the refresh. As a result, the Company changed its asset grouping for its headquarters ROU asset to separate the portion that it intends to sublease from the portion it will continue to occupy and performed an impairment test on the portion it intends to sublease. Based on a comparison of undiscounted cash flows to the ROU asset, the Company determined that the asset was impaired, driven largely by the difference between the existing lease rate on the Company’s corporate headquarters and expected sublease rates available in the market. This resulted in an impairment charge of $7.9 million, which reflects the excess of the ROU asset over its fair value.
Foreign Currency Derivatives	Foreign Currency Derivatives The Company is exposed to foreign currency transaction gains and losses related to certain foreign currency denominated asset and liability positions, with the Canadian dollar representing the most significant exposure primarily from an intercompany Canadian loan between RMCO and the new Canadian entity for INTEGRA. The Company uses short duration foreign currency forward contracts, generally with maturities ranging from a few days to a few months, to minimize its exposures related to foreign currency exchange rate fluctuations. None of these contracts are designated as accounting hedges as the underlying currency positions are revalued through Foreign currency transaction gains (losses) As of September 30, 2021, the Company had an aggregate U.S. dollar equivalent of $58.5 million notional amount of Canadian dollar forward contracts to hedge these exposures.
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) Debt

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of deferred revenue for annual dues	The activity in the Company’s deferred revenue for annual dues consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ New billings ​ Revenue recognized (a) ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 14,539 ​ $ 27,246 ​ $ (26,508) ​ $ 15,277 ​ (a) Revenue recognized related to the beginning balance was $12.9 million for the nine months ended September 30, 2021, respectively.
Schedule of 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 beginning of period ​ Expense recognized ​ Additions to contract cost for new activity ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 3,690 ​ $ (1,013) ​ $ 1,135 ​ $ 3,812
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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 U.S. Company-Owned Regions (a) ​ $ 42,922 ​ $ 35,286 ​ $ 113,081 ​ $ 91,375 U.S. Independent Regions (a) ​ ​ 2,592 ​ ​ 3,604 ​ ​ 9,610 ​ ​ 9,767 Canada Company-Owned Regions (a) ​ ​ 8,889 ​ ​ 3,579 ​ ​ 17,243 ​ ​ 9,119 Canada Independent Regions (a) ​ ​ 1,258 ​ ​ 2,090 ​ ​ 5,827 ​ ​ 6,162 Global ​ ​ 2,967 ​ ​ 2,335 ​ ​ 8,462 ​ ​ 6,679 Fee revenue (b) ​ ​ 58,628 ​ ​ 46,894 ​ ​ 154,223 ​ ​ 123,102 Franchise sales and other revenue (c) ​ ​ 5,995 ​ ​ 4,058 ​ ​ 17,845 ​ ​ 16,126 Total Real Estate ​ ​ 64,623 ​ ​ 50,952 ​ ​ 172,068 ​ ​ 139,228 U.S. ​ ​ 18,471 ​ ​ 15,701 ​ ​ 51,012 ​ ​ 41,948 Canada ​ ​ 4,541 ​ ​ 1,405 ​ ​ 7,702 ​ ​ 4,075 Global ​ ​ 257 ​ ​ 184 ​ ​ 742 ​ ​ 554 Total Marketing Funds ​ ​ 23,269 ​ ​ 17,290 ​ ​ 59,456 ​ ​ 46,577 Mortgage (d) ​ ​ 2,620 ​ ​ 1,906 ​ ​ 7,353 ​ ​ 4,434 Other (d) ​ ​ 485 ​ ​ 925 ​ ​ 1,661 ​ ​ 3,313 Total ​ $ 90,997 ​ $ 71,073 ​ $ 240,538 ​ $ 193,552 (a) On July 21, 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA. Fee revenue from these regions were previously recognized in the U.S. and Canada Independent Regions. See Note 5, Acquisitions , for information related to this transaction. (b) Fee revenue includes Continuing franchise fees, Annual dues and Broker fees. (c) Franchise sales and other revenue is derived primarily within the U.S. (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 ​ $ 7,146 ​ $ 8,131 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,277 Franchise sales ​ ​ 1,850 ​ ​ 6,646 ​ ​ 5,295 ​ ​ 4,078 ​ ​ 2,812 ​ ​ 1,509 ​ ​ 3,161 ​ ​ 25,351 Total ​ $ 8,996 ​ $ 14,777 ​ $ 5,295 ​ $ 4,078 ​ $ 2,812 ​ $ 1,509 ​ $ 3,161 ​ $ 40,628
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents ​ $ 119,446 ​ $ 101,355 Restricted cash ​ ​ 25,150 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 144,596 ​ $ 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Technology - operating ​ $ 3,213 ​ $ 2,721 ​ $ 10,046 ​ $ 9,414 Technology - capital ​ ​ 243 ​ ​ 104 ​ ​ 647 ​ ​ 864 Marketing staff and administrative services ​ ​ 1,725 ​ ​ 988 ​ ​ 4,032 ​ ​ 3,199 Total ​ $ 5,181 ​ $ 3,813 ​ $ 14,725 ​ $ 13,477
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 beginning of period ​ New billings ​ Revenue recognized (a) ​ Balance at end of period Nine Months Ended September 30, 2021 ​ $ 25,069 ​ $ 6,933 ​ $ (6,651) ​ $ 25,351 (a) Revenue recognized related to the beginning balance was $6.0 million for the nine months ended September 30, 2021, respectively.

Non-controlling Interest (Table

Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2021
Noncontrolling Interest
Summary of Ownership of the Common Units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ ​ Shares ​ Ownership % ​ Shares ​ Ownership % ​ Non-controlling interest ownership of common units in RMCO ​ 12,559,600 ​ 40.0 % 12,559,600 ​ 40.6 % Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) ​ 18,806,194 ​ 60.0 % 18,390,691 ​ 59.4 % Total common units in RMCO ​ 31,365,794 ​ 100.0 % 30,950,291 ​ 100.0 %
Reconciliation from Income Before Provision for Income Taxes to Net Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2021 ​ 2020 (d) ​ RE/MAX Holdings, Inc. Non-controlling interest Total RE/MAX Holdings, Inc. Non-controlling interest Total Weighted average ownership percentage of RMCO (a) ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.2 % ​ 40.8 % ​ 100.0 Income (loss) before provision for income taxes (a) $ (24,836) ​ $ (16,735) ​ $ (41,571) ​ $ 5,212 ​ $ 3,683 ​ $ 8,895 (Provision) / benefit for income taxes (b)(c) ​ (313) ​ ​ (479) ​ ​ (792) ​ ​ (1,595) ​ ​ (462) ​ ​ (2,057) Net income (loss) $ (25,149) ​ $ (17,214) ​ $ (42,363) ​ $ 3,617 ​ $ 3,221 ​ $ 6,838 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2021 ​ 2020 (d) ​ RE/MAX Holdings, Inc. Non-controlling interest Total RE/MAX Holdings, Inc. Non-controlling interest Total Weighted average ownership percentage of RMCO (a) ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.0 % ​ 41.0 % ​ 100.0 Income (loss) before provision for income taxes (a) $ (17,208) ​ $ (11,578) ​ $ (28,786) ​ $ 14,836 ​ $ 10,067 ​ $ 24,903 (Provision) / benefit for income taxes (b)(c) ​ (1,517) ​ ​ 63 ​ ​ (1,454) ​ ​ (4,953) ​ ​ (1,631) ​ ​ (6,584) Net income (loss) $ (18,725) ​ $ (11,515) ​ $ (30,240) ​ $ 9,883 ​ $ 8,436 ​ $ 18,319 (a) The weighted average ownership percentage of RMCO differs from the allocation of income (loss) before provision for income taxes between Holdings and the non-controlling interest due to certain relatively insignificant items recorded at 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 (loss) from RMCO. It also includes Holdings’ share of taxes directly incurred by RMCO and its subsidiaries, including taxes in certain foreign jurisdictions. (c) The provision for income taxes attributable to the non-controlling interest represents its share of taxes incurred by RMCO and its subsidiaries (both foreign taxes and taxes from non-flow through 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 nine months ended September 30, 2021 include a reversal of an uncertain tax position, the majority of which was allocated to the non-controlling interest (see Note 10, Income Taxes for additional information). (d) Prior year amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements for additional information.
Distributions Paid or Payable	​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 30, ​ 2021 ​ 2020 Tax and other distributions $ 2,113 ​ $ 2,277 Dividend distributions ​ 8,667 ​ ​ 8,289 Total distributions to non-controlling unitholders $ 10,780 ​ $ 10,566

Earnings (Loss) Per Share and_2

Earnings (Loss) Per Share and Dividends (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings (Loss) 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 (b) ​ 2021 ​ 2020 (b) Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (25,149) ​ $ 3,617 ​ $ (18,725) ​ $ 9,883 Denominator for basic net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,739,564 ​ ​ 18,196,454 ​ ​ 18,651,858 ​ ​ 18,098,227 Denominator for diluted net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,739,564 ​ ​ 18,196,454 ​ ​ 18,651,858 ​ ​ 18,098,227 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock (a) ​ ​ — ​ ​ 171,597 ​ ​ — ​ ​ 84,629 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,739,564 ​ ​ 18,368,051 ​ ​ 18,651,858 ​ ​ 18,182,856 Earnings per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ (1.34) ​ $ 0.20 ​ $ (1.00) ​ $ 0.55 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ (1.34) ​ $ 0.20 ​ $ (1.00) ​ $ 0.54 (a) As the Company had a net loss for the three and nine months ended September 30, 2021, these shares would have been considered anti-dilutive and therefore there is no effect on the weighted average shares of Class A common stock outstanding EPS calculation. (b) Prior year amounts and per share amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements for additional information.
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2021 ​ 2020 Quarter end declared Date paid Per share Amount paid to Class A stockholders Amount paid to Non-controlling unitholders Date paid Per share Amount paid to Class A stockholders Amount paid to Non-controlling unitholders 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 September 30 ​ August 31, 2021 ​ ​ 0.23 ​ ​ 4,345 ​ ​ 2,889 ​ September 2, 2020 ​ ​ 0.22 ​ ​ 3,988 ​ ​ 2,763 ​ ​ ​ ​ $ 0.69 ​ $ 13,016 ​ $ 8,667 ​ ​ ​ $ 0.66 ​ $ 11,961 ​ $ 8,289 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Acquisitions (Tables)

Acquisitions (Tables) - RE/MAX INTEGRA North America Region Asset Acquisition	9 Months Ended
	Sep. 30, 2021
Acquisitions
Summary of the allocation of the purchase price to the fair value of assets acquired and liabilities assumed	The following table summarizes the preliminary allocation of the purchase price (net of settlement loss) to the fair value of assets acquired and liabilities assumed for the acquisition (in thousands): ​ ​ ​ ​ ​ Cash and cash equivalents and restricted cash ​ $ 14,098 Accounts and notes receivable, net ​ ​ 6,610 Income taxes receivable ​ ​ 494 Other current assets ​ ​ 683 Property and equipment, net of accumulated depreciation ​ ​ 63 Franchise agreements (a) ​ ​ 96,550 Other intangible assets, net (a) ​ ​ 9,000 Other assets, net of current portion ​ ​ 1,930 Goodwill (c) ​ ​ 108,269 Accounts payable ​ ​ (3,409) Accrued liabilities ​ ​ (14,012) Income taxes payable ​ ​ (2,900) Deferred revenue ​ ​ (824) Deferred tax liabilities, net ​ ​ (20,152) Other liabilities, net of current portion ​ ​ (1,900) Total purchase price allocated to assets and liabilities ​ ​ 194,500 Loss on contract settlement ​ ​ 40,500 Total consideration ​ $ 235,000 (a) The Company expects to amortize the acquired Franchise agreements over a weighted average useful life of approximately 12 years and the non-compete agreements included in Other intangible assets, net over a useful life of 5 years using the straight-line method. (b) The Company expects 50% of the goodwill in Canada but none in the U.S. to be deductible for tax purposes.
Summary of Unaudited Pro Forma Information	The pro forma information presented below is for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on that date, nor of the results that may be obtained in the future (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Total revenue ​ $ 93,809 ​ $ 81,943 ​ $ 267,326 ​ $ 226,161 Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (25,059) ​ $ 2,202 ​ $ (19,325) ​ $ 6,280

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 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 September 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 ​ $ 272,028 ​ $ (118,362) ​ $ 153,666 ​ $ 176,354 ​ $ (106,552) ​ $ 69,802 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ ​ 4.4 ​ $ 49,119 ​ $ (27,012) ​ $ 22,107 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ ​ 8.3 ​ ​ 2,352 ​ ​ (1,471) ​ ​ 881 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ ​ 5.0 ​ ​ 12,897 ​ ​ (3,868) ​ ​ 9,029 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ ​ 5.0 ​ ​ 2,400 ​ ​ (1,480) ​ ​ 920 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ ​ 5.3 ​ ​ 1,670 ​ ​ (888) ​ ​ 782 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ ​ 4.7 ​ $ 68,438 ​ $ (34,719) ​ $ 33,719 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of September 30, 2021 and December 31, 2020, capitalized software development costs of $3.5 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 September 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 8,749 2022 ​ ​ 32,598 2023 ​ ​ 28,011 2024 ​ ​ 24,569 2025 ​ ​ 20,163 Thereafter ​ ​ 73,295 ​ ​ $ 187,385
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 ​ $ 146,725 ​ $ 18,633 ​ $ 165,358 Purchase price adjustments ​ ​ 133 ​ ​ — ​ ​ 133 Goodwill recognized from acquisitions ​ ​ 108,269 ​ ​ — ​ ​ 108,269 Impairment charge ​ ​ (5,123) ​ ​ — ​ ​ (5,123) Effect of changes in foreign currency exchange rates ​ ​ (247) ​ ​ — ​ ​ (247) Balance, September 30, 2021 ​ $ 249,757 ​ $ 18,633 ​ $ 268,390 ​

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 Marketing Funds (a) ​ $ 58,481 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 18,370 ​ ​ 10,692 Accrued taxes ​ ​ 1,712 ​ ​ 2,491 Accrued professional fees ​ ​ 4,232 ​ ​ 1,806 Other ​ ​ 8,398 ​ ​ 5,130 ​ ​ $ 91,193 ​ $ 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)	9 Months Ended
	Sep. 30, 2021
Debt
Schedule of debt	Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 Senior Secured Credit Facility ​ $ 458,850 ​ $ 225,013 Other long-term financing ​ ​ — ​ ​ 78 Less unamortized debt issuance costs ​ ​ (4,329) ​ ​ (882) Less unamortized debt discount costs ​ ​ (1,531) ​ ​ (644) Less current portion ​ ​ (4,600) ​ ​ (2,428) ​ ​ $ 448,390 ​ $ 221,137
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of September 30, 2021 ​ ​ ​ Remainder of 2021 ​ $ 1,150 2022 ​ ​ 4,600 2023 ​ ​ 4,600 2024 ​ ​ 4,600 2025 ​ ​ 4,600 Thereafter ​ ​ 439,300 ​ ​ $ 458,850

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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 (a) ​ $ 5,200 ​ $ — ​ $ — ​ $ 5,200 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration (a) ​ ​ 1,470 ​ ​ — ​ ​ — ​ ​ 1,470 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 6,670 ​ $ — ​ $ — ​ $ 6,670 ​ $ 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 ​ ​ 330 Balance at September 30, 2021 ​ $ 6,670
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying Amount Fair Value Level 2 Carrying Amount Fair Value Level 2 Senior Secured Credit Facility ​ $ 452,990 ​ $ 457,129 ​ $ 223,487 ​ $ 223,887

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Taxes
Schedule of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ 2021 ​ 2020 Balance, January 1 ​ $ 5,300 ​ $ 4,810 Increases related to prior period tax positions ​ ​ 96 ​ ​ 338 Decrease related to prior year tax positions ​ ​ (815) ​ ​ — Increase related to tax positions from acquired companies ​ ​ 1,587 ​ ​ — Settlements ​ ​ (3,776) ​ ​ — Foreign currency transaction gains/losses ​ ​ 351 ​ ​ — Balance, September 30 ​ $ 2,743 ​ $ 5,148

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Expense from time-based awards (a)(b) ​ $ 3,756 ​ $ 3,040 ​ $ 17,321 ​ $ 7,535 Expense from performance-based awards (a)(c) ​ ​ 3,188 ​ ​ 374 ​ ​ 4,855 ​ ​ 844 Expense from bonus to be settled in shares (d) ​ ​ 2,064 ​ ​ — ​ ​ 5,139 ​ ​ — Equity-based compensation capitalized ​ ​ — ​ ​ — ​ ​ — ​ ​ (32) Equity-based compensation expense ​ $ 9,008 ​ $ 3,414 ​ $ 27,315 ​ $ 8,347 (a) Includes awards granted to booj, First, wemlo and Gadberry employees and former owners at the time of acquisition. (b) During the nine months ended September 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. The acquisition of INTEGRA significantly increased the expected performance against the revenue performance condition resulting in an increase in expense for those awards. (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 grant date fair value per share Balance, January 1, 2021 ​ 1,018,008 ​ $ 36.74 Granted ​ 268,858 ​ $ 39.16 Shares vested (including tax withholding) (a) ​ (498,446) ​ $ 37.78 Forfeited ​ (20,545) ​ $ 38.05 Balance, September 30, 2021 ​ 767,875 ​ $ 36.88 ​ (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	The following table summarizes equity-based compensation activity related to performance-based restricted stock units: ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average grant date fair value per share Balance, January 1, 2021 ​ 281,735 ​ $ 32.34 Granted (a) ​ 56,716 ​ $ 40.07 Forfeited ​ (2,843) ​ $ 28.77 Balance, September 30, 2021 ​ 335,608 ​ $ 33.68 ​ (a) Represents the total participant target award.

Immaterial Corrections to Pri_2

Immaterial Corrections to Prior Period Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2021
Immaterial Corrections to Prior Period Financial Statements
Schedule of correction to prior period adjustments to financial statements	The following table reflects the impact of the immaterial correction on the Company’s previously reported consolidated financial statements (in thousands, except per share information): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, 2020 ​ September 30, 2020 ​ ​ As previously ​ ​ ​ As previously ​ ​ ​ ​ reported ​ As Adjusted ​ reported ​ As Adjusted Depreciation and amortization ​ $ 6,850 ​ $ 6,730 ​ $ 19,572 ​ $ 19,154 Operating income (loss) ​ $ 10,815 ​ $ 10,935 ​ $ 31,260 ​ $ 31,678 Income (loss) before provision for income taxes ​ $ 8,775 ​ $ 8,895 ​ $ 24,485 ​ $ 24,903 Provision for income taxes ​ $ (2,051) ​ $ (2,057) ​ $ (6,547) ​ $ (6,584) Net income (loss) ​ $ 6,724 ​ $ 6,838 ​ $ 17,938 ​ $ 18,319 Less: net income (loss) attributable to non-controlling interest ​ $ 3,171 ​ $ 3,221 ​ $ 8,265 ​ $ 8,436 Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ 3,553 ​ $ 3,617 ​ $ 9,673 ​ $ 9,883 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic ​ $ 0.20 ​ $ 0.20 ​ $ 0.53 ​ $ 0.55 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ 0.19 ​ $ 0.20 ​ $ 0.53 ​ $ 0.54

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Information
Schedule of Revenue from External Customers By Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Continuing franchise fees ​ $ 30,416 ​ $ 22,799 ​ $ 79,064 ​ $ 61,471 Annual dues ​ ​ 8,967 ​ ​ 8,638 ​ ​ 26,508 ​ ​ 26,304 Broker fees ​ ​ 19,245 ​ ​ 15,457 ​ ​ 48,651 ​ ​ 35,327 Franchise sales and other revenue ​ ​ 5,995 ​ ​ 4,058 ​ ​ 17,845 ​ ​ 16,126 Total Real Estate ​ ​ 64,623 ​ ​ 50,952 ​ ​ 172,068 ​ ​ 139,228 Continuing franchise fees ​ ​ 2,048 ​ ​ 1,540 ​ ​ 5,729 ​ ​ 3,749 Franchise sales and other revenue ​ ​ 572 ​ ​ 366 ​ ​ 1,624 ​ ​ 685 Total Mortgage ​ ​ 2,620 ​ ​ 1,906 ​ ​ 7,353 ​ ​ 4,434 Marketing Funds fees ​ ​ 23,269 ​ ​ 17,290 ​ ​ 59,456 ​ ​ 46,577 Other ​ ​ 485 ​ ​ 925 ​ ​ 1,661 ​ ​ 3,313 Total revenue ​ $ 90,997 ​ $ 71,073 ​ $ 240,538 ​ $ 193,552
Reconciliation of Adjusted EBITDA for its Reportable Segment to Consolidated Balances	The following table presents a reconciliation of Adjusted EBITDA by segment to income (loss) before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 Adjusted EBITDA: Real Estate ​ $ 36,292 ​ $ 30,959 ​ $ 92,014 ​ $ 71,008 Adjusted EBITDA: Mortgage ​ ​ (1,282) ​ ​ (176) ​ ​ (3,165) ​ ​ (1,495) Adjusted EBITDA: Other ​ ​ (56) ​ ​ (448) ​ ​ (238) ​ ​ (730) Adjusted EBITDA: Consolidated ​ ​ 34,954 ​ ​ 30,335 ​ ​ 88,611 ​ ​ 68,783 Gain (loss) on sale or disposition of assets, net ​ ​ — ​ ​ 11 ​ ​ 10 ​ ​ 33 Loss on contract settlement (a) ​ ​ (40,500) ​ ​ — ​ ​ (40,500) ​ ​ — Loss on extinguishment of debt (b) ​ ​ (264) ​ ​ — ​ ​ (264) ​ ​ — Impairment charge - leased assets (c) ​ ​ — ​ ​ (7,902) ​ ​ — ​ ​ (7,902) Impairment charge - goodwill (d) ​ ​ (5,123) ​ ​ — ​ ​ (5,123) ​ ​ — Equity-based compensation expense ​ ​ (9,008) ​ ​ (3,414) ​ ​ (27,315) ​ ​ (8,347) Acquisition-related expense (e) ​ ​ (9,432) ​ ​ (1,021) ​ ​ (14,303) ​ ​ (1,915) Fair value adjustments to contingent consideration (f) ​ ​ (320) ​ ​ (250) ​ ​ (330) ​ ​ 105 Interest income ​ ​ 19 ​ ​ 25 ​ ​ 201 ​ ​ 328 Interest expense ​ ​ (3,315) ​ ​ (2,159) ​ ​ (7,537) ​ ​ (7,028) Depreciation and amortization (g) ​ ​ (8,582) ​ ​ (6,730) ​ ​ (22,236) ​ ​ (19,154) Income (loss) before provision for income taxes (g) ​ $ (41,571) ​ $ 8,895 ​ $ (28,786) ​ $ 24,903 (a) Represents the effective settlement of the pre-existing master franchise agreement with INTEGRA that was recognized with the acquisition. See Note 5, Acquisitions for additional information. (b) The loss was recognized in connection with the amended and restated Senior Secured Credit Facility. See Note 8, Debt for additional information. (c) Represents the impairment recognized on a portion of the Company’s corporate headquarters office building in the prior year. See Note 2, Summary of Significant Accounting Policies for additional information. (d) Lower than expected adoption rates of the First technology resulted in downward revisions to long-term forecasts, resulting in an impairment charge to the First reporting unit goodwill. See Note 6, Intangible Assets and Goodwill for additional information. (e) Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with the evaluation, due diligence, execution and integration of acquisitions. (f) 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 . (g) Prior year amounts have been adjusted to reflect the immaterial correction of amortization for certain acquired Independent Regions. See Note 13, Immaterial Corrections to Prior Period Financial Statements for additional information.

Business and Organization (Deta

Business and Organization (Details)	9 Months Ended
	Sep. 30, 2021countryOfficeitem
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of Company consisting of franchises	100.00%
Minimum
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of agents | item	140,000
Number of offices | Office	8,000
Number of countries in which entity operates | country	110
Mortgage
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of Company consisting of franchises	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Deferred Revenue (Details) $ in Thousands	9 Months Ended
	Sep. 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	27,246
Revenue recognized	(26,508)
Balance at the end of period	15,277
Franchise sales
Disaggregation of Revenue [Line Items]
Balance at beginning of period	25,069
New billings	6,933
Revenue recognized	(6,651)
Balance at the end of period	25,351
Annual dues
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	12,900
Franchise sales
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	$ 6,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Commissions Related to Franchise Sales (Details) - Commissions Related to Franchise Sales $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 3,690
Expense recognized	(1,013)
Additions to contract cost for new activity	1,135
Balance at end of period	$ 3,812

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 90,997	$ 71,073	$ 240,538	$ 193,552
Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	7,052	5,349	21,130	20,124
Total Real Estate
Disaggregation of Revenue [Line Items]
Total revenue	64,623	50,952	172,068	139,228
Total Real Estate | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	58,628	46,894	154,223	123,102
Total Real Estate | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	5,995	4,058	17,845	16,126
Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	23,269	17,290	59,456	46,577
Mortgage
Disaggregation of Revenue [Line Items]
Total revenue	2,620	1,906	7,353	4,434
Mortgage | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	572	366	1,624	685
Other
Disaggregation of Revenue [Line Items]
Total revenue	485	925	1,661	3,313
U.S. | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	42,922	35,286	113,081	91,375
U.S. | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,592	3,604	9,610	9,767
U.S. | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	18,471	15,701	51,012	41,948
Canada | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	8,889	3,579	17,243	9,119
Canada | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	1,258	2,090	5,827	6,162
Canada | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	4,541	1,405	7,702	4,075
Global | Global. | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,967	2,335	8,462	6,679
Global | Total Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	$ 257	$ 184	$ 742	$ 554

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Transaction Price (Details) $ in Thousands	Sep. 30, 2021USD ($)
Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 40,628
Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	15,277
Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	25,351
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 8,996
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 7,146
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 1,850
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	3 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	$ 14,777
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	$ 8,131
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	$ 6,646
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	$ 5,295
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 5,295
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	$ 4,078
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 4,078
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	$ 2,812
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 2,812
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	$ 1,509
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 1,509
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	$ 3,161
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Annual dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 3,161
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	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 119,446	$ 101,355
Restricted cash	25,150	19,872
Total cash, cash equivalents and restricted cash	144,596	121,227	$ 104,770	$ 103,601
Marketing funds
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	119,446	101,355
Restricted cash	25,150	19,872
Total cash, cash equivalents and restricted cash	$ 144,596	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Costs charged	$ 5,181	$ 3,813	$ 14,725	$ 13,477
Technology - operating
Costs charged	3,213	2,721	10,046	9,414
Technology - capital
Costs charged	243	104	647	864
Marketing staff and administrative services
Costs charged	$ 1,725	$ 988	$ 4,032	$ 3,199

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Leases (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021lease
Leases
Number of franchisees' leases recognized by the Company | lease			0
Impairment charge - leased assets | $	$ 7,902	$ 7,902

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Foreign Currency Derivatives (Details) $ in Millions	Sep. 30, 2021USD ($)
Foreign Currency Exchange | Canadian Dollar
Derivative [Line Items]
Notional amount	$ 58.5

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Sep. 30, 2021	Dec. 31, 2020
Shares
Holdings outstanding Class A common stock (equal to Holdings common units in RMCO)	18,806,194	18,390,691
Total number of common stock units in RMCO	31,365,794	30,950,291
Ownership Percentage
Holdings outstanding Class A common stock (equal to Holdings common units in RMCO) (as a percentage)	60.00%	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)	40.00%	40.60%

Non-controlling Interest - Net

Non-controlling Interest - Net income reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Minority Interest [Line Items]
Income (loss) before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ (24,836)			$ 5,212			$ (17,208)	$ 14,836
Income (loss) before provision for income taxes: Non-controlling interest	(16,735)			3,683			(11,578)	10,067
Income (loss) before provision for income taxes	(41,571)			8,895			(28,786)	24,903
(Provision) benefit for income taxes attributable to RE/MAX Holdings, Inc.	(313)			(1,595)			(1,517)	(4,953)
(Provision) benefit for income taxes: Non-controlling interest	(479)			(462)			63	(1,631)
(Provision) benefit for income taxes	(792)			(2,057)			(1,454)	(6,584)
Net income (loss) attributable to RE/MAX Holdings, Inc.	(25,149)			3,617			(18,725)	9,883
Net income (loss): Non-controlling interest	(17,214)			3,221			(11,515)	8,436
Net income (loss)	$ (42,363)	$ 10,360	$ 1,763	6,838	$ 6,043	$ 5,438	$ (30,240)	18,319
RMCO, LLC
Minority Interest [Line Items]
Weighted average ownership percentage	100.00%						100.00%		100.00%
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (25,149)			$ 3,617			$ (18,725)	$ 9,883
RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Weighted average ownership percentage attributable to RE/MAX Holdings, Inc.	59.80%			59.20%			59.80%	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%			40.80%			40.20%	41.00%

Non-controlling Interest - Dist

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 10,780	$ 10,566
Tax and other distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	2,113	2,277
Dividend distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 8,667	$ 8,289

Earnings (Loss) Per Share and_3

Earnings (Loss) Per Share and Dividends - Reconciliation of the numerator and denominator used in basic and diluted EPS calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (25,149)	$ 3,617	$ (18,725)	$ 9,883
RMCO, LLC
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (25,149)	$ 3,617	$ (18,725)	$ 9,883
Common Class A
Denominator for basic net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,739,564	18,196,454	18,651,858	18,098,227
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,739,564	18,196,454	18,651,858	18,098,227
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	18,739,564	18,368,051	18,651,858	18,182,856
Earnings (loss) per share of Class A common stock
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ (1.34)	$ 0.20	$ (1)	$ 0.55
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ (1.34)	$ 0.20	$ (1)	$ 0.54
Restricted stock
Add dilutive effect of the following:
Restricted stock		171,597		84,629

Earnings (Loss) Per Share and_4

Earnings (Loss) Per Share and Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 03, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Dividends Payable [Line Items]
Dividends to Class A common stockholders		$ 4,345	$ 4,345	$ 4,326	$ 3,988	$ 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			$ 0.69	$ 0.66
Quarterly dividend
Dividends Payable [Line Items]
Dividend to Non-controlling unitholders		$ 2,889	$ 2,889	$ 2,889	$ 2,763	$ 2,763	$ 2,763	$ 8,667	$ 8,289
Quarterly dividend | Common Class A
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.23	$ 0.23	$ 0.23	$ 0.22	$ 0.22	$ 0.22	$ 0.69	$ 0.66
Dividends to Class A common stockholders		$ 4,345	$ 4,345	$ 4,326	$ 3,988	$ 3,987	$ 3,986	$ 13,016	$ 11,961
Quarterly dividend | Common Class A | Subsequent Event
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock	$ 0.23

Acquisitions - Re_Max Integra N

Acquisitions - Re/Max Integra North America Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 21, 2021	Sep. 30, 2021	Dec. 31, 2020
Purchase Price Allocation
Goodwill		$ 268,390	$ 165,358
Loss on contract settlement		$ 40,500
RE/MAX INTEGRA North America Region Asset Acquisition
Purchase Price Allocation
Cash and cash equivalents and restricted cash	$ 14,098
Accounts and notes receivable, net	6,610
Income tax receivable	494
Other current assets	683
Property and equipment, net of accumulated depreciation	63
Other assets, net of current portion	1,930
Other assets	1,930
Goodwill	108,269
Accounts payable	(3,409)
Accrued liabilities	(14,012)
Income taxes payable	(2,900)
Deferred revenue	(824)
Deferred tax liabilities, net	(20,152)
Other liabilities, net of current portion	(1,900)
Total purchase price allocated to assets and liabilities	194,500
Loss on contract settlement	40,500
Total consideration	235,000
RE/MAX INTEGRA North America Region Asset Acquisition | Franchise agreements
Purchase Price Allocation
Other intangible assets, net	96,550
RE/MAX INTEGRA North America Region Asset Acquisition | Other intangible assets
Purchase Price Allocation
Other intangible assets, net	$ 9,000

Acquisitions - Re_Max Integra_2

Acquisitions - Re/Max Integra North America Pro Forma (Details) - USD ($) $ in Thousands	Jul. 21, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pro Forma Information
Loss on purchase price of pre-existing master franchise agreements				$ 40,500
RE/MAX INTEGRA North America Region Asset Acquisition
Pro Forma Information
Total revenue		$ 93,809	$ 81,943	267,326	$ 226,161
Net income (loss) attributable to RE/MAX Holdings, Inc.		$ (25,059)	$ 2,202	$ (19,325)	$ 6,280
Loss on purchase price of pre-existing master franchise agreements	$ 40,500

Acquisitions - Re_Max Integra_3

Acquisitions - Re/Max Integra North America Acquisition (Details) $ in Thousands	Jul. 21, 2021USD ($)itemstate	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Loss on purchase price of pre-existing master franchise agreements | $			$ 40,500
Franchise agreements
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			12 years
Non-compete agreements
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			5 years
RE/MAX INTEGRA North America Region Asset Acquisition
Business Acquisition [Line Items]
Cash consideration | $	$ 235,000
Number of agents | item	19,000
Loss on purchase price of pre-existing master franchise agreements | $	$ 40,500
Incremental revenues since acquisition date | $		$ 11,500	$ 11,500
RE/MAX INTEGRA North America Region Asset Acquisition | Canada
Business Acquisition [Line Items]
Number of provinces | item	5
Number of agents | item	12,000
Percentage of goodwill	50.00%
RE/MAX INTEGRA North America Region Asset Acquisition | U.S.
Business Acquisition [Line Items]
Number of states | state	9
Number of agents | item	7,000
Percentage of goodwill	0.00%

Acquisitions - Gadberry & Wemlo

Acquisitions - Gadberry & Wemlo Acquisition (Details) $ in Thousands	Sep. 10, 2020USD ($)	Aug. 25, 2020USD ($)	Mar. 31, 2021employee	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Cash consideration, net of cash acquired				$ 180,402	$ 10,627
Goodwill				$ 268,390		$ 165,358
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
Goodwill		14,400
Other intangible assets		6,300
Wemlo | Time-based awards
Business Acquisition [Line Items]
Number of employees departed | employee			2
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 153,666		$ 153,666		$ 69,802
Amortization expense	7,900	$ 6,300	20,600	$ 17,800
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	272,028		272,028		176,354
Accumulated Amortization	(118,362)		(118,362)		(106,552)
Net Balance	153,666		$ 153,666		69,802
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	68,438		$ 68,438		54,704
Accumulated Amortization	(34,719)		(34,719)		(24,735)
Net Balance	33,719		$ 33,719		29,969
Other intangible assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			4 years 8 months 12 days
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	49,119		$ 49,119		44,389
Accumulated Amortization	(27,012)		(27,012)		(18,926)
Net Balance	22,107		$ 22,107		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	3,500		$ 3,500		1,400
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,352		2,352		2,325
Accumulated Amortization	(1,471)		(1,471)		(1,274)
Net Balance	881		$ 881		1,051
Trademarks | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			8 years 3 months 18 days
Non-compete agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	12,897		$ 12,897		3,920
Accumulated Amortization	(3,868)		(3,868)		(2,814)
Net Balance	9,029		$ 9,029		1,106
Non-compete agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets			5 years
Training materials
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,400		$ 2,400		2,400
Accumulated Amortization	(1,480)		(1,480)		(1,120)
Net Balance	920		$ 920		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	(888)		(888)		(601)
Net Balance	$ 782		$ 782		$ 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	Sep. 30, 2021USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Remainder of 2021	$ 8,749
2022	32,598
2023	28,011
2024	24,569
2025	20,163
Thereafter	73,295
Estimated future amortization expense	$ 187,385

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Changes to goodwill
Beginning Balance		$ 165,358
Purchase price adjustments		133
Goodwill recognized from acquisitions		108,269
Impairment charge - goodwill	$ (5,123)	(5,123)
Effect of changes in foreign currency exchange rates		(247)
Ending Balance	268,390	268,390
Total Real Estate
Changes to goodwill
Beginning Balance		146,725
Purchase price adjustments		133
Goodwill recognized from acquisitions		108,269
Impairment charge - goodwill		(5,123)
Effect of changes in foreign currency exchange rates		(247)
Ending Balance	249,757	249,757
Mortgage
Changes to goodwill
Beginning Balance		18,633
Ending Balance	$ 18,633	$ 18,633

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities.
Marketing Funds	$ 58,481	$ 48,452
Accrued payroll and related employee costs	18,370	10,692
Accrued taxes	1,712	2,491
Accrued professional fees	4,232	1,806
Other	8,398	5,130
Accrued liabilities	$ 91,193	$ 68,571

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 458,850
Less unamortized debt issuance costs	(4,329)	$ (882)
Less unamortized debt discount costs	(1,531)	(644)
Less current portion	(4,600)	(2,428)
Debt, net of current portion	448,390	221,137
Senior Secured Credit Facility
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 458,850	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	Sep. 30, 2021USD ($)
Debt
Remainder of 2021	$ 1,150
2022	4,600
2023	4,600
2024	4,600
2025	4,600
Thereafter	439,300
Long term debt	$ 458,850

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Jun. 21, 2021	Jul. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Payments on debt			$ 226,240	$ 1,986
Senior Secured Credit Facility Refinancing | Federal Reserve Bank of New York
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Senior Secured Credit Facility Refinancing | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Senior Secured Credit Facility Refinancing | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Term loan | Senior Secured Credit Facility Refinancing
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 460,000
Mandatory principal payments		1,200
Loan term	7 years
Debt instrument, interest rate			3.00%
Frequency of payments			quarter
Revolving loan facility
Debt Instrument [Line Items]
Amounts drawn on line of credit			$ 0
Revolving loan facility | Senior Secured Credit Facility Refinancing
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 50,000
Revolving loan facility commitment fee on average daily amount of unused portion			0.50%
ABR loans | Senior Secured Credit Facility Refinancing
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
ABR loans | Senior Secured Credit Facility Refinancing | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 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	$ 6,670	$ 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	6,670	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	5,200	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	5,200	4,750
Gadberry | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	1,470	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	1,470	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments	$ 320	$ 250	$ 330	$ (105)
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	6,670		6,670
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			330
Balance at Ending	$ 6,670		$ 6,670

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Senior Secured Credit Facility (Details) - Senior Secured Credit Facility - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying amounts
Debt Instrument [Line Items]
Long term debt, carrying amount	$ 452,990	$ 223,487
Level 2 | Estimated fair value
Debt Instrument [Line Items]
Long term debt, fair value	$ 457,129	$ 223,887

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021
Income Taxes
Loss on contract settlement		$ 40.5
Loss on tax provision		0
Reduction to income tax expense including interest and penalties due to settlement of uncertain tax position	$ 1.4
Remaining uncertain tax positions		$ 1.9

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax position liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 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	338
Decrease related to prior year tax positions	(815)
Increase related to tax positions from acquired companies	1,587
Settlements	(3,776)
Foreign currency transaction gains/losses	351
Balance, September 30	$ 2,743	$ 5,148

Equity-Based Compensation - 201

Equity-Based Compensation - 2013 Omnibus Incentive Plan (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2021employee	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Employee stock-based compensation expense
Equity-based compensation expense	$ 9,008		$ 3,414	$ 27,315	$ 8,347
Equity-based compensation capitalized					(32)
Time-based awards
Employee stock-based compensation expense
Equity-based compensation expense	3,756		3,040	17,321	7,535
Accelerated expense				5,500
Number of employees departed | employee		2
Performance-based awards
Employee stock-based compensation expense
Equity-based compensation expense	3,188		$ 374	4,855	$ 844
Bonus settled in shares
Employee stock-based compensation expense
Equity-based compensation expense	$ 2,064			$ 5,139

Equity-Based Compensation - Tim

Equity-Based Compensation - Time-Based Restricted Stock (Details) - Time-based awards $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Restricted Stock Units
Nonvested at beginning of period | shares	1,018,008
Granted | shares	268,858
Shares vested (including tax withholding) | shares	(498,446)
Forfeited | shares	(20,545)
Nonvested at end of period | shares	767,875
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares	$ 36.74
Granted, Weighted average grant date fair value per share | $ / shares	39.16
Shares vested (including tax withholding) , Weighted average grant date fair value per share | $ / shares	37.78
Forfeited, Weighted average grant date fair value per share | $ / shares	38.05
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 36.88
Unrecognized compensation cost | $	$ 17.6
Period for recognition of RSU compensation expense	1 year 7 months 6 days

Equity-Based Compensation - Per

Equity-Based Compensation - Performance-based Restricted Stock (Details) - Performance-based awards $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)item$ / sharesshares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020$ / sharesshares
Restricted Stock Units
Nonvested at beginning of period | shares	281,735
Granted | shares	56,716
Forfeited | shares	(2,843)
Nonvested at end of period | shares	335,608			281,735
Nonvested at beginning of period, Weighted average grant date fair value per share | $ / shares	$ 32.34
Granted, Weighted average grant date fair value per share | $ / shares	40.07
Forfeited, Weighted average grant date fair value per share | $ / shares	28.77
Nonvested at end of period, Weighted average grant date fair value per share | $ / shares	$ 33.68			$ 32.34
Unrecognized compensation cost | $	$ 6.6
Period for recognition of RSU compensation expense	1 year 8 months 12 days
Period of performance measurement	1 year			3 years
Vesting Period	3 years
Number of one year performance periods | item	3
Scenario, Plan [Member]
Restricted Stock Units
Period of performance measurement		1 year	1 year

Immaterial Corrections to Pri_3

Immaterial Corrections to Prior Period Financial Statements - Operation Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Immaterial Corrections to Prior Period Financial Statements
Depreciation and amortization	$ 8,582			$ 6,730			$ 22,236	$ 19,154
Operating income (loss)	(37,576)			10,935			(20,368)	31,678
Income (loss) before provision for income taxes	(41,571)			8,895			(28,786)	24,903
Provision for income taxes	792			2,057			1,454	6,584
Net income (loss)	(42,363)	$ 10,360	$ 1,763	6,838	$ 6,043	$ 5,438	(30,240)	18,319
Less: net income (loss) attributable to non-controlling interest	(17,214)			3,221			(11,515)	8,436
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (25,149)			3,617			$ (18,725)	9,883
Purchase Accounting [Member]
Immaterial Corrections to Prior Period Financial Statements
Depreciation and amortization				6,730				19,154
Operating income (loss)				10,935				31,678
Income (loss) before provision for income taxes				8,895				24,903
Provision for income taxes				(2,057)				(6,584)
Net income (loss)				6,838				18,319
Less: net income (loss) attributable to non-controlling interest				3,221				8,436
Net income (loss) attributable to RE/MAX Holdings, Inc.				3,617				9,883
Previously Reported | Purchase Accounting [Member]
Immaterial Corrections to Prior Period Financial Statements
Depreciation and amortization				6,850				19,572
Operating income (loss)				10,815				31,260
Income (loss) before provision for income taxes				8,775				24,485
Provision for income taxes				(2,051)				(6,547)
Net income (loss)				6,724				17,938
Less: net income (loss) attributable to non-controlling interest				3,171				8,265
Net income (loss) attributable to RE/MAX Holdings, Inc.				$ 3,553				$ 9,673
Common Class A
Immaterial Corrections to Prior Period Financial Statements
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$ (1.34)			$ 0.20			$ (1)	$ 0.55
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ (1.34)			0.20			$ (1)	0.54
Common Class A | Purchase Accounting [Member]
Immaterial Corrections to Prior Period Financial Statements
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic				0.20				0.55
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted				0.20				0.54
Common Class A | Previously Reported | Purchase Accounting [Member]
Immaterial Corrections to Prior Period Financial Statements
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic				0.20				0.53
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted				$ 0.19				$ 0.53

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Information
Number of Operating Segments	4

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information
Total revenue	$ 90,997	$ 71,073	$ 240,538	$ 193,552
Total Real Estate
Segment Reporting Information
Total revenue	64,623	50,952	172,068	139,228
Mortgage
Segment Reporting Information
Total revenue	2,620	1,906	7,353	4,434
Marketing Funds fees
Segment Reporting Information
Total revenue	23,269	17,290	59,456	46,577
Other
Segment Reporting Information
Total revenue	485	925	1,661	3,313
Continuing franchise fees
Segment Reporting Information
Total revenue	32,464	24,339	84,793	65,220
Continuing franchise fees | Total Real Estate
Segment Reporting Information
Total revenue	30,416	22,799	79,064	61,471
Continuing franchise fees | Mortgage
Segment Reporting Information
Total revenue	2,048	1,540	5,729	3,749
Annual dues
Segment Reporting Information
Total revenue	8,967	8,638	26,508	26,304
Annual dues | Total Real Estate
Segment Reporting Information
Total revenue	8,967	8,638	26,508	26,304
Broker fees
Segment Reporting Information
Total revenue	19,245	15,457	48,651	35,327
Broker fees | Total Real Estate
Segment Reporting Information
Total revenue	19,245	15,457	48,651	35,327
Franchise sales and other revenue
Segment Reporting Information
Total revenue	7,052	5,349	21,130	20,124
Franchise sales and other revenue | Total Real Estate
Segment Reporting Information
Total revenue	5,995	4,058	17,845	16,126
Franchise sales and other revenue | Mortgage
Segment Reporting Information
Total revenue	$ 572	$ 366	$ 1,624	$ 685

Segment Information - Reconcili

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ 34,954	$ 30,335	$ 88,611	$ 68,783
Gain (loss) on sale or disposition of assets, net		11	10	33
Loss on contract settlement	(40,500)		(40,500)
Loss on early extinguishment of debt	(264)		(264)
Impairment charge - leased assets		(7,902)		(7,902)
Impairment charge - goodwill	(5,123)		(5,123)
Equity-based compensation expense	(9,008)	(3,414)	(27,315)	(8,347)
Acquisition-related expense	(9,432)	(1,021)	(14,303)	(1,915)
Fair value adjustments to contingent consideration	(320)	(250)	(330)	105
Interest income	19	25	201	328
Interest expense	(3,315)	(2,159)	(7,537)	(7,028)
Depreciation and amortization	(8,582)	(6,730)	(22,236)	(19,154)
Income (loss) before provision for income taxes	(41,571)	8,895	(28,786)	24,903
Total Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	36,292	30,959	92,014	71,008
Impairment charge - goodwill			(5,123)
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	(1,282)	(176)	(3,165)	(1,495)
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA	$ (56)	$ (448)	$ (238)	$ (730)