RE/MAX (RMAX) 10-K 23 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-36101
Entity Registrant Name	RE/MAX Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0937145
Entity Address Line One	5075 South Syracuse Street
Entity Address City or Town	Denver
Entity Address State or Province	CO
Entity Address Postal Zip Code	80237
City Area Code	303
Local Phone Number	770-5531
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	RMAX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001581091
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 611.5
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,898,703
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 126,270	$ 101,355
Restricted cash	32,129	19,872
Accounts and notes receivable, current portion, net of allowances	34,611	29,985
Income taxes receivable	1,754	1,222
Other current assets	16,010	13,938
Total current assets	210,774	166,372
Property and equipment, net of accumulated depreciation	12,686	7,872
Operating lease right of use assets	36,523	38,878
Franchise agreements, net	143,832	69,802
Other intangible assets, net	32,530	29,969
Goodwill	269,115	165,358
Deferred tax assets, net	51,314	50,702
Income taxes receivable, net of current portion	1,803	1,980
Other assets, net of current portion	17,556	15,435
Total assets	776,133	546,368
Current liabilities:
Accounts payable	5,189	2,108
Accrued liabilities	96,768	68,571
Income taxes payable	2,546	9,579
Deferred revenue	27,178	25,282
Current portion of debt	4,600	2,428
Current portion of payable pursuant to tax receivable agreements	3,610	3,590
Operating lease liabilities	6,328	5,687
Total current liabilities	146,219	117,245
Debt, net of current portion	447,459	221,137
Payable pursuant to tax receivable agreements, net of current portion	26,893	29,974
Deferred tax liabilities, net	14,699	490
Deferred revenue, net of current portion	18,929	19,864
Operating lease liabilities, net of current portion	45,948	50,279
Other liabilities, net of current portion	6,919	5,722
Total liabilities	707,066	444,711
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	515,443	491,422
Retained earnings (accumulated deficit)	(7,821)	25,628
Accumulated other comprehensive income, net of tax	650	612
Total stockholders' equity attributable to RE/MAX Holdings, Inc.	508,274	517,664
Non-controlling interest	(439,207)	(416,007)
Total stockholders' equity	69,067	101,657
Total liabilities and stockholders' equity	776,133	546,368
Common Class A
Stockholders' equity:
Common stock	$ 2	$ 2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 329,701	$ 266,001	$ 282,293
Operating expenses:
Selling, operating and administrative expenses	179,873	128,998	119,232
Marketing Funds expenses	82,391	64,402	72,299
Depreciation and amortization	31,333	26,106	21,792
Settlement and impairment charges	46,035	7,902
Total operating expenses	339,632	227,408	213,323
Operating income (loss)	(9,931)	38,593	68,970
Other expenses, net:
Interest expense	(11,344)	(9,223)	(12,229)
Interest income	217	340	1,446
Foreign currency transaction gains (losses)	(839)	(2)	109
Loss on early extinguishment of debt	(264)
Total other expenses, net	(12,230)	(8,885)	(10,674)
Income (loss) before provision for income taxes	(22,161)	29,708	58,296
Provision for income taxes	(2,459)	(9,162)	(10,982)
Net income (loss)	(24,620)	20,546	47,314
Less: net income (loss) attributable to non-controlling interest	(9,004)	9,296	22,034
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (15,616)	$ 11,250	$ 25,280
Common Class A
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$ (0.84)	$ 0.62	$ 1.42
Diluted	$ (0.84)	$ 0.61	$ 1.41
Weighted average shares of Class A common stock outstanding
Basic	18,690,442	18,170,348	17,812,065
Diluted	18,690,442	18,324,246	17,867,752
Cash dividends declared per share of Class A common stock	$ 0.92	$ 0.88	$ 0.84
Continuing franchise fees
Revenue:
Total revenue	$ 118,504	$ 90,217	$ 99,928
Annual Dues
Revenue:
Total revenue	35,549	35,075	35,409
Broker fees
Revenue:
Total revenue	65,456	50,028	45,990
Marketing Funds fees
Revenue:
Total revenue	82,391	64,402	72,299
Franchise sales and other revenue
Revenue:
Total revenue	$ 27,801	$ 26,279	$ 28,667

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (24,620)	$ 20,546	$ 47,314
Change in cumulative translation adjustment	48	216	166
Other comprehensive income (loss), net of tax	48	216	166
Comprehensive income (loss)	(24,572)	20,762	47,480
Less: comprehensive income (loss) attributable to non-controlling interest	(8,994)	9,314	22,114
Comprehensive income (loss) attributable to RE/MAX Holdings, Inc., net of tax	$ (15,578)	$ 11,448	$ 25,366

Consolidated Statements of Stoc

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	Non-controlling interest	Total
Beginning balance, Value at Dec. 31, 2018	$ 2				$ 460,101	$ 20,526	$ 328	$ (417,951)	$ 63,006
Beginning balance, Shares at Dec. 31, 2018	17,754,416		1
Net Income (loss)						25,280		22,034	47,314
Distributions to non-controlling unitholders								(15,430)	(15,430)
Equity-based compensation expense and dividend equivalents, Value					7,375	(104)			7,271
Equity-based compensation expense and dividend equivalents, Shares	106,390
Dividends to Class A common stockholders						(14,970)			(14,970)
Change in accumulated other comprehensive income							86	80	166
Payroll taxes related to net settled restricted stock units, Value					(1,110)				(1,110)
Payroll taxes related to net settled restricted stock units, Shares	(22,573)
Other					579				579
Ending balance, Value at Dec. 31, 2019	$ 2				466,945	30,732	414	(411,267)	86,826
Ending balance, Shares at Dec. 31, 2019	17,838,233		1
Net Income (loss)						11,250		9,296	20,546
Distributions to non-controlling unitholders								(14,058)	(14,058)
Equity-based compensation expense and dividend equivalents, Value					18,108	(310)			17,798
Equity-based compensation expense and dividend equivalents, Shares	394,701
Dividends to Class A common stockholders						(16,044)			(16,044)
Change in accumulated other comprehensive income							198	18	216
Payroll taxes related to net settled restricted stock units, Value					(2,544)				(2,544)
Payroll taxes related to net settled restricted stock units, Shares	(90,414)
Acquisitions, Value					8,800				8,800
Acquisitions, Shares	248,171
Other					113			4	117
Ending balance, Value at Dec. 31, 2020	$ 2				491,422	25,628	612	(416,007)	101,657
Ending balance, Shares at Dec. 31, 2020	18,390,691	18,390,691	1	1
Net Income (loss)						(15,616)		(9,004)	(24,620)
Distributions to non-controlling unitholders								(14,206)	(14,206)
Equity-based compensation expense and dividend equivalents, Value					29,237	(472)			28,765
Equity-based compensation expense and dividend equivalents, Shares	547,398
Dividends to Class A common stockholders						(17,361)			(17,361)
Change in accumulated other comprehensive income							38	10	48
Payroll taxes related to net settled restricted stock units, Value					(5,329)				(5,329)
Payroll taxes related to net settled restricted stock units, Shares	(131,895)
Other					113				113
Ending balance, Value at Dec. 31, 2021	$ 2				$ 515,443	$ (7,821)	$ 650	$ (439,207)	$ 69,067
Ending balance, Shares at Dec. 31, 2021	18,806,194	18,806,194	1	1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (24,620)	$ 20,546	$ 47,314
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,333	26,106	21,792
Impairment charge - leased assets		7,902
Impairment charge - goodwill	5,123	0	0
Bad debt expense	(1,345)	2,903	4,964
Loss on early extinguishment of debt	264
Equity-based compensation expense	34,298	16,267	10,934
Deferred income tax expense (benefit)	(2,528)	1,899	2,383
Fair value adjustments to contingent consideration	309	814	241
Non-cash change in tax receivable agreements liability	382
Non-cash lease expense (benefit)	(1,335)	(508)
Other, net	522	1,051	1,252
Changes in operating assets and liabilities
Accounts and notes receivable, current portion	3,329	(3,460)	(5,614)
Other current and noncurrent assets	(2,090)	(10,665)	(6,084)
Other current and noncurrent liabilities	11,882	9,035	6,737
Payments pursuant to tax receivable agreements	(3,444)	(3,562)	(3,556)
Income taxes receivable/payable	(9,775)	2,109	178
Deferred revenue, current and noncurrent	137	410	(1,566)
Net cash provided by operating activities	42,442	70,847	78,975
Cash flows from investing activities:
Purchases of property, equipment and capitalization of software	(15,239)	(6,903)	(13,226)
Acquisitions, net of cash acquired of $14.1 million, $0.9 million and $0.1 million, respectively	(180,002)	(10,627)	(14,945)
Restricted cash acquired			28,495
Other	319		(1,200)
Net cash used in investing activities	(194,922)	(17,530)	(876)
Cash flows from financing activities:
Proceeds from the issuance of debt	458,850
Payments on debt	(227,390)	(2,634)	(2,622)
Capitalized debt amendment costs	(3,871)
Distributions paid to non-controlling unitholders	(14,206)	(14,058)	(15,430)
Dividends and dividend equivalents paid to Class A common stockholders	(17,833)	(16,354)	(15,074)
Payments related to tax withholding for share-based compensation	(5,329)	(2,544)	(1,110)
Payment of contingent consideration	(869)	(409)	(306)
Net cash provided by (used in) financing activities	189,352	(35,999)	(34,542)
Effect of exchange rate changes on cash	300	308	70
Net increase in cash, cash equivalents and restricted cash	37,172	17,626	43,627
Cash, cash equivalents and restricted cash, beginning of period	121,227	103,601	59,974
Cash, cash equivalents and restricted cash, end of period	158,399	121,227	103,601
Supplemental disclosures of cash flow information:
Cash paid for interest	10,794	8,663	11,690
Net cash paid for income taxes	$ 14,908	4,993	$ 8,429
Schedule of non-cash investing activities:
Class A shares issued as consideration for acquisitions		$ 8,800

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Statements of Cash Flows
Cash acquired	$ 14.1	$ 0.9	$ 0.1

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2021
Business and Organization
Business and Organization	1. Business and Organization RE/MAX Holdings, Inc. (“Holdings”) completed an initial public offering (the “IPO”) of its shares of Class A common stock on October 7, 2013. Holdings’ only business is to act as the sole manager of RMCO, LLC (“RMCO”). As of December 31, 2021, Holdings owns 60.0% of the common membership units in RMCO, while RIHI, Inc. (“RIHI”) owns the remaining 40.0%. Holdings and its consolidated subsidiaries, including RMCO, are referred to hereinafter as the “Company.” The Company is one of the world’s leading franchisors 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”). The Company also sells ancillary products and services, primarily technology, to the RE/MAX and Motto franchise networks and in certain instances, commercializes those offerings outside those networks. The Company focuses on enabling its networks’ success by providing powerful technology, quality education, and valuable marketing to build the strength of the RE/MAX and Motto brands. RE/MAX was founded in 1973 and its strategy is to sell franchises and help those franchisees recruit and retain the best agents. The RE/MAX brand is built on the strength of the Company’s global franchise network and its unique economic model that helps to attract and retain the best-performing and most experienced agents by maximizing their opportunity to retain a larger portion of their commissions. On July 21, 2021, the Company acquired the operating companies of the North America regions of RE/MAX INTEGRA (“INTEGRA”), converting more than 19,000 agents in INTEGRA’s formerly Independent Regions into Company-Owned Regions. Motto, founded in 2016, has grown to over 185 offices across more than 35 states. The Motto franchise model offers U.S. real estate brokers, real estate professionals and other investors access to the mortgage brokerage business. Motto, is highly complementary to our RE/MAX real estate business and is designed to improve the profitability of real estate brokerages by providing Motto franchise owners with diversified revenue and income streams and with assistance with compliance with complex mortgage regulations. Motto franchisees offer potential homebuyers an opportunity to find both real estate agents and independent Motto loan originators at the same location or at offices near each other. RE/MAX and Motto are 100% franchised—the Company does not own any of the brokerages that operate under these brands. Holdings Capital Structure Holdings has two classes of common stock, Class A common stock and Class B common stock. Class A common stock Holders of shares of Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Additionally, holders of shares of Class A common stock are entitled to receive dividends when and if declared by the Company’s Board of Directors, subject to any statutory or contractual restrictions on the payment of dividends. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B common stock RIHI is the sole holder of Class B common stock and is controlled by David and Gail Liniger, the Company’s co-founders. Pursuant to the terms of the Company’s Certificate of Incorporation, Class B common stock is entitled to a number of votes on matters presented to Holdings’ stockholders equal to the number of RMCO common units that RIHI holds. Through its ownership of the Class B common stock, RIHI holds 40.0% of the voting power of the Company’s stock as of December 31, 2021. Mr. Liniger also owns Class A common stock with an additional 1.1% of the voting power of the Company’s stock as of December 31, 2021. Holders of shares of Class B common stock do not have preemptive, subscription, redemption or conversion rights. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except as otherwise required by applicable law.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements (“financial statements”) and notes thereto included in this Annual Report on Form 10-K have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying financial statements 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 financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of December 31, 2021 and 2020, the results of its operations and comprehensive income (loss), changes in its stockholders’ equity and its cash flows for the years ended December 31, 2021, 2020 and 2019. During 2021, the Company acquired the operating companies of INTEGRA. During 2020, the Company acquired Gadberry Group, LLC (“Gadberry”) and Wemlo, Inc. (“wemlo”). During 2019, the Company acquired First Leads, Inc. (“First”), and all of the regional and pan-regional advertising fund entities previously owned by its founder and Chairman of the Board of Directors, David Liniger. The results of operations, cash flows and financial position of these acquisitions are included in the financial statements from their respective dates of acquisition. See Note 6, Acquisitions, Use of Estimates The preparation of the accompanying 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 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 segments: ● Real Estate – comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand and technology and data subscription revenue from the combination of RE/MAX data assets and Gadberry, which are now rebranded together as G73, and the First app, along with corporate-wide shared services expenses. ● Mortgage – comprises the operations of the Company’s mortgage brokerage franchising operations under the Motto brand and mortgage loan processing services and licensed software under the wemlo brand. Mortgage does not include any charges related to the corporate-wide shared services expenses. ● Marketing Funds – comprises the operations of the Company’s marketing campaigns designed to build and maintain brand awareness and the development and operation of agent marketing technology. This segment has no net income given the contractual restriction that all funds collected must be spent for designated purposes. ● Other – comprises other operations which, due to quantitative insignificance, do not meet the criteria of a reportable segment. See Note 16 for additional information about segment reporting. Principles of Consolidation Holdings consolidates RMCO and records a non-controlling interest in the accompanying Consolidated Balance Sheets and records net income (loss) attributable to the non-controlling interest and comprehensive income (loss) attributable to the non-controlling interest in the accompanying Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss), respectively. Revenue Recognition The Company generates most of its revenue from contracts with customers. The Company’s franchise agreements offer the following benefits to the franchisee: common use and promotion of RE/MAX and Motto trademarks; distinctive sales and promotional materials; access to technology; marketing tools and education; standardized supplies and other materials used in RE/MAX and Motto offices; and recommended procedures for operation of RE/MAX and Motto offices. The Company concluded that these benefits are highly related and all part of one performance obligation for each franchise agreement, a license of symbolic intellectual property that is billed through a variety of fees including continuing franchise fees, annual dues, broker fees, marketing funds fees and franchise sales, described below. The Company has other performance obligations associated with contracts with customers in other revenue for education, marketing and events, subscription revenue, loan processing revenue, and data services revenue. The method used to measure progress is over the passage of time for most streams of revenue. The following is a description of principal activities from which the Company generates its revenue. Continuing Franchise Fees Continuing franchise fees are fixed contractual fees paid monthly (a) by regional franchise owners in Independent Regions or franchisees in Company-Owned Regions based on the number of RE/MAX agents in the respective franchised region or office or (b) by Motto franchisees based on the number of open offices. Motto offices reach the full monthly billing once the Motto office has been open for 12 months. This revenue is recognized in the month for which the fee is billed. This revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents or number of Motto open offices. Annual Dues Annual dues are a fixed membership fee paid annually by RE/MAX agents directly to the Company. The Company defers the annual dues revenue when billed and recognizes the revenue ratably over the 12-month period to which it relates. See the “Deferred Revenue” section below for a reconciliation of the activity in the Company’s deferred revenue for annual dues. Annual dues revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents. (a) Broker Fees Broker fees are assessed against real estate commissions paid by customers when a RE/MAX agent buys or sells a property. Generally, the amount paid is 1% of the total commission on the transaction in most regions. Agents in Company-Owned Regions who joined RE/MAX prior to 2004, the year the Company began assessing broker fees, are generally “grandfathered” and continue to be exempt from paying a broker fee. Due to legacy price structures enacted when certain geographies were Independent Regions, broker fees in a limited number of locations (mainly Texas and parts of Canada) are capped at certain commission levels. Lastly, certain agents in Canada do not pay broker fees. As of December 31, 2021, approximately 26% of agents in the U.S. and Canada Company-owned Regions did not pay broker fees. Revenue from broker fees is a sales-based royalty and recognized in the month when a home sale transaction occurs. Motto franchisees do not pay any fees based on the number or dollar value of loans brokered. Marketing Funds Fees Marketing Funds fees are fixed contractual fees paid monthly by franchisees based on the number of RE/MAX agents in the respective franchised region or office or the number of Motto offices. These revenues are obligated to be used for marketing campaigns to build brand awareness and to support agent marketing technology. Amounts received into the Marketing Funds are recognized as revenue in the month for which the fee is billed. This revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents or number of Motto offices. All assets of the Marketing Funds are contractually restricted for the benefit of franchisees, and the Company recognizes an equal and offsetting liability on the Company’s balance sheet for all amounts received. Additionally, this results in recording an equal and offsetting amount of expenses, against all revenues such that there is no impact to overall profitability of the Company from these revenues. In addition, advertising costs are expensed as incurred. Franchise Sales Franchise sales comprises revenue from the sale or renewal of franchises. A fee is charged upon a franchise sale or renewal. Those fees are deemed to be a part of the license of symbolic intellectual property and are recognized as revenue over the contractual term of the franchise agreement, which is typically 5 years for RE/MAX and 7 years for Motto franchise agreements. See the “Deferred Revenue” section below for a reconciliation of the activity in the Company’s deferred revenue for franchise sales. Other Revenue Other revenue is primarily from: ● Data service subscription revenue, which is recognized when the control of the products or services has transferred to the customer, which may occur at a point in time or over time, depending on the nature of the contract. ● Preferred marketing arrangements, which involves both flat fees paid in advance as well as revenue sharing, both of which are generally recognized over the period of the arrangement and are recorded net as the Company does not control the good or service provided. ● Technology products and subscription revenue, which charges a monthly fee to its customers or a periodic fee to agents who use the products or services. ● Event-based revenue from education and other programs, which is recognized when the event occurs and until then amounts collected are included in “Deferred revenue”. ● Mortgage loan processing revenue, which charges a flat fee per transaction which is recognized when a loan is closed. Deferred Revenue and Commissions Related to Franchise Sales Deferred revenue is primarily driven by Franchise sales and Annual dues, as discussed above, and is included in “Deferred revenue” and “Deferred revenue, net of current portion” on the Consolidated Balance Sheets. Other deferred revenue is primarily related to event-based revenue. The activity consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ Revenue ​ Balance at ​ ​ beginning of period ​ New billings ​ recognized (a) ​ end of period Franchise sales ​ $ 25,069 ​ $ 9,787 ​ $ (8,813) ​ $ 26,043 Annual dues ​ ​ 14,539 ​ ​ 36,030 ​ ​ (35,549) ​ ​ 15,020 Other ​ ​ 5,538 ​ ​ 14,054 ​ ​ (14,548) ​ ​ 5,044 ​ ​ $ 45,146 ​ $ 59,871 ​ $ (58,910) ​ $ 46,107 (a) Revenue recognized related to the beginning balance for Franchise Sales and Annual Dues was $ 7.7 million and $13.4 million, respectfully, for the year ended December 31, 2021. 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 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 Year Ended December 31, 2021 ​ $ 3,690 ​ $ 2,390 ​ $ (2,070) ​ $ 4,010 ​ Disaggregated Revenue In the following table, segment revenue is disaggregated by geographical area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2021 ​ 2020 ​ 2019 U.S. Company-Owned Regions (a) $ 154,981 ​ $ 126,406 ​ $ 132,670 U.S. Independent Regions (a) ​ 11,392 ​ ​ 13,345 ​ ​ 13,380 Canada Company-Owned Regions (a) ​ 27,234 ​ ​ 12,659 ​ ​ 13,647 Canada Independent Regions (a) ​ 6,510 ​ ​ 8,301 ​ ​ 8,187 Global ​ 11,501 ​ ​ 9,255 ​ ​ 9,369 Fee revenue (b) ​ 211,618 ​ ​ 169,966 ​ ​ 177,253 Franchise sales and other revenue (c) ​ 23,506 ​ ​ 20,826 ​ ​ 22,383 Total Real Estate ​ 235,124 ​ ​ 190,792 ​ ​ 199,636 U.S. (a) ​ 68,662 ​ ​ 57,974 ​ ​ 64,906 Canada (a) ​ 12,722 ​ ​ 5,634 ​ ​ 6,559 Global ​ 1,007 ​ ​ 794 ​ ​ 834 Total Marketing Funds ​ 82,391 ​ ​ 64,402 ​ ​ 72,299 Mortgage (d) ​ 10,051 ​ ​ 6,610 ​ ​ 4,542 Other (d) ​ 2,135 ​ ​ 4,197 ​ ​ 5,816 Total $ 329,701 ​ $ 266,001 ​ $ 282,293 ​ (a) On July 21, 2021, the Company acquired INTEGRA. Fee revenue from these regions was previously recognized in the U.S. and Canada Independent Regions and Marketing Funds fees were not charged. See Note 6, Acquisitions, for more 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Annual dues ​ $ 15,020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,020 Franchise sales ​ ​ 7,094 ​ ​ 5,761 ​ ​ 4,562 ​ ​ 3,298 ​ ​ 1,904 ​ ​ 3,424 ​ ​ 26,043 Total ​ $ 22,114 ​ $ 5,761 ​ $ 4,562 ​ $ 3,298 ​ $ 1,904 ​ $ 3,424 ​ $ 41,063 ​ 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 Consolidated Balance Sheets to the amounts presented in the Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents ​ $ 126,270 ​ $ 101,355 Restricted cash ​ ​ 32,129 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 158,399 ​ $ 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 remax.com and remax.ca websites, 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. Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Technology - operating ​ $ 13,396 ​ $ 12,245 ​ $ 6,244 Technology - capital ​ ​ 954 ​ ​ 1,017 ​ ​ 5,095 Marketing staff and administrative services ​ ​ 5,782 ​ ​ 4,527 ​ ​ 3,763 Total ​ $ 20,132 ​ $ 17,789 ​ $ 15,102 ​ Selling, Operating and Administrative Expenses Selling, operating and administrative expenses primarily consist of personnel costs, including salaries, benefits, payroll taxes and other compensation expenses, professional fees, lease costs, as well as expenses for outsourced technology services and expenses for marketing to customers, to expand the Company’s franchises. Fair Value of Financial Instruments The carrying amounts of financial instruments, net of any allowances, including cash equivalents, accounts and notes receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature. Accounts and Notes Receivable Accounts receivable arising from monthly billings do not bear interest. The Company provides limited financing of certain franchise sales through the issuance of notes receivable with the associated interest recorded in “Interest income” in the accompanying Consolidated Statements of Income (Loss). Amounts collected on notes receivable are included in “Net cash provided by operating activities” in the accompanying Consolidated Statements of Cash Flows. The Company records estimates of expected credit losses against its accounts and notes receivable based on historical loss experience and reasonable and supportable forecasts. The general economic conditions effecting the Company’s customers, especially existing home sales, are expected to impact customers in a consistent manner. The allowance for doubtful accounts and notes is based on reasonable and supportable forecasts, historical experience, general economic conditions, and the credit quality of specific accounts. Increases and decreases in the allowance for doubtful accounts are established based upon changes in the credit quality of receivables and are included as a component of “Selling, operating and administrative expenses” in the accompanying Consolidated Statements of Income (Loss). The activity in the Company’s allowances against accounts and notes receivable consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ Charges/(benefits) to expense for changes in Allowance for doubtful accounts (a) ​ Write-offs ​ Balance at end of period Year Ended December 31, 2021 ​ $ 11,724 ​ $ (1,345) ​ $ (815) ​ $ 9,564 Year Ended December 31, 2020 ​ $ 12,538 ​ $ 2,903 ​ $ (3,717) ​ $ 11,724 Year Ended December 31, 2019 ​ $ 7,980 ​ $ 4,964 ​ $ (406) ​ $ 12,538 (a) Includes approximately ($0.4) million, $0.6 million and $1.5 million of (benefit)/expense attributable to the Marketing Funds for the years ended December 31, 2021, 2020 and 2019, respectively. Accumulated Other Comprehensive Income (Loss) and Foreign Currency Translation Accumulated other comprehensive income (loss) includes all changes in equity during a period that have yet to be recognized in income, except those resulting from transactions with stockholders and is comprised of foreign currency translation adjustments. As of December 31, 2021, the Company, directly and through its franchisees, conducted operations in over 110 countries and territories, including the U.S. and Canada. The functional currency for the Company’s operations is the U.S. dollar, except for its Canadian subsidiaries for which it is the Canadian Dollar. Assets and liabilities of the Canadian subsidiaries are translated at the spot rate in effect at the applicable reporting date, and the consolidated statements of income (loss) and cash flows are translated at the average exchange rates in effect during the applicable period. Exchange rate fluctuations on translating consolidated foreign currency financial statements into U.S. dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are recorded as a component of “Accumulated other comprehensive income (loss),” and periodic changes are included in comprehensive income (loss). When the Company sells a part or all of its investment in a foreign entity resulting in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, it releases any related cumulative translation adjustment into net income (loss). Foreign currency denominated monetary assets and liabilities and transactions occurring in currencies other than the Company’s or the Company’s consolidated foreign subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the accompanying Consolidated Balance Sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in the accompanying Consolidated Statements of Income (Loss) as “Foreign currency transaction (losses) gains.” Property and Equipment Property and equipment, including leasehold improvements, are initially recorded at cost. Depreciation is provided for on a straight-line method over the estimated useful lives of each asset class and commences when the property is placed in service. Amortization of leasehold improvements is provided for on a straight-line method over the estimated benefit period of the related assets or the lease term, if shorter. Franchise Agreements and Other Intangible Assets The Company’s franchise agreements result from franchise rights acquired from Independent Region acquisitions and are initially recorded at fair value. The Company amortizes the franchise agreements over their estimated useful life on a straight-line basis. The Company also purchases and develops software for internal use. Software development costs and upgrade and enhancement costs incurred during the application development stage that result in additional functionality are capitalized. Costs incurred during the preliminary project and post-implementation-operation stages are expensed as incurred. Capitalized software costs are generally amortized over a term of two The Company reviews its franchise agreements and other intangible assets subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated from such asset. If not recoverable, the excess of the carrying amount of an asset over its estimated discounted cash flows would be charged to operations as an impairment loss. For each of the years ended December 31, 2021, 2020 and 2019, there were no material impairments indicated for such assets. Goodwill Goodwill is an asset representing the future economic benefits arising from the other assets acquired in a business combination that are not individually identified and separately recognized. The Company assesses goodwill for impairment at least annually at the reporting unit level or whenever an event occurs that would indicate impairment may have occurred. Reporting units are driven by the level at which segment management reviews operating results. The Company performs its required impairment testing annually on October 1. The Company’s impairment assessment begins with a qualitative assessment to determine if it is more likely than not that a reporting unit’s fair value is less than the carrying amount. The initial qualitative assessment includes comparing the overall financial performance of the reporting units against the planned results as well as other factors which might indicate that the reporting unit’s value has declined since the last assessment date. If it is determined in the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the standard two-step quantitative impairment test is performed. The impairment test consists of comparing the estimated fair value of each reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined by forecasting results and applying and assumed discount rate to determine fair value as of the test date. If the estimated fair value of a reporting unit exceeds its carrying value, then it is not considered impaired and no further analysis is required. Goodwill impairment exists when the estimated implied fair value of a reporting unit’s goodwill is less than its carrying value. During 2021, the Company recorded a goodwill impairment in its First Leads, Inc. (“First”) reporting unit in the Real Estate segment. See Note 8, Intangible Assets and Goodwill Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Management periodically assesses the recoverability of its deferred tax assets based upon expected future earnings, future deductibility of the asset and changes in applicable tax laws and other factors. If management determines that it is not likely that the deferred tax asset will be fully recoverable in the future, a valuation allowance may be established for the difference between the asset balance and the amount expected to be recoverable in the future. The allowance will result in a charge to the Company’s Consolidated Statements of Income (Loss). RMCO complies with the requirements of the Internal Revenue Code that are applicable to limited liability companies that have elected to be treated as partnerships, which allow for the complete pass-through of taxable income or losses to RMCO’s unitholders, who are individually responsible for any federal tax consequences. The share of U.S. income allocable to Holdings results in a provision for income taxes for the federal and state taxes on that portion of income. The share of U.S. income allocable to RIHI does not result in a provision for income taxes for federal and state taxes given Holdings does not consolidate RIHI. RMCO is subject to certain global withholding taxes, which are ultimately allocated to both Holdings and RIHI since they are paid by RMCO. Beginning with the INTEGRA acquisition in July 2021, RMCO owns two corporate subsidiaries, which unlike RMCO are not pass-through entities. Income in those corporations is taxed at the corporate level, resulting in a provision for income taxes on The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Leases The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements are primarily for corporate office space and are included within “Operating lease right of use assets”, “Operating lease liabilities” and “Operating lease liabilities, net of current portion’ on the Consolidated Balance Sheets. The Company’s lease liabilities represent the obligation to make lease payments arising from the leases and right of use (“ROU”) assets are recognized as an offset at lease inception. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of the Company’s lessee agreements include options to extend the lease, which is not included in the minimum lease terms unless they are reasonably certain to be exercised. Rent expense for lease payments related to operating leases (which is substantially all of the Company’s leases) is recognized on a straight-line basis over the lease term and is recorded to “Selling, operating and administrative expenses’ in the Consolidated Statements of Income (Loss). The Company has made an accounting policy election not to recognize ROU 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. Equity-Based Compensation The Company recognizes compensation expense associated with equity-based compensation as a component of “Selling, operating and administrative expenses” in the accompanying Consolidated Statements of Income (Loss). All equity-based compensation is required to be measured at fair value on the grant date, is expensed over the requisite service, generally over a three-year period, and forfeitures are accounted for as they occur. The Company recognizes compensation expense on awards on a straight-line basis over the requisite service period for the entire award. Refer to Note 13, Equity-Based Compensation, for additional discussion regarding details of the Company’s equity-based compensation plans. 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)” on the Consolidated Statements of Income (Loss) along with the related derivative contracts. As of December 31, 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 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU“) 2018-15, Intangibles – Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which clarifies that implementation costs incurred by customers in cloud computing arrangements are deferred if they would be capitalized by customers in the software licensing arrangements under the internal-use software guidance. ASU 2018-15 also clarifies that any capitalized costs should not be recorded to “Depreciation and amortization” in the Consolidated Statements of Income (Loss). The Company adopted this standard effective January 1, 2020 prospectively to all new implementation costs incurred after adoption. The amendments of ASU 2018-15 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which eliminates certain disclosure requirements for fair value measurements and requires new or modified disclosures. ASU 2018-13 became effective for the Company on January 1, 2020. This new guidance was applied on a prospective basis. The amendments of ASU 2018-13 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires earlier recognition of credit losses on loans, held-to-maturity securities, and certain other financial assets. ASU 2016-13 replaces the current incurred loss model with a model requiring entities to estimate expected credit losses over the life of the financial instrument based on both historical information as well as reasonable and supportable forecasts. The FASB requires entities to use a modified retrospective transition approach, in which an adjustment is made to beginning retained earnings for the cumulative effect of adopting the standard. ASU 2016-13 became effective for the Company on January 1, 2020. The standard had an immaterial effect on the Company’s credit losses at transition and no New Accounting Pronouncements Not Yet Adopted ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which contains temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The new guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. The relief is temporary and only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company believes the amendments of ASU 2020-04 will not have a significant impact on the Company’s consolidated financial statements and related disclosures as the Company does not currently engage in interest rate hedging of its LIBOR based debt, nor does it believe it has any material contracts tied to LIBOR other than its Senior Secured Credit Agreement, as discussed

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	3. 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. The leases have remaining lease terms ranging from less than a year up to 12 years , some of which include one or more options to renew. Of these renewal options, the Company determined that none are reasonably certain to be exercised. All the Company’s material leases are classified as operating leases. The Company has a lease for its corporate headquarters office building (the “Headquarters Lease”) that expires in 2028. The Company may, at its option, extend the Headquarters Lease for two renewal periods of 10 years. Under the terms of the Headquarters Lease, the Company pays an annual base rent, which escalates 3% each year, including the first optional renewal period. The second optional renewal period resets to fair market rental value, and the rent escalates 3% each year until expiration. The Company pays for insurance, property taxes and operating expenses of the leased space. The Headquarters Lease is the Company’s only significant lease. The Company acts as the lessor for four sublease agreements on its corporate headquarters, consisting solely of operating leases, each of which include a renewal option for the lessee to extend the length of the lease. The Company may pursue additional sublease opportunities in the future. Renewal options for two of the existing sublease agreements are contingent upon renewal of the Headquarters Lease, which is not reasonably certain to be exercised in 2028. As such, the Company determined these sublease renewal options are not reasonably certain to be exercised. Renewal options for the remaining two sublease agreements have already been exercised and will expire before the end of the corporate headquarters lease in 2028. Lease Impairment 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 and a reduction to basic earnings per share of $0.20 per share, for the year ended December 31, 2020, which reflects the excess of the ROU asset over its fair value. ​ The Company used its Senior Secured Credit Facility interest rate to extrapolate a rate for each of its leases to calculate the present value of the lease liability and right-of-use asset. A summary of the Company’s lease cost is as follows (in thousands, except for weighted-averages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (a) ​ $ 11,565 ​ $ 12,085 ​ $ 12,259 ​ Sublease income ​ ​ (1,999) ​ ​ (1,434) ​ ​ (1,508) ​ Short-term lease cost (b) ​ ​ 5,436 ​ ​ 5,959 ​ ​ 6,495 ​ Total lease cost ​ $ 15,002 ​ $ 16,610 ​ $ 17,246 ​ Other information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ ​ 9,071 ​ ​ 8,520 ​ ​ 8,507 ​ Weighted-average remaining lease term in years - operating leases ​ ​ 6.4 ​ ​ 7.4 ​ ​ 8.4 ​ Weighted-average discount rate - operating leases ​ ​ 6.3 % ​ 6.3 % ​ 6.3 % ​ (a) Includes approximately $3.5 million, $3.6 million and $3.7 million of taxes, insurance and maintenance for the years ended December 31, 2021, 2020, and 2019 respectively. (b) Includes expenses associated with short-term leases of billboard advertisements and is included in “Marketing Funds expenses” on the Consolidated Statements of Income (Loss) for the years ended December 31, 2021, 2020 and 2019. Maturities under non-cancellable leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rent Payments ​ Sublease Receipts ​ Total Cash Outflows Year ending December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 9,387 ​ ​ (1,200) ​ $ 8,187 2023 ​ ​ 9,716 ​ ​ (1,311) ​ ​ 8,405 2024 ​ ​ 9,968 ​ ​ (1,273) ​ ​ 8,695 2025 ​ ​ 10,176 ​ ​ (331) ​ ​ 9,845 2026 ​ ​ 10,263 ​ ​ (166) ​ ​ 10,097 Thereafter ​ ​ 14,453 ​ ​ (222) ​ ​ 14,231 Total lease payments ​ $ 63,963 ​ $ (4,503) ​ $ 59,460 Less: imputed interest ​ ​ 11,687 ​ ​ ​ ​ ​ ​ Present value of lease liabilities ​ $ 52,276 ​ ​ ​ ​ ​ ​ ​

Non-controlling Interest

Non-controlling Interest	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest
Non-controlling Interest	4. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ 2021 ​ 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 attributable to non-controlling interest” in the accompanying Consolidated Statements of Income (Loss) for the periods indicated is detailed as follows (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ RE/MAX ​ controlling ​ ​ ​ ​ RE/MAX ​ controlling ​ ​ ​ ​ RE/MAX ​ controlling ​ ​ ​ ​ ​ ​ Holdings, Inc. interest Total Holdings, Inc. interest Total ​ Holdings, Inc. interest Total ​ Weighted average ownership percentage of RMCO (a) ​ ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.1 % ​ 40.9 % ​ 100.0 % ​ 58.6 % ​ 41.4 % ​ 100.0 % Income (loss) before provision for income taxes (a) ​ $ (13,424) ​ $ (8,737) ​ $ (22,161) ​ $ 17,588 ​ $ 12,120 ​ $ 29,708 ​ $ 34,163 ​ $ 24,133 ​ $ 58,296 ​ (Provision) / benefit for income taxes (b)(c) ​ ​ (2,192) ​ ​ (267) ​ ​ (2,459) ​ ​ (6,338) ​ ​ (2,824) ​ ​ (9,162) ​ ​ (8,883) ​ ​ (2,099) ​ ​ (10,982) ​ Net income (loss) ​ $ (15,616) ​ $ (9,004) ​ $ (24,620) ​ $ 11,250 ​ $ 9,296 ​ $ 20,546 ​ $ 25,280 ​ $ 22,034 ​ $ 47,314 ​ ​ (a) The weighted average ownership percentage of RMCO differs from the allocation of income (loss) before provision for income taxes between RE/MAX Holdings and the non-controlling interest due to certain relatively insignificant items recorded at RE/MAX Holdings. (b) The provision for income taxes attributable to Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the pass-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. See Note 12, Income Taxes, for additional information. (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 year ended December 31, 2021 include a reversal of an uncertain tax position, the majority of which was allocated to the non-controlling interest (see Note 12, Income Taxes 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2021 ​ 2020 Tax and other distributions $ 2,650 ​ $ 3,006 Dividend distributions ​ 11,556 ​ ​ 11,052 Total distributions to non-controlling unitholders $ 14,206 ​ $ 14,058 ​ On February 22, 2022, the Company announced that its Board of Directors approved a distribution to non-controlling unitholders of $2.9 million, which is payable on March 16, 2022. Tax Receivable Agreements Holdings has twice acquired significant portions of the ownership in RMCO; first in October 2013 at the time of IPO when Holdings acquired its initial 11.5 million common units of RMCO and, second, in November and December 2015 when it acquired 5.2 million additional common units. Holdings issued Class A common stock, which it exchanged for these common units of RMCO. RIHI then sold the Class A common stock to the market. When Holdings acquired common units in RMCO, it received a step-up in tax basis on the underlying assets held by RMCO. The step-up is principally equivalent to the difference between (1) the fair value of the underlying assets on the date of acquisition of the common units and (2) their tax basis in RMCO, multiplied by the percentage of units acquired. Most of the step-up in basis relates to intangibles assets, primarily franchise agreements and goodwill, and the step-up is often substantial. These assets are amortizable under IRS rules and result in deductions on the Company’s tax return for many years and consequently, Holdings receives a future tax benefit. These future benefits are reflected within deferred tax assets on the Company’s consolidated balance sheets. If Holdings acquires additional common units of RMCO from RIHI, the percentage of Holdings’ ownership of RMCO will increase, and additional deferred tax assets will be created as additional tax basis step-ups occur. In connection with the initial sale of RMCO common units in October 2013, Holdings entered into Tax Receivable Agreements (“TRAs”) which require that Holdings make annual payments to the TRA holders equivalent to 85% of any tax benefits realized on each year’s tax return from the additional tax deductions arising from the step-up in tax basis. The TRA holders as of December 31, 2021 are RIHI and Parallaxes Rain Co-Investment, LLC (“Parallaxes”). TRA liabilities were established for the future cash obligations expected to be paid under the TRAs and are not discounted. This liability is recorded within “Current portion of payable pursuant to tax receivable agreements” and “Payable pursuant to tax receivable agreement” in the Consolidated Balance Sheets and were $30.5 million and $33.6 million in aggregate as of December 31, 2021 and 2020, respectively. Similar to the deferred tax assets, the TRA liabilities would increase if Holdings acquired additional common units of RMCO from RIHI. ​

Earnings (Loss) Per Share and D

Earnings (Loss) Per Share and Dividends	12 Months Ended
	Dec. 31, 2021
Earnings (Loss) Per Share and Dividends
Earnings (Loss) Per Share and Dividends	5. Earnings (Loss) Per Share and Dividends Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) measures the performance of an entity over the reporting period. Diluted EPS measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The treasury stock method is used to determine the dilutive effect of time-based restricted stock units. The dilutive effect of performance-based restricted stock units is measured using the guidance for contingently issuable shares. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (15,616) ​ $ 11,250 ​ $ 25,280 Denominator for basic net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,690,442 ​ ​ 18,170,348 ​ ​ 17,812,065 Denominator for diluted net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,690,442 ​ ​ 18,170,348 ​ ​ 17,812,065 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock (a) ​ ​ — ​ ​ 153,898 ​ ​ 55,687 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,690,442 ​ ​ 18,324,246 ​ ​ 17,867,752 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 ​ $ (0.84) ​ $ 0.62 ​ $ 1.42 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ (0.84) ​ $ 0.61 ​ $ 1.41 (a) As the Company had a net loss for the year ended December 31, 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. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Quarter end declared Date paid Per share Date paid Per share ​ Date paid Per share March 31 ​ March 17, 2021 ​ $ 0.23 ​ March 18, 2020 ​ $ 0.22 ​ March 20, 2019 ​ $ 0.21 June 30 ​ June 2, 2021 ​ ​ 0.23 ​ June 2, 2020 ​ ​ 0.22 ​ May 29, 2019 ​ ​ 0.21 September 30 ​ August 31, 2021 ​ ​ 0.23 ​ September 2, 2020 ​ ​ 0.22 ​ August 28, 2019 ​ ​ 0.21 December 31 ​ December 1, 2021 ​ ​ 0.23 ​ December 2, 2020 ​ ​ 0.22 ​ November 27, 2019 ​ ​ 0.21 ​ ​ ​ ​ $ 0.92 ​ ​ ​ $ 0.88 ​ ​ ​ $ 0.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ On February 22, 2022, the Company announced that its Board of Directors approved a quarterly dividend of $0.23 per share on all outstanding shares of Class A common stock, which is payable on March 16, 2022 to stockholders of record at the close of business on March 4, 2022.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Acquisitions
Acquisitions	6. 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 $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 primarily by borrowing additional funds in connection with refinancing its Senior Secured Credit Facility (See Note 10, Debt ), as well as using cash from operations. ​ The Company allocated $40.9 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 Consolidated Statements of Income (Loss). ​ For the year ended December 31, 2021, INTEGRA contributed incremental revenues of $24.2 million and operating loss of $1.1 million to the Company, since the acquisition date. ​ 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 ​ ​ 502 Property and equipment ​ ​ 63 Franchise agreements (a) ​ ​ 92,250 Other intangible assets, net (a) ​ ​ 9,200 Other assets, net of current portion ​ ​ 1,930 Goodwill (b) ​ ​ 108,938 Accounts payable ​ ​ (3,461) Accrued liabilities ​ ​ (14,045) Income taxes payable ​ ​ (2,882) Deferred revenue ​ ​ (824) Deferred tax liabilities, net ​ ​ (16,573) Other liabilities, net of current portion ​ ​ (2,200) Total purchase price allocated to assets and liabilities ​ ​ 194,100 Loss on contract settlement ​ ​ 40,900 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 excess of the total purchase price over the fair value of the identifiable assets acquired was recorded as goodwill. The goodwill is attributable to expected synergies and projected long-term revenue growth for the RE/MAX network. 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 evaluation of tax matters including deferred taxes and uncertain tax positions. Gadberry & wemlo On September 10, 2020, the Company acquired 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 expected to be accounted for as compensation expense in the future over two to three years (see Note 13, Equity-Based Compensation for additional information). In addition, the Company recorded a contingent consideration liability in connection with the purchase of Gadberry, which had an acquisition date fair value of $0.9 million, measured at the present value of the probability weighted consideration expected to be transferred. Gadberry is a location intelligence data company whose products have been instrumental in the success of the Company’s consumer website, www.remax.com . Founded in 2000, Gadberry specializes in building products that help clients solve geospatial challenges through location data. Gadberry plans to expand its non-RE/MAX clients while maintaining and enhancing its contributions to the RE/MAX technology offering. ​ On August 25, 2020, the Company acquired wemlo for $6.1 million in cash, net of cash acquired, and $3.3 million in Class A common stock, plus approximately $6.7 million of equity-based compensation, which was expected to be accounted for as compensation expense in the future over three years (see Note 13, Equity-Based Compensation, for additional information). Wemlo is a fintech company that has developed its cloud service for mortgage brokers, combining third-party loan processing services with an all-in-one digital platform. ​ The total purchase price was allocated to the assets and liabilities acquired based on their 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. ​ First On December 16, 2019, the Company acquired First for $15.0 million in cash generated from operations. First is a mobile app that leverages data science, machine learning and human interaction to help real estate professionals better leverage the value of their personal network and was acquired to complement the Company’s technology offerings and booj Platform. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the acquisition of 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). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31 ​ ​ 2021 ​ 2020 Total revenue ​ $ 356,489 ​ $ 309,480 Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (16,092) ​ $ 6,493 ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property and Equipment
Property and Equipment	7. Property and Equipment Property and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ Depreciable Life ​ 2021 ​ 2020 Leasehold improvements ​ Shorter of estimated useful life or life of lease ​ $ 5,989 ​ $ 4,707 Office furniture, fixtures and equipment ​ 2 - 10 years ​ ​ 16,115 ​ ​ 17,896 Total property and equipment ​ ​ ​ ​ 22,104 ​ ​ 22,603 Less accumulated depreciation ​ ​ ​ ​ (9,418) ​ ​ (14,731) Total property and equipment, net ​ ​ ​ $ 12,686 ​ $ 7,872 ​ Depreciation expense was $2.2 million, $1.8 million and $1.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2021
Intangible Assets and Goodwill
Intangible Assets and Goodwill	8. 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 December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ Amortization ​ Initial ​ Accumulated ​ Net ​ Initial ​ Accumulated ​ Net ​ ​ ​ Period ​ Cost ​ Amortization ​ Balance ​ Cost ​ Amortization ​ Balance Franchise agreements ​ ​ 12.7 ​ $ 267,770 ​ $ (123,938) ​ $ 143,832 ​ $ 176,354 ​ $ (106,552) ​ $ 69,802 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ ​ 4.1 ​ $ 51,368 ​ $ (29,682) ​ $ 21,686 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ ​ 8.3 ​ ​ 2,356 ​ ​ (1,533) ​ ​ 823 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ ​ 5.0 ​ ​ 13,100 ​ ​ (4,563) ​ ​ 8,537 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ ​ 5.0 ​ ​ 2,400 ​ ​ (1,600) ​ ​ 800 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ ​ 6.6 ​ ​ 1,670 ​ ​ (986) ​ ​ 684 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ ​ 4.5 ​ $ 70,894 ​ $ (38,364) ​ $ 32,530 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of December 31, 2021 and 2020, capitalized software development costs of $1.9 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 $29.1 million, $24.4 million and $20.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, 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 December 31, 2021 ​ ​ ​ 2022 ​ $ 32,143 2023 ​ ​ 28,178 2024 ​ ​ 24,694 2025 ​ ​ 19,691 2026 ​ ​ 14,660 Thereafter ​ ​ 56,996 ​ ​ $ 176,362 ​ The following table presents changes to goodwill by reportable segment for the period from January 1, 2020 to December 31, 2021(in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Mortgage ​ Total Balance, January 1, 2020 ​ $ 136,761 ​ $ 11,800 ​ $ 148,561 Goodwill recognized from acquisitions ​ ​ 9,893 ​ ​ 6,833 ​ ​ 16,726 Effect of changes in foreign currency exchange rates ​ ​ 71 ​ ​ — ​ ​ 71 Balance, January 1, 2021 ​ $ 146,725 ​ $ 18,633 ​ $ 165,358 Purchase price adjustments ​ ​ 133 ​ ​ — ​ ​ 133 Goodwill recognized from acquisitions ​ ​ 108,938 ​ ​ — ​ ​ 108,938 Impairment charge ​ ​ (5,123) ​ ​ — ​ ​ (5,123) Effect of changes in foreign currency exchange rates ​ ​ (191) ​ ​ — ​ ​ (191) Balance, December 31, 2021 ​ $ 250,482 ​ $ 18,633 ​ $ 269,115 ​ 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. ​ million, recorded in “Settlement and impairment charges” in the accompanying- Consolidated Statements of Income (Loss).

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities.
Accrued Liabilities	9. Accrued Liabilities Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Marketing Funds (a) ​ $ 61,997 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 22,634 ​ ​ 10,692 Accrued taxes ​ ​ 2,053 ​ ​ 2,491 Accrued professional fees ​ ​ 3,660 ​ ​ 1,806 Other ​ ​ 6,424 ​ ​ 5,130 ​ ​ $ 96,768 ​ $ 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. Also includes the additional liabilities recognized due to the acquired Marketing Funds.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	10. Debt Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Senior Secured Credit Facility ​ $ 457,700 ​ $ 225,013 Other long-term financing ​ ​ — ​ ​ 78 Less unamortized debt issuance costs ​ ​ (4,168) ​ ​ (882) Less unamortized debt discount costs ​ ​ (1,473) ​ ​ (644) Less current portion ​ ​ (4,600) ​ ​ (2,428) ​ ​ $ 447,459 ​ $ 221,137 ​ Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ 2022 ​ $ 4,600 2023 ​ ​ 4,600 2024 ​ ​ 4,600 2025 ​ ​ 4,600 2026 ​ ​ 4,600 Thereafter ​ ​ 434,700 ​ ​ $ 457,700 ​ 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. RE/MAX, LLC is also required to repay the term loans and reduce revolving commitments with (i) 100.0% of proceeds of any incurrence of additional debt not permitted by the Senior Secured Credit Facility, (ii) 100.0% of proceeds of asset sales and 100.0% of amounts recovered under insurance policies, subject to certain exceptions and a reinvestment right and (iii) 50% of Excess Cash Flow (or “ECF” as defined in the Senior Secured Credit Facility) at the end of the applicable fiscal year if RE/MAX, LLC’s Total Leverage Ratio (or “TLR” as defined in the Senior Secured Credit Facility) is in excess of 4.25:1. If the TLR as of the last day of such fiscal year is equal to or less than 4.25:1 but above 3.75:1, the repayment percentage is 25% of ECF and if the TLR as of the last day of such fiscal year is less than 3.75:1, no repayment from ECF is required. As of December 31, 2021, no ECF payment was required. 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%. The Senior Secured Credit Facility includes a provision for transition from LIBOR to the alternative reference rate of Term Secured Overnight Financing Rate (“SOFR”)) on or before June 2023 (the LIBOR Rate cessation date). As of December 31, 2021, the interest rate on the term loan facility was 3.0%. Whenever amounts are drawn under the revolving line of credit, the Senior Secured Credit Facility requires compliance with a leverage ratio (calculated as net debt to EBITDA as defined therein). 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	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair Value Measurements	11. 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 prioritizes the inputs used in measuring fair value as follows: ● Level 1: Quoted prices for identical instruments in active markets. ● Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations, in which all significant inputs are observable in active markets. The fair value of the Company’s debt reflects a Level 2 measurement and was estimated based on quoted prices for the Company’s debt instruments in an inactive market. ● Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Level 3 liabilities that are measured at fair value on a recurring basis consist of the Company’s contingent consideration related to the acquisition of Motto. A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Motto contingent consideration (a) ​ $ 4,530 ​ $ — ​ $ — ​ $ 4,530 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration (a) ​ ​ 1,250 ​ ​ — ​ ​ — ​ ​ 1,250 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 5,780 ​ $ — ​ $ — ​ $ 5,780 ​ $ 6,340 ​ $ — ​ $ — ​ $ 6,340 (a) Recorded as a component of “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying 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 70-80 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 $0.1 million. A 1% change to the discount rate applied to the forecast changes the liability by approximately $0.1 million. As of December 31, 2021, contingent consideration also includes an amount recognized in connection with the acquisition of Gadberry (see Note 6, Acquisitions, The table below presents a reconciliation of the contingent consideration (in thousands): ​ ​ ​ ​ ​ ​ Total Balance at January 1, 2020 ​ $ 5,005 Fair value adjustments ​ ​ 814 Acquisitions – Gadberry ​ ​ 930 Cash payments ​ ​ (409) Balance at January 1, 2021 ​ $ 6,340 Fair value adjustments ​ ​ 309 Cash payments ​ ​ (869) Balance at December 31, 2021 ​ $ 5,780 ​ The Company assesses categorization of assets and liabilities by level at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers between Levels I II III during ​ The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ ​ Carrying Amount Fair Value Level 2 Carrying Amount Fair Value Level 2 Senior Secured Credit Facility ​ $ 452,059 ​ $ 454,267 ​ $ 223,487 ​ $ 223,887 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	12. Income Taxes “Income (loss) before provision for income taxes” as shown in the accompanying Consolidated Statements of Income (Loss) is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Domestic ​ $ (53,152) ​ $ 15,515 ​ $ 44,874 Foreign ​ ​ 30,991 ​ ​ 14,193 ​ ​ 13,422 Total ​ $ (22,161) ​ $ 29,708 ​ $ 58,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 798 ​ $ 2,265 ​ $ 2,533 Foreign ​ ​ 3,556 ​ ​ 4,418 ​ ​ 4,929 State and local ​ ​ 633 ​ ​ 580 ​ ​ 1,137 Total current expense ​ ​ 4,987 ​ ​ 7,263 ​ ​ 8,599 Deferred expense ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ (840) ​ ​ 1,288 ​ ​ 2,157 Foreign ​ ​ (752) ​ ​ 351 ​ ​ (142) State and local ​ ​ (936) ​ ​ 260 ​ ​ 368 Total deferred expense ​ ​ (2,528) ​ ​ 1,899 ​ ​ 2,383 Provision for income taxes ​ $ 2,459 ​ $ 9,162 ​ $ 10,982 ​ A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ U.S. statutory tax rate ​ ​ 21.0 % ​ 21.0 % ​ 21.0 % State and local taxes, net of federal benefit ​ ​ 3.1 ​ ​ 3.1 ​ ​ 3.1 ​ Income attributable to non-controlling interests (a) ​ ​ (9.3) ​ ​ (9.9) ​ ​ (10.0) ​ Subtotal ​ ​ 14.8 % ​ 14.2 % ​ 14.1 % Non-creditable foreign and domestic taxes - non-controlling interest (b) (c) ​ ​ (7.0) ​ ​ 5.1 ​ ​ 2.8 ​ Non-creditable foreign taxes - RE/MAX Holdings (c) (d) ​ ​ (3.7) ​ ​ 2.1 ​ ​ 1.1 ​ Foreign derived intangible income deduction (c) ​ ​ 4.4 ​ ​ (3.1) ​ ​ (1.5) ​ Other permanent differences ​ ​ (1.2) ​ ​ 2.0 ​ ​ 0.7 ​ Uncertain tax positions ​ ​ 6.1 ​ ​ 1.9 ​ ​ 1.0 ​ Loss on contract settlement (e) ​ ​ (26.7) ​ ​ — ​ ​ — ​ Adjustments to state taxes (f) ​ ​ 3.9 ​ ​ — ​ ​ — ​ 162(m) compensation limitation ​ ​ (1.8) ​ ​ — ​ ​ — ​ Conversions of acquired C-Corporations to pass-through entities (g) ​ ​ — ​ ​ 8.4 ​ ​ — ​ Other ​ ​ 0.1 ​ ​ 0.2 ​ ​ 0.6 ​ ​ ​ ​ (11.1) % ​ 30.8 % ​ 18.8 % ​ (a) Given the majority of the Company’s income is generated via a pass-through entity of which the non-controlling interest owns approximately 40.0%, that proportion of the Company’s income is not subject to U.S. or state income tax rates. (b) Approximately 40.0% of foreign taxes paid at the RMCO level and corporate subsidiary taxes are attributable to the non-controlling interest. As a result, these taxes are not creditable against the U.S. taxes of Holdings. (c) The percentage impact of these items switched directionally as compared to 2020 because the Company’s pre-tax net income changed from positive to negative from 2020 to 2021 while the underlying tax or deduction was relatively unchanged. (d) While a portion of our foreign taxes are creditable within the U.S., most of the taxes we pay in Canada are not creditable. (e) Loss on contract settlement is a result of the acquisition of INTEGRA and is not recognized for US income tax purposes. (f) As a result of the acquisition of INTEGRA, the state filing footprint of RE/MAX has changed which has modified the blended state rate and resulted in a small remeasurement of our net deferred tax assets. (g) In 2020, the Company converted wemlo and First from C Corporations to flow-through entities, which triggered taxable gains. These conversions are expected to provide long-term tax benefits, both additional amortization and avoiding double taxation on profits. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the accompanying Consolidated Balance Sheets. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Long-term deferred tax assets ​ ​ ​ ​ ​ ​ Goodwill, other intangibles and other assets ​ $ 39,531 ​ $ 41,924 Imputed interest deduction pursuant to tax receivable agreements ​ ​ 2,241 ​ ​ 2,306 Operating lease liabilities ​ ​ 2,362 ​ ​ 2,671 Compensation and benefits (a) ​ ​ 5,904 ​ ​ 3,237 Allowance for doubtful accounts ​ ​ 1,167 ​ ​ 1,429 Contingent consideration liability ​ ​ 839 ​ ​ 1,034 Deferred revenue ​ ​ 3,953 ​ ​ 3,891 Foreign tax credit carryforward ​ ​ 4,510 ​ ​ 2,996 Net operating loss carryforward (b) ​ ​ 653 ​ ​ — Other ​ ​ 1,034 ​ ​ 817 Total long-term deferred tax assets ​ ​ 62,194 ​ ​ 60,305 Valuation allowance (c) ​ ​ (7,671) ​ ​ (6,834) Total long-term deferred tax assets, net of valuation allowance ​ ​ 54,523 ​ ​ 53,471 Long-term deferred tax liabilities ​ ​ ​ ​ ​ ​ Property and equipment and other long lived assets ​ ​ (1,239) ​ ​ (1,577) Goodwill, other intangibles and other assets (a) ​ ​ (15,499) ​ ​ — Other ​ ​ (1,170) ​ ​ (1,682) Total long-term deferred tax liabilities ​ ​ (17,908) ​ ​ (3,259) Net long-term deferred tax assets ​ ​ 36,615 ​ ​ 50,212 Total deferred tax assets and liabilities ​ $ 36,615 ​ $ 50,212 ​ (a) Amounts as of December 31, 2021 include deferred tax liabilities related to the acquisition of INTEGRA’s U.S. and Canadian subsidiaries. (b) Net operating loss for the Company’s Canadian subsidiary. (c) Includes a valuation allowance on deferred tax assets for goodwill and other intangibles in the Company’s Western Canada operations, as well as foreign tax credit carryforwards. As of December 31, 2021, the Company had $4.5 million in unutilized foreign tax credit carryforwards. If unused, the carryforwards will begin to expire during the years 2029-2032. This amount includes approximately $4.1 million of foreign tax credits that have a valuation allowance booked against them as of December 31, 2021. The Company also had net operating loss carryforwards of $0.7 million related to a Canadian subsidiary. The Company anticipates that this net operating loss will be utilized within the next two years and the expiration date of this loss is 2042. Net deferred tax assets are recorded related to differences between the financial reporting basis and the tax basis of Holdings’ proportionate share of the net assets of RMCO. Based on the Company’s historical taxable income and its expected future earnings, management evaluates the uncertainty associated with booking tax benefits and determines whether the deferred tax assets are more likely than not to be realized, including evaluation of deferred tax liabilities and the expectation of future taxable income. If not expected to be realized, a valuation allowance is recognized to offset the deferred tax asset. The Company and its subsidiaries file, or will file, income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. Holdings will file its 2021 income tax returns by October 15, 2022. RMCO is not subject to domestic federal income taxes as it is a flow-through entity; however, RMCO is still required to file an annual U.S. Return of Partnership Income. With respect to state and local jurisdictions and countries outside of the U.S., the Company and its subsidiaries are typically subject to examination for three Uncertain Tax Positions During 2021 the Company settled uncertain tax positions related to certain foreign tax matters that were accrued in prior years. The Company also recognized additional uncertain tax positions related to acquired corporations. While the Company believes the liabilities recognized for uncertain tax positions are adequate to cover reasonably expected tax risks, there can be no assurance that an issue raised by a tax authority will be resolved at a cost that does not exceed the liability recognized. Interest and penalties are accrued on uncertain tax positions and included in the “Provision for income taxes” in the accompanying Consolidated Statements of Income (Loss). During 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 6 for further details. 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 Consolidated Balance Sheets. A reconciliation of the beginning and ending amount, excluding interest and penalties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Balance, January 1 ​ $ 5,300 ​ $ 4,810 Increases related to prior period tax positions ​ ​ 96 ​ ​ 490 Decrease related to prior year tax positions ​ ​ (815) ​ ​ — Increase related to tax positions from acquired companies ​ ​ 1,587 ​ ​ — Settlements ​ ​ (4,944) ​ ​ — Foreign currency transaction (gains) losses ​ ​ 363 ​ ​ — Balance, December 31 ​ $ 1,587 ​ $ 5,300 ​ (a) Excludes accrued interest and penalties of $0.6 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively. These related interest and penalties are recognized in “Income taxes payable” within the Consolidated Balance Sheets. A portion of the Company’s uncertain tax positions have a reasonable possibility of being settled within the next 12 months.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2021
Equity-Based Compensation
Equity-Based Compensation	13. Equity-Based Compensation The RE/MAX Holdings, Inc. 2013 Omnibus Incentive Plan (the “Incentive Plan”) includes restricted stock units which may have time-based or performance-based vesting criteria. The Company recognizes equity-based compensation expense in “Selling, operating and administrative expenses” in the accompanying Consolidated Statements of Income (Loss). The Company recognizes corporate income tax benefits relating to the vesting of restricted stock units in “Provision for income taxes” in the accompanying Consolidated Statements of Income (Loss). Employee stock-based compensation expense under the Company’s Incentive Plan, net of the amount capitalized in internally developed software, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Expense from time-based awards (a)(b) ​ $ 21,042 ​ $ 12,224 ​ $ 7,554 Expense from performance-based awards (a)(c) ​ ​ 6,073 ​ ​ 2,150 ​ ​ (179) Expense from bonus to be settled in shares (d) ​ ​ 7,183 ​ ​ 1,925 ​ ​ 3,788 Equity-based compensation capitalized ​ ​ — ​ ​ (32) ​ ​ (229) Equity-based compensation expense ​ ​ 34,298 ​ ​ 16,267 ​ ​ 10,934 Tax deficit / (benefit) from equity-based compensation ​ ​ (5,052) ​ ​ (2,308) ​ ​ (1,548) Deficit / (excess) tax benefit from equity-based compensation ​ ​ (121) ​ ​ 378 ​ ​ 55 Net compensation cost ​ $ 29,125 ​ $ 14,337 ​ $ 9,441 ​ (a) Includes significant amounts of awards granted to employees and former owners of acquired companies at the time of acquisition. (b) During the year ended December 31, 2021, the Company recognized $5.5 million of expense as a result of the acceleration of 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- Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued. Time-based Restricted Stock Time-based restricted stock units and restricted stock awards are valued using the Company’s closing stock price prior to the date of grant. Grants awarded to the Company’s Board of Directors generally vest over a one-year period. Grants awarded to the Company’s employees, other than grants issued to former owners in connection with acquisitions, generally vest equally in annual installments over a two two 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 (a) ​ 269,315 ​ $ 39.14 Shares vested (including tax withholding) (b) ​ (498,446) ​ $ 37.78 Forfeited ​ (32,716) ​ $ 36.77 Balance, December 31, 2021 ​ 756,161 ​ $ 36.91 ​ (a) The weighted average grant date fair value per share for the years ended December 31, 2020 and 2019 were $33.05 and $38.43, respectively. (b) 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. At December 31, 2021, there was $13.5 million of total unrecognized expense for time-based restricted stock awards. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.4 years. Performance-based Restricted Stock Performance-based restricted stock units (“PSUs”) granted to employees are stock-based awards that generally vest at the end of a three-year period in which the number of shares ultimately received depends on the Company’s achievement of either a specified revenue target or the Company’s total shareholder return (“rTSR”) relative to a peer company index over a distinct performance period. The number of shares that could be issued range from 0% to 200% of the participant’s target award and if the minimum threshold conditions are not met, no shares will vest. PSUs are valued using the Company’s closing stock price prior to the date of grant. For these awards, compensation expense is recognized over the vesting period and is adjusted based on the estimated revenue achievement for each target. PSUs that vest upon achievement of a rTSR target are valued on the date of grant using a Monte Carlo simulation and compensation expense is recognized over the vesting period. PSUs granted to booj employees and former owners in connection with the booj acquisition were stock-based awards in which the number of shares received were dependent on the achievement of certain technology milestones set forth in the related purchase agreement. The awards were valued using the Company’s closing stock price on the date of grant. The Company’s expense was adjusted based on the final achievement of the milestones. Most of these PSUs vested in 2019. The remaining PSUs vested in early 2020 based on the achieved milestone. The following table summarizes equity-based compensation activity related to PSUs: ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average grant date fair value per share Balance, January 1, 2021 ​ 281,735 ​ $ 32.34 Granted (a) ​ 58,247 ​ $ 40.02 Shares vested (including tax withholding) (b)(c) ​ (48,421) ​ $ 39.24 Forfeited (c) ​ (49,740) ​ $ 41.02 Balance, December 31, 2021 ​ 241,821 ​ $ 31.02 ​ (a) The weighted average grant date fair value per share for the years ended December 31, 2020 and 2019 were $28.34 and $38.87, respectively. (b) 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. (c) Includes PSUs that were granted on December 31, 2019, that vested on December 31, 2021. The number of shares that vest are dependent on the minimum thresholds conditions. At December 31, 2021, there was $5.4 million of total unrecognized PSU expense. This compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.5 years for PSUs. After giving effect to all outstanding awards (assuming maximum achievement of performance goals for performance-based awards), there were 1,179,538 additional shares available for the Company to grant under the Incentive Plan as of December 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies Litigation 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 “Moehrl Action”). Similar actions have been filed in various federal courts. 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, the Moehrl-related suits also allege: state antitrust violations; unjust enrichment; harm to home buyers rather than sellers; violations of the Missouri Merchandising Practices Act; and claims against a multiple listing service (MLS) defendant rather than NAR. Among other requested relief, plaintiffs seek damages against the defendants and injunctive relief. The Company intends to vigorously defend against all claims. The Company may become involved in additional litigation or other legal proceedings concerning the same or similar claims. We are unable to predict whether resolution of these matters would have a material effect on our financial position or results of operations. 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 6, Acquisitions, for additional information), Century 21 Canada Limited Partnership, Royal Lepage Real Estate Services Ltd., and many other real estate companies by the putative representative plaintiff, Mark Sunderland (the “Plaintiff”). The Plaintiff alleges that the Defendants and their co-conspirators conspired, agreed or arranged with each other to fix, maintain, increase, control, raise, or stabilize the rate of real estate buyers’ brokerages’ and salespersons’ commissions in respect of the purchase and sale of properties listed on TRREB’s multiple listing service system (the “Toronto MLS”); that the Defendants and their co-conspirators acted in furtherance of their conspiracy, agreement or arrangement to fix, maintain, increase, control, raise, or stabilize the rate of real estate buyers’ brokerages’ and salespersons’ commissions in respect of the purchase and sale of properties listed on the Toronto MLS; and violation of Part VI of the Competition Act, R.S.C. 1985, c. C-34 (“Competition Act”). Among other requested relief, Plaintiff seeks damages against the defendants and injunctive relief. RE/MAX OA denies the allegations in the claim and intends to vigorously defend the action.

Defined-Contribution Savings Pl

Defined-Contribution Savings Plan	12 Months Ended
	Dec. 31, 2021
Defined-Contribution Savings Plan
Defined-Contribution Savings Plan	15. Defined-Contribution Savings Plan The Company sponsors an employee retirement plan (the “401(k) Plan”) that provides certain eligible employees of the Company an opportunity to accumulate funds for retirement. The Company provides matching contributions on a discretionary basis. During the years ended December 31, 2021, 2020 and 2019, the Company recognized expense of $1.5 million, $1.0 million and $2.1 million, respectively, for matching contributions to the 401(k) Plan. During 2020, as part of a cost mitigation plan due to COVID-19, the Company suspended the matching contributions to the 401(k) Plan in the final three quarters of the year. The Company’s 401(k) matching contribution was reinstated in 2021.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	16. Segment Information The Company operates under the following four operating segments: Real Estate, Mortgage, Marketing Funds, and 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 the Company’s future success. 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 Note 2, Summary of Significant Accounting Policies The following table presents revenue from external customers by segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Continuing franchise fees (a) ​ $ 110,613 ​ $ 84,863 ​ $ 95,854 Annual dues ​ ​ 35,549 ​ ​ 35,075 ​ ​ 35,409 Broker fees ​ ​ 65,456 ​ ​ 50,028 ​ ​ 45,990 Franchise sales and other revenue ​ ​ 23,506 ​ ​ 20,826 ​ ​ 22,383 Total Real Estate ​ ​ 235,124 ​ ​ 190,792 ​ ​ 199,636 Continuing franchise fees ​ ​ 7,891 ​ ​ 5,354 ​ ​ 4,074 Franchise sales and other revenue ​ ​ 2,160 ​ ​ 1,256 ​ ​ 468 Total Mortgage ​ ​ 10,051 ​ ​ 6,610 ​ ​ 4,542 Marketing Funds fees (a) ​ ​ 82,391 ​ ​ 64,402 ​ ​ 72,299 Other ​ ​ 2,135 ​ ​ 4,197 ​ ​ 5,816 Total revenue ​ $ 329,701 ​ $ 266,001 ​ $ 282,293 (a) During the year ended December 31, 2020, Continuing franchise fees and Marketing Funds fees declined primarily due to the temporary COVID-19 related financial support programs offered to franchisees. The following table presents a reconciliation of Adjusted EBITDA by segment to income (loss) before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Adjusted EBITDA: Real Estate ​ $ 125,247 ​ $ 96,079 ​ $ 106,810 Adjusted EBITDA: Mortgage ​ ​ (5,321) ​ ​ (2,255) ​ ​ (2,709) Adjusted EBITDA: Other ​ ​ (249) ​ ​ (1,266) ​ ​ (586) Adjusted EBITDA: Consolidated ​ ​ 119,677 ​ ​ 92,558 ​ ​ 103,515 Gain (loss) on sale or disposition of assets, net ​ ​ (5) ​ ​ (600) ​ ​ (342) Loss on contract settlement (a) ​ ​ (40,900) ​ ​ — ​ ​ — Loss on extinguishment of debt (b) ​ ​ (264) ​ ​ — ​ ​ — Impairment charge - leased assets (c) ​ ​ — ​ ​ (7,902) ​ ​ — Impairment charge - goodwill (d) ​ ​ (5,123) ​ ​ — ​ ​ — Equity-based compensation expense ​ ​ (34,298) ​ ​ (16,267) ​ ​ (10,934) Acquisition-related expense (e) ​ ​ (17,422) ​ ​ (2,375) ​ ​ (1,127) Fair value adjustments to contingent consideration (f) ​ ​ (309) ​ ​ (814) ​ ​ (241) Other ​ ​ (1,057) ​ ​ 97 ​ ​ — Interest income ​ ​ 217 ​ ​ 340 ​ ​ 1,446 Interest expense ​ ​ (11,344) ​ ​ (9,223) ​ ​ (12,229) Depreciation and amortization ​ ​ (31,333) ​ ​ (26,106) ​ ​ (21,792) Income (loss) before provision for income taxes ​ $ (22,161) ​ $ 29,708 ​ $ 58,296 (a) Represents the effective settlement of the pre-existing master franchise agreement with INTEGRA that was recognized with the acquisition. See Note 6, Acquisitions for additional information. (b) The loss was recognized in connection with the amended and restated Senior Secured Credit Facility. See Note 10, Debt for additional information. (c) Represents the impairment recognized on a portion of the Company’s corporate headquarters office building. See Note 3, Leases 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 8, 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 11, Fair Value Measurements for additional information. ​ The following table presents total assets of the Company’s segments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Real Estate ​ $ 674,034 ​ $ 462,036 Marketing Funds ​ ​ 63,313 ​ ​ 48,728 Mortgage ​ ​ 38,359 ​ ​ 32,248 Other ​ ​ 427 ​ ​ 3,356 Total assets ​ $ 776,133 ​ $ 546,368 ​ ​ ​ ​ ​ ​ ​ ​ Virtually all long-lived assets are within the United States.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements (“financial statements”) and notes thereto included in this Annual Report on Form 10-K have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying financial statements 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 financial statements reflect all normal and recurring adjustments necessary to present fairly the Company’s financial position as of December 31, 2021 and 2020, the results of its operations and comprehensive income (loss), changes in its stockholders’ equity and its cash flows for the years ended December 31, 2021, 2020 and 2019. During 2021, the Company acquired the operating companies of INTEGRA. During 2020, the Company acquired Gadberry Group, LLC (“Gadberry”) and Wemlo, Inc. (“wemlo”). During 2019, the Company acquired First Leads, Inc. (“First”), and all of the regional and pan-regional advertising fund entities previously owned by its founder and Chairman of the Board of Directors, David Liniger. The results of operations, cash flows and financial position of these acquisitions are included in the financial statements from their respective dates of acquisition. See Note 6, Acquisitions,
Use of Estimates	Use of Estimates The preparation of the accompanying 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 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 segments: ● Real Estate – comprises the operations of the Company’s owned and independent global franchising operations under the RE/MAX brand and technology and data subscription revenue from the combination of RE/MAX data assets and Gadberry, which are now rebranded together as G73, and the First app, along with corporate-wide shared services expenses. ● Mortgage – comprises the operations of the Company’s mortgage brokerage franchising operations under the Motto brand and mortgage loan processing services and licensed software under the wemlo brand. Mortgage does not include any charges related to the corporate-wide shared services expenses. ● Marketing Funds – comprises the operations of the Company’s marketing campaigns designed to build and maintain brand awareness and the development and operation of agent marketing technology. This segment has no net income given the contractual restriction that all funds collected must be spent for designated purposes. ● Other – comprises other operations which, due to quantitative insignificance, do not meet the criteria of a reportable segment. See Note 16 for additional information about segment reporting.
Principles of Consolidation	Principles of Consolidation Holdings consolidates RMCO and records a non-controlling interest in the accompanying Consolidated Balance Sheets and records net income (loss) attributable to the non-controlling interest and comprehensive income (loss) attributable to the non-controlling interest in the accompanying Consolidated Statements of Income (Loss) and Consolidated Statements of Comprehensive Income (Loss), respectively.
Revenue Recognition	Revenue Recognition The Company generates most of its revenue from contracts with customers. The Company’s franchise agreements offer the following benefits to the franchisee: common use and promotion of RE/MAX and Motto trademarks; distinctive sales and promotional materials; access to technology; marketing tools and education; standardized supplies and other materials used in RE/MAX and Motto offices; and recommended procedures for operation of RE/MAX and Motto offices. The Company concluded that these benefits are highly related and all part of one performance obligation for each franchise agreement, a license of symbolic intellectual property that is billed through a variety of fees including continuing franchise fees, annual dues, broker fees, marketing funds fees and franchise sales, described below. The Company has other performance obligations associated with contracts with customers in other revenue for education, marketing and events, subscription revenue, loan processing revenue, and data services revenue. The method used to measure progress is over the passage of time for most streams of revenue. The following is a description of principal activities from which the Company generates its revenue. Continuing Franchise Fees Continuing franchise fees are fixed contractual fees paid monthly (a) by regional franchise owners in Independent Regions or franchisees in Company-Owned Regions based on the number of RE/MAX agents in the respective franchised region or office or (b) by Motto franchisees based on the number of open offices. Motto offices reach the full monthly billing once the Motto office has been open for 12 months. This revenue is recognized in the month for which the fee is billed. This revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents or number of Motto open offices. Annual Dues Annual dues are a fixed membership fee paid annually by RE/MAX agents directly to the Company. The Company defers the annual dues revenue when billed and recognizes the revenue ratably over the 12-month period to which it relates. See the “Deferred Revenue” section below for a reconciliation of the activity in the Company’s deferred revenue for annual dues. Annual dues revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents. (a) Broker Fees Broker fees are assessed against real estate commissions paid by customers when a RE/MAX agent buys or sells a property. Generally, the amount paid is 1% of the total commission on the transaction in most regions. Agents in Company-Owned Regions who joined RE/MAX prior to 2004, the year the Company began assessing broker fees, are generally “grandfathered” and continue to be exempt from paying a broker fee. Due to legacy price structures enacted when certain geographies were Independent Regions, broker fees in a limited number of locations (mainly Texas and parts of Canada) are capped at certain commission levels. Lastly, certain agents in Canada do not pay broker fees. As of December 31, 2021, approximately 26% of agents in the U.S. and Canada Company-owned Regions did not pay broker fees. Revenue from broker fees is a sales-based royalty and recognized in the month when a home sale transaction occurs. Motto franchisees do not pay any fees based on the number or dollar value of loans brokered. Marketing Funds Fees Marketing Funds fees are fixed contractual fees paid monthly by franchisees based on the number of RE/MAX agents in the respective franchised region or office or the number of Motto offices. These revenues are obligated to be used for marketing campaigns to build brand awareness and to support agent marketing technology. Amounts received into the Marketing Funds are recognized as revenue in the month for which the fee is billed. This revenue is a usage-based royalty as it is dependent on the number of RE/MAX agents or number of Motto offices. All assets of the Marketing Funds are contractually restricted for the benefit of franchisees, and the Company recognizes an equal and offsetting liability on the Company’s balance sheet for all amounts received. Additionally, this results in recording an equal and offsetting amount of expenses, against all revenues such that there is no impact to overall profitability of the Company from these revenues. In addition, advertising costs are expensed as incurred. Franchise Sales Franchise sales comprises revenue from the sale or renewal of franchises. A fee is charged upon a franchise sale or renewal. Those fees are deemed to be a part of the license of symbolic intellectual property and are recognized as revenue over the contractual term of the franchise agreement, which is typically 5 years for RE/MAX and 7 years for Motto franchise agreements. See the “Deferred Revenue” section below for a reconciliation of the activity in the Company’s deferred revenue for franchise sales. Other Revenue Other revenue is primarily from: ● Data service subscription revenue, which is recognized when the control of the products or services has transferred to the customer, which may occur at a point in time or over time, depending on the nature of the contract. ● Preferred marketing arrangements, which involves both flat fees paid in advance as well as revenue sharing, both of which are generally recognized over the period of the arrangement and are recorded net as the Company does not control the good or service provided. ● Technology products and subscription revenue, which charges a monthly fee to its customers or a periodic fee to agents who use the products or services. ● Event-based revenue from education and other programs, which is recognized when the event occurs and until then amounts collected are included in “Deferred revenue”. ● Mortgage loan processing revenue, which charges a flat fee per transaction which is recognized when a loan is closed. Deferred Revenue and Commissions Related to Franchise Sales Deferred revenue is primarily driven by Franchise sales and Annual dues, as discussed above, and is included in “Deferred revenue” and “Deferred revenue, net of current portion” on the Consolidated Balance Sheets. Other deferred revenue is primarily related to event-based revenue. The activity consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ Revenue ​ Balance at ​ ​ beginning of period ​ New billings ​ recognized (a) ​ end of period Franchise sales ​ $ 25,069 ​ $ 9,787 ​ $ (8,813) ​ $ 26,043 Annual dues ​ ​ 14,539 ​ ​ 36,030 ​ ​ (35,549) ​ ​ 15,020 Other ​ ​ 5,538 ​ ​ 14,054 ​ ​ (14,548) ​ ​ 5,044 ​ ​ $ 45,146 ​ $ 59,871 ​ $ (58,910) ​ $ 46,107 (a) Revenue recognized related to the beginning balance for Franchise Sales and Annual Dues was $ 7.7 million and $13.4 million, respectfully, for the year ended December 31, 2021. 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 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 Year Ended December 31, 2021 ​ $ 3,690 ​ $ 2,390 ​ $ (2,070) ​ $ 4,010 ​ Disaggregated Revenue In the following table, segment revenue is disaggregated by geographical area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2021 ​ 2020 ​ 2019 U.S. Company-Owned Regions (a) $ 154,981 ​ $ 126,406 ​ $ 132,670 U.S. Independent Regions (a) ​ 11,392 ​ ​ 13,345 ​ ​ 13,380 Canada Company-Owned Regions (a) ​ 27,234 ​ ​ 12,659 ​ ​ 13,647 Canada Independent Regions (a) ​ 6,510 ​ ​ 8,301 ​ ​ 8,187 Global ​ 11,501 ​ ​ 9,255 ​ ​ 9,369 Fee revenue (b) ​ 211,618 ​ ​ 169,966 ​ ​ 177,253 Franchise sales and other revenue (c) ​ 23,506 ​ ​ 20,826 ​ ​ 22,383 Total Real Estate ​ 235,124 ​ ​ 190,792 ​ ​ 199,636 U.S. (a) ​ 68,662 ​ ​ 57,974 ​ ​ 64,906 Canada (a) ​ 12,722 ​ ​ 5,634 ​ ​ 6,559 Global ​ 1,007 ​ ​ 794 ​ ​ 834 Total Marketing Funds ​ 82,391 ​ ​ 64,402 ​ ​ 72,299 Mortgage (d) ​ 10,051 ​ ​ 6,610 ​ ​ 4,542 Other (d) ​ 2,135 ​ ​ 4,197 ​ ​ 5,816 Total $ 329,701 ​ $ 266,001 ​ $ 282,293 ​ (a) On July 21, 2021, the Company acquired INTEGRA. Fee revenue from these regions was previously recognized in the U.S. and Canada Independent Regions and Marketing Funds fees were not charged. See Note 6, Acquisitions, for more 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	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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Annual dues ​ $ 15,020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,020 Franchise sales ​ ​ 7,094 ​ ​ 5,761 ​ ​ 4,562 ​ ​ 3,298 ​ ​ 1,904 ​ ​ 3,424 ​ ​ 26,043 Total ​ $ 22,114 ​ $ 5,761 ​ $ 4,562 ​ $ 3,298 ​ $ 1,904 ​ $ 3,424 ​ $ 41,063
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 Consolidated Balance Sheets to the amounts presented in the Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents ​ $ 126,270 ​ $ 101,355 Restricted cash ​ ​ 32,129 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 158,399 ​ $ 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 remax.com and remax.ca websites, 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. Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Technology - operating ​ $ 13,396 ​ $ 12,245 ​ $ 6,244 Technology - capital ​ ​ 954 ​ ​ 1,017 ​ ​ 5,095 Marketing staff and administrative services ​ ​ 5,782 ​ ​ 4,527 ​ ​ 3,763 Total ​ $ 20,132 ​ $ 17,789 ​ $ 15,102 ​
Selling, Operating and Administrative Expenses	Selling, Operating and Administrative Expenses Selling, operating and administrative expenses primarily consist of personnel costs, including salaries, benefits, payroll taxes and other compensation expenses, professional fees, lease costs, as well as expenses for outsourced technology services and expenses for marketing to customers, to expand the Company’s franchises.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of financial instruments, net of any allowances, including cash equivalents, accounts and notes receivable, accounts payable and accrued expenses approximate fair value due to their short-term nature.
Accounts and Notes Receivable	Accounts and Notes Receivable Accounts receivable arising from monthly billings do not bear interest. The Company provides limited financing of certain franchise sales through the issuance of notes receivable with the associated interest recorded in “Interest income” in the accompanying Consolidated Statements of Income (Loss). Amounts collected on notes receivable are included in “Net cash provided by operating activities” in the accompanying Consolidated Statements of Cash Flows. The Company records estimates of expected credit losses against its accounts and notes receivable based on historical loss experience and reasonable and supportable forecasts. The general economic conditions effecting the Company’s customers, especially existing home sales, are expected to impact customers in a consistent manner. The allowance for doubtful accounts and notes is based on reasonable and supportable forecasts, historical experience, general economic conditions, and the credit quality of specific accounts. Increases and decreases in the allowance for doubtful accounts are established based upon changes in the credit quality of receivables and are included as a component of “Selling, operating and administrative expenses” in the accompanying Consolidated Statements of Income (Loss). The activity in the Company’s allowances against accounts and notes receivable consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ Charges/(benefits) to expense for changes in Allowance for doubtful accounts (a) ​ Write-offs ​ Balance at end of period Year Ended December 31, 2021 ​ $ 11,724 ​ $ (1,345) ​ $ (815) ​ $ 9,564 Year Ended December 31, 2020 ​ $ 12,538 ​ $ 2,903 ​ $ (3,717) ​ $ 11,724 Year Ended December 31, 2019 ​ $ 7,980 ​ $ 4,964 ​ $ (406) ​ $ 12,538 (a) Includes approximately ($0.4) million, $0.6 million and $1.5 million of (benefit)/expense attributable to the Marketing Funds for the years ended December 31, 2021, 2020 and 2019, respectively.
Accumulated Other Comprehensive Income (Loss) and Foreign Currency Translation	Accumulated Other Comprehensive Income (Loss) and Foreign Currency Translation Accumulated other comprehensive income (loss) includes all changes in equity during a period that have yet to be recognized in income, except those resulting from transactions with stockholders and is comprised of foreign currency translation adjustments. As of December 31, 2021, the Company, directly and through its franchisees, conducted operations in over 110 countries and territories, including the U.S. and Canada. The functional currency for the Company’s operations is the U.S. dollar, except for its Canadian subsidiaries for which it is the Canadian Dollar. Assets and liabilities of the Canadian subsidiaries are translated at the spot rate in effect at the applicable reporting date, and the consolidated statements of income (loss) and cash flows are translated at the average exchange rates in effect during the applicable period. Exchange rate fluctuations on translating consolidated foreign currency financial statements into U.S. dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are recorded as a component of “Accumulated other comprehensive income (loss),” and periodic changes are included in comprehensive income (loss). When the Company sells a part or all of its investment in a foreign entity resulting in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, it releases any related cumulative translation adjustment into net income (loss). Foreign currency denominated monetary assets and liabilities and transactions occurring in currencies other than the Company’s or the Company’s consolidated foreign subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the accompanying Consolidated Balance Sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in the accompanying Consolidated Statements of Income (Loss) as “Foreign currency transaction (losses) gains.”
Property and Equipment	Property and Equipment Property and equipment, including leasehold improvements, are initially recorded at cost. Depreciation is provided for on a straight-line method over the estimated useful lives of each asset class and commences when the property is placed in service. Amortization of leasehold improvements is provided for on a straight-line method over the estimated benefit period of the related assets or the lease term, if shorter.
Franchise Agreements and Other Intangible Assets	Franchise Agreements and Other Intangible Assets The Company’s franchise agreements result from franchise rights acquired from Independent Region acquisitions and are initially recorded at fair value. The Company amortizes the franchise agreements over their estimated useful life on a straight-line basis. The Company also purchases and develops software for internal use. Software development costs and upgrade and enhancement costs incurred during the application development stage that result in additional functionality are capitalized. Costs incurred during the preliminary project and post-implementation-operation stages are expensed as incurred. Capitalized software costs are generally amortized over a term of two The Company reviews its franchise agreements and other intangible assets subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is assessed by a comparison of the carrying amount of an asset group to estimated undiscounted future cash flows expected to be generated from such asset. If not recoverable, the excess of the carrying amount of an asset over its estimated discounted cash flows would be charged to operations as an impairment loss. For each of the years ended December 31, 2021, 2020 and 2019, there were no material impairments indicated for such assets.
Goodwill	Goodwill Goodwill is an asset representing the future economic benefits arising from the other assets acquired in a business combination that are not individually identified and separately recognized. The Company assesses goodwill for impairment at least annually at the reporting unit level or whenever an event occurs that would indicate impairment may have occurred. Reporting units are driven by the level at which segment management reviews operating results. The Company performs its required impairment testing annually on October 1. The Company’s impairment assessment begins with a qualitative assessment to determine if it is more likely than not that a reporting unit’s fair value is less than the carrying amount. The initial qualitative assessment includes comparing the overall financial performance of the reporting units against the planned results as well as other factors which might indicate that the reporting unit’s value has declined since the last assessment date. If it is determined in the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the standard two-step quantitative impairment test is performed. The impairment test consists of comparing the estimated fair value of each reporting unit with its carrying amount, including goodwill. The fair value of a reporting unit is determined by forecasting results and applying and assumed discount rate to determine fair value as of the test date. If the estimated fair value of a reporting unit exceeds its carrying value, then it is not considered impaired and no further analysis is required. Goodwill impairment exists when the estimated implied fair value of a reporting unit’s goodwill is less than its carrying value. During 2021, the Company recorded a goodwill impairment in its First Leads, Inc. (“First”) reporting unit in the Real Estate segment. See Note 8, Intangible Assets and Goodwill
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Management periodically assesses the recoverability of its deferred tax assets based upon expected future earnings, future deductibility of the asset and changes in applicable tax laws and other factors. If management determines that it is not likely that the deferred tax asset will be fully recoverable in the future, a valuation allowance may be established for the difference between the asset balance and the amount expected to be recoverable in the future. The allowance will result in a charge to the Company’s Consolidated Statements of Income (Loss). RMCO complies with the requirements of the Internal Revenue Code that are applicable to limited liability companies that have elected to be treated as partnerships, which allow for the complete pass-through of taxable income or losses to RMCO’s unitholders, who are individually responsible for any federal tax consequences. The share of U.S. income allocable to Holdings results in a provision for income taxes for the federal and state taxes on that portion of income. The share of U.S. income allocable to RIHI does not result in a provision for income taxes for federal and state taxes given Holdings does not consolidate RIHI. RMCO is subject to certain global withholding taxes, which are ultimately allocated to both Holdings and RIHI since they are paid by RMCO. Beginning with the INTEGRA acquisition in July 2021, RMCO owns two corporate subsidiaries, which unlike RMCO are not pass-through entities. Income in those corporations is taxed at the corporate level, resulting in a provision for income taxes on The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Leases	Leases The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements are primarily for corporate office space and are included within “Operating lease right of use assets”, “Operating lease liabilities” and “Operating lease liabilities, net of current portion’ on the Consolidated Balance Sheets. The Company’s lease liabilities represent the obligation to make lease payments arising from the leases and right of use (“ROU”) assets are recognized as an offset at lease inception. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments consist of non-lease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of the Company’s lessee agreements include options to extend the lease, which is not included in the minimum lease terms unless they are reasonably certain to be exercised. Rent expense for lease payments related to operating leases (which is substantially all of the Company’s leases) is recognized on a straight-line basis over the lease term and is recorded to “Selling, operating and administrative expenses’ in the Consolidated Statements of Income (Loss). The Company has made an accounting policy election not to recognize ROU 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.
Equity Based Compensation	Equity-Based Compensation The Company recognizes compensation expense associated with equity-based compensation as a component of “Selling, operating and administrative expenses” in the accompanying Consolidated Statements of Income (Loss). All equity-based compensation is required to be measured at fair value on the grant date, is expensed over the requisite service, generally over a three-year period, and forfeitures are accounted for as they occur. The Company recognizes compensation expense on awards on a straight-line basis over the requisite service period for the entire award. Refer to Note 13, Equity-Based Compensation, for additional discussion regarding details of the Company’s equity-based compensation plans.
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)” on the Consolidated Statements of Income (Loss) along with the related derivative contracts. As of December 31, 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.
New Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU“) 2018-15, Intangibles – Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which clarifies that implementation costs incurred by customers in cloud computing arrangements are deferred if they would be capitalized by customers in the software licensing arrangements under the internal-use software guidance. ASU 2018-15 also clarifies that any capitalized costs should not be recorded to “Depreciation and amortization” in the Consolidated Statements of Income (Loss). The Company adopted this standard effective January 1, 2020 prospectively to all new implementation costs incurred after adoption. The amendments of ASU 2018-15 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), which eliminates certain disclosure requirements for fair value measurements and requires new or modified disclosures. ASU 2018-13 became effective for the Company on January 1, 2020. This new guidance was applied on a prospective basis. The amendments of ASU 2018-13 did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires earlier recognition of credit losses on loans, held-to-maturity securities, and certain other financial assets. ASU 2016-13 replaces the current incurred loss model with a model requiring entities to estimate expected credit losses over the life of the financial instrument based on both historical information as well as reasonable and supportable forecasts. The FASB requires entities to use a modified retrospective transition approach, in which an adjustment is made to beginning retained earnings for the cumulative effect of adopting the standard. ASU 2016-13 became effective for the Company on January 1, 2020. The standard had an immaterial effect on the Company’s credit losses at transition and no New Accounting Pronouncements Not Yet Adopted ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which contains temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The new guidance is effective upon issuance and may be adopted on any date on or after March 12, 2020. The relief is temporary and only available until December 31, 2022, when the reference rate replacement activity is expected to have completed. The Company believes the amendments of ASU 2020-04 will not have a significant impact on the Company’s consolidated financial statements and related disclosures as the Company does not currently engage in interest rate hedging of its LIBOR based debt, nor does it believe it has any material contracts tied to LIBOR other than its Senior Secured Credit Agreement, as discussed in Note 10, Debt ​ In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805)- Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets (commissions related to franchise sales) and contract liabilities (deferred revenue) acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. This would impact our Independent Region acquisitions and could have a material effect depending on the acquisition size as the fair value for the Company of these items are typically nominal at acquisition date. There would be no impact to cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Schedule of deferred revenue for franchise sales and annual dues	The activity consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ Revenue ​ Balance at ​ ​ beginning of period ​ New billings ​ recognized (a) ​ end of period Franchise sales ​ $ 25,069 ​ $ 9,787 ​ $ (8,813) ​ $ 26,043 Annual dues ​ ​ 14,539 ​ ​ 36,030 ​ ​ (35,549) ​ ​ 15,020 Other ​ ​ 5,538 ​ ​ 14,054 ​ ​ (14,548) ​ ​ 5,044 ​ ​ $ 45,146 ​ $ 59,871 ​ $ (58,910) ​ $ 46,107 (a) Revenue recognized related to the beginning balance for Franchise Sales and Annual Dues was $ 7.7 million and $13.4 million, respectfully, for the year ended December 31, 2021.
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 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 Year Ended December 31, 2021 ​ $ 3,690 ​ $ 2,390 ​ $ (2,070) ​ $ 4,010
Schedule of disaggregated revenue	In the following table, segment revenue is disaggregated by geographical area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2021 ​ 2020 ​ 2019 U.S. Company-Owned Regions (a) $ 154,981 ​ $ 126,406 ​ $ 132,670 U.S. Independent Regions (a) ​ 11,392 ​ ​ 13,345 ​ ​ 13,380 Canada Company-Owned Regions (a) ​ 27,234 ​ ​ 12,659 ​ ​ 13,647 Canada Independent Regions (a) ​ 6,510 ​ ​ 8,301 ​ ​ 8,187 Global ​ 11,501 ​ ​ 9,255 ​ ​ 9,369 Fee revenue (b) ​ 211,618 ​ ​ 169,966 ​ ​ 177,253 Franchise sales and other revenue (c) ​ 23,506 ​ ​ 20,826 ​ ​ 22,383 Total Real Estate ​ 235,124 ​ ​ 190,792 ​ ​ 199,636 U.S. (a) ​ 68,662 ​ ​ 57,974 ​ ​ 64,906 Canada (a) ​ 12,722 ​ ​ 5,634 ​ ​ 6,559 Global ​ 1,007 ​ ​ 794 ​ ​ 834 Total Marketing Funds ​ 82,391 ​ ​ 64,402 ​ ​ 72,299 Mortgage (d) ​ 10,051 ​ ​ 6,610 ​ ​ 4,542 Other (d) ​ 2,135 ​ ​ 4,197 ​ ​ 5,816 Total $ 329,701 ​ $ 266,001 ​ $ 282,293 ​ (a) On July 21, 2021, the Company acquired INTEGRA. Fee revenue from these regions was previously recognized in the U.S. and Canada Independent Regions and Marketing Funds fees were not charged. See Note 6, Acquisitions, for more 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ 2026 ​ Thereafter ​ Total Annual dues ​ $ 15,020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15,020 Franchise sales ​ ​ 7,094 ​ ​ 5,761 ​ ​ 4,562 ​ ​ 3,298 ​ ​ 1,904 ​ ​ 3,424 ​ ​ 26,043 Total ​ $ 22,114 ​ $ 5,761 ​ $ 4,562 ​ $ 3,298 ​ $ 1,904 ​ $ 3,424 ​ $ 41,063
Schedule of reconciliation of cash, both unrestricted and restricted	The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the Consolidated Balance Sheets to the amounts presented in the Consolidated Statements of Cash Flows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents ​ $ 126,270 ​ $ 101,355 Restricted cash ​ ​ 32,129 ​ ​ 19,872 Total cash, cash equivalents and restricted cash ​ $ 158,399 ​ $ 121,227
Schedule of cost charges to intersegment	Costs charged from Real Estate to the Marketing Funds are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Technology - operating ​ $ 13,396 ​ $ 12,245 ​ $ 6,244 Technology - capital ​ ​ 954 ​ ​ 1,017 ​ ​ 5,095 Marketing staff and administrative services ​ ​ 5,782 ​ ​ 4,527 ​ ​ 3,763 Total ​ $ 20,132 ​ $ 17,789 ​ $ 15,102
Schedule of allowances against accounts and notes receivable	The activity in the Company’s allowances against accounts and notes receivable consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ Charges/(benefits) to expense for changes in Allowance for doubtful accounts (a) ​ Write-offs ​ Balance at end of period Year Ended December 31, 2021 ​ $ 11,724 ​ $ (1,345) ​ $ (815) ​ $ 9,564 Year Ended December 31, 2020 ​ $ 12,538 ​ $ 2,903 ​ $ (3,717) ​ $ 11,724 Year Ended December 31, 2019 ​ $ 7,980 ​ $ 4,964 ​ $ (406) ​ $ 12,538 (a) Includes approximately ($0.4) million, $0.6 million and $1.5 million of (benefit)/expense attributable to the Marketing Funds for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of lease cost and other information	A summary of the Company’s lease cost is as follows (in thousands, except for weighted-averages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ Lease Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost (a) ​ $ 11,565 ​ $ 12,085 ​ $ 12,259 ​ Sublease income ​ ​ (1,999) ​ ​ (1,434) ​ ​ (1,508) ​ Short-term lease cost (b) ​ ​ 5,436 ​ ​ 5,959 ​ ​ 6,495 ​ Total lease cost ​ $ 15,002 ​ $ 16,610 ​ $ 17,246 ​ Other information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ ​ 9,071 ​ ​ 8,520 ​ ​ 8,507 ​ Weighted-average remaining lease term in years - operating leases ​ ​ 6.4 ​ ​ 7.4 ​ ​ 8.4 ​ Weighted-average discount rate - operating leases ​ ​ 6.3 % ​ 6.3 % ​ 6.3 % ​ (a) Includes approximately $3.5 million, $3.6 million and $3.7 million of taxes, insurance and maintenance for the years ended December 31, 2021, 2020, and 2019 respectively. (b) Includes expenses associated with short-term leases of billboard advertisements and is included in “Marketing Funds expenses” on the Consolidated Statements of Income (Loss) for the years ended December 31, 2021, 2020 and 2019.
Schedule of maturities of lease liabilities under non-cancellable leases	Maturities under non-cancellable leases were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rent Payments ​ Sublease Receipts ​ Total Cash Outflows Year ending December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 9,387 ​ ​ (1,200) ​ $ 8,187 2023 ​ ​ 9,716 ​ ​ (1,311) ​ ​ 8,405 2024 ​ ​ 9,968 ​ ​ (1,273) ​ ​ 8,695 2025 ​ ​ 10,176 ​ ​ (331) ​ ​ 9,845 2026 ​ ​ 10,263 ​ ​ (166) ​ ​ 10,097 Thereafter ​ ​ 14,453 ​ ​ (222) ​ ​ 14,231 Total lease payments ​ $ 63,963 ​ $ (4,503) ​ $ 59,460 Less: imputed interest ​ ​ 11,687 ​ ​ ​ ​ ​ ​ Present value of lease liabilities ​ $ 52,276 ​ ​ ​ ​ ​ ​

Non-controlling Interest (Table

Non-controlling Interest (Tables)	12 Months Ended
	Dec. 31, 2021
Noncontrolling Interest
Summary of Ownership of the Common Units	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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ 2021 ​ 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	A reconciliation of “Income (loss) before provision for income taxes” to “Net income (loss) attributable to RE/MAX Holdings, Inc.” and “Net Income attributable to non-controlling interest” in the accompanying Consolidated Statements of Income (Loss) for the periods indicated is detailed as follows (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ ​ RE/MAX ​ controlling ​ ​ ​ ​ RE/MAX ​ controlling ​ ​ ​ ​ RE/MAX ​ controlling ​ ​ ​ ​ ​ ​ Holdings, Inc. interest Total Holdings, Inc. interest Total ​ Holdings, Inc. interest Total ​ Weighted average ownership percentage of RMCO (a) ​ ​ 59.8 % ​ 40.2 % ​ 100.0 % ​ 59.1 % ​ 40.9 % ​ 100.0 % ​ 58.6 % ​ 41.4 % ​ 100.0 % Income (loss) before provision for income taxes (a) ​ $ (13,424) ​ $ (8,737) ​ $ (22,161) ​ $ 17,588 ​ $ 12,120 ​ $ 29,708 ​ $ 34,163 ​ $ 24,133 ​ $ 58,296 ​ (Provision) / benefit for income taxes (b)(c) ​ ​ (2,192) ​ ​ (267) ​ ​ (2,459) ​ ​ (6,338) ​ ​ (2,824) ​ ​ (9,162) ​ ​ (8,883) ​ ​ (2,099) ​ ​ (10,982) ​ Net income (loss) ​ $ (15,616) ​ $ (9,004) ​ $ (24,620) ​ $ 11,250 ​ $ 9,296 ​ $ 20,546 ​ $ 25,280 ​ $ 22,034 ​ $ 47,314 ​ ​ (a) The weighted average ownership percentage of RMCO differs from the allocation of income (loss) before provision for income taxes between RE/MAX Holdings and the non-controlling interest due to certain relatively insignificant items recorded at RE/MAX Holdings. (b) The provision for income taxes attributable to Holdings is primarily comprised of U.S. federal and state income taxes on its proportionate share of the pass-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. See Note 12, Income Taxes, for additional information. (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 year ended December 31, 2021 include a reversal of an uncertain tax position, the majority of which was allocated to the non-controlling interest (see Note 12, Income Taxes for additional information).
Distributions Paid or Payable	The distributions paid or payable to non-controlling unitholders are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, ​ 2021 ​ 2020 Tax and other distributions $ 2,650 ​ $ 3,006 Dividend distributions ​ 11,556 ​ ​ 11,052 Total distributions to non-controlling unitholders $ 14,206 ​ $ 14,058

Earnings (Loss) Per Share and_2

Earnings (Loss) Per Share and Dividends (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (15,616) ​ $ 11,250 ​ $ 25,280 Denominator for basic net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,690,442 ​ ​ 18,170,348 ​ ​ 17,812,065 Denominator for diluted net income (loss) per share of Class A common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ ​ 18,690,442 ​ ​ 18,170,348 ​ ​ 17,812,065 Add dilutive effect of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted stock (a) ​ ​ — ​ ​ 153,898 ​ ​ 55,687 Weighted average shares of Class A common stock outstanding, diluted ​ ​ 18,690,442 ​ ​ 18,324,246 ​ ​ 17,867,752 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 ​ $ (0.84) ​ $ 0.62 ​ $ 1.42 Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted ​ $ (0.84) ​ $ 0.61 ​ $ 1.41 (a) As the Company had a net loss for the year ended December 31, 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.
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Quarter end declared Date paid Per share Date paid Per share ​ Date paid Per share March 31 ​ March 17, 2021 ​ $ 0.23 ​ March 18, 2020 ​ $ 0.22 ​ March 20, 2019 ​ $ 0.21 June 30 ​ June 2, 2021 ​ ​ 0.23 ​ June 2, 2020 ​ ​ 0.22 ​ May 29, 2019 ​ ​ 0.21 September 30 ​ August 31, 2021 ​ ​ 0.23 ​ September 2, 2020 ​ ​ 0.22 ​ August 28, 2019 ​ ​ 0.21 December 31 ​ December 1, 2021 ​ ​ 0.23 ​ December 2, 2020 ​ ​ 0.22 ​ November 27, 2019 ​ ​ 0.21 ​ ​ ​ ​ $ 0.92 ​ ​ ​ $ 0.88 ​ ​ ​ $ 0.84 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Acquisitions (Tables)

Acquisitions (Tables) - RE/MAX INTEGRA North America Region Asset Acquisition	12 Months Ended
	Dec. 31, 2021
Business Acquisition [Line Items]
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 ​ ​ 502 Property and equipment ​ ​ 63 Franchise agreements (a) ​ ​ 92,250 Other intangible assets, net (a) ​ ​ 9,200 Other assets, net of current portion ​ ​ 1,930 Goodwill (b) ​ ​ 108,938 Accounts payable ​ ​ (3,461) Accrued liabilities ​ ​ (14,045) Income taxes payable ​ ​ (2,882) Deferred revenue ​ ​ (824) Deferred tax liabilities, net ​ ​ (16,573) Other liabilities, net of current portion ​ ​ (2,200) Total purchase price allocated to assets and liabilities ​ ​ 194,100 Loss on contract settlement ​ ​ 40,900 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 excess of the total purchase price over the fair value of the identifiable assets acquired was recorded as goodwill. The goodwill is attributable to expected synergies and projected long-term revenue growth for the RE/MAX network. 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). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31 ​ ​ 2021 ​ 2020 Total revenue ​ $ 356,489 ​ $ 309,480 Net income (loss) attributable to RE/MAX Holdings, Inc. ​ $ (16,092) ​ $ 6,493

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property and Equipment
Property and Equipment	Property and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ Depreciable Life ​ 2021 ​ 2020 Leasehold improvements ​ Shorter of estimated useful life or life of lease ​ $ 5,989 ​ $ 4,707 Office furniture, fixtures and equipment ​ 2 - 10 years ​ ​ 16,115 ​ ​ 17,896 Total property and equipment ​ ​ ​ ​ 22,104 ​ ​ 22,603 Less accumulated depreciation ​ ​ ​ ​ (9,418) ​ ​ (14,731) Total property and equipment, net ​ ​ ​ $ 12,686 ​ $ 7,872

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Intangible Assets and Goodwill
Schedule of components of intangible assets	The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ ​ Amortization ​ Initial ​ Accumulated ​ Net ​ Initial ​ Accumulated ​ Net ​ ​ ​ Period ​ Cost ​ Amortization ​ Balance ​ Cost ​ Amortization ​ Balance Franchise agreements ​ ​ 12.7 ​ $ 267,770 ​ $ (123,938) ​ $ 143,832 ​ $ 176,354 ​ $ (106,552) ​ $ 69,802 Other intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Software (a) ​ ​ 4.1 ​ $ 51,368 ​ $ (29,682) ​ $ 21,686 ​ $ 44,389 ​ $ (18,926) ​ $ 25,463 Trademarks ​ ​ 8.3 ​ ​ 2,356 ​ ​ (1,533) ​ ​ 823 ​ ​ 2,325 ​ ​ (1,274) ​ ​ 1,051 Non-compete agreements ​ ​ 5.0 ​ ​ 13,100 ​ ​ (4,563) ​ ​ 8,537 ​ ​ 3,920 ​ ​ (2,814) ​ ​ 1,106 Training materials ​ ​ 5.0 ​ ​ 2,400 ​ ​ (1,600) ​ ​ 800 ​ ​ 2,400 ​ ​ (1,120) ​ ​ 1,280 Other ​ ​ 6.6 ​ ​ 1,670 ​ ​ (986) ​ ​ 684 ​ ​ 1,670 ​ ​ (601) ​ ​ 1,069 Total other intangible assets ​ ​ 4.5 ​ $ 70,894 ​ $ (38,364) ​ $ 32,530 ​ $ 54,704 ​ $ (24,735) ​ $ 29,969 ​ (a) As of December 31, 2021 and 2020, capitalized software development costs of $1.9 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	As of December 31, 2021, 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 December 31, 2021 ​ ​ ​ 2022 ​ $ 32,143 2023 ​ ​ 28,178 2024 ​ ​ 24,694 2025 ​ ​ 19,691 2026 ​ ​ 14,660 Thereafter ​ ​ 56,996 ​ ​ $ 176,362
Schedule of changes to goodwill	The following table presents changes to goodwill by reportable segment for the period from January 1, 2020 to December 31, 2021(in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Mortgage ​ Total Balance, January 1, 2020 ​ $ 136,761 ​ $ 11,800 ​ $ 148,561 Goodwill recognized from acquisitions ​ ​ 9,893 ​ ​ 6,833 ​ ​ 16,726 Effect of changes in foreign currency exchange rates ​ ​ 71 ​ ​ — ​ ​ 71 Balance, January 1, 2021 ​ $ 146,725 ​ $ 18,633 ​ $ 165,358 Purchase price adjustments ​ ​ 133 ​ ​ — ​ ​ 133 Goodwill recognized from acquisitions ​ ​ 108,938 ​ ​ — ​ ​ 108,938 Impairment charge ​ ​ (5,123) ​ ​ — ​ ​ (5,123) Effect of changes in foreign currency exchange rates ​ ​ (191) ​ ​ — ​ ​ (191) Balance, December 31, 2021 ​ $ 250,482 ​ $ 18,633 ​ $ 269,115

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Liabilities.
Schedule of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Marketing Funds (a) ​ $ 61,997 ​ $ 48,452 Accrued payroll and related employee costs ​ ​ 22,634 ​ ​ 10,692 Accrued taxes ​ ​ 2,053 ​ ​ 2,491 Accrued professional fees ​ ​ 3,660 ​ ​ 1,806 Other ​ ​ 6,424 ​ ​ 5,130 ​ ​ $ 96,768 ​ $ 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. Also includes the additional liabilities recognized due to the acquired Marketing Funds.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt
Schedule of debt	Debt, net of current portion, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Senior Secured Credit Facility ​ $ 457,700 ​ $ 225,013 Other long-term financing ​ ​ — ​ ​ 78 Less unamortized debt issuance costs ​ ​ (4,168) ​ ​ (882) Less unamortized debt discount costs ​ ​ (1,473) ​ ​ (644) Less current portion ​ ​ (4,600) ​ ​ (2,428) ​ ​ $ 447,459 ​ $ 221,137
Schedule of Maturities of Debt	Maturities of debt are as follows (in thousands): ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ 2022 ​ $ 4,600 2023 ​ ​ 4,600 2024 ​ ​ 4,600 2025 ​ ​ 4,600 2026 ​ ​ 4,600 Thereafter ​ ​ 434,700 ​ ​ $ 457,700

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Liabilities measured at fair value on a recurring basis	A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2020 ​ ​ Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Motto contingent consideration (a) ​ $ 4,530 ​ $ — ​ $ — ​ $ 4,530 ​ $ 4,750 ​ $ — ​ $ — ​ $ 4,750 Gadberry contingent consideration (a) ​ ​ 1,250 ​ ​ — ​ ​ — ​ ​ 1,250 ​ ​ 1,590 ​ ​ — ​ ​ — ​ ​ 1,590 Contingent consideration (a) ​ $ 5,780 ​ $ — ​ $ — ​ $ 5,780 ​ $ 6,340 ​ $ — ​ $ — ​ $ 6,340 (a) Recorded as a component of “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying 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, 2020 ​ $ 5,005 Fair value adjustments ​ ​ 814 Acquisitions – Gadberry ​ ​ 930 Cash payments ​ ​ (409) Balance at January 1, 2021 ​ $ 6,340 Fair value adjustments ​ ​ 309 Cash payments ​ ​ (869) Balance at December 31, 2021 ​ $ 5,780
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ ​ Carrying Amount Fair Value Level 2 Carrying Amount Fair Value Level 2 Senior Secured Credit Facility ​ $ 452,059 ​ $ 454,267 ​ $ 223,487 ​ $ 223,887

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of Income Before Provision for Income Taxes	“Income (loss) before provision for income taxes” as shown in the accompanying Consolidated Statements of Income (Loss) is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Domestic ​ $ (53,152) ​ $ 15,515 ​ $ 44,874 Foreign ​ ​ 30,991 ​ ​ 14,193 ​ ​ 13,422 Total ​ $ (22,161) ​ $ 29,708 ​ $ 58,296
Schedule of Components of Provision for Income Taxes	Components of the “Provision for income taxes” in the accompanying Consolidated Statements of Income (Loss) consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 798 ​ $ 2,265 ​ $ 2,533 Foreign ​ ​ 3,556 ​ ​ 4,418 ​ ​ 4,929 State and local ​ ​ 633 ​ ​ 580 ​ ​ 1,137 Total current expense ​ ​ 4,987 ​ ​ 7,263 ​ ​ 8,599 Deferred expense ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ (840) ​ ​ 1,288 ​ ​ 2,157 Foreign ​ ​ (752) ​ ​ 351 ​ ​ (142) State and local ​ ​ (936) ​ ​ 260 ​ ​ 368 Total deferred expense ​ ​ (2,528) ​ ​ 1,899 ​ ​ 2,383 Provision for income taxes ​ $ 2,459 ​ $ 9,162 ​ $ 10,982
Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate	A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ U.S. statutory tax rate ​ ​ 21.0 % ​ 21.0 % ​ 21.0 % State and local taxes, net of federal benefit ​ ​ 3.1 ​ ​ 3.1 ​ ​ 3.1 ​ Income attributable to non-controlling interests (a) ​ ​ (9.3) ​ ​ (9.9) ​ ​ (10.0) ​ Subtotal ​ ​ 14.8 % ​ 14.2 % ​ 14.1 % Non-creditable foreign and domestic taxes - non-controlling interest (b) (c) ​ ​ (7.0) ​ ​ 5.1 ​ ​ 2.8 ​ Non-creditable foreign taxes - RE/MAX Holdings (c) (d) ​ ​ (3.7) ​ ​ 2.1 ​ ​ 1.1 ​ Foreign derived intangible income deduction (c) ​ ​ 4.4 ​ ​ (3.1) ​ ​ (1.5) ​ Other permanent differences ​ ​ (1.2) ​ ​ 2.0 ​ ​ 0.7 ​ Uncertain tax positions ​ ​ 6.1 ​ ​ 1.9 ​ ​ 1.0 ​ Loss on contract settlement (e) ​ ​ (26.7) ​ ​ — ​ ​ — ​ Adjustments to state taxes (f) ​ ​ 3.9 ​ ​ — ​ ​ — ​ 162(m) compensation limitation ​ ​ (1.8) ​ ​ — ​ ​ — ​ Conversions of acquired C-Corporations to pass-through entities (g) ​ ​ — ​ ​ 8.4 ​ ​ — ​ Other ​ ​ 0.1 ​ ​ 0.2 ​ ​ 0.6 ​ ​ ​ ​ (11.1) % ​ 30.8 % ​ 18.8 % ​ (a) Given the majority of the Company’s income is generated via a pass-through entity of which the non-controlling interest owns approximately 40.0%, that proportion of the Company’s income is not subject to U.S. or state income tax rates. (b) Approximately 40.0% of foreign taxes paid at the RMCO level and corporate subsidiary taxes are attributable to the non-controlling interest. As a result, these taxes are not creditable against the U.S. taxes of Holdings. (c) The percentage impact of these items switched directionally as compared to 2020 because the Company’s pre-tax net income changed from positive to negative from 2020 to 2021 while the underlying tax or deduction was relatively unchanged. (d) While a portion of our foreign taxes are creditable within the U.S., most of the taxes we pay in Canada are not creditable. (e) Loss on contract settlement is a result of the acquisition of INTEGRA and is not recognized for US income tax purposes. (f) As a result of the acquisition of INTEGRA, the state filing footprint of RE/MAX has changed which has modified the blended state rate and resulted in a small remeasurement of our net deferred tax assets. (g) In 2020, the Company converted wemlo and First from C Corporations to flow-through entities, which triggered taxable gains. These conversions are expected to provide long-term tax benefits, both additional amortization and avoiding double taxation on profits.
Summary of Deferred Tax Assets and Liabilities	These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Long-term deferred tax assets ​ ​ ​ ​ ​ ​ Goodwill, other intangibles and other assets ​ $ 39,531 ​ $ 41,924 Imputed interest deduction pursuant to tax receivable agreements ​ ​ 2,241 ​ ​ 2,306 Operating lease liabilities ​ ​ 2,362 ​ ​ 2,671 Compensation and benefits (a) ​ ​ 5,904 ​ ​ 3,237 Allowance for doubtful accounts ​ ​ 1,167 ​ ​ 1,429 Contingent consideration liability ​ ​ 839 ​ ​ 1,034 Deferred revenue ​ ​ 3,953 ​ ​ 3,891 Foreign tax credit carryforward ​ ​ 4,510 ​ ​ 2,996 Net operating loss carryforward (b) ​ ​ 653 ​ ​ — Other ​ ​ 1,034 ​ ​ 817 Total long-term deferred tax assets ​ ​ 62,194 ​ ​ 60,305 Valuation allowance (c) ​ ​ (7,671) ​ ​ (6,834) Total long-term deferred tax assets, net of valuation allowance ​ ​ 54,523 ​ ​ 53,471 Long-term deferred tax liabilities ​ ​ ​ ​ ​ ​ Property and equipment and other long lived assets ​ ​ (1,239) ​ ​ (1,577) Goodwill, other intangibles and other assets (a) ​ ​ (15,499) ​ ​ — Other ​ ​ (1,170) ​ ​ (1,682) Total long-term deferred tax liabilities ​ ​ (17,908) ​ ​ (3,259) Net long-term deferred tax assets ​ ​ 36,615 ​ ​ 50,212 Total deferred tax assets and liabilities ​ $ 36,615 ​ $ 50,212 ​ (a) Amounts as of December 31, 2021 include deferred tax liabilities related to the acquisition of INTEGRA’s U.S. and Canadian subsidiaries. (b) Net operating loss for the Company’s Canadian subsidiary. (c) Includes a valuation allowance on deferred tax assets for goodwill and other intangibles in the Company’s Western Canada operations, as well as foreign tax credit carryforwards.
Schedule of unrecognized tax benefits	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 Consolidated Balance Sheets. A reconciliation of the beginning and ending amount, excluding interest and penalties is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Balance, January 1 ​ $ 5,300 ​ $ 4,810 Increases related to prior period tax positions ​ ​ 96 ​ ​ 490 Decrease related to prior year tax positions ​ ​ (815) ​ ​ — Increase related to tax positions from acquired companies ​ ​ 1,587 ​ ​ — Settlements ​ ​ (4,944) ​ ​ — Foreign currency transaction (gains) losses ​ ​ 363 ​ ​ — Balance, December 31 ​ $ 1,587 ​ $ 5,300 ​ (a) Excludes accrued interest and penalties of $0.6 million and $2.3 million for the years ended December 31, 2021 and 2020, respectively. These related interest and penalties are recognized in “Income taxes payable” within the Consolidated Balance Sheets.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of Employee Stock-Based Compensation Expense	Employee stock-based compensation expense under the Company’s Incentive Plan, net of the amount capitalized in internally developed software, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Expense from time-based awards (a)(b) ​ $ 21,042 ​ $ 12,224 ​ $ 7,554 Expense from performance-based awards (a)(c) ​ ​ 6,073 ​ ​ 2,150 ​ ​ (179) Expense from bonus to be settled in shares (d) ​ ​ 7,183 ​ ​ 1,925 ​ ​ 3,788 Equity-based compensation capitalized ​ ​ — ​ ​ (32) ​ ​ (229) Equity-based compensation expense ​ ​ 34,298 ​ ​ 16,267 ​ ​ 10,934 Tax deficit / (benefit) from equity-based compensation ​ ​ (5,052) ​ ​ (2,308) ​ ​ (1,548) Deficit / (excess) tax benefit from equity-based compensation ​ ​ (121) ​ ​ 378 ​ ​ 55 Net compensation cost ​ $ 29,125 ​ $ 14,337 ​ $ 9,441 ​ (a) Includes significant amounts of awards granted to employees and former owners of acquired companies at the time of acquisition. (b) During the year ended December 31, 2021, the Company recognized $5.5 million of expense as a result of the acceleration of 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- Consolidated Balance Sheets and are not included in “Additional paid-in capital” until the shares are issued.
Time-based awards
Schedule of Restricted Stock Units	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 (a) ​ 269,315 ​ $ 39.14 Shares vested (including tax withholding) (b) ​ (498,446) ​ $ 37.78 Forfeited ​ (32,716) ​ $ 36.77 Balance, December 31, 2021 ​ 756,161 ​ $ 36.91 ​ (a) The weighted average grant date fair value per share for the years ended December 31, 2020 and 2019 were $33.05 and $38.43, respectively. (b) 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
Schedule of Restricted Stock Units	The following table summarizes equity-based compensation activity related to PSUs: ​ ​ ​ ​ ​ ​ ​ ​ Shares ​ Weighted average grant date fair value per share Balance, January 1, 2021 ​ 281,735 ​ $ 32.34 Granted (a) ​ 58,247 ​ $ 40.02 Shares vested (including tax withholding) (b)(c) ​ (48,421) ​ $ 39.24 Forfeited (c) ​ (49,740) ​ $ 41.02 Balance, December 31, 2021 ​ 241,821 ​ $ 31.02 ​ (a) The weighted average grant date fair value per share for the years ended December 31, 2020 and 2019 were $28.34 and $38.87, respectively. (b) 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. (c) Includes PSUs that were granted on December 31, 2019, that vested on December 31, 2021. The number of shares that vest are dependent on the minimum thresholds conditions.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Information
Schedule of Revenue from External Customers By Segment	The following table presents revenue from external customers by segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Continuing franchise fees (a) ​ $ 110,613 ​ $ 84,863 ​ $ 95,854 Annual dues ​ ​ 35,549 ​ ​ 35,075 ​ ​ 35,409 Broker fees ​ ​ 65,456 ​ ​ 50,028 ​ ​ 45,990 Franchise sales and other revenue ​ ​ 23,506 ​ ​ 20,826 ​ ​ 22,383 Total Real Estate ​ ​ 235,124 ​ ​ 190,792 ​ ​ 199,636 Continuing franchise fees ​ ​ 7,891 ​ ​ 5,354 ​ ​ 4,074 Franchise sales and other revenue ​ ​ 2,160 ​ ​ 1,256 ​ ​ 468 Total Mortgage ​ ​ 10,051 ​ ​ 6,610 ​ ​ 4,542 Marketing Funds fees (a) ​ ​ 82,391 ​ ​ 64,402 ​ ​ 72,299 Other ​ ​ 2,135 ​ ​ 4,197 ​ ​ 5,816 Total revenue ​ $ 329,701 ​ $ 266,001 ​ $ 282,293 (a) During the year ended December 31, 2020, Continuing franchise fees and Marketing Funds fees declined primarily due to the temporary COVID-19 related financial support programs offered to franchisees.
Schedule of Revenue and Adjusted EBITDA of the Company's Reportable Segment	The following table presents a reconciliation of Adjusted EBITDA by segment to income (loss) before provision for income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ 2019 Adjusted EBITDA: Real Estate ​ $ 125,247 ​ $ 96,079 ​ $ 106,810 Adjusted EBITDA: Mortgage ​ ​ (5,321) ​ ​ (2,255) ​ ​ (2,709) Adjusted EBITDA: Other ​ ​ (249) ​ ​ (1,266) ​ ​ (586) Adjusted EBITDA: Consolidated ​ ​ 119,677 ​ ​ 92,558 ​ ​ 103,515 Gain (loss) on sale or disposition of assets, net ​ ​ (5) ​ ​ (600) ​ ​ (342) Loss on contract settlement (a) ​ ​ (40,900) ​ ​ — ​ ​ — Loss on extinguishment of debt (b) ​ ​ (264) ​ ​ — ​ ​ — Impairment charge - leased assets (c) ​ ​ — ​ ​ (7,902) ​ ​ — Impairment charge - goodwill (d) ​ ​ (5,123) ​ ​ — ​ ​ — Equity-based compensation expense ​ ​ (34,298) ​ ​ (16,267) ​ ​ (10,934) Acquisition-related expense (e) ​ ​ (17,422) ​ ​ (2,375) ​ ​ (1,127) Fair value adjustments to contingent consideration (f) ​ ​ (309) ​ ​ (814) ​ ​ (241) Other ​ ​ (1,057) ​ ​ 97 ​ ​ — Interest income ​ ​ 217 ​ ​ 340 ​ ​ 1,446 Interest expense ​ ​ (11,344) ​ ​ (9,223) ​ ​ (12,229) Depreciation and amortization ​ ​ (31,333) ​ ​ (26,106) ​ ​ (21,792) Income (loss) before provision for income taxes ​ $ (22,161) ​ $ 29,708 ​ $ 58,296 (a) Represents the effective settlement of the pre-existing master franchise agreement with INTEGRA that was recognized with the acquisition. See Note 6, Acquisitions for additional information. (b) The loss was recognized in connection with the amended and restated Senior Secured Credit Facility. See Note 10, Debt for additional information. (c) Represents the impairment recognized on a portion of the Company’s corporate headquarters office building. See Note 3, Leases 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 8, 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 11, Fair Value Measurements for additional information.
Summary of Total Assets by Segment	The following table presents total assets of the Company’s segments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Real Estate ​ $ 674,034 ​ $ 462,036 Marketing Funds ​ ​ 63,313 ​ ​ 48,728 Mortgage ​ ​ 38,359 ​ ​ 32,248 Other ​ ​ 427 ​ ​ 3,356 Total assets ​ $ 776,133 ​ $ 546,368 ​ ​ ​ ​ ​ ​ ​

Business and Organization (Deta

Business and Organization (Details)	12 Months Ended
	Dec. 31, 2021stateOfficeVoteclass	Jul. 21, 2021item	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of classes of common stock | class	2
RMCO, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Parent economic interest in RMCO (as a percentage)	60.00%		59.40%
RIHI | RMCO, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Non-controlling interest ownership of common units in RMCO	40.00%		40.60%
Minimum
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of agents | item		19,000
Minimum | Motto
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of offices | Office	185
Number of states in which entity operates | state	35
REMAX | Motto
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of Company consisting of franchises	100.00%
Common Class A
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of votes per share held | Vote	1
Common Class A | One Company Founder [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership percentage	1.10%
Common Class B | RIHI
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership percentage	40.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Deferred Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Disaggregation of Revenue [Line Items]
Balance at beginning of period	$ 45,146
New billings	59,871
Revenue recognized	(58,910)
Balance at the end of period	46,107
Franchise sales
Disaggregation of Revenue [Line Items]
Balance at beginning of period	25,069
New billings	9,787
Revenue recognized	(8,813)
Balance at the end of period	$ 26,043
Annual Dues
Disaggregation of Revenue [Line Items]
Deferred revenue recognition period	12 months
Balance at beginning of period	$ 14,539
New billings	36,030
Revenue recognized	(35,549)
Balance at the end of period	15,020
Other
Disaggregation of Revenue [Line Items]
Balance at beginning of period	5,538
New billings	14,054
Revenue recognized	(14,548)
Balance at the end of period	5,044
Annual Dues
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	13,400
Franchise sales
Disaggregation of Revenue [Line Items]
Revenue recognized related to the beginning balance	$ 7,700
Franchise sales | RE/MAX franchise agreements
Disaggregation of Revenue [Line Items]
Period of franchise agreement	5 years
Franchise sales | Motto Franchising
Disaggregation of Revenue [Line Items]
Period of franchise agreement	7 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Commissions Related to Franchise Sales (Details) - Commissions Related to Franchise Sales $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 3,690
Expense recognized	2,390
Additions to contract cost for new activity	2,070
Balance at end of period	$ 4,010

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregated revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 329,701	$ 266,001	$ 282,293
Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	27,801	26,279	28,667
Real Estate
Disaggregation of Revenue [Line Items]
Total revenue	235,124	190,792	199,636
Real Estate | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	211,618	169,966	177,253
Real Estate | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	23,506	20,826	22,383
Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	82,391	64,402	72,299
Mortgage
Disaggregation of Revenue [Line Items]
Total revenue	10,051	6,610	4,542
Mortgage | Franchise sales and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,160	1,256	468
Other.
Disaggregation of Revenue [Line Items]
Total revenue	2,135	4,197	5,816
U.S. | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	154,981	126,406	132,670
U.S. | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	11,392	13,345	13,380
U.S. | Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	68,662	57,974	64,906
Canada | Company -Owned Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	27,234	12,659	13,647
Canada | Independent Regions | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	6,510	8,301	8,187
Canada | Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	12,722	5,634	6,559
Global | Global. | Fee revenue
Disaggregation of Revenue [Line Items]
Total revenue	11,501	9,255	9,369
Global | Marketing Funds
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,007	$ 794	$ 834

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Transaction Price (Details) $ in Thousands	Dec. 31, 2021USD ($)
Annual Dues And Franchise Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	$ 41,063
Annual Dues
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	15,020
Franchise sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation revenue	26,043
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	$ 22,114
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	$ 15,020
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	$ 7,094
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	$ 5,761
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	$ 5,761
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	$ 4,562
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	$ 4,562
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	$ 3,298
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	$ 3,298
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	$ 1,904
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	$ 1,904
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	$ 3,424
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	$ 3,424
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	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	$ 126,270	$ 101,355
Restricted cash	32,129	19,872
Total cash, cash equivalents and restricted cash	158,399	121,227	$ 103,601	$ 59,974
Marketing funds
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	126,270	101,355
Restricted cash	32,129	19,872
Total cash, cash equivalents and restricted cash	$ 158,399	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Costs charged	$ 20,132	$ 17,789	$ 15,102
Technology - operating
Costs charged	13,396	12,245	6,244
Technology - capital
Costs charged	954	1,017	5,095
Marketing staff and administrative services
Costs charged	$ 5,782	$ 4,527	$ 3,763

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Allowances Against Accounts and Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Balance at beginning of period	$ 11,724	$ 12,538	$ 7,980
Charges/(benefits) to expense for changes in Allowance for doubtful accounts	(1,345)	2,903	4,964
Write-offs	(815)	(3,717)	(406)
Balance at end of period	9,564	11,724	12,538
Marketing funds
Charges/(benefits) to expense for changes in Allowance for doubtful accounts	$ (400)	$ 600	$ 1,500

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Foreign Currency Derivatives (Details) $ in Millions	Dec. 31, 2021USD ($)
Foreign Currency Exchange | Canadian Dollar
Derivative [Line Items]
Notional amount	$ 58.5

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details)	Jan. 01, 2020
Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Not Restated [true false]	false

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)subsidiarycountry	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Significant Accounting Policies [Line Items]
Broker fees, as a percent	1.00%
Percentage of agent	26.00%
Impairment of franchise agreements and other intangible assets subject to amortization	$ 0	$ 0	$ 0
Impairment of goodwill	$ 5,123	$ 0	$ 0
Equity-based compensation vesting period	3 years
Minimum
Significant Accounting Policies [Line Items]
Number of countries and territories operations conducted | country	110
Software | Minimum
Significant Accounting Policies [Line Items]
Useful life of intangible assets	2 years
Software | Maximum
Significant Accounting Policies [Line Items]
Useful life of intangible assets	5 years
RMCO, LLC
Significant Accounting Policies [Line Items]
Parent economic interest in RMCO (as a percentage)	60.00%	59.40%
RMCO, LLC
Significant Accounting Policies [Line Items]
Number of corporate subsidiaries | subsidiary	2
RMCO, LLC | Subsidiaries [Member]
Significant Accounting Policies [Line Items]
Income tax provision recognized, percentage of income	100.00%

Leases (Details)

Leases (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021agreementleaseitem	Dec. 31, 2020USD ($)$ / shares
Lessee, Lease, Description [Line Items]
Number of franchisees' leases recognized by the Company | lease	0
Remaining lease term	12 years
Option to renew - lessee	true
Number of sublease agreements	4
Number of renewal options reasonably certain to be exercised | item	0
Number of existing sublease agreements - contingent upon renewal	2
Number of sublease agreements - exercised	2
Impairment charge - leased assets | $		$ 7,902
Reduction of EPS | $ / shares		$ 0.20
Master Lease
Lessee, Lease, Description [Line Items]
Number Of Renewal Terms | item	2
Percentage Of Increase In Operating Lease Rent	3.00%
Renewal of lease period	10 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease Cost
Operating lease cost	$ 11,565	$ 12,085	$ 12,259
Sublease income	(1,999)	(1,434)	(1,508)
Short-term lease cost	5,436	5,959	6,495
Total lease cost	15,002	16,610	17,246
Operating cash flows from operating leases	$ 9,071	$ 8,520	$ 8,507
Weighted-average remaining lease term in years - operating leases	6 years 4 months 24 days	7 years 4 months 24 days	8 years 4 months 24 days
Weighted-average discount rate - operating leases	6.30%	6.30%	6.30%
Taxes, insurance and maintenance related to operating lease	$ 3,500	$ 3,600	$ 3,700

Leases - Maturities of lease li

Leases - Maturities of lease liabilities under non-cancellable leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Rent Payments
2022	$ 9,387
2023	9,716
2024	9,968
2025	10,176
2026	10,263
Thereafter	14,453
Total lease payments	63,963
Less: imputed interest	11,687
Present value of lease liabilities	52,276
Sublease Receipts
2022	(1,200)
2023	(1,311)
2024	(1,273)
2025	(331)
2026	(166)
Thereafter	(222)
Sublease Receipts	(4,503)
Total Cash Outflows
2022	8,187
2023	8,405
2024	8,695
2025	9,845
2026	10,097
Thereafter	14,231
Total Cash Outflows	$ 59,460

Non-controlling Interest - Owne

Non-controlling Interest - Ownership of common units in RMCO (Details) - RMCO, LLC - shares	Dec. 31, 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)	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	40.00%	40.60%

Non-controlling Interest - Net

Non-controlling Interest - Net income reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Minority Interest [Line Items]
Income (loss) before provision for income taxes attributable to RE/MAX Holdings, Inc.	$ (13,424)	$ 17,588	$ 34,163
Income (loss) before provision for income taxes: Non-controlling interest	(8,737)	12,120	24,133
Income (loss) before provision for income taxes	(22,161)	29,708	58,296
(Provision)/benefit for income taxes attributable to RE/MAX Holdings, Inc.	(2,192)	(6,338)	(8,883)
(Provision)/benefit for income taxes: Non-controlling interest	(267)	(2,824)	(2,099)
(Provision)/benefit for income taxes	(2,459)	(9,162)	(10,982)
Net income (loss) attributable to RE/MAX Holdings, Inc.	(15,616)	11,250	25,280
Net income (loss): Non-controlling interest	(9,004)	9,296	22,034
Net income (loss)	$ (24,620)	$ 20,546	$ 47,314
RMCO, LLC
Minority Interest [Line Items]
Weighted average ownership percentage	100.00%	100.00%
RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Weighted average ownership percentage attributable to RE/MAX Holdings, Inc.	59.80%	59.10%	58.60%
Weighted average ownership percentage	100.00%	100.00%	100.00%
RIHI | RMCO, LLC | Weighted Average
Minority Interest [Line Items]
Weighted average ownership percentage: Non-controlling interest	40.20%	40.90%	41.40%

Non-controlling Interest - Dist

Non-controlling Interest - Distributions Paid or Payable (Details) - USD ($) $ in Thousands	Feb. 22, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		$ 14,206	$ 14,058
Tax and other distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		2,650	3,006
Dividend distributions
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders		$ 11,556	$ 11,052
Subsequent Event
Dividends Payable [Line Items]
Distributions paid or payable to or on behalf of non-controlling unitholders	$ 2,900

Non-controlling Interest - Narr

Non-controlling Interest - Narrative (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Oct. 31, 2013	Dec. 31, 2015	Dec. 31, 2021	Dec. 31, 2020
RIHI
Significant Accounting Policies [Line Items]
Common stock issued at initial public offering	11.5	5.2
TRA holders
Significant Accounting Policies [Line Items]
Tax benefit realized			85.00%
Amounts payable under tax receivable agreements			$ 30.5	$ 33.6

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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (15,616)	$ 11,250	$ 25,280
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	18,690,442	18,170,348	17,812,065
Denominator for diluted net income (loss) per share of Class A common stock
Weighted average shares of Class A common stock outstanding	18,690,442	18,170,348	17,812,065
Add dilutive effect of the following:
Weighted average shares of Class A common stock outstanding, diluted	18,690,442	18,324,246	17,867,752
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	$ (0.84)	$ 0.62	$ 1.42
Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$ (0.84)	$ 0.61	$ 1.41
Restricted Stock Units (RSUs)
Add dilutive effect of the following:
Restricted stock		153,898	55,687

Earnings (Loss) Per Share and_4

Earnings (Loss) Per Share and Dividends - Additional Information (Details) - Common Class A - $ / shares	Feb. 22, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock														$ 0.92	$ 0.88	$ 0.84
Quarterly dividend
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock		$ 0.23	$ 0.23	$ 0.23	$ 0.23	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.92	$ 0.88	$ 0.84
Quarterly dividend | Subsequent Event
Dividends Payable [Line Items]
Cash dividends declared per share of Class A common stock	$ 0.23

Acquisitions - ReMax Integra No

Acquisitions - ReMax Integra North America Acquisition (Details) $ in Thousands	Jul. 21, 2021USD ($)itemstate	Dec. 31, 2021USD ($)
Business Acquisition [Line Items]
Loss on purchase price of pre-existing master franchise agreements		$ 40,900
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	$ 40,900
Incremental revenues since acquisition date		$ 24,200
Operating loss since acquisition date		$ 1,100
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 - ReMax Integra _2

Acquisitions - ReMax Integra North America Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jul. 21, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Purchase Price Allocation
Goodwill		$ 269,115	$ 165,358	$ 148,561
Loss on contract settlement		$ 40,900
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	502
Property and equipment	63
Other assets, net of current portion	1,930
Goodwill	108,938
Accounts payable	(3,461)
Accrued liabilities	(14,045)
Income taxes payable	(2,882)
Deferred revenue	(824)
Deferred tax liabilities, net	(16,573)
Other liabilities, net of current portion	(2,200)
Total purchase price allocated to assets and liabilities	194,100
Loss on contract settlement	40,900
Total consideration	235,000
RE/MAX INTEGRA North America Region Asset Acquisition | Franchise agreements
Purchase Price Allocation
Other intangible assets, net	92,250
RE/MAX INTEGRA North America Region Asset Acquisition | Other Intangible Assets
Purchase Price Allocation
Other intangible assets, net	$ 9,200

Acquisitions - Other Acquisitio

Acquisitions - Other Acquisition (Details) - USD ($) $ in Thousands	Sep. 10, 2020	Aug. 25, 2020	Dec. 16, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Cash consideration, net of cash acquired				$ 180,002	$ 10,627	$ 14,945
Goodwill				$ 269,115	$ 165,358	$ 148,561
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
Service period over which equity based compensation is accounted (in years)		3 years
Goodwill		$ 14,400
Other intangible assets		6,300
Wemlo | Common Class A
Business Acquisition [Line Items]
Consideration transferred, stock		$ 3,300
First Leads
Business Acquisition [Line Items]
Cash consideration			$ 15,000

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma (Details) - RE/MAX INTEGRA North America Region Asset Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pro Forma Information
Total revenue	$ 356,489	$ 309,480
Net income (loss) attributable to RE/MAX Holdings, Inc.	$ (16,092)	$ 6,493

Property and Equipment - Proper

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 22,104	$ 22,603
Less accumulated depreciation	(9,418)	(14,731)
Property and equipment, net	12,686	7,872
Depreciation expense	2,200	1,800	$ 1,700
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,989	4,707
Office furniture, fixtures and equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 16,115	$ 17,896
Office furniture, fixtures and equipment | Minimum
Property Plant And Equipment [Line Items]
Depreciable life	2 years
Office furniture, fixtures and equipment | Maximum
Property Plant And Equipment [Line Items]
Depreciable life	10 years

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Components of Company's Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Net Balance	$ 143,832	$ 69,802
Amortization expense	29,100	24,400	$ 20,100
Franchise agreements
Finite Lived Intangible Assets [Line Items]
Initial Cost	267,770	176,354
Accumulated Amortization	(123,938)	(106,552)
Net Balance	$ 143,832	69,802
Franchise agreements | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	12 years 8 months 12 days
Other Intangible Assets
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 70,894	54,704
Accumulated Amortization	(38,364)	(24,735)
Net Balance	$ 32,530	29,969
Other Intangible Assets | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	4 years 6 months
Software
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 51,368	44,389
Accumulated Amortization	(29,682)	(18,926)
Net Balance	$ 21,686	25,463
Software | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	4 years 1 month 6 days
Software Development
Finite Lived Intangible Assets [Line Items]
Capitalized software development costs	$ 1,900	1,400
Trademarks
Finite Lived Intangible Assets [Line Items]
Initial Cost	2,356	2,325
Accumulated Amortization	(1,533)	(1,274)
Net Balance	$ 823	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	$ 13,100	3,920
Accumulated Amortization	(4,563)	(2,814)
Net Balance	$ 8,537	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
Accumulated Amortization	(1,600)	(1,120)
Net Balance	$ 800	1,280
Training materials | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	5 years
Other..
Finite Lived Intangible Assets [Line Items]
Initial Cost	$ 1,670	1,670
Accumulated Amortization	(986)	(601)
Net Balance	$ 684	$ 1,069
Other.. | Weighted Average
Finite Lived Intangible Assets [Line Items]
Useful life of intangible assets	6 years 7 months 6 days

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated Future Amortization of Intangible Assets, Other Than Goodwill (Details) $ in Thousands	Dec. 31, 2021USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022	$ 32,143
2023	28,178
2024	24,694
2025	19,691
2026	14,660
Thereafter	56,996
Estimated future amortization expense	$ 176,362

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes to goodwill
Beginning Balance		$ 165,358	$ 148,561
Purchase price adjustments		133
Goodwill recognized from acquisitions		108,938	16,726
Impairment charge		(5,123)	0	$ 0
Effect of changes in foreign currency exchange rates		(191)	71
Ending Balance		269,115	165,358	148,561
Real Estate
Changes to goodwill
Beginning Balance		146,725	136,761
Purchase price adjustments		133
Goodwill recognized from acquisitions		108,938	9,893
Impairment charge	$ 5,100	(5,123)
Effect of changes in foreign currency exchange rates		(191)	71
Ending Balance		250,482	146,725	136,761
Mortgage
Changes to goodwill
Beginning Balance		18,633	11,800
Goodwill recognized from acquisitions			6,833
Ending Balance		$ 18,633	$ 18,633	$ 11,800

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities.
Marketing Funds	$ 61,997	$ 48,452
Accrued payroll and related employee costs	22,634	10,692
Accrued taxes	2,053	2,491
Accrued professional fees	3,660	1,806
Other	6,424	5,130
Accrued liabilities	$ 96,768	$ 68,571

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 457,700
Less unamortized debt issuance costs	(4,168)	$ (882)
Less unamortized debt discount costs	(1,473)	(644)
Less current portion	(4,600)	(2,428)
Debt, net of current portion	447,459	221,137
Senior Secured Credit Facility
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 457,700	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	Dec. 31, 2021USD ($)
Debt
2022	$ 4,600
2023	4,600
2024	4,600
2025	4,600
2026	4,600
Thereafter	434,700
Long term debt	$ 457,700

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	Jul. 21, 2021	Dec. 31, 2021
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Excess cash flow payment		$ 0
Excess cash flow repayment (as a percent)		50.00%
Leverage ratio under debt covenant		4.25
Percentage of proceeds of additional debt incurred not permitted by credit facility required to repay term loans		100.00%
Percentage of proceeds of assets sales required to repay term loans and reduce revolving commitments		100.00%
Percentage of amounts recovered under insurance policies required to repay term loans and reduce revolving commitments		100.00%
Percentage of excess cash flow repayments		25.00%
Senior Secured Credit Facility | Equal To or Less Than 4.25
Debt Instrument [Line Items]
Leverage ratio under debt covenant		4.25
Senior Secured Credit Facility | Above 3.75 Percent
Debt Instrument [Line Items]
Leverage ratio under debt covenant		3.75
Senior Secured Credit Facility | Less Than 3.75 Percent
Debt Instrument [Line Items]
Leverage ratio under debt covenant		3.75
Senior Secured Credit Facility | 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%
Term loan | Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 460
Loan term	7 years
Debt instrument, interest rate		3.00%
Term loan | Senior Secured Credit Facility Refinancing
Debt Instrument [Line Items]
Mandatory principal payments		$ 1.2
Revolving loan facility
Debt Instrument [Line Items]
Amounts drawn on line of credit		$ 0
Revolving loan facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 50
Revolving loan facility | Senior Secured Credit Facility Refinancing
Debt Instrument [Line Items]
Revolving loan facility commitment fee on average daily amount of unused portion		0.50%
ABR loans | Senior Secured Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
ABR loans | Senior Secured Credit Facility | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%

Fair Value Measurements - Compa

Fair Value Measurements - Company's liabilities measured at fair value on a recurring basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
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	$ 5,780	$ 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	5,780	6,340	$ 5,005
Motto | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	4,530	4,750
Motto | Level 3 | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	4,530	4,750
Gadberry | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability	1,250	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	1,250	$ 1,590
Ten Percent Reduction In Franchise Sales [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
New billings	(100)
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 the contingent consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustments	$ 309	$ 814	$ 241
Cash payments	(869)	(409)	(306)
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	5,780	6,340
Gadberry | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at Beginning	1,590
Balance at Ending	1,250	1,590
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	5,005
Fair value adjustments	309	814
Cash payments	(869)	(409)
Balance at Ending	5,780	6,340	$ 5,005
Level 3 | Gadberry | Measured on a recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at Beginning	1,590
Fair value adjustments		930
Balance at Ending	$ 1,250	$ 1,590

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Senior Secured Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Transfer of asset fair value Level 1 to 2	$ 0
Transfer of liability fair value Level 1 to 2	0
Transfer of asset fair value Level 2 to 1	0
Transfer of liability fair value Level 2 to 1	0
Transfers of assets or liabilities between the fair value measurement levels 3	0
Carrying amounts | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long term debt, carrying amount	452,059	$ 223,487
Level 2 | Estimated fair value | Senior Secured Credit Facility
Debt Instrument [Line Items]
Long term debt, fair value	$ 454,267	$ 223,887

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Domestic	$ (53,152)	$ 15,515	$ 44,874
Foreign	30,991	14,193	13,422
Income (loss) before provision for income taxes	$ (22,161)	$ 29,708	$ 58,296

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 798	$ 2,265	$ 2,533
Foreign	3,556	4,418	4,929
State and local	633	580	1,137
Total current expense	4,987	7,263	8,599
Deferred expense
Federal	(840)	1,288	2,157
Foreign	(752)	351	(142)
State and local	(936)	260	368
Total deferred expense	(2,528)	1,899	2,383
Provision for income taxes	$ 2,459	$ 9,162	$ 10,982

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
U.S. statutory tax rate	21.00%	21.00%	21.00%
State and local taxes, net of federal benefit	3.10%	3.10%	3.10%
Income attributable to non-controlling interests	(9.30%)	(9.90%)	(10.00%)
subtotal	14.80%	14.20%	14.10%
Non-creditable foreign and domestic taxes - non-controlling interest	(7.00%)	5.10%	2.80%
Non-creditable foreign taxes - RE/MAX Holdings	(3.70%)	2.10%	1.10%
Foreign derived intangible income deduction	4.40%	(3.10%)	(1.50%)
Other permanent differences	(1.20%)	2.00%	0.70%
Uncertain Tax Positions	6.10%	1.90%	1.00%
Loss on contract settlement	(26.70%)
Adjustments to state taxes	3.90%
162(m) compensation limitation	(1.80%)
Conversions of acquired C-Corporations to pass-through entities		8.40%
Other	0.10%	0.20%	0.60%
Effective tax rate	(11.10%)	30.80%	18.80%
Percentage of Non Controlling Interest Income not Subject to Income Taxes	40.00%
RIHI | RMCO, LLC
Non-controlling interest ownership of common units in RMCO	40.00%	40.60%

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Long-term deferred tax assets
Goodwill, other intangibles and other assets	$ 39,531	$ 41,924
Imputed interest deduction pursuant to tax receivable agreements	2,241	2,306
Operating lease liabilities	2,362	2,671
Compensation and benefits	5,904	3,237
Allowance for doubtful accounts	1,167	1,429
Contingent consideration liability	839	1,034
Deferred revenue	3,953	3,891
Foreign tax credit carryforward	4,510	2,996
Net operating loss carryforward	653
Other	1,034	817
Total long term deferred tax assets	62,194	60,305
Valuation allowance	(7,671)	(6,834)
Total long-term deferred tax assets, net of valuation allowance	54,523	53,471
Long-term deferred tax liabilities
Property and equipment and other long-lived assets	(1,239)	(1,577)
Goodwill, other intangibles and other assets	(15,499)
Other	(1,170)	(1,682)
Total long-term deferred tax liabilities	(17,908)	(3,259)
Net long-term deferred tax assets	36,615	50,212
Total deferred tax assets and liabilities	36,615	$ 50,212
Tax Credit Carryforward, Amount	4,500
Tax Credit Carryforward, Valuation Allowance	4,100
Operating loss carryforwards	$ 700
Period for utilization of net operating losses	2 years

Income Taxes - Uncertain tax po

Income Taxes - Uncertain tax position liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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	490
Decrease related to prior year tax positions	(815)
Increase related to tax positions from acquired companies	1,587
Settlements	(4,944)
Foreign currency transaction gains/losses	363
Balance, December 31	$ 1,587	$ 5,300

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minimum
Minority Interest [Line Items]
Income tax examination, period	3 years
Maximum
Minority Interest [Line Items]
Income tax examination, period	4 years
Income Taxes Payable [Member]
Minority Interest [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0.6	$ 2.3

Equity-Based Compensation - 201

Equity-Based Compensation - 2013 Omnibus Incentive Plan (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021employee	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Employee stock-based compensation expense
Equity-based compensation expense		$ 34,298	$ 16,267	$ 10,934
Equity-based compensation capitalized			(32)	(229)
Tax deficit / (benefit) from equity-based compensation		(5,052)	(2,308)	(1,548)
Deficit / (excess) tax benefit from equity-based compensation		(121)	378	55
Net compensation cost		29,125	14,337	9,441
Time-based awards
Employee stock-based compensation expense
Equity-based compensation expense		21,042	12,224	7,554
Accelerated expense		5,500
Number of employees departed | employee	2
Performance-based awards
Employee stock-based compensation expense
Equity-based compensation expense		6,073	2,150	(179)
Bonus settled in shares
Employee stock-based compensation expense
Equity-based compensation expense		$ 7,183	$ 1,925	$ 3,788

Equity-Based Compensation - Tim

Equity-Based Compensation - Time-Based Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units
Vesting Period	3 years
Time-based awards
Restricted Stock Units
Nonvested at beginning of period	1,018,008
Granted	269,315
Shares vested (including tax withholding)	(498,446)
Forfeited	(32,716)
Nonvested at end of period	756,161	1,018,008
Nonvested at beginning of period, Weighted average grant date fair value per share	$ 36.74
Granted, Weighted average grant date fair value per share	39.14	$ 33.05	$ 38.43
Shares vested (including tax withholding) , Weighted average grant date fair value per share	37.78
Forfeited, Weighted average grant date fair value per share	36.77
Nonvested at end of period, Weighted average grant date fair value per share	$ 36.91	$ 36.74
Unrecognized compensation cost	$ 13.5
Period for recognition of RSU compensation expense	1 year 4 months 24 days
Time-based awards | Directors
Restricted Stock Units
Vesting Period	1 year
Time-based awards | Employees | Minimum
Restricted Stock Units
Vesting Period	2 years
Time-based awards | Employees | Maximum
Restricted Stock Units
Vesting Period	3 years
Time-based awards | Former Owner [Member] | Minimum
Restricted Stock Units
Vesting Period	2 years
Time-based awards | Former Owner [Member] | Maximum
Restricted Stock Units
Vesting Period	4 years

Equity-Based Compensation - Per

Equity-Based Compensation - Performance-based Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units
Vesting Period	3 years
Performance-based awards
Restricted Stock Units
Vesting Period	3 years
Number of shares that will vest if minimum threshold conditions are not met	0
Nonvested at beginning of period	281,735
Granted	58,247
Shares vested (including tax withholding)	(48,421)
Forfeited	(49,740)
Nonvested at end of period	241,821	281,735
Nonvested at beginning of period, Weighted average grant date fair value per share	$ 32.34
Granted, Weighted average grant date fair value per share	40.02	$ 28.34	$ 38.87
Shares vested (including tax withholding) , Weighted average grant date fair value per share	39.24
Forfeited, Weighted average grant date fair value per share	41.02
Nonvested at end of period, Weighted average grant date fair value per share	$ 31.02	$ 32.34
Unrecognized compensation cost	$ 5.4
Period for recognition of RSU compensation expense	1 year 6 months
Additional shares available to grant under plan (in shares)	1,179,538
Performance-based awards | Maximum
Restricted Stock Units
Shares issued upon participants target award	200.00%
Performance-based awards | Minimum
Restricted Stock Units
Shares issued upon participants target award	0.00%

Defined-Contribution Savings _2

Defined-Contribution Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined-Contribution Savings Plan
Matching contribution expenses	$ 1.5	$ 1	$ 2.1

Segment Information (Details)

Segment Information (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Information
Number of Operating Segments	4

Segment Information - Revenue (

Segment Information - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Total revenue	$ 329,701	$ 266,001	$ 282,293
Real Estate
Segment Reporting Information
Total revenue	235,124	190,792	199,636
Mortgage
Segment Reporting Information
Total revenue	10,051	6,610	4,542
Marketing Funds fees
Segment Reporting Information
Total revenue	82,391	64,402	72,299
Other.
Segment Reporting Information
Total revenue	2,135	4,197	5,816
Continuing franchise fees
Segment Reporting Information
Total revenue	118,504	90,217	99,928
Continuing franchise fees | Real Estate
Segment Reporting Information
Total revenue	110,613	84,863	95,854
Continuing franchise fees | Mortgage
Segment Reporting Information
Total revenue	7,891	5,354	4,074
Annual Dues
Segment Reporting Information
Total revenue	35,549	35,075	35,409
Annual Dues | Real Estate
Segment Reporting Information
Total revenue	35,549	35,075	35,409
Broker fees
Segment Reporting Information
Total revenue	65,456	50,028	45,990
Broker fees | Real Estate
Segment Reporting Information
Total revenue	65,456	50,028	45,990
Franchise sales and other revenue
Segment Reporting Information
Total revenue	27,801	26,279	28,667
Franchise sales and other revenue | Real Estate
Segment Reporting Information
Total revenue	23,506	20,826	22,383
Franchise sales and other revenue | Mortgage
Segment Reporting Information
Total revenue	$ 2,160	$ 1,256	$ 468

Segment Information - Reconcili

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA		$ 119,677	$ 92,558	$ 103,515
Gain (loss) on sale or disposition of assets, net		(5)	(600)	(342)
Loss on contract settlement		(40,900)
Loss on extinguishment of debt		(264)
Impairment charge - leased assets			(7,902)
Impairment charge - goodwill		(5,123)	0	0
Equity-based compensation expense		(34,298)	(16,267)	(10,934)
Acquisition-related expense		(17,422)	(2,375)	(1,127)
Fair value adjustments to contingent consideration		(309)	(814)	(241)
Other		(1,057)	97
Interest income		217	340	1,446
Interest expense		(11,344)	(9,223)	(12,229)
Depreciation and amortization		(31,333)	(26,106)	(21,792)
Income (loss) before provision for income taxes		(22,161)	29,708	58,296
Real Estate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA		125,247	96,079	106,810
Impairment charge - goodwill	$ 5,100	(5,123)
Mortgage
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA		(5,321)	(2,255)	(2,709)
Other.
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated
Adjusted EBITDA		$ (249)	$ (1,266)	$ (586)

Segment Information - Summary o

Segment Information - Summary of Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Total Assets [Line Items]
Total assets	$ 776,133	$ 546,368
Real Estate
Segment Total Assets [Line Items]
Total assets	674,034	462,036
Marketing Funds fees
Segment Total Assets [Line Items]
Total assets	63,313	48,728
Mortgage
Segment Total Assets [Line Items]
Total assets	38,359	32,248
Other.
Segment Total Assets [Line Items]
Total assets	$ 427	$ 3,356