XML 38 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
Segment Information (Tables)
9 Months Ended
Sep. 30, 2015
Segment Reporting  
Schedule of Revenue of the Company's Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue (a)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2015

    

2014

    

2015

    

2014

 

 

 

(in thousands)

 

Real Estate Franchise Services

 

$

42,221

 

$

40,456

 

$

124,197

 

$

118,254

 

Brokerages

 

 

2,889

 

 

3,784

 

 

9,397

 

 

10,165

 

Consolidated revenue

 

$

45,110

 

$

44,240

 

$

133,594

 

$

128,419

 


(a)

Transactions between the Real Estate Franchise Services and the Brokerages reportable segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services reportable segment include intersegment amounts paid from the Company’s brokerage services business of $361,000 and $485,000 for the three months ended September 30, 2015 and 2014, respectively, and $1,154,000 and $1,369,000 for the nine months ended September 30, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment.

Schedule of Adjusted EBITDA of the Company's Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2015

    

2014

    

2015

    

2014

 

 

 

(in thousands)

 

Real Estate Franchise Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

14,682

 

$

13,459

 

$

38,576

 

$

36,017

 

Depreciation and amortization

 

 

3,694

 

 

3,695

 

 

11,159

 

 

11,305

 

Interest expense

 

 

2,328

 

 

2,252

 

 

7,413

 

 

6,997

 

Interest income

 

 

(36)

 

 

(58)

 

 

(136)

 

 

(205)

 

Provision for income taxes

 

 

3,182

 

 

3,014

 

 

8,553

 

 

8,070

 

EBITDA

 

 

23,850

 

 

22,362

 

 

65,565

 

 

62,184

 

Gain on sale or disposition of assets and sublease

 

 

(88)

 

 

(87)

 

 

(259)

 

 

(369)

 

Loss on early extinguishment of debt

 

 

 —

 

 

 —

 

 

94

 

 

178

 

Non-cash straight-line rent expense

 

 

224

 

 

271

 

 

736

 

 

773

 

Non-recurring severance and other related expenses

 

 

443

 

 

 —

 

 

1,482

 

 

 —

 

Acquisition integration and professional fees expense

 

 

 —

 

 

87

 

 

77

 

 

150

 

Adjusted EBITDA

 

$

24,429

 

$

22,633

 

$

67,695

 

$

62,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerages:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

511

 

$

596

 

$

1,805

 

$

345

 

Depreciation and amortization

 

 

71

 

 

72

 

 

225

 

 

212

 

Interest expense

 

 

10

 

 

3

 

 

35

 

 

10

 

Interest income

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Provision for income taxes

 

 

95

 

 

102

 

 

329

 

 

60

 

EBITDA

 

 

687

 

 

773

 

 

2,394

 

 

627

 

Loss (gain) on sale or disposition of assets and sublease

 

 

22

 

 

35

 

 

(514)

 

 

92

 

Non-cash straight-line rent expense

 

 

(23)

 

 

(74)

 

 

(55)

 

 

(159)

 

Adjusted EBITDA

 

$

686

 

$

734

 

$

1,825

 

$

560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,193

 

$

14,055

 

$

40,381

 

$

36,362

 

Depreciation and amortization

 

 

3,765

 

 

3,767

 

 

11,384

 

 

11,517

 

Interest expense

 

 

2,338

 

 

2,255

 

 

7,448

 

 

7,007

 

Interest income

 

 

(36)

 

 

(58)

 

 

(136)

 

 

(205)

 

Provision for income taxes

 

 

3,277

 

 

3,116

 

 

8,882

 

 

8,130

 

EBITDA

 

 

24,537

 

 

23,135

 

 

67,959

 

 

62,811

 

Gain on sale or disposition of assets and sublease

 

 

(66)

 

 

(52)

 

 

(773)

 

 

(277)

 

Loss on early extinguishment of debt

 

 

 —

 

 

 —

 

 

94

 

 

178

 

Non-cash straight-line rent expense

 

 

201

 

 

197

 

 

681

 

 

614

 

Non-recurring severance and other related expenses

 

 

443

 

 

 —

 

 

1,482

 

 

 —

 

Acquisition integration and professional fees expense

 

 

 —

 

 

87

 

 

77

 

 

150

 

Adjusted EBITDA

 

$

25,115

 

$

23,367

 

$

69,520

 

$

63,476