Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Information

Schedule of Revenue from External Customers By Segment

	Three Months Ended March 31,
	2021		2020
Continuing franchise fees	$	23,609	$	22,877
Annual dues		8,672		8,921
Broker fees		11,953		9,444
Franchise sales and other revenue		6,920		8,663
Total Real Estate		51,154		49,905
Continuing franchise fees		1,765		1,266
Franchise sales and other revenue		558		192
Total Mortgage		2,323		1,458
Marketing Funds fees		18,145		17,522
Other		673		1,387
Total revenue	$	72,295	$	70,272

Schedule of Revenue and Adjusted EBITDA of the Company's Reportable Segment

The following table presents a reconciliation of Adjusted EBITDA by segment to income before provision for income taxes (in thousands):

	Three Months Ended March 31,
	2021		2020
Adjusted EBITDA: Real Estate	$	24,420	$	20,731
Adjusted EBITDA: Mortgage		(1,150)		(578)
Adjusted EBITDA: Other		(110)		(614)
Adjusted EBITDA: Consolidated		23,160		19,539
Gain (loss) on sale or disposition of assets, net		11		11
Equity-based compensation expense		(12,054)		(2,186)
Acquisition-related expense (a)		(943)		(566)
Gain on reduction in tax receivable agreement liability		—		500
Fair value adjustments to contingent consideration (b)		280		505
Interest income		163		269
Interest expense		(2,098)		(2,682)
Depreciation and amortization		(6,937)		(6,310)
Income before provision for income taxes	$	1,582	$	9,080

(a) Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with acquisition activities and integration of acquired companies.

(b) Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities. See Note 9, Fair Value Measurements for additional information.