Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Information

Schedule of Revenue from External Customers By Segment

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Continuing franchise fees	$	25,039	$	15,795	$	48,648	$	38,672
Annual dues		8,869		8,745		17,541		17,666
Broker fees		17,453		10,426		29,406		19,870
Franchise sales and other revenue		4,930		3,405		11,850		12,068
Total Real Estate		56,291		38,371		107,445		88,276
Continuing franchise fees		1,916		943		3,681		2,209
Franchise sales and other revenue		494		127		1,052		319
Total Mortgage		2,410		1,070		4,733		2,528
Marketing Funds fees		18,042		11,765		36,187		29,287
Other		503		1,001		1,176		2,388
Total revenue	$	77,246	$	52,207	$	149,541	$	122,479

Reconciliation of Adjusted EBITDA for its Reportable Segment to Consolidated Balances

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

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

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

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