0001558370-21-017046.txt : 20211228 0001558370-21-017046.hdr.sgml : 20211228 20211228161439 ACCESSION NUMBER: 0001558370-21-017046 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210721 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211228 DATE AS OF CHANGE: 20211228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RE/MAX Holdings, Inc. CENTRAL INDEX KEY: 0001581091 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 800937145 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-36101 FILM NUMBER: 211525120 BUSINESS ADDRESS: STREET 1: 5075 SOUTH SYRACUSE STREET CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: (303)770-5531 MAIL ADDRESS: STREET 1: 5075 SOUTH SYRACUSE STREET CITY: DENVER STATE: CO ZIP: 80237 8-K/A 1 rmax-20210721x8ka.htm 8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K/A

(Amendment No. 2)

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2021

RE/MAX Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-36101	80-0937145
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

5075 South Syracuse Street

Denver, Colorado 80237

(Address of principal executive offices, including Zip code)

(303) 770-5531

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock $0.0001 par value per share	RMAX	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Statement

This current report on Form 8-K/A (the “Amendment No. 2”) amends the current report on Form 8-K filed by RE/MAX Holdings, Inc., a Delaware corporation (the “Company”), filed with the Securities and Exchange Commission (the “SEC”) on July 21, 2021 (the “Initial Form 8-K”), as amended by Amendment No. 1 on Form 8-K/A filed with the SEC on October 6, 2021 (the “Amendment No. 1”). This Amendment No. 2 is solely for the purpose of providing the pro forma financial information required by Item 9.02(b) of Form 8-K in connection with the Company’s previously reported acquisition of the North American operations of RE/MAX INTEGRA, the sub-franchisor of the RE/MAX brand in five Canadian provinces and nine U.S. states.

Except as set forth herein, no modifications have been made to information in the Initial Form 8-K, as amended by Amendment No. 1 and the Company has not updated any information contained therein to reflect events that have occurred since the date of the Initial Form 8-K. This Amendment should be read in conjunction with the Initial Form 8-K, which provides a description of the acquisition.

Item 9.01. Financial Statements and Exhibits. *

(a) Financial Statements of Businesses or Funds Acquired.

None.

(b) Pro Forma Financial Information.

The unaudited pro forma condensed combined balance sheet as of March 31, 2021, and the unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2021 and the 12 months ended December 31, 2020 are filed as Exhibit 99.1.

(d) Exhibits.

The following documents have been filed as exhibits to this report and are incorporated by reference herein as described above.


Exhibit No.	Description
99.1	Unaudited pro forma condensed combined balance sheet as of March 31, 2021 and unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2021 and the 12 months ended December 31, 2020.
104	Cover Page Interactive Data File (formatted as inline XBRL).

The information contained in Item 9.01 and Exhibit 99.1 of this Current Report on Form 8-K is being “furnished” and shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be set forth by specific reference in such filing.

Forward-Looking Statements

This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," "anticipate," "may," "will," "would" and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to: the Company’s acquisition of the North American operations of RE/MAX INTEGRA and the benefits of such acquisition, including statements about integrating the acquired regions, cost savings, efficiencies, or synergies. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, without limitation, (1) the global COVID-19 pandemic, which continues to pose significant and widespread risks to the Company’s business, including the Company’s agents, loan originators, franchisees and employees, as well as home buyers and sellers, (2) changes in the real estate market or interest rates and availability of financing, (3) changes in business and economic activity in general, (4) the Company’s ability to attract and retain quality franchisees and the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (5) changes in laws and regulations, (6) the Company’s ability to enhance, market, and protect its brands, including the RE/MAX and Motto Mortgage brands, (7) the Company’s ability to implement its technology initiatives, and (8) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remaxholdings.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on

forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	RE/MAX HOLDINGS, INC.


Date: December 28, 2021	By:	/s/ Karri Callahan
		Karri Callahan
		Chief Financial Officer

EX-99.1 2 rmax-20210721xex99d1.htm EX-99.1

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

TABLE OF CONTENTS



	Page No.

Unaudited Pro Forma Interim Condensed Combined Balance Sheet as of March 31, 2021	2

Unaudited Pro Forma Interim Condensed Combined Statement of Income for the three months ended March 31, 2021	3

Unaudited Annual Combined Statement of Income (Loss) for the year ended December 31, 2020	4

Notes to Unaudited Pro Forma Interim Condensed Combined Financial Statements	5

Introduction

On July 21, 2021, RE/MAX Holdings, Inc. (“RE/MAX Holdings” or the “Company”) acquired Polzler & Schneider Holdings Corporation (“Integra US”) and RE/MAX Ontario-Atlantic Canada Inc. (“Integra Canada”), which are the North American operations of RE/MAX INTEGRA. Integra US and Integra Canada are the sub-franchisors of the RE/MAX brand in 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) (collectively, the “Acquisition” or ”Integra”).

Pro forma information

The following unaudited pro forma condensed combined financial information of the Company and the Acquisition is presented to illustrate the estimated effects of the Acquisition as described below.

The unaudited pro forma condensed combined balance sheet gives effect to the Acquisition as if it had occurred on March 31, 2021. The unaudited pro forma combined statements of income (loss) give effect to the Acquisition as if it had occurred on January 1, 2020.

The unaudited pro forma condensed combined financial information were prepared using: (a) the Company’s consolidated financial statements as of and for the year ended December 31, 2020, as included in the Company’s Amendment No. 1 to Annual Report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2021; (b) the audited historical financial statements of Integra US and Integra Canada as of and for the year ended October 31, 2020, as included in the Current Report on Form 8-K/A, filed with the SEC on October 6, 2021; (c) the Company’s unaudited consolidated financial statements as of and for the three months ended March 31, 2021, as included in the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2021; and (d) the unaudited historical combined financial statements of Integra US and Integra Canada as of and for the three months ended January 31, 2021.

The unaudited pro forma condensed combined financial information is presented to reflect the Acquisition and does not represent what the Company’s results of operations or financial position would actually have been had the Acquisition occurred on the dates noted above, or project the Company’s results of operations or financial position for any future periods. The unaudited pro forma condensed combined financial information is intended to provide information about the continuing impact of the Acquisition as if it had been consummated earlier. The pro forma adjustments are based on available information and certain assumptions that management believes are factually supportable and are expected to have a continuing impact on the Company’s results of operations. In the opinion of management of the Company, all adjustments necessary to present fairly the unaudited pro forma condensed combined financial information have been made. Certain of the Acquisition’s historical amounts have been reclassified to conform to the financial statement presentation of the Company.

The Company is developing a plan to integrate the operations of the Company and the Acquisition. The unaudited pro forma condensed combined financial information does not include the realization of any cost savings from operating efficiencies, synergies or other activities that might result from the Acquisition, however, management’s estimates of certain cost savings to be realized following closing of the Acquisition are presented in Note 5 to the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information should be read in conjunction with the accompanying notes, which describe the assumptions and estimates underlying the adjustments set forth therein. Those assumptions, estimates, and related adjustments are based on information available at the time of this filing and, accordingly, the actual financial condition or performance of the Company following the Acquisition in periods subsequent to the Acquisition may differ materially from that which is reflected in the unaudited pro forma condensed combined financial information.

Unaudited Pro Forma Interim Condensed Combined Balance Sheet
(In thousands, except share amounts)


	RE/MAX Holdings							Other
	*(Historical)**		Integra		Transaction			Transaction
	*as adjusted		(Historical)		Accounting			Accounting			Pro Forma
	March 31, 2021		January 31, 2021		Adjustments			Adjustments			Combined
Assets	(a)		(b)
Current assets:
Cash and cash equivalents	$	102,632	$	12,378	$	(194,500)	(c)	$	187,747	(f)	$	108,257
Restricted cash		21,500		11,388		—			—			32,888
Accounts and notes receivable, current portion, less allowances		29,544		3,957		—			—			33,501
Income taxes receivable		2,158		—		—			—			2,158
Other current assets		14,715		2,210		1,917	(d)		—			18,842
Total current assets		170,549		29,933		(192,583)			187,747			195,646
Property and equipment, net of accumulated depreciation		9,184		815		—			—			9,999
Operating lease right of use assets		37,816		—		—			—			37,816
Franchise agreements, net		66,072		492		96,550	(e)		—			163,114
Other intangible assets, net		28,284		—		9,000	(e)		—			37,284
Goodwill		165,531		—		108,271	(e)		—			273,802
Deferred tax assets, net		51,003		—		—			—			51,003
Income taxes receivable, net of current portion		1,980		—		—			—			1,980
Other assets, net of current portion		17,068		297		—			—			17,365
Total assets	$	547,487	$	31,537	$	21,238		$	187,747		$	788,009
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	5,782	$	1,483	$	4,584	(l)	$	—		$	11,849
Accrued liabilities		67,208		18,160		—			—			85,368
Income taxes payable		9,884		6,135		—			—			16,019
Deferred revenue		24,689		21		—			—			24,710
Current portion of debt		2,356		142		—			2,184	(f)		4,682
Current portion of payable pursuant to tax receivable agreements		3,590		—		—			—			3,590
Operating lease liabilities		5,826		—		—			—			5,826
Total current liabilities		119,335		25,941		4,584			2,184			152,044
Debt, net of current portion		220,676		59		—			228,765	(f)		449,500
Payable pursuant to tax receivable agreements, net of current portion		29,974		—		—			—			29,974
Deferred tax liabilities, net		496		187		20,104	(g)		—			20,787
Deferred revenue, net of current portion		19,601		—		—			—			19,601
Operating lease liabilities, net of current portion		48,794		—		—			—			48,794
Other liabilities, net of current portion		5,411		—		1,900	(h)		—			7,311
Total liabilities		444,287		26,187		26,588			230,949			728,011
Commitments and contingencies
Stockholders' equity:
Class A common stock, par value $.0001 per share, 180,000,000 shares authorized; 18,719,248 issued and outstanding as of March 31, 2021		2		—		—			—			2
Class B common stock, par value $.0001 per share, 1,000 shares authorized; 1 share issued and outstanding as of March 31, 2021		—		—		—			—			—
Net equity investment		—		5,075		(5,075)	(i)		—			—
Additional paid-in capital		498,810		—		—			—			498,810
Retained earnings		21,993		—		—			(43,202)	(k)		(21,209)
Accumulated other comprehensive income, net of tax		653		—		—			—			653
Total stockholders' equity attributable to RE/MAX Holdings, Inc.		521,458		5,075		(5,075)			(43,202)			478,256
Non-controlling interest		(418,258)		275		(275)	(j)		—			(418,258)
Total stockholders' equity		103,200		5,350		(5,350)			(43,202)			59,998
Total liabilities and stockholders' equity	$	547,487	$	31,537	$	21,238		$	187,747		$	788,009

See accompanying notes to unaudited pro forma interim condensed combined financial statements.

Unaudited Pro Forma Interim Condensed Combined Statement of Income

(In thousands, except share and per share amounts)


	RE/MAX Holdings
	*(Historical)**		Integra
	*as adjusted		(Historical)					Other
	Three Months		Three Months		Transaction			Transaction
	Ended		Ended		Accounting			Accounting			Pro Forma
	March 31, 2021		January 31, 2021		Adjustments			Adjustments			Combined
Revenue:	(m)		(n)
Continuing franchise fees	$	25,374	$	6,940	$	(1,291)	(o)	$	—		$	31,023
Annual dues		8,672		—		—			—			8,672
Broker fees		11,953		2,576		(498)	(o)		—			14,031
Marketing Funds fees		18,145		4,199		—			—			22,344
Franchise sales and other revenue		8,151		514		(514)	(p)		—			8,151
Total revenue		72,295		14,229		(2,303)			—			84,221
Operating expenses:
Selling, operating and administrative expenses		43,676		4,721		(1,789)	(o)		—			46,608
Marketing Funds expenses		18,145		4,199		—			—			22,344
Depreciation and amortization		6,808		88		2,506	(q)		—			9,402
Total operating expenses		68,629		9,008		717			—			78,354
Operating income		3,666		5,221		(3,020)			—			5,867
Other expenses, net:
Interest expense		(2,098)		—		—			(1,567)	(r)		(3,665)
Interest income		163		7		—			—			170
Foreign currency transaction gains (losses)		(20)		20		—			—			—
Total other expenses, net		(1,955)		27		—			(1,567)			(3,495)
Income before provision for income taxes		1,711		5,248		(3,020)			(1,567)			2,372
Provision for income taxes		52		(1,337)		823	(s)		222	(s)		(240)
Net income	$	1,763	$	3,911	$	(2,197)		$	(1,345)		$	2,132
Less: net income attributable to non-controlling interest		600		106		588	(t)		(634)	(t)		660
Net income attributable to RE/MAX Holdings, Inc.	$	1,163	$	3,805	$	(2,785)		$	(711)		$	1,472

Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.06									$	0.08
Diluted	$	0.06									$	0.08
Weighted average shares of Class A common stock outstanding
Basic		18,496,532										18,496,532
Diluted		18,866,727										18,866,727

See accompanying notes to unaudited pro forma interim condensed combined financial statements.

Unaudited Pro Forma Annual Combined Statement of Income (Loss)

(In thousands, except share and per share amounts)


	RE/MAX Holdings
	*(Historical)**		Integra					Other
	*as adjusted		(Historical)		Transaction			Transaction
	Year Ended		Year Ended		Accounting			Accounting			Pro Forma
	December 31, 2020		October 31, 2020		Adjustments			Adjustments			Combined
Revenue:	(u)		(v)
Continuing franchise fees	$	90,217	$	26,156	$	(4,871)	(o)	$	—		$	111,502
Annual dues		35,075		—		—			—			35,075
Broker fees		50,028		7,731		(1,535)	(o)		—			56,224
Marketing Funds fees		64,402		15,998		—			—			80,400
Franchise sales and other revenue		26,279		1,784		(1,784)	(p)		—			26,279
Total revenue		266,001		51,669		(8,190)			—			309,480
Operating expenses:
Selling, operating and administrative expenses		128,998		29,367		4,028	(o)(w)		2,438	(x)		164,831
Marketing Funds expenses		64,402		15,998		—			—			80,400
Depreciation and amortization		26,106		101		10,076	(q)		—			36,283
Impairment charge - leased assets		7,902		—		—			—			7,902
Settlement charges		—		—		—			40,500	(y)		40,500
Total operating expenses		227,408		45,466		14,104			42,938			329,916
Operating income (loss)		38,593		6,203		(22,294)			(42,938)			(20,436)
Other income (expenses), net:
Interest expense		(9,223)		—		—			(5,437)	(r)		(14,660)
Interest income		340		69		—			—			409
Loss on early extinguishment of debt		—		—		—			(264)	(r)		(264)
Foreign currency transaction gains (losses)		(2)		22		—			—			20
Total other income (expenses), net		(8,885)		91		—			(5,701)			(14,495)
Income (loss) before provision for income taxes		29,708		6,294		(22,294)			(48,639)			(34,931)
Provision for income taxes		(9,162)		(1,983)		3,995	(s)		1,155	(s)		(5,995)
Net income (loss)	$	20,546	$	4,311	$	(18,299)		$	(47,484)		$	(40,926)
Less: net income (loss) attributable to non-controlling interest		9,296		356		(6,072)	(t)		(19,879)	(t)		(16,299)
Net income (loss) attributable to RE/MAX Holdings, Inc.	$	11,250	$	3,955	$	(12,227)		$	(27,605)		$	(24,627)

Net income (loss) attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.62									$	(1.36)
Diluted	$	0.61									$	(1.34)
Weighted average shares of Class A common stock outstanding
Basic		18,170,348										18,170,348
Diluted		18,324,246										18,324,246

See accompanying notes to unaudited pro forma interim condensed combined financial statements.

Notes to Unaudited Pro Forma Interim Condensed Combined Financial Statements

(In thousands)

1. Description of the acquisition

On June 3, 2021, the Company entered into a stock purchase agreement (the “Purchase Agreement”) to acquire the North American operations of RE/MAX INTEGRA, which is the sub-franchisor of the RE/MAX brand in 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) (collectively, the “Acquisition” or ”Integra”).

The acquisition, closed on July 21, 2021. The Company acquired Integra in order to expand its company-owned regional operations. The consideration paid by the Company was approximately $235.0 million in cash, however, $40.5 million of the consideration was allocated to a loss on the pre-existing master franchise contracts with Integra.

2. Basis of Presentation

The unaudited pro forma condensed combined financial information has been derived from the historical consolidated financial statements of the Company and the historical combined financial statements of Integra, which combine RE/MAX Ontario-Atlantic Canada Inc. (“Integra Canada”) and Polzler & Schneider Holdings Corporation (“Integra U.S.”). Certain Integra historical amounts have been reclassified to conform to the Company’s financial statement presentation. The unaudited pro forma condensed combined balance sheet as of March 31, 2021 gives effect to the Acquisition as if it had been completed on March 31, 2021. The unaudited pro forma combined statements of income (loss) for the year ended December 31, 2020 and the three months ended March 31, 2021 give effect to the Acquisition as if it had been completed on January 1, 2020.

The unaudited pro forma condensed combined financial information have been prepared in accordance with Article 11 of Regulation S-X, Pro Forma Financial Information, as amended by the final rule, Release No. 33-10786.

The unaudited pro forma condensed combined financial information does not purport to represent what the actual consolidated results of operations or the consolidated financial position of the Company would have been had the Acquisition occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position. In addition, future results may differ significantly from those reflected in the pro forma financial statements herein.

Exchange Rates and Reclassifications

The historical financial information of Integra Canada was presented in Canadian dollars. The historical financial information was translated from Canadian dollars to U.S. dollars using the March 31, 2021 spot rate to translate the Balance Sheet and the average daily exchange rate for 2020 and the average daily exchange rate for the three months ended March 31, 2021 to translate the Statement of Operations:

CAD $ / USD $
March 31, 2021 spot rate 0.7941
Three months ended March 31, 2021 average exchange rate 0.7846
Year ended December 31, 2020 average exchange rate 0.7444

These exchange rates may differ from future exchange rates which would have an impact on the Unaudited Pro Forma Condensed Combined Financial Information and would also impact purchase accounting. As an example, utilizing the average daily closing exchange rate at July 21, 2021 of CAD$1/US$0.79116 would decrease the translated amounts for the year ended December 31, 2020 and the three months ended March 31, 2021 by immaterial amounts. Total assets as of March 31, 2021 would also change by an immaterial amount using a foreign exchange rate at close.

3. Preliminary Acquisition Accounting

The acquisition method of accounting for business combinations was used in accordance with Accounting Standards Codification (“ASC“) 805, Business Combinations, with the Company treated as the acquirer. The allocation of the preliminary estimated purchase price is based upon management’s estimates of and assumptions related to the fair values of assets acquired and liabilities assumed as of July 21, 2021, using currently available information. The purchase price was allocated to the underlying tangible and intangible assets acquired and liabilities assumed based on their respective fair values, with any excess purchase price allocated to goodwill. The estimated fair values are based on preliminary and limited reviews of the assets related to the Integra business. Differences between these preliminary estimates and the final acquisition accounting may have a material impact on the accompanying unaudited pro forma condensed combined financial information and the future results of operations and financial position. The Company expects to finalize the acquisition accounting as soon as practicable, which will not extend beyond the one-year measurement period provided under ASC 805.

The following is a preliminary estimate of the fair value of assets and liabilities acquired (in thousands):


Current assets	$	31,850
Property, plant and equipment		815
Other assets, net of current portion		214,610
Current liabilities		(30,525)
Other liabilities, net of current portion		(22,250)
Total purchase price allocated to assets and liabilities		194,500
Loss on contract settlement		40,500
Total consideration	$	235,000

4. Pro Forma Adjustments

The actual effects of the Acquisition may differ from the pro forma adjustments. Certain reclassifications were directly applied to the pre-acquisition historical financial statements of Integra to conform to the financial statement presentation of the Company.

Integra reclassifications in the Unaudited Pro Forma Interim Condensed Combined Balance Sheet as of January 31, 2021 are as follows (in thousands):


			Remove entities
			outside the				Total
	Integra U.S.		transaction		Reclassifications		Integra U.S.
Assets
Current assets:
Cash and cash equivalents	$	15,136	$	(321)	$	(6,285)	$	8,530
Restricted cash		—		—		6,285		6,285
Accounts and notes receivable, current portion, net		603		—		—		603
Accounts receivable - related party		88		(88)		—		—
Short term notes receivable		85		—		(85)		—
Current portion of long term note receivable		128		—		(128)		—
Income tax recoverable		38		—		(38)		—
Prepaid expenses		507		—		(507)		—
Other current assets		—		—		758		758
Total current assets		16,585		(409)		—		16,176
Property and equipment, net		234		—		—		234
Franchise agreements, net		486		—		—		486
Long term notes receivable		297		—		—		297
Total assets	$	17,602	$	(409)	$	—	$	17,193
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	301	$	—	$	486	$	787
Accrued liabilities		465		—		5,857		6,322
Due to related parties		280		(58)		(222)		—
Intercompany payables		264		—		(264)		—
Income taxes payable		1,520		3,823		—		5,343
Current maturities of long term debt		142		—		—		142
Deferred revenue		21		—		—		21
Due to brokers		5,857		—		(5,857)		—
Total current liabilities		8,850		3,765		—		12,615
Long term debt		59		—		—		59
Accrued income taxes		3,823		(3,823)		—		—
Deferred tax liabilities, net		129		—		—		129
Total liabilities		12,861		(58)		—		12,803
Shareholders’ equity:
Share capital, par value $1 per share, 1,000,000 common shares authorized; 2 shares issued and outstanding as of January 31, 2021		2		—		—		2
Additional paid-in capital		1,071		—		—		1,071
Retained earnings (deficit)		3,393		(351)		—		3,042
Total shareholders’ equity		4,466		(351)		—		4,115
Non-controlling interest		275		—		—		275
Total liabilities and stockholders' equity	$	17,602	$	(409)	$	—	$	17,193


							Total
	Integra Canada						Integra Canada
	in CAD		in USD		Reclassifications		In USD
Assets
Current assets:
Cash and cash equivalents	$	11,272	$	8,951	$	(5,103)	$	3,848
Restricted cash		—		—		5,103		5,103
Accounts and notes receivable, current portion, less allowances		4,224		3,354		—		3,354
Income tax recoverable		367		291		(291)		—
Prepaid expenses		688		546		(546)		—
Due from related parties		577		460		(460)		—
Due from Shareholder		196		155		(155)		—
Other current assets		—		—		1,452		1,452
Total current assets		17,324		13,757		—		13,757
Property and equipment, net of accumulated depreciation		733		581		—		581
Franchise agreements, net		7		6		—		6
Total assets	$	18,064	$	14,344	$	—	$	14,344
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	875	$	696	$	—	$	696
Accrued liabilities		6,189		4,914		6,924		11,838
Government remittances payable		663		526		(526)		—
Income taxes payable		997		792		—		792
Due to brokers		8,057		6,398		(6,398)		—
Total current liabilities		16,781		13,326		—		13,326
Deferred tax liabilities, net		74		58		—		58
Total liabilities		16,855		13,384		—		13,384
Shareholders’ equity:
Share capital, par value $1 per share, 1,000,000 common shares authorized; 2 shares issued and outstanding as of January 31, 2021		—		—		—		—
Retained earnings (deficit)		1,209		960		—		960
Total shareholders’ equity		1,209		960		—		960
Total liabilities and stockholders' equity	$	18,064	$	14,344	$	—	$	14,344

Integra reclassifications to the Unaudited Pro Forma Interim Condensed Combined Statement of Income for the three months ended January 31, 2021 are as follows (in thousands):


			Remove Entities
			Outside				Total
	Integra U.S.		Transaction		Reclassifications		Integra U.S.
Revenue:
Continuing franchise fees	$	2,653	$	—	$	—	$	2,653
Broker fees		2,409		—		—		2,409
Marketing Funds fees		1,972		—		—		1,972
European royalties		1,433		(1,433)		—		—
Franchise sales and renewal fees		191		—		(191)		—
Other income		33		—		(33)		—
Franchise sales and other revenue		—		—		224		224
Total revenue		8,691		(1,433)		—		7,258
Operating expenses:
Selling, operating and administrative expenses		5,620		(1,153)		(2,581)		1,886
Debt forgiveness income		(547)		—		547		—
Marketing Funds expenses		—		—		1,972		1,972
Depreciation and amortization		—		—		69		69
Total operating expenses		5,073		(1,153)		7		3,927
Operating income		3,618		(280)		(7)		3,331
Other expenses, net:
Interest expense		(7)		—		7		—
Total other expenses, net		(7)		—		7		—
Income before provision for income taxes		3,611		(280)		—		3,331
Provision for income taxes		(860)		59		—		(801)
Net income (loss)	$	2,751	$	(221)	$	—	$	2,530
Less: net income attributable to non-controlling interest		(106)		—		—		(106)
Net income	$	2,645	$	(221)	$	—	$	2,424


							Total
	Integra Canada						Integra Canada
	in CAD		in USD		Reclassifications		in USD
Revenue:
Continuing franchise fees	$	5,465	$	4,287	$	—	$	4,287
Broker fees		212		167		—		167
Marketing Funds fees		2,838		2,227		—		2,227
Franchise sales and renewal fees		188		147		(147)		—
Quota deficiency and referral fees		206		162		(162)		—
Franchise sales and other revenue		—		—		290		290
Total revenue		8,909		6,990		(19)		6,971
Direct costs:
Cost of Sales		900		706		(706)		—
Franchise commissions		17		14		(14)		—
Total direct costs		917		720		(720)		—
Operating expenses:
Salaries and benefits		2,324		1,824		(1,824)		—
Media buying		2,123		1,666		(1,666)		—
Events and training		256		200		(200)		—
Travel and entertainment		142		111		(111)		—
General and office		330		259		(259)		—
Rent		183		143		(143)		—
Legal		72		56		(56)		—
Advertising and promotion		53		42		(42)		—
Accounting		6		4		(4)		—
Consulting fee		33		26		(26)		—
Amortization of property and equipment		25		19		(19)		—
Bank charges		11		9		(9)		—
Selling, operating and administrative expenses		—		2		2,833		2,835
Marketing Funds expenses		—		—		2,227		2,227
Depreciation and amortization		—		—		19		19
Total operating expenses		5,558		4,361		720		5,081
Operating income		2,434		1,909		(19)		1,890
Other expenses, net:
Interest income		8		7		—		7
Foreign currency transaction gains (losses)		26		20		—		20
Other income		(24)		(19)		19		—
Total other expenses, net		10		8		19		27
Income before provision for income taxes		2,444		1,917		—		1,917
Provision for income taxes		(683)		(536)		—		(536)
Net income	$	1,761	$	1,381	$	—	$	1,381

Integra reclassifications to the Unaudited Pro Forma Annual Combined Statement of Income (loss) for the year ended October 31, 2020 are as follows (in thousands):


			Remove Entities
			Outside				Total
	Integra U.S.		Transaction		Reclassifications		Integra U.S.
Revenue:
Continuing franchise fees	$	10,072	$	—	$	—	$	10,072
Broker fees		7,324		—		—		7,324
Marketing Funds fees		8,219		—		—		8,219
European royalties		4,313		(4,313)		—		—
Franchise sales and renewal fees		808		—		(808)		—
Consulting fees		46		—		(46)		—
Other income		181		—		(181)		—
Franchise sales and other revenue		—		—		1,035		1,035
Total revenue		30,963		(4,313)		—		26,650
Operating expenses:
Selling, operating and administrative expenses		24,321		(4,032)		(8,449)		11,840
Debt forgiveness income		(237)		—		237		—
Marketing Funds expenses		—		—		8,219		8,219
Depreciation and amortization		—		—		30		30
Total operating expenses		24,084		(4,032)		37		20,089
Operating income		6,879		(281)		(37)		6,561
Other expenses, net:
Interest expense		(37)		—		37		—
Total other expenses, net		(37)		—		37		—
Income before provision for income taxes		6,842		(281)		—		6,561
Provision for income taxes		(1,983)		59		—		(1,924)
Net income (loss) from continuing operations	$	4,859	$	(222)	$	—	$	4,637
Net loss from discontinued operations, net of tax		(6)		6		—		—
Net income		4,853		(216)		—		4,637
Less: net income attributable to non-controlling interest		356		—		—		356
Net income	$	4,497	$	(216)	$	—	$	4,281


							Total
	Integra Canada						Integra Canada
	in CAD		in USD		Reclassifications		in USD
Revenue:
Continuing franchise fees	$	21,606	$	16,084	$	—	$	16,084
Broker fees		547		407		—		407
Marketing Funds fees		10,450		7,779		—		7,779
Franchise sales and renewal fees		403		300		(300)		—
Quota deficiency and referral fees		578		430		(430)		—
Franchise sales and other revenue		—		—		749		749
Total revenue		33,584		25,000		19		25,019
Direct costs:
Cost of Sales		3,452		2,570		(2,570)		—
Franchise commissions		8		6		(6)		—
Total direct costs		3,460		2,576		(2,576)		—
Operating expenses:
Salaries and benefits		18,252		13,587		(13,587)		—
Media buying		6,861		5,108		(5,108)		—
Events and training		1,461		1,087		(1,087)		—
Travel and entertainment		811		603		(603)		—
General and office		768		572		(572)		—
Rent		677		504		(504)		—
Legal		647		482		(482)		—
Loss on disposal of note receivable		422		314		(314)		—
Advertising and promotion		272		202		(202)		—
Accounting		184		137		(137)		—
Consulting fee		165		123		(123)		—
Amortization of property and equipment		94		70		(70)		—
Bank charges		47		35		(35)		—
Bad debt (recovery)		4		3		(3)		—
Loss (gain) on disposal of assets		2		2		(2)		—
Selling, operating and administrative expenses		—		—		17,527		17,527
Marketing Funds expenses		—		—		7,779		7,779
Depreciation and amortization		—		—		71		71
Total operating expenses		30,667		22,829		2,548		25,377
Operating loss		(543)		(405)		47		(358)
Other expenses, net:
Interest income		92		69		—		69
Government assistance		38		28		(28)		—
Foreign currency transaction gains (losses)		30		22		—		22
Other income		25		19		(19)		—
Total other expenses, net		185		138		(47)		91
Loss before provision for income taxes		(358)		(267)		—		(267)
Provision for income taxes		(79)		(59)		—		(59)
Net loss	$	(437)	$	(326)	$	—	$	(326)

Pro Forma Adjustments to the Interim Condensed Combined Balance Sheet as of March 31, 2021 are as follows:

(a)

Represents the Company's historical condensed consolidated balance sheet as of March 31, 2021 as adjusted for the immaterial corrections noted in Note 13 of the Company’s 2021 Third Quarter Form 10-Q. The following table reflects the impact of the immaterial correction on the Company’s previously reported consolidated Balance Sheet (in thousands):


	March 31, 2021
	As previously
	reported		As Adjusted
Franchise agreements, net	$	68,337	$	66,072
Goodwill	$	176,008	$	165,531
Deferred tax assets, net	$	49,162	$	51,003
Total assets	$	558,388	$	547,487
Retained earnings	$	21,433	$	21,993
Non-controlling interest	$	(406,797)	$	(418,258)
Total stockholders' equity	$	114,101	$	103,200

(b)	Represents Integra's historical condensed combined (Integra Canada and Integra U.S.) balance sheet as of January 31, 2021.

(c)	Represents cash paid, net of the amount of consideration allocated to loss on contract settlement.

(d)	Represents an indemnification asset related to uncertain tax positions on Integra’s historical financial statements (included as part of income taxes payable).

(e)	Represents the preliminary fair value of identifiable intangible assets and goodwill. The franchise agreements and other identifiable intangible assets have weighted average lives of approximately 12 years and 5 years, respectively.

(f)	Represents cash received from debt the Company incurred to finance the Acquisition, net of the amount of consideration allocated to loss on contract settlement.

(g)	Represents the deferred tax liability for intangible assets recorded as part of the Acquisition. There was no step-up for tax purposes for the U.S. intangible assets acquired and there was a partial step-up for the Canadian intangible assets acquired.

(h)	Represents fair value of an unfavorable off market contract.

(i)	Eliminates Integra's historical equity balances in accordance with the acquisition method of accounting.

(j)	Eliminates Integra's historical non-controlling interest balance.

(k)	Represents loss on pre-existing master franchise agreements (see letter “y” below) and loss on debt (see letter “r” below) and related debt transaction fees (see letter “x” below).

(l)	Represents the excess net working capital due to Integra.

Pro Forma Adjustments to the Combined Statement of Income (Loss) are as follows:

(m)

Represents the Company's historical condensed consolidated statement of income for the three months ended March 31, 2021 as adjusted for the immaterial corrections noted in Note 13 of the Company’s 2021 Third Quarter Form 10-Q. The following table reflects the impact of the immaterial correction on the Company’s previously reported consolidated Statement of Income (in thousands, except per share information):


	Three Months Ended
	March 31, 2021
	As previously
	reported		As Adjusted
Depreciation and amortization	$	6,937	$	6,808
Operating income	$	3,537	$	3,666
Income before provision for income taxes	$	1,582	$	1,711
Provision for income taxes	$	58	$	52
Net income	$	1,640	$	1,763
Less: net income attributable to non-controlling interest	$	548	$	600
Net income attributable to RE/MAX Holdings, Inc.	$	1,092	$	1,163
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, basic	$	0.06	$	0.06
Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock, diluted	$	0.06	$	0.06

(n)	Represents Integra's historical condensed combined income statement for the three months ended January 31, 2021.

(o)	Removes the franchise fee royalties received by RE/MAX Holdings from Integra included in the RE/MAX Holdings (historical) column. The same amounts are removed from the Selling, operating and administrative expenses in the Integra (historical) column.

(p)	Removes historical franchise sales balances that would not have been recognized under ASC 606, Revenue from Contracts with Customers.

(q)	Represents estimated amortization related to the identifiable intangible assets acquired based upon a preliminary determination of fair value. The franchise agreements and other intangible assets have weighted average lives of approximately 12 years and 5 years, respectively.

(r)	Represents incremental interest expense related to the new debt assuming a 3.0% interest rate given that the new debt has a London Interbank Offered Rate (“LIBOR”) floor of 0.5% and a spread of 2.5%. Also represents the loss on early extinguishment of debt.

(s)

Represents the income tax effect of pro forma adjustments presented. The pro forma income tax adjustments were estimated using a combined U.S. federal and state statutory rate of 28.0% and a combined Canadian federal and provincial rate of 26.5%. The effective rate of the post-acquisition combined company could be significantly different (either higher or lower) depending on post merger activities.

(t)

Removes the historical income attributable to non-controlling interest from the Integra (historical) column and adjusts net income in the Transaction Accounting Adjustments and the Other Transaction Accounting Adjustments columns for approximately 40% related to the Company’s non-controlling interest.

(u)	Represents the Company's historical consolidated statement of income for year ended December 31, 2020 as included in the Company’s Amendment No. 1 to Annual Report on Form 10-K/A filed with the SEC on December 21, 2021.

(v)	Represents Integra's historical combined statement of income for year ended October 31, 2020.

(w)	Includes transaction expenses of $10.4 million.

(x)	Includes debt transaction fees of $2.4 million.

(y)	Represents 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.

5. Management Adjustments

Management expects that the post-acquisition company will realize certain cost savings as compared to the historical combined costs of the Company and Integra operating independently. Such cost savings, which are anticipated to result from (i) the elimination of duplicate costs and (ii) the manner in which the post-acquisition company is expected to be integrated and managed prospectively are not reflected in any of (a) the Integra (historical) column, (b) the Transaction Accounting Adjustments column, or (c) the Other Transaction Accounting Adjustments column. Management estimates that, had the acquisition been completed as of January 1, 2020, Selling, operating and administrative expenses of $14.0 million for the year ended December 31, 2020 and $0.7 million for the three months ended March 31, 2021 reflected in the historical combined financial statements of Integra would not have incurred. These expenses primarily relate to lower compensation and management fees to previous owners and headcount savings, offset by incremental costs. The tables below present the estimated effects on the pro forma condensed combined statements of operations from elimination of the identified corporate level expenses and offsets to these savings. These estimates are non-GAAP and do not represent adjustments made for the purposes of presenting the unaudited pro forma interim condensed combined balance sheet as of March 31, 2021 or the unaudited pro forma interim condensed combined statement of income for the three months ended March 31, 2021. These estimates are based upon the expectations and beliefs of Company management and are subject to significant risks and uncertainties. The Company’s actual results may differ materially from those set forth in these estimates.


	Three Months Ended March 31, 2021
	Pro forma		Management		As
	combined		Adjustments		Adjusted
Selling, operating and administrative expenses	$	46,608	$	(697)	$	45,911
Net income	$	2,132	$	507	$	2,639
Less: net income attributable to non-controlling interest	$	660	$	205	$	865
Net income attributable to RE/MAX Holdings, Inc.	$	1,472	$	302	$	1,774

Net income attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	0.08			$	0.10
Diluted	$	0.08			$	0.09


	Year Ended December 31, 2020
	Pro forma		Management		As
	combined		Adjustments		Adjusted
Selling, operating and administrative expenses	$	164,831	$	(13,982)	$	150,849
Net loss	$	(40,926)	$	10,172	$	(30,754)
Less: net loss attributable to non-controlling interest	$	(16,299)	$	4,157	$	(12,142)
Net loss attributable to RE/MAX Holdings, Inc.	$	(24,627)	$	6,015	$	(18,612)

Net loss attributable to RE/MAX Holdings, Inc. per share of Class A common stock
Basic	$	(1.36)			$	(1.02)
Diluted	$	(1.34)			$	(1.02)

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Document and Entity Information	Jul. 21, 2021
Document and Entity Information [Abstract]
Document Type	8-K/A
Document Period End Date	Jul. 21, 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, 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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock$0.0001 par value per share
Trading Symbol	RMAX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001581091
Amendment Flag	false

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