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Segment Information (Tables)
3 Months Ended
Mar. 31, 2023
Segment Information  
Schedule of Revenue from External Customers By Segment

The following table presents revenue from external customers by segment (in thousands):

Three Months Ended

March 31, 

2023

2022

Continuing franchise fees

$

29,547

$

31,120

Annual dues

8,618

8,920

Broker fees

10,892

15,085

Franchise sales and other revenue

11,573

9,612

Total Real Estate

60,630

64,737

Continuing franchise fees

2,529

2,379

Franchise sales and other revenue

659

649

Total Mortgage

3,188

3,028

Marketing Funds fees

21,342

22,851

Other

241

388

Total revenue

$

85,401

$

91,004

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):

Three Months Ended

March 31, 

2023

2022

Adjusted EBITDA: Real Estate

$

22,692

$

30,116

Adjusted EBITDA: Mortgage

(2,597)

(2,173)

Adjusted EBITDA: Other

(175)

(26)

Adjusted EBITDA: Consolidated

19,920

27,917

Impairment charge - leased assets (a)

(3,735)

Equity-based compensation expense

(4,451)

(5,637)

Acquisition-related expense (b)

(37)

(1,257)

Fair value adjustments to contingent consideration (c)

4

(285)

Restructuring charges

(39)

Other

(410)

(236)

Interest income

1,004

19

Interest expense

(8,245)

(3,651)

Depreciation and amortization

(8,033)

(8,985)

Income (loss) before provision for income taxes

$

(287)

$

4,150

(a)Represents the impairment recognized on a portion of the Company’s corporate headquarters office building in the prior year. See Note 2, Summary of Significant Accounting Policies for additional information.
(b)Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with the acquisition activities and integration of acquired companies.
(c)Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities. See Note 8, Fair Value Measurements for additional information.