Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of Company's Reportable Segments Revenue and Adjusted EBITDA

The following tables present the revenue and Adjusted EBITDA results of the Company’s reportable segments for the three months ended March 31, 2015 and 2014, respectively:

	Revenue (a)
	Three months ended March 31,
	2015		2014
	(in thousands)
Real Estate Franchise Services	$	40,740	$	39,099
Brokerages		3,467		2,781
Consolidated revenue	$	44,207	$	41,880

(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 intercompany amounts paid from the Company’s brokerage services business of $432,000 and $422,000 for the three months ended March 31, 2015 and 2014, respectively. Such amounts are eliminated in the Brokerages reportable segment.

Segment Adjusted EBITDA to Net Income

	Adjusted EBITDA
	Three months ended March 31,
	2015			2014
	(in thousands)
Real Estate Franchise Services:
Net income	$	8,972		$	8,370
Depreciation and amortization		3,732			3,868
Interest expense		2,793			2,462
Interest income		(67	)		(81	)
Provision for income taxes		2,120			1,983
EBITDA		17,550			16,602
Gain on sale or disposition of assets and sublease		(83	)		(196	)
Loss on early extinguishment of debt		94			-
Non-cash straight-line rent expense		274			212
Non-recurring severance and other related expenses		451			-
Acquisition integration and professional fees expense		183			18
Adjusted EBITDA	$	18,469		$	16,636

Brokerages:
Net income (loss)	$	158		$	(572	)
Depreciation and amortization		79			70
Interest expense		16			4
Interest income		-			-
Provision (benefit) for income taxes		28			(98	)
EBITDA		281			(596	)
Loss on sale or disposition of assets and sublease		40			18
Non-cash straight-line rent expense		(43	)		(65	)
Adjusted EBITDA	$	278		$	(643	)

Consolidated:
Net income	$	9,130		$	7,798
Depreciation and amortization		3,811			3,938
Interest expense		2,809			2,466
Interest income		(67	)		(81	)
Provision for income taxes		2,148			1,885
EBITDA		17,831			16,006
Gain on sale or disposition of assets and sublease		(43	)		(178	)
Loss on early extinguishment of debt		94			-
Non-cash straight-line rent expense		231			147
Non-recurring severance and other related expenses		451			-
Acquisition integration and professional fees expense		183			18
Adjusted EBITDA	$	18,747		$	15,993

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details