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DENVER - RE/MAX Holdings, Inc. (NYSE:RMAX) announced today the appointment of Cathi Raffaeli to its Board of Directors, where she will also serve on the Compensation and Audit Committees. Raffaeli brings over two decades of board leadership experience to the global real estate franchisor and its mortgage brokerage franchise brand in the U.S.
Raffaeli's career spans financial services, technology, and education sectors, with significant roles at Chase/Chemical Bank and Merrill Lynch Realty. Her expertise in real estate finance and brokerage operations is expected to complement RE/MAX Holdings' strategic goals. She currently holds leadership positions at Hamilton White Group LLC, Soho Venture Partners Inc., and oversees a substantial global real estate portfolio at Abrdn PLC.
Chairman of the Board, Dave Liniger, expressed confidence in Raffaeli's potential impact, citing her diverse experience and strategic insight as aligning with the company's objectives. Raffaeli herself is enthusiastic about joining the Board, eager to contribute to technological advancements, market expansion, and entrepreneurial culture within the real estate and mortgage brokerage industries.
Raffaeli succeeds Kathy Cunningham, who retired from the Board on the same day. Cunningham's tenure was marked by her guidance during the company's IPO and leadership on the Audit Committee. Liniger acknowledged Cunningham's significant contributions and dedication to the company over the years.
RE/MAX Holdings, founded in 1973, franchises real estate brokerages under the RE/MAX brand and mortgage brokerages under the Motto Mortgage brand within the U.S. With a presence in over 110 countries and territories and more than 140,000 agents, RE/MAX boasts a considerable footprint in the real estate market. The company is known for its entrepreneurial culture and its agents' independence in operating their businesses.
This board transition is a part of the company's ongoing efforts to adapt and grow in a dynamic industry. The information in this article is based on a press release statement from RE/MAX Holdings, Inc.
In other recent news, RE/MAX Holdings has posted notable Q2 results, reporting revenue of $78.5 million and an adjusted EBITDA of $28.1 million. This strong performance comes despite industry challenges and a decrease in agent count in North America. The company has seen significant growth in international markets, particularly in regions such as India, Central and South America.
RE/MAX has also launched the MAX/Tech Lead Concierge initiative to provide quality leads to agents, and its mortgage division, Motto, continues to grow, recently processing its 6,000th loan. However, the company anticipates a decline in agent count for Q3, expecting a rebound in housing activity later in the year.
In terms of future expectations, RE/MAX forecasts Q3 revenue to be between $75 million and $80 million, with an adjusted EBITDA between $24.5 million and $27.5 million. The full-year projections include revenue between $305 million and $315 million, and an adjusted EBITDA between $93 million and $98 million. These recent developments reflect RE/MAX's focus on cost management, operating efficiency, and customer experience.
InvestingPro Insights
As RE/MAX Holdings, Inc. (NYSE:RMAX) welcomes Cathi Raffaeli to its Board of Directors, the company's financial health and strategic maneuvers are crucial for investors to monitor. According to InvestingPro, RE/MAX is showing signs of proactive management, with an aggressive share buyback strategy that often signals confidence in the company's future prospects. Additionally, despite the challenges faced in the past twelve months, analysts are optimistic about the company's net income growth this year.
InvestingPro Data reveals that RE/MAX has a market capitalization of $322.65 million and is trading at a low revenue valuation multiple, which could indicate that the company is currently undervalued relative to its sales. Furthermore, the company's gross profit margin stands strong at 74.04%, showcasing its ability to retain a significant portion of its sales as profit after accounting for the cost of goods sold.
InvestingPro Tips include the fact that RE/MAX does not pay a dividend, which may be relevant for income-focused investors. However, the company's significant return over the last week, with a 15.65% price total return, might appeal to growth investors seeking capital appreciation. For those considering a deeper dive into RE/MAX's financials and future outlook, InvestingPro offers several additional tips, including insights into earnings revisions, valuation multiples, and profitability predictions for the year.
For a comprehensive analysis and more InvestingPro Tips on RE/MAX Holdings, investors can visit: https://www.investing.com/pro/RMAX. With a total of 12 additional tips available, InvestingPro can provide a more detailed investment perspective on the company's financial health and market performance.
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