More on Re/Max results

• Full-year agent count up 7% to 104.826K. Operating income of $74.2M up 16.2%. Adjusted EBITDA of $91.4M up 9.1%. Adjusted EBITDA margin of 51.7% up from 49%.
• Revenue from continuing franchise fees of $73.8M up 1.4% Y/Y; from annual dues of $31.8M up 3.4%; from broker fees of $32.3M up 12.7%; from franchise sales of $25.5M up 8.7%. Brokerage revenue of $13.6M fell 12.1%.
• Operating expenses of $102.7M fell 4.1%.
• Company yesterday announced a 20% increase in the dividend.
• Full-year outlook: Agent count up 4-5%; revenue up 3-4%; adjusted EBITDA margin of 51.5-53%.
• Conference call tomorrow at 8:30 ET
• Previously: RE/MAX Holdings beats by $0.02 (Feb. 25)
• RMAX flat after hours