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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | 7.SEGMENT INFORMATION The three reportable segments presented below represent the Company’s segments for which separate financial information is available and is utilized on a regular basis by its Chief Operating Decision Maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its segments. Management evaluates the operating results of each of its reportable segments based upon Revenues and Adjusted Segment EBITDA. Adjusted Segment EBITDA is defined by us as a segment’s operating income (loss) before income taxes plus depreciation and amortization, impairment charges, litigation contingency, stock-based compensation expenses, stock option expense and other (income) expense, net. See “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report for a discussion of why management believes Adjusted Segment EBITDA, a non-U.S. GAAP measure, is useful. The Company’s presentation of Adjusted Segment EBITDA may not be comparable to similar measures used by other companies. The Company’s three reportable segments are as follows:
| ● | North American Realty: includes real estate brokerage operations in the United States and Canada, as well as lead-generation and other real estate support services provided in North America.
| ● | International Realty: includes real estate brokerage operations in all other international locations.
| ● | Other Affiliated Services: includes our SUCCESS® Magazine, and other ancillary ventures.
The Company also reports corporate expenses, as further detailed below, as “Corporate and other” which include expenses incurred in connection with business development support provided to the agents as well as resources, including administrative, brokerage operations and legal functions. All segments follow the same basis of presentation and accounting policies as those described throughout the Notes to the Condensed Consolidated Financial Statements included herein. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. The following table provides information about the Company’s reportable segments and a reconciliation of the total segment Revenues to consolidated Revenues and Adjusted Segment EBITDA to the consolidated income (loss) before income tax expense (benefit) and Goodwill (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Revenues
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
North American Realty | $ 1,276,487 | ​ | $ 1,274,621 | ​ | $ 2,199,535 | ​ | $ 2,201,758
International Realty | 32,293 | ​ | 20,316 | ​ | 63,950 | ​ | 35,912
Other Affiliated Services | 708 | ​ | 1,467 | ​ | 1,535 | ​ | 3,255
Revenues reconciliation: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment eliminations | (611) | ​ | (1,160) | ​ | (1,237) | ​ | (2,627)
Consolidated revenues | $ 1,308,877 | ​ | $ 1,295,244 | ​ | $ 2,263,783 | ​ | $ 2,238,298
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Commissions and other agent-related costs
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
North American Realty | $ 1,188,963 | ​ | $ 1,181,021 | ​ | $ 2,041,021 | ​ | $ 2,033,259
International Realty | 26,918 | ​ | 16,452 | ​ | 53,291 | ​ | 29,070
Other Affiliated Services | 342 | ​ | 690 | ​ | 682 | ​ | 1,352
Commissions reconciliation: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment eliminations | - | ​ | (495) | ​ | - | ​ | (1,267)
Consolidated commissions and other agent-related costs | $ 1,216,223 | ​ | $ 1,197,668 | ​ | $ 2,094,994 | ​ | $ 2,062,414
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Adjusted EBITDA
​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
North American Realty | $ 19,784 | ​ | $ 38,503 | ​ | $ 27,519 | ​ | $ 56,312
International Realty | (3,859) | ​ | (2,376) | ​ | (5,474) | ​ | (5,731)
Other Affiliated Services | (2,291) | ​ | (988) | ​ | (3,746) | ​ | (1,755)
Corporate expenses and other | (2,433) | ​ | (2,325) | ​ | (4,943) | ​ | (4,968)
Consolidated Adjusted EBITDA | $ 11,201 | ​ | $ 32,814 | ​ | $ 13,356 | ​ | $ 43,858
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Loss) income before income tax expense reconciliation: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization expense | 2,272 | ​ | 2,963 | ​ | 4,833 | ​ | 5,363
Litigation contingency | - | ​ | - | ​ | - | ​ | 16,000
Stock-based compensation expense | 9,703 | ​ | 9,329 | ​ | 17,821 | ​ | 18,157
Stock option expense | 1,602 | ​ | 1,985 | ​ | 3,454 | ​ | 3,975
Other (income) expense, net | (553) | ​ | (1,375) | ​ | (1,576) | ​ | (2,414)
Consolidated (loss) income before income tax expense | ($ 1,823) | ​ | $ 19,912 | ​ | ($ 11,176) | ​ | $ 2,777
​
​ | ​ | ​ | ​
​ | Goodwill
​ | June 30, 2025 | ​ | December 31, 2024
North American Realty | $ 17,885 | ​ | $ 17,226
International Realty | - | ​ | -
Other Affiliated Services | - | ​ | -
Segment and consolidated total | 17,885 | ​ | 17,226
​ The Company does not use segment assets to allocate resources or to assess performance of the segments and therefore, total segment assets have not been disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. 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