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SEGMENT INFORMATION

9 Months Ended

Sep. 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, which is a non-U.S. GAAP measure. Adjusted Segment EBITDA is defined by the Company 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. 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 September 30,			​	Nine Months Ended September 30,
​	2025	​	2024	​	2025	​	2024
North American Realty	$ 1,275,865	​	$ 1,206,660	​	$ 3,475,400	​	$ 3,408,418
International Realty	40,743	​	24,230	​	104,693	​	60,142
Other Affiliated Services	675	​	1,426	​	2,210	​	4,681
Revenues reconciliation:	​	​	​	​	​	​	​
Segment eliminations	(600)	​	(1,129)	​	(1,837)	​	(3,756)
Consolidated revenues	$ 1,316,683	​	$ 1,231,187	​	$ 3,580,466	​	$ 3,469,485

​

​	​	​	​	​	​	​	​
​	Commissions and other agent-related costs
​	Three Months Ended September 30,			​	Nine Months Ended September 30,
​	2025	​	2024	​	2025	​	2024
North American Realty	$ 1,196,460	​	$ 1,123,673	​	$ 3,237,481	​	$ 3,156,931
International Realty	33,654	​	19,538	​	86,945	​	48,608
Other Affiliated Services	365	​	799	​	1,047	​	2,151
Commissions reconciliation:	​	​	​	​	​	​	​
Segment eliminations	-	​	(475)	​	-	​	(1,741)
Consolidated commissions and other agent-related costs	$ 1,230,479	​	$ 1,143,535	​	$ 3,325,473	​	$ 3,205,949

​

​	​	​	​	​	​	​	​
​	Adjusted EBITDA
​	Three Months Ended September 30,			​	Nine Months Ended September 30,
​	2025	​	2024	​	2025	​	2024
North American Realty	$ 23,100	​	$ 28,899	​	$ 50,620	​	$ 85,208
International Realty	(1,591)	​	(1,670)	​	(7,065)	​	(7,401)
Other Affiliated Services	(1,298)	​	(1,282)	​	(5,044)	​	(3,037)
Corporate expenses and other	(2,499)	​	(2,005)	​	(7,443)	​	(6,973)
Consolidated Adjusted EBITDA	$ 17,712	​	$ 23,942	​	$ 31,068	​	$ 67,797
​	​	​	​	​	​	​	​
Income (loss) before income tax expense reconciliation:	​	​	​	​	​	​	​
Depreciation and amortization expense	2,424	​	2,379	​	7,257	​	7,742
Litigation contingency	-	​	18,000	​	-	​	34,000
Stock-based compensation expense	9,694	​	9,910	​	27,515	​	28,067
Stock option expense	1,578	​	1,987	​	5,032	​	5,959
Other (income) expense, net	(413)	​	(520)	​	(1,989)	​	(2,934)
Consolidated income (loss) before income tax expense	$ 4,429	​	($ 7,814)	​	($ 6,747)	​	($ 5,037)

​

​	​	​	​
​	Goodwill
​	September 30, 2025	​	December 31, 2024
North American Realty	$ 17,647	​	$ 17,226
International Realty	-	​	-
Other Affiliated Services	-	​	-
Segment and consolidated total	17,647	​	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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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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