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Segment Information | 6 Months Ended
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Jun. 30, 2023
Segment Information |
Segment Information | 12. Segment Information The Company operates under the following four operating segments: Real Estate, Mortgage, Marketing Funds and Other. Mortgage does not meet the quantitative significance test; however, management has chosen to report results for the segment as it believes it will be a key driver of future success for Holdings. Management evaluates the operating results of its segments based upon revenue and adjusted earnings before interest, the provision for income taxes, depreciation and amortization and other non-cash and non-recurring cash charges or other items (“Adjusted EBITDA”). The Company’s presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies. Except for the adjustments identified below in arriving at Adjusted EBITDA, the accounting policies of the reportable segments are the same as those described in the Company’s 2022 Annual Report on Form 10-K. The following table presents revenue from external customers by segment (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Continuing franchise fees | ​ | $ | 29,387 | ​ | $ | 31,619 | ​ | $ | 58,934 | ​ | $ | 62,739
Annual dues | ​ | ​ | 8,587 | ​ | ​ | 9,016 | ​ | ​ | 17,205 | ​ | ​ | 17,936
Broker fees | ​ | ​ | 14,321 | ​ | ​ | 19,317 | ​ | ​ | 25,213 | ​ | ​ | 34,402
Franchise sales and other revenue | ​ | ​ | 5,264 | ​ | ​ | 5,824 | ​ | ​ | 16,837 | ​ | ​ | 15,436
Total Real Estate | ​ | ​ | 57,559 | ​ | ​ | 65,776 | ​ | ​ | 118,189 | ​ | ​ | 130,513
Continuing franchise fees | ​ | ​ | 2,714 | ​ | ​ | 2,509 | ​ | ​ | 5,243 | ​ | ​ | 4,888
Franchise sales and other revenue | ​ | ​ | 902 | ​ | ​ | 606 | ​ | ​ | 1,561 | ​ | ​ | 1,255
Total Mortgage | ​ | ​ | 3,616 | ​ | ​ | 3,115 | ​ | ​ | 6,804 | ​ | ​ | 6,143
Marketing Funds fees | ​ | ​ | 21,077 | ​ | ​ | 22,909 | ​ | ​ | 42,419 | ​ | ​ | 45,760
Other | ​ | ​ | 195 | ​ | ​ | 372 | ​ | ​ | 436 | ​ | ​ | 760
Total revenue | ​ | $ | 82,447 | ​ | $ | 92,172 | ​ | $ | 167,848 | ​ | $ | 183,176
​ The following table presents a reconciliation of Adjusted EBITDA by segment to income (loss) before provision for income taxes (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Adjusted EBITDA: Real Estate | ​ | $ | 28,721 | ​ | $ | 36,331 | ​ | $ | 51,413 | ​ | $ | 67,010
Adjusted EBITDA: Mortgage | ​ | ​ | (1,457) | ​ | ​ | (1,164) | ​ | ​ | (4,054) | ​ | ​ | (3,337)
Adjusted EBITDA: Other | ​ | ​ | (620) | ​ | ​ | (36) | ​ | ​ | (795) | ​ | ​ | (62)
Adjusted EBITDA: Consolidated | ​ | ​ | 26,644 | ​ | ​ | 35,131 | ​ | ​ | 46,564 | ​ | ​ | 63,611
Impairment charge - leased assets (a) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,735)
Loss on lease termination (b) | ​ | ​ | — | ​ | ​ | (2,460) | ​ | ​ | — | ​ | ​ | (2,460)
Equity-based compensation expense | ​ | ​ | (4,708) | ​ | ​ | (4,535) | ​ | ​ | (9,159) | ​ | ​ | (10,172)
Acquisition-related expense (c) | ​ | ​ | (64) | ​ | ​ | (328) | ​ | ​ | (101) | ​ | ​ | (1,585)
Fair value adjustments to contingent consideration (d) | ​ | ​ | 95 | ​ | ​ | (1,710) | ​ | ​ | 99 | ​ | ​ | (1,995)
Restructuring charges | ​ | ​ | 72 | ​ | ​ | — | ​ | ​ | 33 | ​ | ​ | —
Other | ​ | ​ | (666) | ​ | ​ | (236) | ​ | ​ | (1,076) | ​ | ​ | (1,035)
Interest income | ​ | ​ | 1,141 | ​ | ​ | 159 | ​ | ​ | 2,145 | ​ | ​ | 178
Interest expense | ​ | ​ | (8,840) | ​ | ​ | (4,032) | ​ | ​ | (17,085) | ​ | ​ | (7,683)
Depreciation and amortization | ​ | ​ | (8,008) | ​ | ​ | (9,113) | ​ | ​ | (16,041) | ​ | ​ | (18,098)
Income (loss) before provision for income taxes | ​ | $ | 5,666 | ​ | $ | 12,876 | ​ | $ | 5,379 | ​ | $ | 17,026
(a) | Represents the impairment recognized on a portion of the Company’s corporate headquarters office building in the prior year. See Note 2, Summary of Significant Accounting Policies for additional information.
(b) | During the second quarter of 2022, a loss was recognized in connection with the termination of the booj office lease. See Note 2, Summary of Significant Accounting Policies for additional information.
(c) | Acquisition-related expense includes personnel, legal, accounting, advisory and consulting fees incurred in connection with the acquisition activities and integration of acquired companies.
(d) | Fair value adjustments to contingent consideration include amounts recognized for changes in the estimated fair value of the contingent consideration liabilities. See Note 8, Fair Value Measurements for additional information.
​

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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