RE/MAX to take $55M pre-tax charge to settle class action commission lawsuits; reaffirms 2023 guidance

RE/MAX Holdings, Inc.

Agreed to pay $55M settlement to resolve Burnett (W.D. Mo.) and Moehrl (N.D. Ill.) class actions over agent commission rules.
Settlement payments: 25% by Sep 29, 2023; 25% after preliminary court approval; 50% after final court approval; funded from available cash.
RE/MAX also agreed to certain business practice changes; denies liability and continues to contest allegations.
Q3 2023 guidance reaffirmed: revenue $78.5M-$83.5M, adj. EBITDA $23.5M-$26.5M, agent count 0%-1% YoY change.
Full-year 2023 guidance reaffirmed: revenue $320M-$332M, adj. EBITDA $92M-$98M, agent count flat YoY.

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