RE/MAX Holdings Inc (NYSE:RMAX) Q4 2017 Earnings Conference Call - Final Transcript

Feb 23, 2018 • 08:30 am ET


RE/MAX Holdings Inc (NYSE:RMAX) Q4 2017 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the RE/MAX Holdings Preliminary Third Quarter, Fourth Quarter and Full Year 2017 Earnings Conference Call and Webcast. My name is Kim, and I'll be facilitating the audio portion of today's call.

At this time, I would like to turn the call over to Andy Schulz, Vice President of Investor Relations. Mr. Schulz, please go ahead, sir.

Andy Schulz

Thank you, operator. Good morning everyone. And welcome to RE/MAX Holdings preliminary third quarter, fourth quarter and full-year 2017 earnings conference call. We are working to file our third quarter Form 10-Q and 2017 Form 10-K with the SEC as properly as possible. Both documents will be available on our Investor Relations webpage at once filed. Please visit the Investor Relations page of for all earnings related materials and to access the live webcast and the replay of the call today. If you are participating through the webcast, please note that you will need to advance the slides as we move through the presentation.

Moving to slide 2, please remember our prepared remarks and answers to your questions on today's call may contain forward looking statements. Forward looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Examples of forward-looking statements include those related to agent count, franchise sales, revenue, operating expenses, financial guidance, housing market conditions, dividends, non-GAAP financial measures, as well as other statements regarding our strategic and operational plans and business models and information concerning the outcome or implications of the special committee investigation and its impact on the company or on the company's historical financial statements, and the effect of any remedial measures taken in response to the investigation.

As a reminder, forward looking statements represent management's current estimates. RE/MAX assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review our third and fourth quarter preliminary financial results press release, which includes more detailed discussions about these forward looking statements, including factors that could cause results to differ materially from the forward looking statements, and the definitions and reconciliations of non-GAAP measures contained in the third and fourth quarter preliminary financial results' press release, which is available on our website. Our Q3 2017 earnings announcement was delayed pending the conclusion of an investigation by the special committee of the Board.

We announced the conclusion of the special committees' investigation yesterday, as well as certain related matters in a press release and Form 8-K. Beyond these disclosures, we do not have additional information to provide on this topic on today's call. We will keep our comments and Q&A focused on our business and financial performance. Please note that the financial results and other information discussed on this call related to our third and fourth quarters and full year 2017 are unaudited preliminary numbers.

We have not completed our quarter-end and year-end closing and review process and the audit process for a full year financial statements with