RE/MAX Holdings, Inc. (RMAX) Earnings Call Transcript & Summary

Good afternoon, and welcome to the 2021 Annual Meeting of Stockholders of RE/MAX Holdings Inc. I'm Adam Scoville, Vice President, General Counsel and Corporate Secretary. It's our pleasure to welcome you to our meeting. Today's meeting will proceed as follows. Dave Liniger, Chair of the Board and Co-Founder of RE/MAX, will preside over today's meeting. After my introductory remarks, Dave will call the meeting to order, and the official business of the 2021 annual meeting will be conducted. There are 2 proposals to be voted on today: electing 4 directors to our Board of Directors and ratifying the appointment of our independent accounting firm for the year 2021. Stockholders will have a chance to ask questions related to the business of this meeting or other questions related to our business. To ask a question, you must be logged into the virtual meeting portal as a stockholder. The field for submitting questions is not available if you're logged in as a guest. If you have questions, please type it in the field provided. We will address questions about particular agenda items as those items are presented, and we'll address other questions on other matters after the conclusion of the official business of the meeting. If you intend to vote and you haven't already done so, please you must submit your vote now in order for it to be counted. After Dave Liniger describes each item to be voted on and we address any questions on those items, we will close the polls. We will not accept ballots, proxies, revocations or other changes after the polls have closed. If you've already submitted your vote by proxy, you don't need to vote now unless you wish to change your vote. Your shares will be voted as previously instructed. [Voting]

With that, I'll hand the meeting over to Dave Liniger. Dave?

Thanks, Adam. On behalf of the Board, I would like to welcome our fellow stockholders to today's annual meeting. We appreciate you taking the time to participate in today's meeting. Your Board believes it's important to maintain a dialogue with you, our stockholders, and we believe this event is an important part of that relationship. Now let's turn to the business of the meeting. It is now approximately 3 minutes after noon, and I now call the meeting to order. Our executive officers have joined us for today's meeting. They are Adam Contos, our Chief Executive Officer and a member of the Board of Directors; Nick Bailey, Chief Customer Officer of RE/MAX; Ward Morrison, President of Motto Mortgage; Karri Callahan, our Chief Financial Officer; and Serene Smith, our Chief of Staff and Chief Operating Officer. All other members of RE/MAX Holdings Board of Directors are present today, along with the nominees to the Board, and I'd like to introduce them. Gail Liniger, Vice Chair of the Board; Kathy Cunningham; Joe DeSplinter; Roger Dow; Ron Harrison; Stephen Joyce; Laura Kelly; Daniel Predovich; Christine Riordan; and Teresa Van De Bogart. Representatives from KPMG, the company's independent registered public accounting firm, are also present. Mark Rohr, Corporate Counsel for the company, serves as the inspector of elections for today's meeting. Mr. Rohr will tabulate the results of the voting. A signed oath from the inspector of elections will be filed with the meeting minutes. We have an affidavit from Broadridge Corporate Issuer Solutions, the company's transfer agent, certifying that each stockholder of record on March 31, 2021 was mailed an official notice of this meeting on or about April 15, 2021, along with the notice of Internet availability of proxy materials. The affidavit of mailing, together with a copy of the notice, will be filed with the meeting minutes. Only stockholders of record on March 31, 2021, or persons holding a proxy of such stockholders may vote on matters presented at this meeting. The inspector of elections has informed me that based on the information received from Broadridge, more than 50% of the total shares entitled to vote are present, either through the virtual meeting portal or by proxy at this meeting, thereby constituting a quorum. Therefore, this meeting may now proceed. The first matter to be voted upon is the election of 4 Class 2 directors to serve for 3-year terms until the 2024 annual meeting of stockholders or until their successors are duly elected and qualified. According to the company's certificate of incorporation, the holders of our Class A and Class B common stock are entitled to elect directors. The Board of Directors has nominated 4 candidates who are named in the proxy statement. The Board recommends that you vote for each of them. They are Adam Contos, Kathleen Cunningham, Gail Liniger and Christine Riordan. The company has received no other nominations. We have not received any questions on this matter, so we will now proceed to the next order of business, which is the ratifying of the selection of KPMG LLP to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. The Board of Directors recommends voting in favor of ratification. We have not received any questions on the ratification of KPMG LLP. So at this time, the polls are closed. Final vote totals will be filed with the Securities and Exchange Commission no later than next Tuesday, June 1, and will be available for review in accordance with law. That concludes the business of the meeting. Since there is no other business to come before the meeting and no questions from stockholders, I now adjourn the meeting. If you have any questions about our business that you did not ask during today's meeting, we invite you to contact our Investor Relations department. You can find their contact information in the Investor Relations section of remax.com. Thank you all for coming.