Re/Max Holdings Inc at Stephens Investment Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: John Campbell - Stephens Inc. - Analyst : So I think we've got time for maybe one or two more, if there's any. Unidentified Analyst Can you comment on how some of these third party like the Zillow is getting out of it now with open door and just kind of what kind of market share they're starting to get or if it's a threat or just -- it seems with technology, the commissions are -- it can be high, especially as value start going up that there's disintermediation or could be with just -- I mean Airbnb is doing it to the lodging industry and so forth. I mean is there a threat that you see?

Question: John Campbell - Stephens Inc. - Analyst : I'm going to wrap us up with one last one here just kind of big picture. I talked about earlier the multiple -- you guys are trading at -- I mean your peers are more -- they're franchisees, right? It's not the brokerage group. Totally different P&Ls. But you guys are trading at half that multiple of your peer group. You're paying a pretty healthy dividend. You've got high recurring revenues. You've got 35%, 36% margins. I feel like you've got the 5%, 6% organic growth, 4%, whatever you want to call it, organic growth kind of path from here, which is probably in line with peers. The stock's pretty thin. But at what point does the buybacks just become your best investment?

Question: John Campbell - Stephens Inc. - Analyst : It's a wrap. I really appreciate the time, guys, and thanks to the audience for you guys participating. Thank you.