v3.26.3
Segment Information (Tables)
9 Months Ended
Sep. 30, 2026
Segment Information  
Schedule of reconciliation of consolidated Total operating expenses

The following tables present revenue and significant expense categories included in the determination of segment Adjusted EBITDA (in thousands). The table also includes a reconciliation of segment Adjusted EBITDA to Net Loss (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2026

​

​

Brokerage (a)

​

Franchise

​

Other

​

Total

Revenue

​

$

695,499

​

$

27,098

​

$

5,331

​

$

727,928

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Cost of Sales

​

​

631,121

​

​

51

​

​

1,158

​

​

632,330

General and administrative expenses

​

​

13,147

​

​

5,860

​

​

4,631

​

​

23,638

Marketing expenses

​

​

20,046

​

​

1,134

​

​

604

​

​

21,784

Marketing funds expenses (b)

​

​

—

​

​

6,672

​

​

45

​

​

6,717

Research and development expenses

​

​

4,523

​

​

973

​

​

328

​

​

5,824

Other income (expenses), net

​

​

(111)

​

​

624

​

​

(66)

​

​

447

Segment Adjusted EBITDA

​

$

26,773

​

$

11,784

​

$

(1,369)

​

$

37,188

Reconciliation of segment adjusted EBITDA to loss before tax

​

​

​

​

​

​

​

​

​

​

​

​

Unallocated costs (c)

​

​

​

​

​

​

​

​

​

​

​

(3,434)

Stock-based compensation - excluding cost of sales (d)

​

​

​

​

​

​

​

​

​

​

​

(35,775)

Stock-based compensation - cost of sales

​

​

​

​

​

​

​

​

​

​

​

(13,842)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(3,577)

Settlement of litigation and impairment charges

​

​

​

​

​

​

​

​

​

​

​

(276)

Loss on extinguishment of debt and bridge commitment fees (e)

​

​

​

​

​

​

​

​

​

​

​

(5,246)

Restructuring expense

​

​

​

​

​

​

​

​

​

​

​

(448)

Acquisition-related severance expense (f)

​

​

​

​

​

​

​

​

​

​

​

(23,708)

Other acquisition-related expenses (g)

​

​

​

​

​

​

​

​

​

​

​

(28,624)

Other adjustments

​

​

​

​

​

​

​

​

​

​

​

249

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(5,920)

Loss before tax

​

​

​

​

​

​

​

​

​

​

$

(83,413)

​

(a)As of September 30, 2026, approximately $19.6 million of Revenue share expenses were recorded in the Brokerage segment.
(b)Marketing fund expenses are comprised of the Company’s Franchise marketing campaigns designed to build and maintain brand awareness and the development and operation of franchise agent marketing technology. The Marketing Funds operate at no profit and are included in the Franchise segment. See Note 2, Summary of Significant Accounting Policies, for additional information.
(c)As of September 30, 2026, Unallocated costs is not considered a reportable segment and is primarily included in General and administrative expenses.
(d)Includes $27.2 million primarily related to accelerated vestings as a result of the Transaction.
(e)Mainly represents the write off of bridge loan commitment fees during the three months ended September 30, 2026.
(f)Severance and personnel- related expenses related to the Transaction.
(g)These expenses consisted of professional services, consulting, legal, investment banking, and other transaction-related costs.

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​

​

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​

​

​

​

​

​

​

​

​

​

For the Three Months Ended September 30, 2025

​

​

Brokerage (a)

​

Franchise

​

Other

​

Total

Revenue

​

$

565,307

​

$

—

​

$

3,242

​

$

568,549

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Cost of Sales

​

​

510,009

​

​

—

​

​

1,128

​

​

511,137

General and administrative expenses

​

​

11,673

​

​

—

​

​

2,824

​

​

14,497

Marketing expenses

​

​

17,003

​

​

—

​

​

39

​

​

17,042

Research and development expenses

​

​

4,133

​

​

—

​

​

51

​

​

4,184

Other income (expenses), net

​

​

(146)

​

​

—

​

​

(35)

​

​

(181)

Segment Adjusted EBITDA

​

$

22,635

​

$

—

​

$

(765)

​

$

21,870

Reconciliation of segment adjusted EBITDA to loss before tax

​

​

​

​

​

​

​

​

​

​

​

​

Unallocated costs (b)

​

​

​

​

​

​

​

​

​

​

​

(1,499)

Stock-based compensation - excluding cost of sales

​

​

​

​

​

​

​

​

​

​

​

(7,357)

Stock-based compensation - cost of sales

​

​

​

​

​

​

​

​

​

​

​

(12,555)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(567)

Other adjustments

​

​

​

​

​

​

​

​

​

​

​

(138)

Interest expense

​

​

​

​

​

​

​

​

​

​

​

55

Loss before tax

​

​

​

​

​

​

​

​

​

​

$

(191)

​

(a)As of September 30, 2026, approximately $15.7 million of Revenue share expenses were recorded in the Brokerage segment.
(b)As of September 30, 2026, Unallocated costs is not considered a reportable segment and is primarily included in General and administrative expenses.

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​

​

​

​

​

​

​

​

​

​

For the Nine Months Ended September 30, 2026

​

​

Brokerage (a)

​

Franchise

​

Other

​

Total

Revenue

​

$

1,854,425

​

$

27,098

​

$

12,531

​

$

1,894,054

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Cost of Sales

​

​

1,670,208

​

​

51

​

​

3,720

​

​

1,673,979

General and administrative expenses

​

​

37,585

​

​

5,860

​

​

10,331

​

​

53,776

Marketing expenses

​

​

59,974

​

​

1,134

​

​

751

​

​

61,859

Marketing funds expenses (b)

​

​

—

​

​

6,672

​

​

45

​

​

6,717

Research and development expenses

​

​

13,588

​

​

973

​

​

453

​

​

15,014

Other income (expenses), net

​

​

(273)

​

​

624

​

​

(202)

​

​

149

Segment Adjusted EBITDA

​

$

73,343

​

$

11,784

​

$

(2,567)

​

$

82,560

Reconciliation of segment adjusted EBITDA to loss before tax

​

​

​

​

​

​

​

​

​

​

​

​

Unallocated costs (c)

​

​

​

​

​

​

​

​

​

​

​

(6,324)

Stock-based compensation - excluding cost of sales

​

​

​

​

​

​

​

​

​

​

​

(50,514)

Stock-based compensation - cost of sales

​

​

​

​

​

​

​

​

​

​

​

(37,908)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(4,705)

Settlement of litigation and impairment charges (d)

​

​

​

​

​

​

​

​

​

​

​

(385)

Loss on extinguishment of debt and bridge commitment fees (e)

​

​

​

​

​

​

​

​

​

​

​

(5,246)

Restructuring expense

​

​

​

​

​

​

​

​

​

​

​

(1,161)

Acquisition-related severance expense (f)

​

​

​

​

​

​

​

​

​

​

​

(23,708)

Other acquisition-related expenses (g)

​

​

​

​

​

​

​

​

​

​

​

(40,518)

Other adjustments

​

​

​

​

​

​

​

​

​

​

​

201

Interest expense

​

​

​

​

​

​

​

​

​

​

​

(6,588)

Loss before tax

​

​

​

​

​

​

​

​

​

​

$

(94,296)

​

(a)As of September 30, 2026, approximately $57.2 million of Revenue share expenses were recorded in the Brokerage segment.
(b)Marketing fund expenses are comprised of the Company’s Franchise marketing campaigns designed to build and maintain brand awareness and the development and operation of franchise agent marketing technology. The Marketing Funds operate at no profit and are included in the Franchise segment. See Note 2, Summary of Significant Accounting Policies, for additional information.
(c)As of September 30, 2026, Unallocated costs is not considered a reportable segment and is primarily included in General and administrative expenses.
(d)Litigation settlement charges. See Note 14, Commitments and Contingencies for additional information.
(e)Mainly represents the write off of bridge loan commitment fees during the nine months ended September 30, 2026
(f)Severance and personnel-related expense related to the Transaction.
(g)These expenses consisted of professional services, consulting, legal, investment banking, and other transaction-related costs.

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Nine Months Ended September 30, 2025

​

​

Brokerage (a)

​

Franchise

​

Other

​

Total

Revenue

​

$

1,454,501

​

$

—

​

$

8,776

​

$

1,463,277

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Cost of Sales

​

​

1,300,793

​

​

—

​

​

3,074

​

​

1,303,867

General and administrative expenses

​

​

35,062

​

​

—

​

​

8,938

​

​

44,000

Marketing expenses

​

​

51,045

​

​

—

​

​

168

​

​

51,213

Research and development expenses

​

​

11,163

​

​

—

​

​

156

​

​

11,319

Other income (expenses), net

​

​

(2,402)

​

​

—

​

​

(91)

​

​

(2,493)

Segment Adjusted EBITDA

​

$

58,840

​

$

—

​

$

(3,469)

​

$

55,371

Reconciliation of segment adjusted EBITDA to loss before tax

​

​

​

​

​

​

​

​

​

​

​

​

Unallocated costs (b)

​

​

​

​

​

​

​

​

​

​

​

(6,681)

Stock-based compensation - excluding cost of sales

​

​

​

​

​

​

​

​

​

​

​

(17,657)

Stock-based compensation - cost of sales

​

​

​

​

​

​

​

​

​

​

​

(32,757)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(1,344)

Settlement of litigation and impairment charges

​

​

​

​

​

​

​

​

​

​

​

(27)

Restructuring expense

​

​

​

​

​

​

​

​

​

​

​

(250)

Other adjustments

​

​

​

​

​

​

​

​

​

​

​

(583)

Interest expense

​

​

​

​

​

​

​

​

​

​

​

166

Loss before tax

​

​

​

​

​

​

​

​

​

​

$

(3,762)

​

(a)As of September 30, 2026, approximately $45.9 million of Revenue share expenses were recorded in the Brokerage segment
(b)As of September 30, 2026, Unallocated costs is not considered a reportable segment and is included in General and administrative expenses.