eXp World Holdings Reports Q2 2024 Results
eXp World Holdings (Nasdaq: EXPI) reported Q2 2024 results, showing resilience in a challenging market. Revenue increased 5% to $1,295 million, driven by superior agent productivity. Net income from continuing operations reached $11.8 million, with earnings per diluted share of $0.08. The company's agent count decreased 1% to 87,111, focusing on retaining productive agents.
Operational highlights include a 7% increase in transaction volume to $51.9 billion and a 1% increase in real estate sales transactions. The global agent Net Promoter Score improved to 76. eXp launched new initiatives like eXp Elevate Coaching and the Global Agent Referral Platform. The company maintained its commitment to shareholders, repurchasing $48.2 million of common stock and declaring a $0.05 per share dividend for Q3 2024.
eXp World Holdings (Nasdaq: EXPI) ha riportato i risultati del Q2 2024, dimostrando resilienza in un mercato difficile. I ricavi sono aumentati del 5% a 1.295 milioni di dollari, grazie a una maggiore produttività degli agenti. Il reddito netto dalle operazioni continuative ha raggiunto 11,8 milioni di dollari, con utili per azione diluiti di 0,08 dollari. Il numero di agenti è diminuito dell'1% a 87.111, concentrandosi sulla retention degli agenti produttivi.
Tra i punti salienti operativi, si segnala un aumento del 7% nel volume delle transazioni a 51,9 miliardi di dollari e un incremento dell'1% nelle transazioni di vendita immobiliare. Il punteggio Net Promoter Score globale degli agenti è migliorato a 76. eXp ha lanciato nuove iniziative come eXp Elevate Coaching e la Piattaforma di Riferimento Globale per Agenti. L'azienda ha mantenuto il suo impegno verso gli azionisti, riacquistando 48,2 milioni di dollari di azioni ordinarie e dichiarando un dividendo di 0,05 dollari per azione per il Q3 2024.
eXp World Holdings (Nasdaq: EXPI) informó sobre los resultados del Q2 2024, mostrando resiliencia en un mercado desafiante. Los ingresos aumentaron 5% a 1.295 millones de dólares, impulsados por la superior productividad de los agentes. El ingreso neto de las operaciones continuas alcanzó 11,8 millones de dólares, con una ganancia por acción diluida de 0,08 dólares. El número de agentes disminuyó un 1% a 87.111, enfocándose en retener a los agentes productivos.
Los aspectos destacados operativos incluyen un aumento del 7% en el volumen de transacciones a 51,9 mil millones de dólares y un incremento del 1% en las transacciones de venta de bienes raíces. El puntaje Net Promoter Score global de los agentes mejoró a 76. eXp lanzó nuevas iniciativas como eXp Elevate Coaching y la Plataforma Global de Referencias para Agentes. La empresa mantuvo su compromiso con los accionistas, recomprando 48,2 millones de dólares en acciones comunes y declarando un dividendo de 0,05 dólares por acción para el Q3 2024.
eXp 월드 홀딩스 (Nasdaq: EXPI)는 2024년 2분기 실적을 발표하며 어려운 시장에서도 회복력을 보여주었습니다. 수익은 5% 증가하여 12억 9,500만 달러에 달하며, 이는 우수한 에이전트 생산성 덕분입니다. 지속 운영으로 인한 순이익은 1,180만 달러를 기록하였고, 희석 주당 이익은 0.08 달러입니다. 회사의 에이전트 수는 1% 감소하여 87,111명에 달했으며, 생산적인 에이전트의 유지를 집중하고 있습니다.
운영 하이라이트로는 거래량이 7% 증가하여 519억 달러에 달하며, 부동산 판매 거래가 1% 증가했습니다. 글로벌 에이전트 Net Promoter Score는 76으로 개선되었습니다. eXp는 eXp Elevate Coaching 및 글로벌 에이전트 추천 플랫폼과 같은 새로운 이니셔티브를 시작했습니다. 회사는 주주에 대한 약속을 유지하며 4,820만 달러 상당의 일반 주식을 재구매하고 주당 0.05달러 배당금을 2024년 3분기에 선언했습니다.
eXp World Holdings (Nasdaq: EXPI) a publié ses résultats du Q2 2024, montrant une résilience dans un marché difficile. Les revenus ont augmenté de 5% pour atteindre 1,295 million de dollars, soutenus par la productivité supérieure des agents. Le bénéfice net des opérations continues a atteint 11,8 millions de dollars, avec des bénéfices par action dilués de 0,08 dollar. Le nombre d'agents a diminué de 1% pour atteindre 87 111, en mettant l'accent sur la rétention d'agents productifs.
Les faits saillants opérationnels incluent une augmentation de 7% du volume des transactions à 51,9 milliards de dollars et une augmentation de 1% des transactions de vente immobilière. Le score Net Promoter Score mondial des agents s'est amélioré à 76. eXp a lancé de nouvelles initiatives telles que eXp Elevate Coaching et la Plateforme de Référence Globale pour Agents. L'entreprise a maintenu son engagement envers les actionnaires en rachetant 48,2 millions de dollars d'actions ordinaires et en déclarant un dividende de 0,05 dollar par action pour le Q3 2024.
eXp World Holdings (Nasdaq: EXPI) hat die Ergebnisse für das 2. Quartal 2024 veröffentlicht und dabei Resilienz in einem herausfordernden Markt gezeigt. Der Umsatz ist um 5% auf 1,295 Millionen Dollar gestiegen, angetrieben von überlegener Produktivität der Agenten. Der Nettogewinn aus fortlaufenden Betriebsaktivitäten betrug 11,8 Millionen Dollar, mit einem Gewinn pro verwässerter Aktie von 0,08 Dollar. Die Anzahl der Agenten nahm um 1% auf 87.111 ab, wobei der Fokus auf der Bindung produktiver Agenten lag.
Zu den operativen Höhepunkten gehören ein 7%iger Anstieg des Transaktionsvolumens auf 51,9 Milliarden Dollar und ein Anstieg der Immobilienverkaufs Transaktionen um 1%. Der Net Promoter Score der globalen Agenten verbesserte sich auf 76. eXp startete neue Initiativen wie das eXp Elevate Coaching und die Globale Agenten Empfehlungsplattform. Das Unternehmen hielt sein Engagement gegenüber den Aktionären aufrecht, indem es 48,2 Millionen Dollar an Stammaktien zurückkaufte und eine Dividende von 0,05 Dollar pro Aktie für das 3. Quartal 2024 erklärte.
- Revenue increased 5% year-over-year to $1,295 million
- Transaction volume increased 7% year-over-year to $51.9 billion
- Net income from continuing operations improved to $11.8 million from $11.4 million in Q2 2023
- Adjusted EBITDA increased 22% to $32.8 million compared to Q2 2023
- Global agent Net Promoter Score improved to 76 from 72 a year ago
- Operating costs decreased by 4% compared to Q2 2023
- Real estate sales transactions increased 1% year-over-year to 120,613
- Agents and brokers on the eXp Realty platform decreased 1% year-over-year to 87,111
- Cash and cash equivalents decreased to $108.4 million from $124.7 million in June 2023
- Higher tax on continuing operations impacted net income unfavorably
eXp World Holdings' Q2 2024 results demonstrate resilience in a challenging real estate market. The company reported a 5% year-over-year revenue increase to
Key financial highlights include:
- Net income from continuing operations of
$11.8 million , a slight increase from$11.4 million in Q2 2023 - Earnings per diluted share of
$0.08 , up from$0.07 year-over-year - Adjusted EBITDA of
$32.8 million , a significant22% increase
The company's focus on operational efficiency is evident in the
eXp's strong cash position of
Overall, eXp's ability to grow revenue and transaction volume in a challenging market demonstrates the strength of its business model and positions the company well for future growth as market conditions improve.
eXp Realty's performance in Q2 2024 offers valuable insights into the current state of the real estate market. The company's
Several key metrics stand out:
- A
1% increase in real estate sales transactions to 120,613 - U.S. transaction units outperforming the market
- A slight decrease in agent count, but with a focus on retaining top performers
The company's ability to grow transaction volume while slightly reducing agent count indicates improved agent productivity. This efficiency gain is important in a market where many traditional brokerages are struggling.
The launch of eXp Elevate Coaching and the Global Agent Referral Platform demonstrates the company's commitment to enhancing agent capabilities and expanding its global reach. These initiatives could be key differentiators in attracting and retaining top talent.
The increase in the global agent Net Promoter Score (aNPS) to 76 is a strong indicator of agent satisfaction and loyalty. In an industry where agent retention is a constant challenge, this high aNPS could translate into a significant competitive advantage.
While the overall real estate market remains challenging, eXp's performance suggests that innovative, technology-driven brokerages can continue to grow market share even in difficult conditions. Investors should watch for continued market share gains and the impact of eXp's international expansion efforts in future quarters.
BELLINGHAM, Wash., July 31, 2024 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), or the “Company”, the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises, today announced financial results for the second quarter ended June 30, 2024.
“The power of the eXp platform is paying off for our agents and eXp worldwide,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “We believe the investments we’ve made to provide our agents with the best tools, technology and training during this downturn are helping them outpace the industry in productivity while increasing our agent NPS score. It’s clear that we have established the winning playbook for agents in the U.S. while our International segment is an untapped opportunity where I have taken a more active role guiding our ongoing growth. Moving forward, we will continue to relentlessly pursue our core objective of being the most agent-centric real estate brokerage on the planet.”
“After gathering feedback from agents during my first quarter as eXp Realty CEO, it is clear that our initiatives to support agent productivity are gaining traction,” said Leo Pareja, eXp Realty CEO. “Agents love the expanded learning and development options, faster payouts and Gen AI-based self-service capabilities we have introduced, and they are eager for what’s to come. I remain committed to seeking new ways to leverage technology to operate more efficiently, which will both fund our investments in agent productivity and drive agent satisfaction as increasingly automated processes enable agents to devote more of their time to serving their clients.”
“We delivered a solid second quarter as eXp agents closed
Second Quarter 2024 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:
- Second quarter revenue increased
5% to$1,295 million , driven by the superior productivity of our agents, which more than offset declines in the U.S. real estate market, as well as increased home sales prices. U.S. transaction units outperformed the market1. - Second quarter net income from continuing operations of
$11.8 million compared to$11.4 million net income in the second quarter of 2023. In spite of a44% increase of operating income, net income is impacted unfavorably by higher tax on continuing operations. Second quarter net income from continuing operations per diluted share of$0.08 compared to net income per diluted share of$0.07 in the year-ago quarter. Second quarter net income including discontinued operations was$12.4 million compared to$9.4 million in the second quarter of 2023. - Second quarter operating costs2 were
$79.0 million , a4% decrease compared to the second quarter of 2023. This decrease was driven by lower expenses related to the shareholders summit in 2024, since it was conducted virtually, and lower employee-related expenses, partially offset by increased legal expenses associated with the antitrust lawsuit. - Second quarter adjusted EBITDA3 (a non-GAAP financial measure) of
$32.8 million , an increase of22% compared to the second quarter of 2023. Adjusted EBITDA was higher year over year, due to improved business efficiencies, reduced costs, and higher revenues and gross profit. - As of June 30, 2024, cash and cash equivalents totaled
$108.4 million , compared to$124.7 million as of June 30, 2023. The Company repurchased approximately$48.2 million of common stock during the second quarter of 2024. - The Company paid a cash dividend for the second quarter of 2024 of
$0.05 per share of common stock on May 27, 2024. On July 26, 2024, the Company’s Board of Directors declared a cash dividend of$0.05 per share of common stock for the third quarter of 2024, expected to be paid on August 30, 2024 to stockholders of record on August 14, 2024.
Second Quarter 2024 Operational Highlights as Compared to the Same Year-Ago Period:
- eXp ended the second quarter of 2024 with a global agent Net Promoter Score (aNPS) of 76, up from 72 a year ago. aNPS is a measure of agent satisfaction and an important key performance indicator (KPI) given the Company’s intense focus on improving the agent experience.
- Agents and brokers on the eXp Realty platform decreased
1% year-over-year to 87,111 as of June 30, 2024 as we continue to off board less productive agents. However, we are committed to retaining our most productive agents in the United States and Canada through the execution of our growth strategies and the end-to-end suite of services we offer our agents. - Real estate sales transactions increased
1% year-over-year to 120,613. - Transaction volume increased
7% year-over-year to$51.9 billion . - Launched eXp Elevate Coaching, a state-of-the-art coaching platform designed to enhance the business growth and professional development of eXp Realty agents in North America.
- Launched the Global Agent Referral Platform, designed to simplify and accelerate the real estate referral process.
- Announced 44 eXp Realty agents named to the 2024 RealTrends + Tom Ferry The Thousand List, an annual, national program that ranks the top 500 agents and top 500 teams in the U.S. by transaction sides and sales volume.
________________________
1 Based on home sales transaction growth and estimated market share. Sources: Industry transactions based on NAR existing home sales (assuming 2 sides per sale) and U.S. Census Bureau new home sales (assuming 1 side per sale).
2 Excludes commissions and other agent-related costs.
3 A reconciliation of adjusted EBITDA to net income and a discussion of why management believes adjusted EBITDA, a non-GAAP measure, is useful is included below.
Second Quarter 2024 Results – Virtual Fireside Chat
The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and CEO Glenn Sanford, eXp Realty CEO Leo Pareja and eXp World Holdings Chief Accounting Officer, Kent Cheng on Wednesday, July 31, 2024 at 2 p.m. PT / 5 p.m. ET.
The investor Q&A is open to investors, current stockholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance for inclusion to investors@eXpWorldHoldings.com.
Date: Wednesday, July 31, 2024
Time: 2 p.m. PT / 5 p.m. ET
Location: exp.world. Join at https://exp.world/earnings
Livestream: expworldholdings.com/events
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises.
eXp Realty is the largest independent real estate company in the world with more than 87,000 agents in the United States, Canada, the United Kingdom, Australia, France, India, Mexico, Portugal, South Africa, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, Germany, the Dominican Republic, Greece, New Zealand, Chile, Poland and Dubai and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including an innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by FrameVR.io technology, offering immersive 3D platforms that are deeply social and collaborative, enabling agents to be more connected and productive. SUCCESS® Enterprises, anchored by SUCCESS® magazine and its related media properties, was established in 1897 and is a leading personal and professional development brand and publication.
For more information, visit https://expworldholdings.com.
eXp World Holdings, Inc. intends to use its Investor Relations website, its X (formerly Twitter) feed (@eXpWorldIR), Facebook page (https://www.facebook.com/eXpWorldHoldings), Instagram account (@eXpWorldHoldings), LinkedIn page (https://www.linkedin.com/company/expworldholdings/), as well as eXp Realty, LLC’s X (formerly Twitter) feed (@eXpRealty), Facebook page (https://www.facebook.com/eXpRealty), Instagram account (@eXpRealty_), and LinkedIn account (https://www.linkedin.com/company/exp-realty/) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to adjusted EBITDA, which is a non-U.S. GAAP financial measure that may be different from similarly titled measures used by other companies. This measure is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
The Company’s non-GAAP financial measure provides useful information about financial performance, enhances the overall understanding of past performance and future prospects, and allows for greater transparency with respect to key metrics used by management for financial and operational decision-making. This measure may also provide additional tools for investors to use in comparing core financial performance over multiple periods with other companies in the industry.
- Adjusted EBITDA helps identify underlying trends in the business that could otherwise be masked by the effect of the expenses excluded in adjusted EBITDA. In particular, the Company believes the exclusion of stock and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations. The Company defines adjusted EBITDA to mean net income (loss) from continuing operations, excluding other income (expense), income tax benefit (expense), depreciation, amortization, impairment charges, litigation contingency expenses, stock-based compensation expense, and stock option expense.
Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, statements about future cost saving measures; the continued growth of our agent and broker base; improvements in technology and operational processes; revenue growth; dividends; and financial performance. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; outcomes of ongoing litigation; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
| EXP WORLD HOLDINGS, INC. | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (In thousands, except share amounts and per share data) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenues | $ | 1,295,244 | $ | 1,231,116 | $ | 2,238,298 | $ | 2,079,569 | |||||||||
| Commissions and other agent-related costs | 1,197,668 | 1,135,615 | 2,062,414 | 1,912,453 | |||||||||||||
| General and administrative expenses | 61,160 | 64,917 | 123,742 | 119,543 | |||||||||||||
| Technology and development expenses | 14,848 | 14,888 | 29,609 | 28,948 | |||||||||||||
| Sales and marketing expenses | 3,031 | 2,860 | 6,170 | 5,787 | |||||||||||||
| Litigation contingency | - | - | 16,000 | - | |||||||||||||
| Total operating expenses | 1,276,707 | 1,218,280 | 2,237,935 | 2,066,731 | |||||||||||||
| Operating income | 18,537 | 12,836 | 363 | 12,838 | |||||||||||||
| Other (income) expense | |||||||||||||||||
| Other (income) expense, net | (1,749 | ) | (1,294 | ) | (2,937 | ) | (2,168 | ) | |||||||||
| Equity in losses of unconsolidated affiliates | 374 | 143 | 523 | 485 | |||||||||||||
| Total other (income) expense, net | (1,375 | ) | (1,151 | ) | (2,414 | ) | (1,683 | ) | |||||||||
| Income before income tax expense | 19,912 | 13,987 | 2,777 | 14,521 | |||||||||||||
| Income tax expense | 8,146 | 2,632 | 4,841 | 1,174 | |||||||||||||
| Net income (loss) from continuing operations | 11,766 | 11,355 | (2,064 | ) | 13,347 | ||||||||||||
| Net income (loss) from discontinued operations | 617 | (1,933 | ) | (1,192 | ) | (2,472 | ) | ||||||||||
| Net income (loss) | $ | 12,383 | $ | 9,422 | $ | (3,256 | ) | $ | 10,875 | ||||||||
| Earnings (loss) earnings per share | |||||||||||||||||
| Basic, net income (loss) from continuing operations | $ | 0.08 | $ | 0.07 | $ | (0.01 | ) | $ | 0.09 | ||||||||
| Basic, net income (loss) from discontinued operations | 0.00 | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||
| Basic, net income (loss) | 0.08 | 0.06 | (0.02 | ) | 0.07 | ||||||||||||
| Diluted, net income (loss) from continuing operations | 0.08 | 0.07 | (0.01 | ) | 0.09 | ||||||||||||
| Diluted, net income (loss) from discontinued operations | 0.00 | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||
| Diluted, net income (loss) | $ | 0.08 | $ | 0.06 | $ | (0.02 | ) | $ | 0.07 | ||||||||
| Weighted average shares outstanding | |||||||||||||||||
| Basic | 153,580,879 | 153,249,120 | 154,160,607 | 152,899,883 | |||||||||||||
| Diluted | 155,984,147 | 156,693,959 | 154,160,607 | 156,119,627 | |||||||||||||
| Comprehensive income (loss): | |||||||||||||||||
| Net income (loss) | $ | 12,383 | $ | 9,422 | $ | (3,256 | ) | $ | 10,875 | ||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Foreign currency translation gain (loss), net of tax | (898 | ) | 64 | (1,787 | ) | 707 | |||||||||||
| Comprehensive income (loss) attributable to eXp World Holdings, Inc. | $ | 11,485 | $ | 9,486 | $ | (5,043 | ) | $ | 11,582 | ||||||||
| CONSOLIDATED US-GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (loss) from continuing operations | $ | 11,766 | $ | 11,355 | $ | (2,064 | ) | $ | 13,347 | |||||||
| Other (income) expense, net | (1,375 | ) | (1,151 | ) | (2,414 | ) | (1,683 | ) | ||||||||
| Income tax (benefit) expense | 8,146 | 2,632 | 4,841 | 1,174 | ||||||||||||
| Depreciation and amortization | 2,963 | 3,143 | 5,363 | 5,358 | ||||||||||||
| Litigation contingency | — | — | 16,000 | — | ||||||||||||
| Stock compensation expense(1) | 9,329 | 8,488 | 18,157 | 18,148 | ||||||||||||
| Stock option expense | 1,985 | 2,380 | 3,975 | 5,126 | ||||||||||||
| Adjusted EBITDA | $ | 32,814 | $ | 26,847 | $ | 43,858 | $ | 41,470 | ||||||||
| (1)This includes agent growth incentive stock compensation expense and stock compensation expense related to business acquisitions. | ||||||||||||||||
| EXP WORLD HOLDINGS, INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (In thousands, except share amounts) | |||||||||
| June 30, 2024 | December 31, 2023 | ||||||||
| ASSETS | |||||||||
| CURRENT ASSETS | |||||||||
| Cash and cash equivalents | $ | 108,395 | $ | 125,873 | |||||
| Restricted cash | 85,126 | 44,020 | |||||||
| Accounts receivable, net of allowance for credit losses of | 133,896 | 85,343 | |||||||
| Prepaids and other assets | 7,082 | 9,275 | |||||||
| Current assets of discontinued operations | 1,068 | 1,964 | |||||||
| TOTAL CURRENT ASSETS | 335,567 | 266,475 | |||||||
| Property, plant, and equipment, net | 11,789 | 12,967 | |||||||
| Other noncurrent assets | 10,815 | 7,410 | |||||||
| Intangible assets, net | 5,965 | 7,012 | |||||||
| Deferred tax assets | 66,916 | 69,253 | |||||||
| Goodwill | 19,673 | 16,982 | |||||||
| Noncurrent assets of discontinued operations | 6,706 | 5,569 | |||||||
| TOTAL ASSETS | $ | 457,431 | $ | 385,668 | |||||
| LIABILITIES AND EQUITY | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts payable | $ | 11,529 | $ | 8,788 | |||||
| Customer deposits | 86,496 | 44,550 | |||||||
| Accrued expenses | 122,497 | 86,483 | |||||||
| Litigation contingency | 16,000 | - | |||||||
| Other liabilities | 23 | 10 | |||||||
| Current liabilities of discontinued operations | 560 | 1,809 | |||||||
| TOTAL CURRENT LIABILITIES | 237,105 | 141,640 | |||||||
| Long-term payable | - | 20 | |||||||
| TOTAL LIABILITIES | $ | 237,105 | $ | 141,660 | |||||
| EQUITY | |||||||||
| Common Stock, | 2 | 2 | |||||||
| Additional paid-in capital | 883,704 | 804,833 | |||||||
| Treasury stock, at cost: 36,213,862 and 28,937,671 shares held, respectively | (626,825 | ) | (545,559 | ) | |||||
| Accumulated deficit | (35,100 | ) | (16,769 | ) | |||||
| Accumulated other comprehensive (loss) income | (1,455 | ) | 332 | ||||||
| Total eXp World Holdings, Inc. stockholders' equity | 220,326 | 242,839 | |||||||
| Equity attributable to noncontrolling interest | - | 1,169 | |||||||
| TOTAL EQUITY | 220,326 | 244,008 | |||||||
| TOTAL LIABILITIES AND EQUITY | $ | 457,431 | $ | 385,668 | |||||
| EXP WORLD HOLDINGS, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | (3,256 | ) | $ | 10,875 | |||
| Reconciliation of net income (loss) to net cash provided by operating activities: | . | |||||||
| Depreciation expense | 3,950 | 4,163 | ||||||
| Amortization expense - intangible assets | 1,413 | 1,195 | ||||||
| Allowance for credit losses on receivables/bad debt on receivables | (677 | ) | (2,470 | ) | ||||
| Equity in loss of unconsolidated affiliates | 523 | 485 | ||||||
| Agent growth incentive stock compensation expense | 18,157 | 18,148 | ||||||
| Stock option compensation | 3,975 | 5,126 | ||||||
| Agent equity stock compensation expense | 56,456 | 65,652 | ||||||
| Deferred income taxes, net | 2,337 | 3,370 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (48,871 | ) | (45,266 | ) | ||||
| Prepaids and other assets | 1,841 | 367 | ||||||
| Customer deposits | 41,946 | 50,854 | ||||||
| Accounts payable | 2,741 | (3,069 | ) | |||||
| Accrued expenses | 35,243 | 49,273 | ||||||
| Long term payable | - | (4,692 | ) | |||||
| Litigation contingency | 16,000 | - | ||||||
| Other operating activities | 23 | 157 | ||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 131,801 | 154,168 | ||||||
| INVESTING ACTIVITIES | ||||||||
| Purchases of property, plant, equipment | (2,772 | ) | (3,433 | ) | ||||
| Purchase of business | (3,150 | ) | - | |||||
| Investments in unconsolidated affiliates | (3,938 | ) | (5,350 | ) | ||||
| Capitalized software development costs in intangible assets | (509 | ) | (1,179 | ) | ||||
| NET CASH USED IN INVESTING ACTIVITIES | (10,369 | ) | (9,962 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Repurchase of common stock | (81,266 | ) | (78,728 | ) | ||||
| Proceeds from exercise of options | 1,052 | 1,253 | ||||||
| Transactions with noncontrolling interests | (1,169 | ) | - | |||||
| Dividends declared and paid | (15,075 | ) | (13,460 | ) | ||||
| NET CASH USED IN FINANCING ACTIVITIES | (96,458 | ) | (90,935 | ) | ||||
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (1,346 | ) | 620 | |||||
| Net change in cash, cash equivalents and restricted cash | 23,628 | 53,891 | ||||||
| Cash, cash equivalents and restricted cash, beginning balance | 169,893 | 159,383 | ||||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | $ | 193,521 | $ | 213,274 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||||||||
| Cash paid for income taxes | 1,542 | 1,833 | ||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
| Termination of lease obligation - operating lease | - | 837 | ||||||
| Property, plant and equipment increase due to transfer of right-of-use lease asset | - | 1,100 | ||||||
| SEGMENT REVENUES | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| Revenues | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| North American Realty | $ | 1,274,621 | $ | 1,219,345 | $ | 2,201,758 | $ | 2,056,459 | ||||||||
| International Realty | 20,316 | 11,991 | 35,912 | 22,748 | ||||||||||||
| Other Affiliated Services | 1,467 | 1,072 | — | — | ||||||||||||
| Revenues reconciliation: | ||||||||||||||||
| Segment eliminations | (1,160 | ) | (1,292 | ) | (2,627 | ) | (2,387 | ) | ||||||||
| Consolidated revenues | $ | 1,295,244 | $ | 1,231,116 | $ | 2,238,298 | $ | 2,079,569 | ||||||||
| ADJUSTED SEGMENT EBITDA | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| North American Realty | $ | 38,503 | $ | 34,122 | $ | 56,312 | $ | 55,325 | ||||||||
| International Realty | (2,376 | ) | (3,782 | ) | (5,731 | ) | (7,458 | ) | ||||||||
| Other Affiliated Services | (988 | ) | (1,168 | ) | (1,755 | ) | (1,849 | ) | ||||||||
| Corporate expenses and other | (2,325 | ) | (2,325 | ) | (4,968 | ) | (4,548 | ) | ||||||||
| Consolidated Adjusted EBITDA | $ | 32,814 | $ | 26,847 | $ | 43,858 | $ | 41,470 | ||||||||
| CONSOLIDATED US-GAAP NET INCOME TO ADJUSTED NET INCOME RECONCILIATION | ||||||||||||||
| (In thousands) | ||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | 12,383 | $ | 9,422 | $ | (3,256 | ) | $ | 10,875 | |||||
| Add back: | ||||||||||||||
| Net loss from discontinued operations | (617 | ) | 1,933 | 1,192 | 2,472 | |||||||||
| Litigation contingency | — | — | 16,000 | — | ||||||||||
| Tax benefit on litigation contingency | — | — | (4,595 | ) | — | |||||||||
| Adjusted net (loss) income | $ | 11,766 | $ | 11,355 | $ | 9,341 | $ | 13,347 | ||||||
| (Loss) earnings per share: | ||||||||||||||
| Adjusted diluted, net (loss) income | $ | 0.08 | $ | 0.07 | $ | 0.06 | $ | 0.09 | ||||||
| Weighted average shares outstanding | ||||||||||||||
| Basic | 153,580,879 | 153,249,120 | 154,160,607 | 152,899,883 | ||||||||||
| Diluted | 155,984,147 | 156,693,959 | 154,160,607 | 156,119,627 | ||||||||||
| ADJUSTED OPERATING CASH FLOW | |||||||||||
| (In thousands) | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net Cash Provided by Operating Activities | $ | 71,147 | $ | 98,024 | $ | 131,801 | $ | 154,168 | |||
| Less: Customer Deposits | 10,707 | 33,472 | 41,946 | 50,854 | |||||||
| Adjusted Operating Cash Flow | $ | 60,440 | $ | 64,552 | $ | 89,855 | $ | 103,314 | |||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0919c40-2502-4d1f-bbfa-ab2b78ce86df
FAQ
What was eXp World Holdings' revenue in Q2 2024?
How did eXp World Holdings' transaction volume change in Q2 2024?
What was eXp World Holdings' net income from continuing operations in Q2 2024?
How many agents and brokers were on the eXp Realty platform as of June 30, 2024?
What was eXp World Holdings' adjusted EBITDA for Q2 2024?
