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 $52 billion of transactions, a 7% year-over-year increase, and grew revenues 5% year-over-year while generating significant cash flow and returning $56 million to shareholders through share repurchases and cash dividends,” said Kent Cheng, Chief Accounting Officer of eXp World Holdings. “We continue to improve business efficiencies and reduce costs, even while investing aggressively in our agents. We believe this winning formula will drive superior growth and greater value for our shareholders over the long term.”

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 market. 
• 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 a 44% 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 costs were $79.0 million, a 4% 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 EBITDA (a non-GAAP financial measure) of $32.8 million, an increase of 22% 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.
  

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.