eXp World Holdings has announced financial results for the second quarter of 2022 (which ended on June 30).
Compared to Q1 2022, key details include:
- Company revenue increased 42% to $1.4 billion.
- Company gross profit increased 34% to $107.3 million.
- eXp’s net income was $9.4 million, compared to a net income of $37.0 million in Q2 2021.
- Agents and brokers on the eXp Realty platform increased 42% to 82,856 as of June 30, 2022.
- Real estate transactions closed increased 30% to 150,032.
- Real estate transaction volume increased 44% to $57.9 billion.
- eXp Realty expanded into New Zealand during the second quarter of 2022.
- eXp Realty ended the second quarter of 2022 with a global Net Promoter Score of 68, a measure of agent satisfaction as part of the Company’s intense focus on improving the agent experience.
- Year over year tax expense increased $22.3 million due to one-time VA allowance release in 2021 and reduction in excess stock-based compensation tax benefit.
- Earnings per diluted share of $0.06, compared to earnings per diluted share of $0.24 in the year-ago quarter.
- An adjusted EBITDA (a non-GAAP financial measure) of $26.9 million.
- As of June 30, 2022, cash and cash equivalents totaled $134.9 million, compared to $107.4 million as of June 30, 2021.
- eXp repurchased approximately $50 million of common stock during the second quarter of 2022.
- eXp paid a cash dividend for the second quarter of 2022 of $0.04 per share of common stock on May 31, 2022.
- On July 29, 2022, eXp’s board of directors declared a cash dividend of $0.045 per share of common stock for the third quarter of 2022, a 13% increase, expected to be paid on Aug. 29, 2022 to shareholders of record on Aug. 12, 2022.
eXp also noted new additions to its leadership team during this quarter. Shoeb Ansari joined as chief information officer and Leo Pareja as president of affiliated services. Patrick O’Neill has also been appointed eXp Realty’s chief operating officer beginning August 4, 2022.
A “virtual fire-side chat” detailing the results was held on August 3, 2022. Panelists included: eXp Founder, Chairman and CEO Glenn Sanford, CFO and chief collaboration officer Jeff Whiteside, Ansari, and Pareja.
“During the second quarter, eXp continued to increase its market share and revenue to record levels, reinforcing that our model was built for all market conditions and that our agent value proposition resonates around the world,” said Sanford. “We are focused on strengthening our platform to provide even better support to our agents through technology, operations, training, coaching and community. In the third quarter, we acquired Zoocasa, providing an exponential boost to Canadian agents that we expect to expand to a broader group of agents and real estate customers. We also further strengthened our management team with world-class hires focused on affiliated services and innovation of our proprietary technologies. We are leveraging our core strengths of agent satisfaction and innovation as we continue to redefine the real estate industry.”
“eXp delivered another record quarter with 42% revenue growth and solid profitability while returning a record $56 million to our shareholders through share repurchases and dividends,” said Whiteside. “Looking ahead, we expect our agile model to result in ongoing market share gains as we navigate more challenging market conditions. We expect our focus on affiliated services and technology will further strengthen our agent and customer value proposition. Simultaneously, we will focus on increasing operating efficiencies for our business and our agents’ businesses. We remain confident in our ability to deliver profitable, sustainable growth over the long term.”
For more information, visit https://expworldholdings.com.