eXp World Holdings, Inc. announced financial results for the second quarter ended June 30, 2021 and declared its first cash dividend for Q3 2021.
Q2 2021 Financial Highlights YoY:
– Revenue increased 183% to a record $1 billion.
– Gross profit increased 133% to $79.9 million.
– Net income increased 350% to $37.0 million, which included $20.6 million income tax provision benefit.
– Earnings per diluted share increased 300% to $0.24.
– Adjusted EBITDA (a non-GAAP financial measure) increased 98% to $27.0 million.
– Operating cash flow increased 210% to $88.5 million.
– As of June 30, 2021, cash and cash equivalents totaled $107.4 million, compared to $63.6 million as of June 30, 2020. The company repurchased approximately $54.9 million of common stock during the second quarter of 2021.
– The company declared a cash dividend for the third quarter of 2021 of $0.04 per share on the company’s common stock. The dividend is expected to be paid on Aug. 30, 2021, to shareholders of record on Aug. 16, 2021.
Q2 2021 Operational Highlights YoY:
– Agents and brokers on the eXp Realty platform increased 87% to 58,263.
– Residential and commercial transaction sides closed increased 164% to 115,431.
– Completed residential and commercial transaction volume increased 210% to $40.1 billion.
– eXp Realty expanded into three new international locations in the second quarter of 2021, including Colombia, Spain and Israel, and announced plans to establish operations in Germany and Japan by the end of 2021. After the end of the second quarter, the company successfully launched in Panama.
– eXp Realty ended the second quarter of 2021 with a 70 global Net Promoter Score, a measure of agent satisfaction. This compares to a 69 global Net Promoter Score at the end of the second quarter of 2020.
“This quarter reflects that by iterating and improving the overall value proposition for real estate professionals, we continue to attract top agents and brokers to the eXp platform and expand into new countries around the world at an accelerated pace,” said Glenn Sanford, founder, chairman and CEO of eXp World Holdings. “By extension, our substantial growth in agent count translated to exponential growth in transaction sides and volume closed. We are also continuing to focus on creating a quality community for highly-productive individuals and teams both online and in real-life events around the world. It is gratifying to see eXp’s brokerage model support the careers of so many and is highly rewarding for me personally as well as our overall management team. Our decision as a board to declare a cash dividend is also a testament to how our agent-centric model has continued to mature and grow,” said Sanford.
“Achieving the milestone of $1 billion in revenue during the second quarter is a testament to all of the forward-thinking agents leveraging our unique brokerage model,” said Jeff Whiteside, CFO and chief collaboration officer of eXp World Holdings. “Through continued cash flow generation and diligent management of our balance sheet, we maintain the flexibility to invest in our platform while returning value to our shareholders through stock buybacks and dividends. As we continue to scale in the U.S. and globally, this strategic approach to capital allocation will enable us to maintain a strong competitive position while capitalizing on multiple growth avenues across our business.”
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