Numbers are pointing in the right direction as eXp World Holdings reported financial and operational results for the second quarter of 2024. Compared to the second quarter of 2023, revenue and net income are up, real estate transactions and volume have gained, and operating costs have decreased. Most importantly, agent satisfaction jumped by four points, showcasing eXp’s thriving and efficient agent-centric operation. (Read the press release here.)
“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 division 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.”
Second Quarter 2024 Financial Highlights Compared to the Same Year-Ago Quarter
- Second quarter revenue increased 5% to $1,295 million.
- Second quarter net income from continuing operations of $11.8 million compared to $11.4 million net income in the second quarter of 2023.
- Second quarter operating costs were $79.0 million, a 4% decrease compared to the second quarter of 2023.
- Second quarter adjusted EBITDA (a non-GAAP financial measure) of $32.8 million, an increase of 22% compared to the second quarter of 2023.
- 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.
Second Quarter 2024 Operational Highlights Compared to the Same Year-Ago Quarter
- eXp ended the second quarter of 2024 with a global agent Net Promoter Score (aNPS) of 76, up from 72 a year ago.
- Real estate sales transactions increased 1% year-over-year to 120,613.
- Transaction volume increased 7% year-over-year to $51.9 billion.
“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.”
