Revenue Increased 73% Year-over-Year to $1.0 Billion, Driven by Agent Growth of 55%
New quarter, same story: eXp World Holdings is on a tear.
In financial and operational highlights that were just released for Q1 2022, eXp has logged double-digit percent increases in revenue, gross profit, net income, agent growth, transaction sides and closed volume compared to the same quarter a year ago. (Read the press release here.)
eXp World Holdings Founder, CEO and Chairman Glenn Sanford explains the reason.
“eXp’s strong momentum continued through the first quarter as even more agents joined what we believe is the most agent-centric brokerage on the planet, fueling the fastest growing agent base in the history of real estate to help clients and customers buy, sell and/or lease properties around the world,” said Sanford.
Financial highlights for Q1 2022 compared to a year ago:
- Revenue increased 73% to $1.0 billion.
- Gross profit increased 56% to $83.5 million.
- Net income increased 83% to $8.9 million, which included a $5.1 million income tax provision benefit. Earnings per diluted share increased 100% to $0.06.
- Adjusted EBITDA (a non-GAAP financial measure) increased 20% to $17.7 million.
Also worth noting is eXp paid a cash dividend for the first quarter of 2022 of $0.04 per share of common stock on March 31, 2022 and the board voted to provide another cash dividend of $0.04 per share of common stock. It is expected to be paid on May 31, 2022 to shareholders of record on May 16, 2022.
Operational highlights for Q1 2022 compared to a year ago:
- Agent count increased 55% to 78,196 as of March 31, 2022.
- Real estate transactions closed increased 55% to 114,305.
- Real estate transaction volume increased 69% to $41.4 billion.
eXp continues to expand internationally, opening in two new countries at the start of 2022 – the Dominican Republic and Greece — and with a recent announcement to open in Chile, New Zealand and Dubai, it will bring eXp Realty’s total market count to 23 locations.
“eXp was built to thrive in challenging market conditions and despite the headwinds affecting the broader housing market, we are well-positioned to capture increased market share,” said Sanford. “It is our goal to be over 100,000 agents and brokers worldwide by the end of the year through continued iteration on the agent value proposition. With each milestone and enhancement, we redefine the real estate industry and empower agents with aligned compensation structures and industry-leading technology to grow their businesses and serve their clients.”
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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 the continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; and revenue growth 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; 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.
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