eXp records $1.4 billion in revenue and eXp Realty grows agent base by 42%
Record revenue of $1.4 billion, fortified leadership, continued international growth and another upcoming cash dividend were the key takeaways in yet another astoundingly successful quarter for eXp World Holdings in results reported for Q2 2022. (Read the press release here.)
Not only did eXp announce double-digit percent increases for revenue and gross profit, but the number of agents who joined eXp as compared to a year ago was equally impressive. Here are some key highlights:
Second Quarter 2022 Highlights as Compared to One Year Ago:
- Revenue increased 42% to $1.4 billion.
- Gross profit increased 34% to $107.3 million.
- Net income of $9.4 million, compared to net income of $37.0 million in the year-ago quarter. Year-over-year tax expense increased $22.3M 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.
- 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.
“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 Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “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.”
Updates to eXp’s Leadership Team, Another Cash Dividend Announced
eXp World Holdings has announced several additions to its leadership team and in June 2022, added Shoeb Ansari as Chief Information Officer and Leo Pareja as President of Affiliated Services. Additionally, Patrick O’Neill was appointed Chief Operating Officer of eXp Realty.
eXp World Holdings continues to pay out cash dividends to its shareholders and its board of directors has announced a cash dividend of $0.045 per share of common stock for the third quarter of 2022 expected to be paid on Aug. 29, 2022 to shareholders of record on Aug. 12, 2022. This will be eXp’s third cash dividend.
“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 Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “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.”
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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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