eXp Reports Record Revenue of $1.1 Billion, 82% Agent Growth and Cash Dividend
There appears to be no slowdown in sight as eXp World Holdings completed another record quarter, announcing record revenue of $1.1 billion and an 82% increase in agent growth year-over-year for Q3 2021. Additionally, the company announced another cash dividend of $0.04 per share of common stock, which will be payable on Nov. 29, 2021 to shareholders of record on Nov. 15, 2021. (Read the press release here.)
“Our global community of real estate professionals continued to expand significantly in the third quarter, indicating our agent-centric model is increasingly resonating throughout the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “As we scale, our teams are equipped with value-added resources to unleash new methods of virtual collaboration and productivity. Being hyper-focused on feedback from our growing network of agents enables our successful entry into new verticals and markets.”
Q3 2021 Financial Highlights as Compared to the Same Year-ago Quarter:
- Revenue increased 97% to a record $1.1 billion.
- Gross profit increased 70% to $79.5 million.
- Net income increased 60% to $23.8 million, which included a $12.9 million income tax provision benefit. Earnings per diluted share increased 50% to $0.15.
- Adjusted EBITDA (a non-GAAP financial measure) increased 6% to $23.1 million.
- As of Sept. 30, 2021, cash and cash equivalents totaled $98.1 million, compared to $91.9 million as of Sept. 30, 2020. The Company repurchased approximately $53.2 million of common stock during the third quarter of 2021.
- The Company paid a cash dividend for the third quarter of 2021 of $0.04 per share of common stock on Aug. 30, 2021.
Q3 2021 Operational Highlights as Compared to the Same Year-ago Quarter:
- Agents and brokers on the eXp Realty platform increased 82% to 65,286.
- Residential transaction sides closed increased 72% to 130,029.
- Residential transaction volume increased 98% to $46.7 billion.
- eXp Realty expanded into two new international locations in the third quarter of 2021, including Panama and Germany.
- Established SUCCESS® Lending, LLC, a residential lending joint venture with Kind Lending, LLC, and gained approval to launch the platform in Colorado, Illinois and Tennessee.
- eXp Realty ended the third quarter of 2021 with a global Net Promoter Score of 71, a measure of agent satisfaction, through the Company’s intense focus on the agent experience.
“The unique value proposition of our cloud-based brokerage model continues to attract a significant number of top-performing agents to the eXp platform, as reflected by the record $1.1 billion in revenue we reported for the third quarter,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings.
“The continued success of our core U.S. eXp Realty business has enabled us to invest and accelerate global expansion, scale our emerging commercial business, continue our stock buyback program and to declare another cash dividend payout in the fourth quarter to shareholders. As we look ahead, we will continue making strategic investments in technologies that focus on enhancing our agents’ capabilities, which will further differentiate eXp and drive long-term growth of our business.”
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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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