Despite fierce economic headwinds, eXp World Holdings continues to roll up record results as announced in its financial and operational results for Q3 2022. (Read the press release here.)
For starters, revenue for the third quarter increased 12% year-over-year to $1.2 billion. Plus, eXp Realty’s agent count ballooned to 85,000 agents, representing 30% growth compared to the same period last year. Additionally, new businesses were started as well as leadership appointments announced.
“We continue to grow revenue and gain market share despite an increasingly challenging market,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “The third quarter reflects eXp’s resilient model and ability to grow through any market. We continued to strengthen our agent value proposition with new services, including Revenos and eXp Luxury as well as initiatives led by SUCCESS, SUCCESS Health and SUCCESS Coaching.”
Year-over-Year Financial, Operational and Organizational Highlights From Q3 2022:
- Revenue increased 12% to $1.2 billion.
- Gross profit increased 17% to $93.1 million.
- Net income of $4.4 million, compared to net income of $23.8 million in the year-ago quarter. Earnings per diluted share of $0.03, compared to earnings per diluted share of $0.15 in the year-ago quarter.
- Adjusted EBITDA (a non-GAAP financial measure) of $12.3 million.
- eXp Realty named Michael Valdes Chief Growth Officer.
- SUCCESS Enterprises appoints Courtney Keating as Chief Operating Officer in addition to her role as Chief Marketing Officer, eXp World Holdings; and welcomes Tristan Ahumada as Chief Marketing Officer of SUCCESS.
- Agents and brokers on the eXp Realty platform increased 30% to 84,911 as of Sept. 30, 2022.
- Real estate transactions closed increased 6% to 138,354.
- Real estate transaction volume increased 8% to $50.4 billion.
- eXp Realty expanded into Chile and Poland in the third quarter of 2022.
- eXp Realty ended the third quarter of 2022 with a global Net Promoter Score of 71, a measure of agent satisfaction as part of eXp’s intense focus on improving the agent experience.
New Services Launched Across Business Lines
eXp World Holdings continues to expand its business offerings and announced several launches and new services, including:
- Revenos will offer high-quality buyer and seller referrals to eXp Realty agents
- eXp Solutions, a marketplace for agents and their clients
- eXp Luxury, enhanced customer service offerings and luxury capabilities
- SUCCESS Health, to provide eXp agents and consumers the health and wellness tools and resources that help them excel in their personal and professional lives.
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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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