Results for Fourth Quarter and Full-Year 2020 Return Record Revenue of $1.8 Billion
eXp World Holdings is far from slowing down.
Despite an enormously challenging year globally for many businesses, eXp World Holdings not only weathered the storm but exceeded expectations by recording record results in earnings and growth for Q4 and the full-year 2020. (Read press release here.)
Some highlights worth mentioning include:
Record revenue in Q4, 2020: Revenue increased 122%, going from $274 million in Q4 of 2019 to $609 million in Q4 2020.
Record annual revenue: Likewise, revenue for all of 2020 increased 84% year-over-over to $1.8 billion as compared to $980 million in 2019.
Rapid agent growth: The number of agents and brokers who joined eXp in 2020 increased 63% to 41,313, compared to 25,423 at year’s end in 2019.
Record Q4 net income: Income increased 885% to approximately $7.7 million, compared to net income of $0.8 million in the same year-ago quarter.
Record annual income: Net income in 2020 increased to $31.0 million, compared to a net loss of $9.6 million in 2019.
Record transaction sides: Residential transaction sides closed in the fourth quarter of 2020 increased 113% to 82,055, compared to 38,611 in the same year-ago quarter.
Record annual transaction sides: Residential transaction sides closed in 2020 increased 77% to 238,981, compared to 135,322 in 2019.
Record Q4 transaction volume: Residential volume in the fourth quarter of 2020 increased 123% to $24.6 billion, compared to $11.0 billion in the same year-ago quarter.
Record annual volume: Residential transaction volume closed in 2020 increased 89% to $72.2 billion, compared to $38.2 billion in 2019.
“eXp experienced tremendous growth in 2020 as our agents and staff demonstrated resilience and overcame the challenges presented throughout the year,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our cloud-based brokerage and virtual working environment enabled continuous operations and supported the rapid growth of adding more than 15,000 agents during the year. Our value proposition resonated with agents around the world, as we seamlessly opened in five new countries and gained domestic market share in our residential and commercial businesses.”
eXp Adds Businesses, Expands Internationally
eXp continued to innovate and expand its businesses in 2020 as well, acquiring search technology company Showcase IDX and purchasing personal and professional development site SUCCESS Enterprises. The company also expanded brokerage operations into five new countries, including South Africa, India, Mexico, Portugal and France. Already in 2021, two new locations were added — Puerto Rico and Brazil, with plans to launch in Italy and Hong Kong by the end of the first quarter 2021.
Additionally, eXp Commercial was launched in 29 U.S. states, with plans to open in all 50 states by the end of 2021.
> See eXp’s timeline since launching in 2009
Glenn Sanford, Jeff Whiteside and Michael Valdes in a Virtual Fireside Chat
To recap the year’s results, a virtual fireside chat and investor Q&A session will be held on Thursday, March 11, 2021, at 2 p.m. PT / 5 p.m. ET with eXp World Holdings Founder and CEO Glenn Sanford and CFO Jeff Whiteside to discuss the fourth quarter and full-year 2020 financial results and recent milestone achievements.
It will be live-streamed and is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its platform. The conversation will be recorded for future viewing.
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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