eXp World Holdings just reported its full-year and Q4 2021 financial results and the numbers are impressive. Not only did eXp exceed 2020’s revenue, but it blew past the numbers by a whopping 110% to reach $3.8 billion in revenue for 2021 – a record. Additionally, eXp increased results for Q4 by 77% to $1.1 billion, compared to Q4 in 2020. (Read the press release here.)
The basis for eXp’s incredible numbers are directly tied to the company’s impressive agent growth of 72% year-over-year, reaching 71,137 at the end of 2021 compared to 41,313 at the end of 2020.
“2021 was another year of tremendous growth for eXp, as our core focus on innovation enabled us to welcome nearly 30,000 new agents across six continents to eXp,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “As real estate professionals increasingly turn to technology-based solutions for productivity and collaboration, our cloud-based platform has given us a first-mover advantage to scale our brokerage at the fastest rate in the industry. We attract top agents that value freedom, compensation and community.”
eXp World Holdings Board Agrees to Another Cash Dividend
Additionally, on Feb. 17, 2022, eXp’s Board of Directors agreed to a cash dividend of $0.04 per share of common stock for the first quarter of 2022, which is expected to be paid on March 31, 2022 to shareholders of record on March 11, 2022. This is the second time a cash dividend is being paid out to shareholders.
Highlights of Q4 and Full-Year 2021 Results:
- Revenue increased 110% to $3.8 billion in 2021 and increased 77% to $1.1 billion in the fourth quarter of 2021.
- Gross profit increased 85% to $296.0 million in 2021 and increased 65% to $83.1 million in the fourth quarter of 2021.
- Net income increased 162% to $81.2 million in 2021 and increased 101% to $15.5 million in the fourth quarter of 2021. An income tax provision benefit of $47.5 million and $14.2 million, respectively, is included in the full year and the fourth quarter 2021 net income.
- Agents and brokers on the eXp Realty platform increased 72% in 2021 and increased 9% in the fourth quarter of 2021. eXp ended 2021 with 71,137 agents.
- Real estate transactions closed increased 86% to 444,367 in 2021 and increased 52% to 125,029 in the fourth quarter of 2021.
- Real estate transaction volume increased 116% to $156.1 billion in 2021 and increased 82% to $44.9 billion in the fourth quarter of 2021.
“In 2021, we achieved a record $3.8 billion in revenue by focusing on our growing, global community of real estate agents,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Our year-over-year increase in transaction volume proves that the eXp model is resonating with top-producing agents and our ability to maintain this momentum underscores the strength of our competitive position. Reinvesting incremental cash flows generated by our business in products, services and technologies that further enhances the eXp platform for agents remains a priority as we scale, both within our existing markets and globally.”
eXp Added Nine Countries in 2021 With More to Come
eXp Realty has been on a tear in terms of international expansion for the past couple of years, opening in five countries in 2020 (South Africa, India, Mexico, Portugal and France) and an additional nine countries in 2021, including Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama and Germany. In February 2022, eXp launched in the Dominican Republic and has plans to open in Greece and New Zealand by the end of the first quarter of 2022. Currently, eXp has brokerage operations in 19 countries, including its headquarters in the United States.
In 2021, eXp also launched SUCCESS® Lending, LLC – a residential lending joint venture with Kind Lending, LLC and established SUCCESS Coaching™ – a coaching program for entrepreneurs and business professionals.
“We evolved our robust suite of products and services last year as we made preparations to launch SUCCESS Lending, a synergistic mortgage solution that aims to provide greater efficiencies and clearer communication between agents and their customers. To deepen our commitment to developing and inspiring our community of real estate professionals, we launched SUCCESS Coaching, our new business that provides a results-driven approach to personal development. Looking ahead, we believe there is significant opportunity to capture additional market share in the real estate and adjacent industries as people and companies adapt to a digital future. We will remain focused on fostering collaboration and building an unparalleled network of industry professionals around the world,” concluded Sanford.
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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