Business
eXp World Holdings Reports Q2 2023 Results
Positive Net Income of $9.4 Million Agent Count Grew 7% Compared to the Same Quarter One Year Ago to More Than 88,000 Agents in 24 Global Markets
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Positive Net Income of $9.4 Million Agent Count Grew 7% Compared to the Same Quarter One Year Ago to More Than 88,000 Agents in 24 Global Markets International Realty Revenue Increased 35% Compared to the Same Quarter One Year Ago to an All-Time Record Generated $64.6 Million of Adjusted Operating Cash Flow Company Declares Cash Dividend for Q3 2023 of $0.05 per Share of Common Stock BELLINGHAM, Wash., Aug. 03, 2023 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), or the “Company”, the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises, today announced financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Consolidated Financial Highlights as Compared to the Same Year-Ago Quarter: Revenue decreased 13% to $1.2 billion.Gross profit decreased 10% to $96.5 million.Net income of $9.4 million. Earnings per diluted share of $0.06 compared to earnings per diluted share of $0.06 in the year-ago quarter.Adjusted EBITDA (a non-GAAP financial measure) of $24.7 million.As of June 30, 2023, cash and cash equivalents totaled $124.7 million, compared to $121.6 million as of December 31, 2022. The company repurchased approximately $48.8 million of common stock during the second quarter of 2023.The Company paid a cash dividend for the second quarter of 2023 of $0.045 per share of common stock on May 31, 2023. On July 28, 2023, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the third quarter of 2023, expected to be paid on September 4, 2023 to stockholders of record on August 18, 2023. Management Commentary “We are continually raising the bar on what it means to be the most agent-centric brokerage on the planet by constantly iterating our agent value proposition that delivers the best support and tools,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our agents’ feedback is critical in helping to determine and enhance programs. We have prioritized agent support through our reimagined eXpert Care Desk, which provides live support to agents 24/7. And in May, we launched Luna, the GPT-4 powered generative AI support agent, in direct response to aNPS feedback. We are seeing remarkable engagement, with a significant number of agents using the service asking follow-up questions. Even early in its development, Luna can correctly...