Business
eXp World Holdings Reports Q4 and Full-Year 2022 Results
2022 Revenue of $4.6 Billion, up 22% Year Over Year Segment Reporting Introduced Highlighting Profitable Q4 in North American Realty Company Declares Cash
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"2022 Revenue of $4.6 Billion, up 22% Year Over Year Segment Reporting Introduced Highlighting Profitable Q4 in North American Realty Company Declares Cash Dividend for Q1 2023 of $0.045 per Share of Common Stock Glenn Sanford Returns as CEO of eXp Realty to Drive Next Phase of Agent-Centric Growth BELLINGHAM, Wash., Feb. 28, 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 fourth quarter and fiscal year ended Dec. 31, 2022. Beginning in the fourth quarter, the Company has revised its operating segments providing greater transparency into the drivers of its financial performance. Fourth Quarter and Full-Year 2022 Consolidated Financial Highlights as Compared to the Same Year-Ago Period: Revenue increased 22% to $4.6 billion in 2022 with revenue of $933 million in the fourth quarter of 2022.Gross profit increased 24% to $366.9 million in 2022 with gross profit of $83.1 million in the fourth quarter of 2022.Net income of $15.4 million in 2022 with net loss of $(7.2) million in the fourth quarter of 2022.Earnings per diluted share of $0.10 in 2022 with a loss per diluted share of $(0.05) in the fourth quarter of 2022.Adjusted EBITDA (a non-GAAP financial measure) of $60.5 million in 2022. Adjusted EBITDA was $3.6 million in the fourth quarter of 2022 compared to $13.1 million in the fourth quarter of 2021.As of Dec. 31, 2022, cash and cash equivalents totaled $121.6 million, compared to $108.2 million as of Dec. 31, 2021.Distributed $204.7 million to shareholders in fiscal 2022, including approximately $179.5 million of common stock repurchases and $25.2 million of cash dividends.The Company paid a cash dividend for the fourth quarter of 2022 of $0.045 per share of common stock on Nov. 14, 2022. On Feb. 9, 2023, the Company’s Board of Directors declared a cash dividend of $0.045 per share of common stock for the first quarter of 2023, expected to be paid on March 31, 2023 to stockholders of record on March 13, 2023. Management Commentary “I am excited to return as CEO of eXp Realty to drive our next phase of growth by doubling down on agent-centric innovation,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Our model was designed to withstand varying market condi...