Business
eXp World Holdings Reports Record Second Quarter 2021 Revenue of $1 Billion and Declares First Cash Dividend
Q2 2021 Revenue Increased 183% Year-over-Year to Reach New All-Time High, Driven by Agent Growth of 87% Company Declares Cash Dividend for Q3 2021 of $0.04
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Q2 2021 Revenue Increased 183% Year-over-Year to Reach New All-Time High, Driven by Agent Growth of 87% Company Declares Cash Dividend for Q3 2021 of $0.04 per Share of Common Stock BELLINGHAM, Wash., Aug. 04, 2021 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), (or the “Company”), the holding company for eXp Realty, Virbela, Showcase IDX and SUCCESS® Enterprises, today announced financial results for the second quarter ended June 30, 2021 and declared its first cash dividend for Q3 2021. Second Quarter 2021 Financial Highlights as Compared to the Same Year-ago Quarter: Revenue increased 183% to a record $1 billion.Gross profit increased 133% to $79.9 million.Net income increased 350% to $37.0 million, which included $20.6 million income tax provision benefit. Earnings per diluted share increased 300% to $0.24.Adjusted EBITDA (a non-GAAP financial measure) increased 98% to $27.0 million.Operating cash flow increased 210% to $88.5 million.As of June 30, 2021, cash and cash equivalents totaled $107.4 million, compared to $63.6 million as of June 30, 2020. The Company repurchased approximately $54.9 million of common stock during the second quarter of 2021.The Company declared a cash dividend for the third quarter of 2021 of $0.04 per share on the company's common stock. The dividend is expected to be paid on Aug. 30, 2021 to shareholders of record on Aug. 16, 2021. Management Commentary “This quarter reflects that by iterating and improving the overall value proposition for real estate professionals, we continue to attract top agents and brokers to the eXp platform and expand into new countries around the world at an accelerated pace,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “By extension, our substantial growth in agent count translated to exponential growth in transaction sides and volume closed. We are also continuing to focus on creating a quality community for highly-productive individuals and teams both online and in real-life events around the world. It is gratifying to see eXp’s brokerage model support the careers of so many and is highly rewarding for me personally as well as our overall management team. Our decision as a board to declare a cash dividend is also a testament to how our agent-centric model has continued to mature and grow,” said Sanford. eXp is the first real estate...