Business
eXp World Holdings Reports Record Third Quarter 2021 Revenue of $1.1 Billion
Q3 2021 Revenue Nearly Doubles Year-over-Year to Reach New All-Time High, Driven by Agent Growth of 82% Company Declares Cash Dividend for Q4 2021 of $0.04
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Q3 2021 Revenue Nearly Doubles Year-over-Year to Reach New All-Time High, Driven by Agent Growth of 82% Company Declares Cash Dividend for Q4 2021 of $0.04 per Share of Common Stock BELLINGHAM, Wash., Nov. 03, 2021 (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 third quarter ended Sept. 30, 2021 and announced that the Company’s Board of Directors declared a cash dividend for Q4 2021 on Oct. 26, 2021. The dividend is expected to be paid on Nov. 29, 2021 to shareholders of record on Nov. 15, 2021. Third Quarter 2021 Financial Highlights as Compared to the Same Year-ago Quarter: Revenue increased 97% to a record $1.1 billion.Gross profit increased 70% to $79.5 million.Net income increased 60% to $23.8 million, which included a $12.9 million income tax provision benefit. Earnings per diluted share increased 50% to $0.15.Adjusted EBITDA (a non-GAAP financial measure) increased 6% to $23.1 million.As of Sept. 30, 2021, cash and cash equivalents totaled $98.1 million, compared to $91.9 million as of Sept. 30, 2020. The Company repurchased approximately $53.2 million of common stock during the third quarter of 2021.The Company paid a cash dividend for the third quarter of 2021 of $0.04 per share of common stock on Aug. 30, 2021. Management Commentary “Our global community of real estate professionals continued to expand significantly in the third quarter, indicating our agent-centric model is increasingly resonating throughout the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “As we scale, our teams are equipped with value-added resources to unleash new methods of virtual collaboration and productivity. Being hyper-focused on feedback from our growing network of agents enables our successful entry into new verticals and markets. “Similarly, we are preparing to launch our residential lending joint venture, SUCCESS® Lending, with Kind Lending across several key markets. Building upon technology-driven efficiencies, community values and leveraging expert loan officers and top eXp agents, we aim to create a unique mortgage solution that provides a better homebuying experience. Our focus on innovation and commitment to our agents, translates to sustainable growth of...