Business
eXp World Holdings Reports Record Third Quarter Financial Results
Q3 2020 Revenues Increase 100% to $564 Million, Drives Net Income of $14.9 Million BELLINGHAM, Wash., Nov. 09, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings,
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Q3 2020 Revenues Increase 100% to $564 Million, Drives Net Income of $14.9 Million\nBELLINGHAM, Wash., Nov. 09, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (NASDAQ: EXPI), the parent company for eXp Realty and Virbela, today announced financial results for the third quarter ended September 30, 2020.\n Third Quarter 2020 Financial Summary Revenue increased by 100% to a record $564.0 million in the third quarter of 2020, compared to $282.2 million in the third quarter of 2019Gross profit increased 103% to $46.8 million in the third quarter of 2020, compared to $23.0 million in the third quarter of 2019Net income was $14.9 million, or $0.20 per diluted share, in the third quarter of 2020, compared to a net loss of $1.8 million, or $(0.03) per diluted share, in the third quarter of 2019. The third quarter of 2020 represents the most profitable quarter in the Company’s historyAdjusted EBITDA (a non-GAAP financial measure) increased 512% to $21.8 million in the third quarter of 2020, compared to $3.6 million in the third quarter of 2019Cash flow from operating activities increased 188% to $43.2 million in the third quarter of 2020, compared to $15.0 million in the third quarter of 2019 Management Commentary “The third quarter of 2020 was highlighted by our record-breaking financial results, driving the most profitable quarter in the company’s history by our continual focus on being the most agent-centric brokerage on the planet,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “Despite the unprecedented in-person business restrictions related to COVID-19, our agents were able to continue leveraging our virtual platform to conduct business as usual and close a record number of transactions this quarter. Our continued success is a testament to our long-held, agent-first and cloud-based approach to business, which has enabled us to uniquely thrive in the current environment. Not surprisingly, Virbela—our virtual business platform that supports our entire agent base—is also experiencing a sustained increase in adoption by companies, universities and government agencies seeking remote work and distance learning alternatives.” “Our clear financial incentives continue to drive successful agents to our platform, as we added more agents than ever before in the third quarter, which now totals more than 38,000 globally...