EXp World Holdings, the parent company of eXp Realty, reported that its revenue increased +183% in Q2 2021. Its revenue haul for the quarter totaled $1B, a revenue record-high for the company.
eXp World Holdings Earns $1B in Revenue During Q2 2021
EXp World Holdings, the parent company of eXp Realty, revealed that the company generated $1B in revenue between April and June 2021in the company’s latest earnings report. This $1B in revenue represents an annual increase of +183% above what the company generated in Q2 2020. This $1B also helped the company top a total of $37M in profit during Q2 2021.
Gross profit increased +133% y/y to $79.9M and net income increased +350% y/y to $37.0M.
“Earnings Surprise of 380%”
As a publicly traded company, eXp World Holdings’ earnings per share were $0.24 during Q2 2021. Last year during the same time period, the company’s earnings per share was $0.06.
The investment analytics firm Zacks, along with other analytics firms, expected eXp to bring in $0.05/share rather than the $0.24/share. Zachs described eXp’s results as “an earnings surprise of 380%.”
Significantly, eXp Announced Cash Dividend to Shareholders
For the first time ever, eXp announced it was paying out a cash dividend of $0.04/share to its shareholders. (Cash dividend payouts to shareholders is unusual for newer, high growth companies.)
Glenn Sanford, founder and CEO of eXp World Holdings, said in an investor call that that one of the goals of the company was to turn eXp’s equity program into an “additional potential stream of income” for agents and brokers affiliated with the company. Sanford said, “The dividend was a natural next step for us.”
Agent Count Jumped +87% in Q2 2021 from Q2 2020
eXp World Holdings’ latest revenue report also indicated that eXp ‘s Q2 agent count hit 58,263 agents and brokers in Q2. (Currently, this agent count well exceeds 60,000.) This agent/broker count growth represents an increase of +87% y/y.
Jeff Whiteside, eXp’s chief financial and operating officer, indicated on the investor call that agent retention is up approximately +30% y/y.
These agents completed 115,431 transactions in Q2 2021, an increase of +164% compared to Q2 2020. eXp also indicated $40.1B in volume vis a vis these transactions, a y/y increase of +210%.
Thanks to eXp World Holdings and Inman.
