eXp World Holdings reached a new all-time high of nearly doubling its revenue y/y due to its agent growth of +82%.
eXp World Holdings Hits All-Time High with Revenue of $1.1B
Q3 2021 was a pretty great quarter for eXp World Holdings. In its Q3 2021 earnings report, eXp World Holdings announced that the company nearly doubled its year-over-year revenue by hitting an all-time high of $1.1B. eXp credits this record revenue level to its agent growth of 82%.
Question: What is the one of the biggest mistakes agents often make?
Likewise, eXp World Holdings, the holding company for eXp Realty, Virbela and SUCCESS® Enterprises, declared a cash dividend for Q4 2021. For shareholders of record on November 15, 2021, a cash dividend is expected to be paid on November 29, 2021.
eXp World Holdings Q3 2021 Financial Highlights Compared with Q3 2020
- Revenue increase of +97% to record $1.1B
- Gross profit increase of +70% to $79.5M
- Net income increase of +60% to $23.8M including $12.9M income tax provision benefit. Earnings per diluted share increase of +50% to $0.15
- Adjust EDITDA increase of +6% to $23.1M
- As of 9/30/2021, cash and cash equivalents of $98.1M, compared with $91.9M as of 9/30/2020
- Company repurchased approximately $53.2M of common stock during Q3 2021
- Company paid cash dividend of $0.04/share of common stock on 8/30/21 during Q3 2021
eXp World Holdings Q3 2021 Operational Highlights Compared with Q3 2020
- Agents/brokers on eXp Realty platform increased 82% to 65,269
- Residential closed transaction sides increased 72% to 130,029
- Residential transaction volume increased 97% to $46.6B
- eXp Realty expansion into two new international locations, Panama and Germany, in Q3 2021 for a total of 18 operational locations worldwide
- Establishment of SUCCEESS Lending LLC, residential lending joint venture with Kind Lending LLC with approvals granted to launch platform in Colorado, Illinois and Tennessee
- eXp Realty earned global Net Promoter Score of 69 (any score above 50 is considered “excellent” in terms of agent satisfaction)
eXp World Holdings Management Commentary
Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings, said, “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.”
Sanford continued. “As we scale, our teams are equipped with value-added resources to unleash new methods of virtual collaboration and productivity…Building upon technology-driven efficiencies, community values and leveraging expert loan officers (SUCCESS Lending) 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 our businesses.”
Jeff Whiteside, CFO and Chief Collaboration Officer with eXp World Holdings, said, “The unique value proposition of our cloud-based brokerage model continues to attract a significant number of top performing agents to the eXp platform, as reflected by the record $1.1B in revenue we reported for the third quarter.”
Whiteside added, “The continued success of our core eXp Realty business has enabled us to invest and accelerate global expansion, scale our emerging commercial business, continue our stock buyback program and to declare another cash dividend payout in the fourth quarter to shareholders…we will continue making strategic investments in technologies that focus on enhancing our agents’ capabilities, which will further differentiate eXp and drive long-term growth of our business.”
Thanks to eXp World Holdings.
