EXp World Holdings stated in its Q1 2022 report that the company’s revenue jumped +73% y/y to $1.0B and its agent pool increased +55%.
eXp World Holdings Q1 2022 Financial Highlights
eXp World Holdings, the holding company for eXp Realty®, Virbela and SUCCESS® Enterprises announced its financial results for Q1 2022, ending March 31, 2022.
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Revenue increased +73% to $1.0B
- Gross profit increased +56% to $83.5M
- Net income increased +83% to $8.9M including a $5.1M income tax provision benefit. Earning per diluted share increased 100% to $0.06.
- Adjusted EBITDA increased +19% to $17.7M
- As of March 31, 2022, cash and cash equivalents totaled $130.1M, up from $104.4M on March 31, 2021.
- Company repurchased some $30.0M of common stock during Q1 2022. The company’s Board of Directors also voted to increase its stock repurchase program authorization from $400M to $500M and monthly repurchases from $10M/month to $20M/month.
- Company authorized cash dividend of $0.04/share on March 31, 2022, and on April 29, the Company’s Board authorized another cash dividend of $0.04/share for Q2 2022.
Jeff Whiteside, CFO and Chief Collaboration Officer with eXp World Holdings said, “…eXp has delivered its fourth sequential billion-dollar revenue quarter.”
eXp World Holdings Q1 2022 Operational Highlights
- Agents and brokers on eXp Realty platform increased +55% to 78,196 as of March 31, 2022
- Real estate transactions increased +55% to 114,305
- Real estate transaction volume increased +69% to $41.4B
- eXp Realty expanded into the Dominican Republic and Greece during Q1 2022 and announced its plans to open operations in three additional locations including New Zealand, Chile, and Dubai, United Arab Emirates
- eXp Realty ended Q1 2022 with a global Net Promoter Score of 71.
Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings, said, “It is our goal to be over 100,000 agents and brokers worldwide by the end of the year through continued iteration on the agent value proposition.”
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Thanks to eXp World Holdings.
