PART I – FINANCIAL INFORMATION This part presents the company's unaudited interim financial statements and management's analysis of financial performance and condition [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the quarter ended March 31, 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Details the company's assets, liabilities, and equity at the end of the reporting period compared to the prior year-end Condensed Consolidated Balance Sheets (March 31, 2025 vs. December 31, 2024) | Metric (in thousands) | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $ 115,655 | $ 113,607 | | Restricted cash | $ 66,569 | $ 54,981 | | Accounts receivable, net | $ 104,045 | $ 87,692 | | TOTAL CURRENT ASSETS | $ 300,924 | $ 267,972 | | TOTAL ASSETS | $ 435,783 | $ 390,722 | | **LIABILITIES** | | | | Accounts payable | $ 10,109 | $ 10,478 | | Customer deposits | $ 67,345 | $ 55,660 | | Accrued expenses | $ 112,111 | $ 85,661 | | Litigation contingency | $ 34,000 | $ 34,000 | | TOTAL CURRENT LIABILITIES | $ 223,803 | $ 185,853 | | TOTAL LIABILITIES | $ 223,803 | $ 185,853 | | **EQUITY** | | | | TOTAL EQUITY | $ 211,980 | $ 204,869 | [Condensed Consolidated Statements of Comprehensive (Loss)](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20(LOSS)) Summarizes revenues, expenses, and net loss for the reporting period compared to the prior year period Condensed Consolidated Statements of Comprehensive (Loss) (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands, except per share) | 2025 | 2024 | | :------------------------------------ | :----------- | :----------- | | Revenues | $ 954,906 | $ 943,054 | | Total operating expenses | $ 965,282 | $ 961,228 | | Operating (loss) income | $ (10,376) | $ (18,174) | | (Loss) income before income tax expense | $ (9,353) | $ (17,135) | | Income tax (benefit) expense | $ 1,671 | $ (3,305) | | Net (loss) income | $ (11,024) | $ (15,639) | | Basic, net (loss) income per share | $ (0.07) | $ (0.10) | | Diluted, net (loss) income per share | $ (0.07) | $ (0.10) | | Comprehensive (loss) | $ (10,711) | $ (16,528) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20STOCKHOLDERS'%20EQUITY) Outlines the changes in stockholders' equity during the reporting period, including stock repurchases and dividends Condensed Consolidated Statements of Stockholders' Equity (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands) | 2025 | 2024 | | :-------------------------------- | :----------- | :----------- | | Treasury stock, beginning of period | $ (686,680) | $ (545,559) | | Repurchases of common stock | $ (4,982) | $ (33,032) | | Additional paid-in capital, end of period | $ 993,164 | $ 841,576 | | Net (loss) income | $ (11,024) | $ (15,639) | | Dividends declared and paid | $ (7,602) | $ (7,585) | | Total equity, end of period | $ 211,980 | $ 222,437 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Reports the company's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands) | 2025 | 2024 | | :---------------------------------------- | :----------- | :----------- | | Net (loss) income | $ (11,024) | $ (15,639) | | NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 39,838 | $ 60,654 | | NET CASH USED IN INVESTING ACTIVITIES | $ (14,247) | $ (5,245) | | NET CASH USED IN FINANCING ACTIVITIES | $ (12,284) | $ (40,809) | | Net change in cash, cash equivalents and restricted cash | $ 13,636 | $ 14,011 | | CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | $ 182,224 | $ 183,904 | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of the accounting policies and specific items in the financial statements [1. Description of Business and Basis of Presentation](index=8&type=section&id=1.%20DESCRIPTION%20OF%20BUSINESS%20AND%20BASIS%20OF%20PRESENTATION) The company operates a diversified portfolio of service-oriented businesses focused on real estate brokerage operations - eXp World Holdings, Inc operates a diversified portfolio of service-oriented businesses, primarily focusing on expanding real estate brokerage operations through an advanced technology platform[25](index=25&type=chunk) - The company is managed as **three reportable segments**: North American Realty, International Realty, and Other Affiliated Services[29](index=29&type=chunk) [2. Summary of Significant Accounting Policies](index=8&type=section&id=2.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines the key accounting principles and estimates used in preparing the financial statements - The financial statements are prepared in accordance with **U.S. GAAP** for interim financial information and include accounts of eXp and its consolidated subsidiaries[26](index=26&type=chunk)[30](index=30&type=chunk) - Management makes estimates and assumptions for financial reporting, including **credit losses, legal contingencies, and revenue recognition**[33](index=33&type=chunk) Reconciliation of Cash, Cash Equivalents, and Restricted Cash (in thousands) | Metric | March 31, 2024 | December 31, 2024 | March 31, 2025 | | :---------------------- | :------------- | :---------------- | :------------- | | Cash and cash equivalents | $ 109,169 | $ 113,607 | $ 115,655 | | Restricted cash | $ 74,735 | $ 54,981 | $ 66,569 | | Total | $ 183,904 | $ 168,588 | $ 182,224 | [3. Expected Credit Losses](index=9&type=section&id=3.%20EXPECTED%20CREDIT%20LOSSES) Details the methodology for estimating current expected credit losses on receivables - The Company estimates current expected credit losses (CECL) using an **aging schedule method** for various receivable categories[37](index=37&type=chunk) Receivables and Expected Credit Losses (in thousands) | Category | March 31, 2025 (Receivables) | March 31, 2025 (ECL) | December 31, 2024 (Receivables) | December 31, 2024 (ECL) | | :------------------------------------- | :--------------------------- | :------------------- | :------------------------------ | :---------------------- | | Real estate property settlements | $ 97,775 | $ 24 | $ 82,300 | $ 34 | | Agent non-commission based fees & short-term advances | $ 8,461 | $ 2,170 | $ 6,980 | $ 1,555 | [4. Property and Equipment, Net](index=9&type=section&id=4.%20PROPERTY%20AND%20EQUIPMENT,%20NET) Presents the breakdown and changes in the company's property and equipment assets - Depreciation expense for the three months ended March 31, 2025, was **$1,945 thousand**, a decrease from $2,059 thousand in the same period of 2024[40](index=40&type=chunk) Property and Equipment, Net (in thousands) | Category | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Computer hardware and software | $ 46,048 | $ 44,079 | | Furniture, fixture, and equipment | $ 2,205 | $ 2,205 | | Total depreciable property and equipment | $ 48,253 | $ 46,284 | | Less: accumulated depreciation | $ (37,220) | $ (35,262) | | Depreciable property and equipment, net | $ 11,033 | $ 11,022 | | Assets under development | $ 1,176 | $ 593 | | Property and equipment, net | $ 12,209 | $ 11,615 | [5. Goodwill and Intangible Assets](index=10&type=section&id=5.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Discloses the carrying amounts and changes in goodwill and other intangible assets - **Goodwill increased slightly to $17,263 thousand** as of March 31, 2025, from $17,226 thousand at December 31, 2024[41](index=41&type=chunk) - Amortization expense for definite-lived intangible assets was **$616 thousand** for the three months ended March 31, 2025, an increase from $340 thousand in the prior year period[43](index=43&type=chunk) Intangible Assets, Net (in thousands) | Category | March 31, 2025 (Net Carrying Amount) | December 31, 2024 (Net Carrying Amount) | | :---------------------- | :----------------------------------- | :-------------------------------------- | | Trade name | $ 1,026 | $ 1,099 | | Existing technology | $ 2,825 | $ 2,785 | | Non-competition agreements | $ 155 | $ 189 | | Customer relationships | $ 1,371 | $ 1,508 | | Licensing agreement | $ - | $ - | | Intellectual property | $ 874 | $ 875 | | Total intangible assets | $ 6,251 | $ 6,456 | [6. Stockholders' Equity](index=10&type=section&id=6.%20STOCKHOLDERS'%20EQUITY) Details components of stockholders' equity, including common stock programs and share repurchases - The Agent Equity Program (AEP) allows agents to receive 5% of commissions in common stock, with the **discount changed from 10% to 5%** as of March 1, 2024[45](index=45&type=chunk) - The Agent Growth Incentive Program (AGIP) awards common stock to agents based on attraction and performance benchmarks, with awards typically vesting after three years of service[47](index=47&type=chunk) - The Board approved an increase to the Stock Repurchase Program from $500.0 million to **$1.0 billion** in June 2023, with **$4,982 thousand** in shares repurchased in Q1 2025[54](index=54&type=chunk)[57](index=57&type=chunk) Common Stock Issued (Shares) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Balance, beginning of period | 195,028,207 | 183,606,708 | | Shares issued for stock options exercised | 56,412 | 211,158 | | Agent growth incentive stock-based compensation | 446,657 | 353,688 | | Agent equity stock-based compensation | 2,004,995 | 2,189,922 | | Balance, end of period | 197,536,271 | 186,361,476 | [7. Segment Information](index=14&type=section&id=7.%20SEGMENT%20INFORMATION) Provides financial data for the company's three reportable operating segments - The Company operates three reportable segments: **North American Realty, International Realty, and Other Affiliated Services**, with performance evaluated based on revenues and Adjusted Segment EBITDA[59](index=59&type=chunk)[60](index=60&type=chunk)[63](index=63&type=chunk) Segment Revenues (in thousands) | Segment | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------ | :-------------------------------- | :-------------------------------- | | North American Realty | $ 923,048 | $ 927,137 | | International Realty | $ 31,657 | $ 15,596 | | Other Affiliated Services | $ 827 | $ 1,788 | | Consolidated revenues | $ 954,906 | $ 943,054 | Adjusted Segment EBITDA (in thousands) | Segment | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------ | :-------------------------------- | :-------------------------------- | | North American Realty | $ 7,736 | $ 17,807 | | International Realty | $ (1,615) | $ (3,355) | | Other Affiliated Services | $ (1,455) | $ (767) | | Corporate expenses and other | $ (2,509) | $ (2,643) | | Consolidated Adjusted EBITDA | $ 2,157 | $ 11,042 | [8. Earnings Per Share](index=15&type=section&id=8.%20EARNINGS%20PER%20SHARE) Presents the calculation of basic and diluted earnings per share from continuing operations - Total outstanding shares of common stock excluded from diluted EPS computation due to anti-dilutive effect were **3,424,959 shares in Q1 2025** and 3,212,244 shares in Q1 2024[66](index=66&type=chunk) Earnings Per Share (Three Months Ended March 31, 2025 vs. 2024) | Metric | 2025 | 2024 | | :----------------------------------------- | :----------- | :----------- | | Net (loss) income from continuing operations | $ (11,024) | $ (13,830) | | Weighted average shares - basic | 154,738,167 | 154,740,334 | | Net (loss) income from continuing operations per share - basic | $ (0.07) | $ (0.09) | | Net (loss) income from continuing operations per share - diluted | $ (0.07) | $ (0.09) | [9. Income Taxes](index=16&type=section&id=9.%20INCOME%20TAXES) Explains the components of income tax expense and the effective tax rate - The effective tax rate differs from statutory rates primarily due to the **foreign and domestic mix of earnings and stock-based compensation**[67](index=67&type=chunk) Income Tax Expense (Benefit) and Effective Tax Rates | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Income tax (benefit) expense (in thousands) | $ 1,671 | $ (3,305) | | Effective tax rate | (17.9)% | 18.0% | [10. Fair Value Measurement](index=16&type=section&id=10.%20FAIR%20VALUE%20MEASUREMENT) Discloses the fair value of financial assets and liabilities categorized by valuation methodology - The Company holds money market funds, classified as **Level 1 assets**, with fair values of **$33,800 thousand** as of March 31, 2025[69](index=69&type=chunk) - In the first quarter of 2025, the Company acquired **$11,000 thousand of Level 3 assets** at fair value[71](index=71&type=chunk) [11. Commitments and Contingencies](index=17&type=section&id=11.%20COMMITMENTS%20AND%20CONTINGENCIES) Describes significant legal proceedings, commitments, and potential liabilities - The Company is subject to various legal actions, with a **$34,000 thousand litigation contingency accrual** recorded for a U.S. antitrust settlement[72](index=72&type=chunk)[73](index=73&type=chunk) - The U.S. antitrust settlement resolves claims nationwide against the Company and its agents, with the settlement amount to be deposited in installments[73](index=73&type=chunk)[74](index=74&type=chunk) - The Company continues to defend against a Canadian antitrust lawsuit and a derivative lawsuit, with **no accruals recorded** for these matters as of March 31, 2025[75](index=75&type=chunk)[76](index=76&type=chunk) [12. Subsequent Events](index=18&type=section&id=12.%20SUBSEQUENT%20EVENTS) Reports material events that occurred after the balance sheet date but before the financial statements were issued - On May 5, 2025, the Board declared a cash dividend of **$0.05 per share**, payable on June 4, 2025[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition, results of operations, and key business drivers [Overview](index=18&type=section&id=OVERVIEW) Describes the company's cloud-based real estate brokerage model, agent-centric value proposition, and growth strategy - eXp World Holdings, Inc operates a cloud-based real estate brokerage offering an **agent-centric commission structure, revenue sharing, and agent equity opportunities**[80](index=80&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - The **Sustainable Revenue Share Plan** is critical for attracting and retaining productive agents by providing supplementary income[85](index=85&type=chunk)[86](index=86&type=chunk) [Market Conditions and Industry Trends](index=19&type=section&id=MARKET%20CONDITIONS%20AND%20INDUSTRY%20TRENDS) Discusses the impact of macroeconomic factors and real estate market trends on the company's business - The business is highly dependent on home sales transactions and prices, influenced by **economic growth, interest rates, and consumer confidence**[87](index=87&type=chunk)[88](index=88&type=chunk) - Current challenging market conditions include rising inflation and **higher mortgage interest rates (6.7% in March 2025)**[89](index=89&type=chunk)[92](index=92&type=chunk) - Existing home sales transactions **decreased by 2.4%** to an annual rate of 4.0 million in March 2025, while the average price **increased by 2.7%** to $403,700[94](index=94&type=chunk) - Housing inventory **increased to 4.0 months** in March 2025 from 3.2 months in March 2024[91](index=91&type=chunk)[93](index=93&type=chunk) [Key Business Metrics](index=20&type=section&id=KEY%20BUSINESS%20METRICS) Presents and analyzes key performance indicators used to evaluate the business - **Agent NPS increased to 78** in Q1 2025 from 73 in Q1 2024, indicating improved agent satisfaction[99](index=99&type=chunk)[100](index=100&type=chunk) - **Agent count declined by 5%** in Q1 2025, primarily due to off-boarding less productive agents[102](index=102&type=chunk) - Real estate per transaction cost **increased by 13%** due to higher personnel, litigation, and technology costs[106](index=106&type=chunk) Key Business Metrics (Three Months Ended March 31, 2025 vs. 2024) | Metric | 2025 | 2024 | Change (%) | | :-------------------------- | :------------ | :------------ | :--------- | | Agent NPS | 78 | 73 | +6.8% | | Agent count | 81,904 | 85,780 | -4.5% | | Real estate sales transactions | 89,643 | 91,780 | -2.3% | | Real estate sales volume | $ 38,641,084 | $ 37,154,750 | +4.0% | | Other real estate transactions | 18,015 | 19,196 | -6.2% | | Real estate per transaction cost | $ 734 | $ 650 | +12.9% | | Revenues | $ 954,906 | $ 943,054 | +1.3% | | Operating (loss) | $ (10,376) | $ (18,174) | +42.9% | | Adjusted EBITDA | $ 2,157 | $ 11,042 | -80.5% | [Results of Operations](index=23&type=section&id=RESULTS%20OF%20OPERATIONS) Provides a detailed analysis of the company's financial results for the quarter - **Revenues increased 1%** due to higher home sales prices and increased international transactions[107](index=107&type=chunk)[111](index=111&type=chunk) - **Operating loss improved by 43% to ($10.4) million** in Q1 2025, primarily due to the absence of the $16 million litigation contingency accrual present in Q1 2024[108](index=108&type=chunk)[111](index=111&type=chunk) - **Adjusted EBITDA decreased by 80% to $2.2 million**, driven by increased agent commissions and higher operating costs[109](index=109&type=chunk)[111](index=111&type=chunk) Statement of Operations Data (Three Months Ended March 31, 2025 vs. 2024) | Metric (in thousands) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | :--------- | | Revenues | $ 954,906 | $ 943,054 | $ 11,852 | 1% | | Commissions and other agent-related costs | $ 878,771 | $ 864,746 | $ 14,025 | 2% | | General and administrative expenses | $ 66,871 | $ 62,582 | $ 4,289 | 7% | | Technology and development expenses | $ 16,805 | $ 14,761 | $ 2,044 | 14% | | Sales and marketing expenses | $ 2,835 | $ 3,139 | $ (304) | (10)% | | Litigation contingency | $ - | $ 16,000 | $ (16,000) | (100)% | | Operating (loss) income | $ (10,376) | $ (18,174) | $ 7,798 | 43% | | Net (loss) income | $ (11,024) | $ (15,639) | $ 4,615 | 30% | | Adjusted EBITDA | $ 2,157 | $ 11,042 | $ (8,885) | (80)% | [Business Segment Disclosures](index=25&type=section&id=BUSINESS%20SEGMENT%20DISCLOSURES) Analyzes the financial performance of each of the company's business segments - **North American Realty** revenues slightly decreased, and Adjusted EBITDA decreased by 57% due to lower sales volumes and increased costs[119](index=119&type=chunk) - **International Realty revenues surged by 103%**, and Adjusted International EBITDA improved by 52% due to increased transactions and better efficiencies[120](index=120&type=chunk) - **Other Affiliated Services revenues decreased by 54%** due to lower SUCCESS® Magazine revenues, leading to a 90% decrease in Adjusted EBITDA[121](index=121&type=chunk) [Non-U.S. GAAP Financial Measures](index=26&type=section&id=NON-U.S.%20GAAP%20FINANCIAL%20MEASURES) Defines and reconciles non-U.S. GAAP financial measures, such as Adjusted EBITDA, to their closest U.S. GAAP equivalents - **Adjusted EBITDA** is a non-U.S. GAAP measure used to evaluate core operating performance, excluding items like stock-based compensation and litigation contingency[122](index=122&type=chunk)[123](index=123&type=chunk) Reconciliation of Adjusted EBITDA to Net (Loss) Income from Continuing Operations (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :----------------------------------------- | :-------------------------------- | :-------------------------------- | | Net (loss) income from continuing operations | $ (11,024) | $ (13,830) | | Total other (income) expense, net | $ (1,023) | $ (1,039) | | Income tax (benefit) expense | $ 1,671 | $ (3,305) | | Depreciation and amortization | $ 2,561 | $ 2,399 | | Litigation contingency | $ - | $ 16,000 | | Stock-based compensation expense | $ 8,119 | $ 8,827 | | Stock option expense | $ 1,853 | $ 1,990 | | Adjusted EBITDA | $ 2,157 | $ 11,042 | [Liquidity and Capital Resources](index=26&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Assesses the company's ability to meet its short-term and long-term financial obligations - Primary liquidity sources are **cash and cash equivalents and cash flows from operations**, which are believed to be sufficient for the next twelve months[126](index=126&type=chunk)[129](index=129&type=chunk) - **Net working capital decreased by $5.0 million (6%)** to $77,121 thousand as of March 31, 2025[130](index=130&type=chunk) - **Net cash provided by operating activities decreased by $20.8 million** to $39,838 thousand in Q1 2025, driven by lower operating results[131](index=131&type=chunk) - Net cash used in investing activities increased to $14,247 thousand, while net cash used in financing activities **decreased by $28.5 million** due to lower stock repurchases[132](index=132&type=chunk) [Critical Accounting Policies and Estimates](index=30&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Highlights the accounting policies and estimates that are most critical to the company's financial reporting - There were **no material changes** to the critical accounting policies or estimates as reflected in the 2024 Annual Report[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states there have been no material changes in the company's exposure to market risk since December 31, 2024 - **No material changes** in market risk exposure since December 31, 2024, with details available in the 2024 Annual Report[136](index=136&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025 - Management concluded that disclosure controls and procedures were **effective at the reasonable assurance level** as of March 31, 2025[138](index=138&type=chunk) - **No changes in internal control** over financial reporting occurred during the quarter that materially affected or are reasonably likely to materially affect internal control[139](index=139&type=chunk) PART II – OTHER INFORMATION This part contains disclosures on legal proceedings, risk factors, stock repurchases, and other required information [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 for details on legal proceedings and their potential material adverse effects - Legal proceedings are **inherently unpredictable** and could result in judgments, penalties, or settlements materially in excess of accrued amounts[141](index=141&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) This section highlights key risks affecting the company, including market dependence and significant stockholder influence - The company's profitability is closely tied to the **strength of the residential real estate market**, which is cyclical and affected by macroeconomic conditions[143](index=143&type=chunk) - Glenn Sanford and Penny Sanford beneficially own approximately **27.19% and 17.35% of the common stock**, respectively, allowing them to significantly influence management decisions[144](index=144&type=chunk) - The company's stock price has been and is **likely to remain volatile** due to various factors, including operating performance and market conditions[145](index=145&type=chunk)[147](index=147&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases under its $1.0 billion stock repurchase program - As of March 31, 2025, approximately **$284,128,314 remained authorized for repurchase** under the $1.0 billion stock repurchase program[148](index=148&type=chunk) Issuer Purchases of Equity Securities (Quarter Ended March 31, 2025) | Period | Total number of shares purchased | Average price paid per share | | :---------------- | :------------------------------- | :--------------------------- | | 1/1/2025-1/31/2025 | 132,475 | $ 11.29 | | 2/1/2025-2/28/2025 | 138,715 | $ 10.79 | | 3/1/2025-3/31/2025 | 201,129 | $ 9.91 | | Total | 472,319 | $ 10.66 | [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities during the reporting period - **No defaults** upon senior securities occurred[149](index=149&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section indicates that mine safety disclosures are not applicable to the company - Mine safety disclosures are **not applicable**[150](index=150&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) This section reports no adoption or termination of Rule 10b5-1 trading arrangements by directors or officers - **No directors or officers** adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2025[151](index=151&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including organizational documents and certifications - The exhibits include the Restated Certificate of Incorporation and Bylaws, offer letter amendments, and various **Equity Incentive Plans**[153](index=153&type=chunk) - **Certifications from the CEO and Interim CFO** pursuant to Rule 13a-14(a) and 18 U.S.C. 1350 are also included[153](index=153&type=chunk)[154](index=154&type=chunk)

Exhibit 99.1 eXp World Holdings Reports Q1 2025 Results BELLINGHAM, Wash. — May 6, 2025 — eXp World Holdings, Inc. (Nasdaq: EXPI), "eXp" or the "Company", "the most agent-centric™" real estate brokerage on the planet and the core subsidiary of eXp World Holdings, Inc., today announced financial results for the first quarter ended March 31, 2025. "We're entering 2025 from a position of strength. eXp has built one of the most comprehensive, tech-enabled agent value stack in the industry – one that's driving r ...

Core Insights - eXp Realty has appointed Felix Bravo as the International Executive Director to accelerate its mission of creating the most agent-centric real estate platform globally [1][2] - The company aims to expand into new markets, with Egypt being the next focus, and plans to operate in 50 countries by 2030, gathering 50,000 agents [1][2] Group 1: Leadership and Strategy - Felix Bravo will oversee international expansion and innovative strategies, focusing on building agent-centric infrastructure in various regions [2] - The CEO of eXp World Holdings, Glenn Sanford, emphasized Bravo's role in establishing trust and systems to empower agents for success [2] - Bravo's responsibilities include refining operational strategies for new markets and enhancing local autonomy to strengthen existing markets [2] Group 2: Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS Enterprises, with eXp Realty being the largest independent real estate brokerage globally, having nearly 83,000 agents across 26 regions [4] - eXp Realty operates on a cloud-based model, providing agents with leading commission sharing, revenue sharing, and equity opportunities [4]

Core Insights - eXp Realty is redefining its agent-centric model to enhance support for agents, facilitating faster integration and sustainable growth [1][3] Group 1: Joint Sponsorship Program - The Joint Sponsorship Program was announced at eXp's global event eXpcon Montréal, aiming to redefine agent relationships and enhance talent attraction [3][4] - Agents can now designate a primary sponsor and a co-sponsor, allowing for complementary skills to accelerate their success [3][4] - The program formalizes a co-leadership model, adjusting incentive structures to reinforce eXp's commitment to innovation and agent-first growth [5] Group 2: Program Highlights - Co-sponsors will receive first-level revenue sharing and 50% of the fast-start bonus, incentivizing them to support new agents [5] - The primary sponsor retains all revenue sharing from levels 2-7, ensuring fairness and existing benefits remain intact [5] - The program aims to boost onboarding and retention through enhanced communication and support [5] Group 3: Company Overview - eXp Realty is a subsidiary of eXp World Holdings, Inc., and is recognized as the largest independent real estate brokerage globally, with nearly 83,000 agents across 26 regions [7] - The company operates on a cloud-based model, offering leading commission sharing, revenue sharing, and equity opportunities to agents [7]

Core Insights - eXp Realty has promoted Felix Bravo to Managing Director, International, to enhance its global brokerage mission [1] - The company aims to expand to 50 countries and 50,000 agents by 2030, with recent successful launches in Perú and Türkiye [2] - Bravo's role will focus on international growth, agent-first infrastructure, and empowering local leaders [3] Company Strategy - The promotion of Bravo is seen as a strategic move to build a scalable and trusted global brokerage [4] - Bravo's responsibilities include launching new markets with operational precision and reinforcing existing ones through local autonomy [4] - The company emphasizes tech-powered scale and durable growth in every market under Bravo's leadership [5] Company Overview - eXp Realty is the largest independent real estate brokerage globally, with nearly 83,000 agents across 26 international locations [7] - The company operates as a cloud-based, agent-centric brokerage, offering competitive commission splits, revenue share, and equity ownership opportunities [7] - eXp Realty is part of eXp World Holdings, which also includes SUCCESS® Enterprises, focusing on personal and professional development for agents [8]

Core Insights - eXp Realty has launched the Co-Sponsor Program to enhance collaboration and growth within its global agent network [2][3] - The program allows agents to have both a Primary Sponsor and a Co-Sponsor, facilitating diverse support and expertise [3][8] Program Highlights - Dual Sponsorship Support enables agents to benefit from multiple leaders with complementary skills [8] - Co-Sponsors are incentivized with Level 1 revenue share and a 50% Fast Start Bonus for their role in supporting new agents [8] - The core structure remains unchanged for Primary Sponsors, who retain access to Level 2–7 revenue share and equity opportunities [8] - The program aims to improve onboarding and retention by increasing support and expertise for agents [8] - Designed for scalability, the Co-Sponsor Program promotes sustainable growth across various organizations and regions [8] - A comprehensive Co-Sponsor Toolkit is available for agents, providing training and resources [8] Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS Enterprises, with eXp Realty being the largest independent real estate brokerage globally, featuring nearly 83,000 agents across 26 countries [9] - eXp Realty operates as a cloud-based, agent-centric brokerage, offering competitive commission splits, revenue sharing, and equity ownership opportunities [9] - SUCCESS Enterprises, part of the eXp ecosystem, provides agents with resources for personal and professional development [9]

Core Insights - eXp Realty has appointed Mindy Grubb as Executive Director of eXtend a Hand, its charitable foundation aimed at supporting agents, staff, and their families during crises [2][4] - Grubb has over 20 years of experience in the real estate industry, previously serving at Keller Williams and leading philanthropic efforts at KW Cares [3] - The foundation's mission is to enhance support systems for those facing unexpected hardships and to expand its reach through national campaigns and agent-driven giving [4] Company Overview - eXp World Holdings, Inc. is the holding company for eXp Realty and SUCCESS Enterprises, with eXp Realty being the largest independent real estate brokerage globally, boasting nearly 83,000 agents across 26 international locations [7] - eXp Realty operates as a cloud-based, agent-centric brokerage, offering industry-leading commission splits, revenue share, equity ownership opportunities, and a global network for agents [7] - SUCCESS Enterprises, part of the eXp ecosystem, provides agents with resources for skill enhancement and business growth [8][9]

Core Insights - eXp Realty welcomes Feisal Ramjee, a leading expert in new construction, to its network of agents, enhancing its capabilities in the real estate market [1][4] - Ramjee has a strong track record, leading sales for 30 new homes in 2025 and another 30 in development for 2026, showcasing his expertise in the new construction sector [2][4] - His annual sales volume ranges between $60 million and $88 million, indicating a significant contribution to eXp Realty's growth [3] Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS Enterprises, with eXp Realty being the largest independent real estate brokerage globally, boasting nearly 83,000 agents across 26 international locations [5] - The company operates as a cloud-based, agent-centric brokerage, offering competitive commission splits, revenue sharing, and equity ownership opportunities to its agents [5] Strategic Moves - Ramjee's transition to eXp Realty is aimed at gaining financial flexibility and expanding into new markets, particularly Arizona, leveraging eXp's referral network [4] - The company supports Ramjee's vision of mentoring future agents and building a sustainable income stream through revenue sharing, aligning with its growth strategy [4]

Core Insights - eXp World Holdings, Inc. will report its first quarter 2025 financial results on May 6, 2025, and will host a virtual investor Q&A session on the same day [1][4]. Company Overview - eXp World Holdings, Inc. is the holding company for eXp Realty and SUCCESS Enterprises, with eXp Realty being the largest independent real estate brokerage globally, boasting nearly 83,000 agents across 26 international locations [2]. - eXp Realty operates as a cloud-based, agent-centric brokerage, offering industry-leading commission splits, revenue share, equity ownership opportunities, and a global network for agents [2]. Event Details - The virtual fireside chat and investor Q&A will take place at 2 p.m. PT / 5 p.m. ET on May 6, 2025, and is open to investors and anyone interested in eXp World Holdings [1][2]. - Questions for the investor Q&A can be submitted in advance via email [1].

Core Viewpoint - eXp Realty has officially launched in Türkiye, marking its 26th international market and demonstrating the company's rapid global expansion strategy [1][2] Group 1: Company Expansion - The launch in Türkiye follows the successful entry into Peru just weeks prior, showcasing eXp's commitment to an agent-first model that adapts to the needs of real estate professionals globally [1][2] - eXp Realty is the largest independent real estate brokerage worldwide, with nearly 83,000 agents across 26 international locations [5] Group 2: Market Strategy - Türkiye's strategic location between Europe and Asia, along with its growing real estate sector, aligns well with eXp's cloud-based business model designed to empower agents [2] - The company emphasizes a scalable, agent-centric approach that offers flexibility, financial opportunities, and global connections for agents [2][4] Group 3: Leadership and Community Engagement - Yigit Portakal has been appointed as the Country Leader for eXp Türkiye, bringing significant market knowledge and a strong agent-first mindset to the role [3] - Portakal's leadership is expected to resonate with agents in Türkiye who are seeking innovative ways to enhance their careers [3] Group 4: Unique Value Proposition - eXp Realty provides agents in Türkiye with a platform that eliminates traditional barriers, allowing them to control their business [4] - Key benefits for agents include a cloud-based model with no physical office requirements, attractive commission structures, revenue share, equity opportunities, and access to a global network of agents [7]