BELLINGHAM, Wash., May 28, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), today announced that Tanya Memme, the renowned TV host, motivational speaker and former Miss World Canada, has joined its dynamic team of real estate professionals. "We are thrilled to welcome Tanya to our team as she truly embodies the spirit of eXp Realty," said Michael Valdes, Chief Growth Officer. "I am confident ...

BELLINGHAM, Wash., May 10, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), today recognized nine of eXp Realty Canada's top agents and teams for their outstanding performances in 2023 at the company's second annual eXpcon Canada. The exclusive eXpcon Canada, held May 8-10 in Toronto, Ontario, united eXp Realty's top-performing agents, industry professionals and thought leaders from the Cana ...

BELLINGHAM, Wash., May 09, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), today announced the launch of eXp Elevate Coaching, a state-of-the-art coaching platform designed to enhance the business growth and professional development of eXp Realty agents in North America. eXp Elevate Coaching is an advanced extension of eXp's University and Mentor programs, offering agents an array of enrich ...

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BELLINGHAM, Wash., May 02, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), proudly announces the addition of Claudia Serna and her 500-agent independent brokerage from Broker's LLC, marking a significant merger of talent and expertise. This strategic move enhances eXp Realty's robust network and aligns with its mission to provide unparalleled opportunities for agents on a global platform. S ...

Financial Data and Key Metrics Changes - The company's revenue for Q1 2024 was $943 million, representing an 11% year-over-year increase from $849 million in Q1 2023, primarily driven by significant gains in the North America Realty segment [92][114] - Adjusted EBITDA for Q1 2024 was $11 million, down from $14.6 million in the prior year due to increased SG&A expenses [114] - The GAAP net loss for the quarter was $15.6 million, which included a $1.8 million loss from the discontinued VirBELA operation [115] Business Line Data and Key Metrics Changes - The North America Realty segment reported an 11% increase in revenue, but EBITDA declined by 16% to $80 million due to investments in personnel and increased legal and severance expenses [117] - The International Realty segment saw a revenue increase of 45%, contributing $60 million, with an adjusted EBITDA loss of $3.4 million, which was a 9% improvement from the prior year [94][100] - Overall real estate sales transaction units grew by 5% year-over-year, indicating the company is outperforming the industry [112] Market Data and Key Metrics Changes - U.S. home sales transactions were down nearly 3%, while eXp Realty's transactions increased by 2%, leading to a market share growth of nearly 5% to 4.4% of all home sales transactions in the U.S. [5][10] - The overall real estate market decline reduced revenue by approximately $11 million, but gains in other areas offset these losses [79] Company Strategy and Development Direction - The company is focused on enhancing agent productivity and operational efficiency, with a strategic decision to offboard nonproductive agents to improve overall performance [89][122] - The introduction of the REVenue Share 2.0 program aims to attract and retain agents by providing better revenue-sharing opportunities [76][95] - The company is investing in technology and innovation, including the rollout of AI agents to enhance operational capabilities and support agents [77][86] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions due to higher interest rates and antitrust lawsuits affecting agent commissions, but expressed optimism about future growth opportunities [88][100] - The company is preparing agents for upcoming regulatory changes and is focused on maintaining a strong agent value proposition to attract productive agents [130][122] Other Important Information - General and administrative expenses increased by 15% to $63 million, primarily due to higher transaction volume and legal expenses related to antitrust litigation [91] - The company recorded a provision of $60 million for antitrust litigation, which is provisional and subject to change as cases evolve [91] Q&A Session Summary Question: What made the company decide to update the revenue share model now? - The updates were prompted by attrition among agents who were not major attractors but played a significant role in supporting the company's growth [95] Question: How is the company preparing for the mandated bio representation agreement rule change? - The company is providing agents with tactical scripts and tools to prepare for the transition, emphasizing the importance of treating buyers and sellers equally [130] Question: Can you discuss the components of the $20 million profit improvement plan? - The plan includes cost savings from personnel reductions, estimated to generate about $27 million in overall profit improvement [123]

Financial Performance - Revenues for Q1 2024 were $943.1 million, an 11% increase from $848.5 million in Q1 2023 [104]. - Revenues for the three months ended March 31, 2024, increased by 11% to $943,054, compared to $848,453 for the same period in 2023, driven by higher real estate transactions and increased home sales prices [117]. - Commissions and other agent-related costs rose by 11% to $864,746, primarily due to the increase in real estate transactions and home sales prices [118]. - General and administrative expenses increased by 15% to $62,582, attributed to higher severance, employee-related expenses, and legal costs related to antitrust lawsuits [119]. - The operating loss for Q1 2024 was $18.2 million, compared to an operating profit of $0.2 million in Q1 2023, largely due to a $16 million litigation contingency accrual [114]. - Adjusted EBITDA for Q1 2024 was $11.0 million, down 24% from $14.6 million in Q1 2023 [115]. - Adjusted EBITDA decreased by 24% to $11,042, reflecting increased legal and employee-related expenses, despite higher revenues [126]. - North American Realty revenues increased by 11% to $927,137, while Adjusted EBITDA decreased by 16% due to rising legal and severance costs [128]. - International Realty revenues surged by 45% to $15,596, with Adjusted EBITDA improving by 9% due to increased revenue, partially offset by higher operational expenses [129]. - Other Affiliated Services revenues grew by 7% to $1,788, but Adjusted EBITDA decreased by 13% due to increased selling and administrative expenses [130]. - For the three months ended March 31, 2024, the company reported a net loss from continuing operations of $13.83 million, compared to a net income of $1.99 million in the same period of 2023 [135]. Market Conditions - The average rate for a 30-year fixed mortgage was 6.8% in March 2024, compared to 6.3% in March 2023, negatively impacting homebuying demand [98]. - The housing affordability index decreased to 103.0 in February 2024 from 109.3 in February 2023, indicating declining affordability due to higher mortgage rates and home prices [99]. - Existing home sales transactions decreased to an annual rate of 4.2 million in March 2024, a 3.7% decline from 4.4 million in March 2023 [100]. Operational Strategy - eXp's strategy focuses on organic growth in North America and select international markets, leveraging its cloud-based technology platform to enhance operational efficiencies [90]. Cash Flow and Capital Management - Net working capital decreased by $28.8 million, or 23%, from $124.84 million as of December 31, 2023, to $96.09 million as of March 31, 2024 [140]. - Net cash provided by operating activities increased by $4.51 million, from $56.14 million in Q1 2023 to $60.65 million in Q1 2024 [141]. - Cash used in investing activities increased to $5.25 million in Q1 2024, compared to $1.78 million in Q1 2023, primarily due to investments in affiliates [142]. - Cash used in financing activities was $40.81 million in Q1 2024, up from $36.21 million in Q1 2023, mainly related to stock repurchases and cash dividends [142]. - The company believes its existing cash and cash equivalents will be sufficient to meet operating requirements for at least the next twelve months [139]. - Current assets increased to $300.38 million as of March 31, 2024, from $266.48 million as of December 31, 2023 [140]. - The company does not have any known material cash requirements as of March 31, 2024, except for passthrough commissions to agents and brokers [138]. - The company seeks opportunities for acquisitions to enhance its portfolio and may fund these with existing cash balances and cash flow from operations [143]. Agent Metrics - eXp ended Q1 2024 with a global agent Net Promoter Score (aNPS) of 73, up from 70 in Q1 2023, reflecting a 4% increase [106]. - The number of agents and brokers on the eXp Realty platform decreased by 2% year-over-year to 85,780 [86].

"Coming off another quarter of market share gains, I couldn't be more excited to lead eXp Realty as the industry evolves," said Leo Pareja, eXp Realty CEO. "Like Glenn, I will always be an agent at heart and ensure that eXp's platform provides agents with everything they need to sell more real estate and achieve their financial goals faster than ever before. eXp Realty is the category king of the cloud-based brokerage model and the only brokerage of its kind operating at a significant scale. Our positive Ad ...

Revenue share calculations designed to increase clarity and offer new earning potential during an agent's first year with eXp Realty Reduction of Front Line Qualifying Agent (FLQA) requirements removes barriers to growth Real-time revenue share feature provides agents with financial flexibility BELLINGHAM, Wash., May 01, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), today announced critic ...

BELLINGHAM, Wash., April 30, 2024 (GLOBE NEWSWIRE) -- eXp Realty®, "the most agent-centric real estate brokerage on the planet™" and the core subsidiary of eXp World Holdings, Inc. (NASDAQ:EXPI), is proud to announce the appointment of Tampa eXp Realty agent and team leader Kendall Bonner as Vice President of Industry Relations. She will be responsible for developing and fortifying strategic partnerships within the real estate sector. Bonner, a seasoned real estate professional, attorney, and influential vo ...