eXp(EXPI) - 2022 Q1 - Quarterly Report

Forward Looking Statements This section contains cautionary statements regarding future expectations and risks, emphasizing that actual results may differ materially from projections PART I FINANCIAL INFORMATION This part presents the company's unaudited financial statements, management's discussion and analysis, market risk disclosures, and controls for the reporting period Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements for eXp World Holdings, Inc. for the quarter ended March 31, 2022, including the balance sheets, statements of comprehensive income, statements of stockholders' equity, and statements of cash flows, along with their accompanying notes. The financial statements reflect the company's strong growth in revenue and net income, alongside strategic investments and changes in equity and cash flow positions Condensed Consolidated Balance Sheets This section presents the company's financial position, detailing assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheets | Metric | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | Change ($ thousands) | Change (%) | | :---------------------- | :--------------------------- | :------------------------------ | :------------------- | :--------- | | Total Current Assets | 399,342 | 319,315 | 80,027 | 25.06% | | Total Assets | 502,140 | 413,826 | 88,314 | 21.34% | | Total Current Liabilities | 253,109 | 186,814 | 66,295 | 35.59% | | Total Liabilities | 256,602 | 190,293 | 66,309 | 34.85% | | Total Equity | 245,538 | 223,533 | 22,005 | 9.84% | Condensed Consolidated Statements of Comprehensive Income This section details the company's financial performance over a period, including revenues, expenses, net income, and earnings per share Condensed Consolidated Statements of Comprehensive Income | Metric | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | Change ($ thousands) | Change (%) | | :---------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :------------------- | :--------- | | Revenues | 1,010,731 | 583,833 | 426,898 | 73.12% | | Total Operating Expenses | 1,006,289 | 578,904 | 427,385 | 73.82% | | Operating Income | 4,442 | 4,929 | (487) | -9.88% | | Income before Income Tax Expense | 3,715 | 5,057 | (1,342) | -26.54% | | Income Tax (Benefit) Expense | (5,149) | 211 | (5,360) | -2540.28% | | Net Income | 8,864 | 4,846 | 4,018 | 82.91% | | Net Income Attributable to eXp World Holdings, Inc. | 8,882 | 4,846 | 4,036 | 83.28% | | Basic Earnings Per Share | $0.06 | $0.03 | $0.03 | 100.00% | | Diluted Earnings Per Share | $0.06 | $0.03 | $0.03 | 100.00% | Condensed Consolidated Statements of Stockholders' Equity This section outlines changes in the company's equity accounts, including common stock, treasury stock, additional paid-in capital, and accumulated earnings Condensed Consolidated Statements of Stockholders' Equity | Metric | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Balance, beginning of quarter (Common Stock) | $1 | $1 | | Agent equity stock compensation | $1 | $0 | | Balance, end of quarter (Common Stock) | $2 | $1 | | Balance, beginning of quarter (Treasury Stock) | ($210,009) | ($37,994) | | Repurchases of common stock | ($29,956) | ($34,009) | | Balance, end of quarter (Treasury Stock) | ($239,965) | ($72,003) | | Balance, beginning of quarter (Additional Paid-in Capital) | 401,479 | 218,491 | | Agent equity stock compensation | 38,500 | 21,402 | | Balance, end of quarter (Additional Paid-in Capital) | 450,570 | 248,633 | | Balance, beginning of quarter (Accumulated Earnings) | 30,510 | (39,161) | | Net income | 8,882 | 4,846 | | Dividends declared and paid | (5,859) | - | | Balance, end of quarter (Accumulated Earnings) | 33,533 | (34,315) | | Total Equity | $245,538 | $143,613 | Condensed Consolidated Statements of Cash Flows This section reports the cash generated and used by the company across operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | Change ($ thousands) | Change (%) | | :---------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :------------------- | :--------- | | Net Cash Provided by Operating Activities | 111,507 | 78,919 | 32,588 | 41.30% | | Net Cash (Used In) Investing Activities | (4,684) | (3,757) | (927) | 24.67% | | Net Cash Used In Financing Activities | (35,743) | (32,636) | (3,107) | 9.52% | | Net Change in Cash, Cash Equivalents and Restricted Cash | 71,121 | 42,573 | 28,548 | 67.05% | | Ending Balance of Cash, Cash Equivalents and Restricted Cash | 247,031 | 170,497 | 76,534 | 44.89% | Notes to the Condensed Consolidated Financial Statements This section provides detailed explanations and additional information supporting the condensed consolidated financial statements 1. Description of Business and Basis of Presentation This note describes the company's core operations as a cloud-based real estate brokerage and the accounting principles used for financial reporting - eXp World Holdings, Inc. operates a cloud-based real estate brokerage and a technology platform business, enabling remote operations. Its real estate brokerage is one of the largest and fastest-growing in the U.S. and is expanding internationally, operating in over 20 countries[29] 2. Summary of Significant Accounting Policies This note outlines the key accounting policies and estimates applied in preparing the interim financial statements - The financial statements are prepared in accordance with U.S. GAAP for interim financial information, with estimates made for areas like credit losses, legal contingencies, income taxes, and stock-based compensation[29][34][36] - The company adopted ASU 2019-12 (Income Taxes) with no material impact and reviewed ASU 2021-08 (Business Combinations) for future application[39][40] 3. Expected Credit Losses This note details the methodology and amounts for estimating current expected credit losses on various receivable categories - The Company estimates current expected credit losses (CECL) using an aging schedule method, categorizing receivables into agent non-commission based fees, agent short-term advances, and commissions receivable for real estate property settlements[41] Expected Credit Losses by Receivable Category | Receivable Category | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :------------------------------ | :--------------------------- | :------------------------------ | | Real estate property settlements | 138,187 | 128,499 | | Expected credit losses (RE) | 904 | 0 | | Agent non-commission fees & short-term advances | 7,193 | 7,188 | | Expected credit losses (Agent) | 1,513 | 2,198 | 4. Plant, Property and Equipment, Net This note provides a breakdown of the company's property, plant, and equipment, including depreciation details Plant, Property and Equipment, Net | Asset Category | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :----------------------------- | :--------------------------- | :------------------------------ | | Computer hardware and software | 24,519 | 20,824 | | Furniture, fixture, and equipment | 26 | 26 | | Total depreciable property and equipment | 24,545 | 20,850 | | Less: accumulated depreciation | (13,328) | (11,711) | | Depreciable property, net | 11,217 | 9,139 | | Assets under development | 7,807 | 6,763 | | Property, plant, and equipment, net | 19,024 | 15,902 | | Depreciation expense (3 months) | 1,616 | 1,007 | 5. Goodwill and Intangible Assets This note presents the carrying amounts of goodwill and other intangible assets, along with amortization expenses - Goodwill remained stable at $12,945 thousand as of March 31, 2022, with no impairment events identified during the quarter[45] Goodwill and Intangible Assets | Intangible Asset Category | March 31, 2022 Net Carrying Amount ($ thousands) | December 31, 2021 Net Carrying Amount ($ thousands) | | :------------------------ | :----------------------------------------------- | :-------------------------------------------------- | | Trade name | 2,243 | 2,314 | | Existing technology | 557 | 744 | | Non-competition agreements | 0 | - | | Customer relationships | 1,486 | 1,534 | | Licensing agreement | 82 | 100 | | Intellectual property | 2,836 | 2,836 | | Total intangible assets | 7,204 | 7,528 | | Amortization expense (3 months) | 342 | 303 | 6. Leases This note describes the company's lease arrangements, including lease terms, expenses, and future obligations - The Company's lease portfolio consists of office leases with terms ranging from less than one year to seven years, with a weighted average lease term of three years[46] Lease Metrics | Lease Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Operating lease expense ($ thousands) | 109 | 96 | | Short-term lease expense ($ thousands) | 22 | 96 | | Cash paid for operating leases ($ thousands) | 71 | 16 | | Weighted-average remaining lease term (years) | 7.1 | 3.8 | | Weighted-average discount rate | 5.048% | 4.481% | Future Lease Obligations | Period Ending December 31, | Lease Obligations ($ thousands) | | :------------------------- | :------------------------------ | | Remaining 2022 | 201 | | 2023 | 163 | | 2024 | 90 | | 2025 | 90 | | 2026 | 90 | | 2027 and thereafter | 405 | | Total lease payments | 1,039 | | Less: interest | (22) | | Total operating lease liabilities | 1,017 | 7. Stockholders' Equity This note details changes in common stock, treasury stock, and equity compensation programs affecting stockholders' equity Common Stock Shares Issued | Common Stock Shares Issued | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :------------------------- | :-------------------------------- | :-------------------------------- | | Balance, beginning of quarter | 155,516,284 | 146,677,786 | | Shares issued for stock options exercised | 723,194 | 547,776 | | Agent growth incentive stock compensation | 510,672 | 285,122 | | Agent equity stock compensation | 1,550,455 | 424,084 | | Balance, end of quarter | 158,300,605 | 147,934,768 | - The Agent Equity Program (AEP) allows agents to receive 5% of commissions in common stock, with 1,550,455 shares issued in Q1 2022 (valued at $38.5 million), a significant increase from 424,084 shares in Q1 2021 ($21.4 million)[51] - The Agent Growth Incentive Program (AGIP) awards common stock based on agent attraction and performance, with stock compensation expense of $7.8 million in Q1 2022[52][54] Treasury Stock Shares Repurchased | Treasury Stock Shares Repurchased | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Balance, beginning of quarter | 6,751,692 | 2,534,494 | | Repurchases of common stock | 1,132,048 | 500,910 | | Balance, end of quarter | 7,883,740 | 3,035,404 | 8. Earnings Per Share This note provides the calculation of basic and diluted earnings per share, reflecting net income attributable to common stock Earnings Per Share Calculation | EPS Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | | Net income attributable to common stock ($ thousands) | 8,882 | 4,846 | | Weighted average shares - basic | 149,226,166 | 144,354,991 | | Dilutive effect of common stock equivalents | 7,616,555 | 14,367,135 | | Weighted average shares - diluted | 156,842,721 | 158,722,126 | | Earnings per share attributable to common stock - basic | $0.06 | $0.03 | | Earnings per share attributable to common stock - diluted | $0.06 | $0.03 | - Basic and diluted EPS both increased from $0.03 in Q1 2021 to $0.06 in Q1 2022, reflecting higher net income[62] 9. Income Taxes This note presents the provision for income taxes and the effective tax rate, explaining significant changes Income Tax Information | Income Tax Metric | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | | :-------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Provision for (benefit from) income taxes | (5,149) | 211 | | Effective tax rate | -137.97% | 4.17% | - The significant increase in income tax benefit in Q1 2022 was primarily due to deductible stock-based compensation windfalls[59] 10. Fair Value Measurement This note describes the fair value hierarchy and measurements for financial assets, specifically money market funds - The Company holds money market funds, classified as Level 1 assets, with fair values of $43,387 thousand as of March 31, 2022, and $43,386 thousand as of December 31, 2021. No transfers between fair value levels occurred[60] 11. Commitments and Contingencies This note discloses the company's legal proceedings, class action settlements, and capital commitments related to joint ventures - The Company agreed to settle a class action lawsuit for $10.0 million in November 2021, subject to judicial review[65] - SUCCESS Lending, an unconsolidated joint venture, entered into Mortgage Warehouse Agreements with Flagstar Bank FSB and Texas Capital Bank, providing revolving credit lines up to $25 million each. eXp World Holdings, Inc. has capital commitment liabilities of $2.0 million and $1.25 million, respectively, under related Capital Maintenance Agreements[65] 12. Segment Information This note provides financial information by operating segment, highlighting the primary cloud-based real estate brokerage business and international operations - The Company primarily operates as a cloud-based real estate brokerage, accounting for 99.2% of total revenue in Q1 2022 and 99.1% of total assets as of March 31, 2022[67] - International operations generated approximately 8% of total revenue in Q1 2022, up from 7% in Q1 2021, with assets held outside the U.S. at 11% as of March 31, 2022[67] 13. Subsequent Events This note reports significant events occurring after the balance sheet date, including dividend declarations and stock repurchase program updates - On April 29, 2022, the Board declared a cash dividend of $0.04 per share, payable May 31, 2022[69] - On May 3, 2022, the Board increased the stock repurchase program authorization from $400 million to $500 million and approved increasing monthly repurchases from $10 million to $20 million[70] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the Company's financial condition and results of operations for the three months ended March 31, 2022, compared to the same period in 2021. It highlights significant revenue growth driven by agent expansion and market conditions, discusses key business metrics, recent strategic developments, and analyzes financial performance, liquidity, and capital resources Overview This section provides a high-level description of the company's business model, strategic focus, and key operational highlights - eXp World Holdings operates a cloud-based real estate brokerage, eXp Realty, focusing on an agent-centric model with a generous commission structure and a proprietary cloud-based platform[72] - The Company's strategy is organic growth in North America and international markets by expanding its independent agent and broker network, leveraging cloud-based operations for efficiency and market share[74] - Agent count increased by 55% year-over-year, from 50,333 agents as of March 31, 2021, to 78,196 agents as of March 31, 2022[74] Market Conditions and Industry Trends This section analyzes the impact of broader housing market conditions and industry trends on the company's performance - The housing market experienced a slowdown in Q1 2022 due to rising interest rates and home prices, with existing home sales decreasing and inventory levels reaching historic lows[76] Key Housing Market Indicators | Indicator | March 2022 (Preliminary) | March 2021 | | :---------------------------- | :----------------------- | :--------- | | Existing Home Sales (seasonally adjusted, millions) | 5.8 | 6.0 | | Median Home Price | $375.3 thousand | $326.3 thousand | | Housing Inventory (millions) | 0.95 | 1.05 | | Mortgage Interest Rates (30-year fixed) | 3.8% (Q1 2022 average) | 2.9% (Q1 2021 average) | | Housing Affordability Index | 135.4 (February 2022) | 170.4 (February 2021) | - Despite market slowdowns, the Company achieved a 73% year-over-year revenue increase and 55% agent count growth in Q1 2022, leveraging its low-cost, high-engagement business model[76] Key Business Metrics This section presents and discusses critical operational and financial metrics driving the company's performance Key Business Metrics (Three Months Ended March 31) | Metric | 2022 | 2021 | Change | Change (%) | | :---------------------- | :------------- | :------------- | :------------- | :--------- | | Agent count | 78,196 | 50,333 | 27,863 | 55.36% | | Transactions | 114,305 | 73,878 | 40,427 | 54.72% | | Volume | $41,379,500 | $24,507,856 | $16,871,644 | 68.84% | | Revenue | $1,010,731 | $583,833 | $426,898 | 73.12% | | Gross profit | 83,464 | 53,486 | 29,978 | 56.05% | | Gross margin (%) | 8.3% | 9.2% | -0.9% | -9.78% | | Adjusted EBITDA (1) | 17,709 | 14,820 | 2,889 | 19.49% | - Gross margin decreased from 9.2% to 8.3% year-over-year, primarily because rising home prices and increased demand led agents to reach commission capping requirements sooner, entitling them to a higher percentage of the home sale commission[84] Recent Business Developments This section highlights recent strategic initiatives, global expansion, agent programs, and technology advancements - The Company continued its global expansion, commencing operations in Greece and the Dominican Republic in Q1 2022, adding to its presence in over 20 countries[86] - eXp achieved an agent Net Promoter Score (NPS) of 71 in Q1 2022, indicating high agent satisfaction and strong organic growth potential[87] - The Agent Equity Program and Agent Growth Incentive Program continue to be key elements in attracting and retaining agents by offering common stock awards based on commissions and performance benchmarks[88] - The Virbela enterprise metaverse technology is being developed to support eXp subsidiaries and enterprise customers, with a new product 'Frame' in beta for metaverse collaboration[89][91] - The Company expanded its affiliate and media services, including mortgage origination, title, escrow, and settlement services, through acquisitions and partnerships like the SUCCESS Lending joint venture[92] Results of Operations This section provides a detailed analysis of the company's revenues, expenses, and net income for the reporting period Statement of Operations Data (Three Months Ended March 31) | Metric | 2022 ($ thousands) | 2021 ($ thousands) | Change ($ thousands) | Change (%) | | :---------------------------------------- | :----------------- | :----------------- | :------------------- | :--------- | | Revenues | 1,010,731 | 583,833 | 426,898 | 73% | | Commissions and other agent-related costs | 927,267 | 530,347 | 396,920 | 75% | | General and administrative expenses | 75,322 | 46,300 | 29,022 | 63% | | Sales and marketing expenses | 3,700 | 2,257 | 1,443 | 64% | | Total operating expenses | 1,006,289 | 578,904 | 427,385 | 74% | | Operating income | 4,442 | 4,929 | (487) | (10)% | | Income before income tax expense | 3,715 | 5,057 | (1,342) | (27)% | | Income tax (benefit) expense | (5,149) | 211 | (5,360) | (2,540)% | | Net income | 8,864 | 4,846 | 4,018 | 83% | | Net income attributable to eXp World Holdings, Inc. | 8,882 | 4,846 | 4,036 | 83% | | Basic Earnings Per Share | $0.06 | $0.03 | $0.03 | 100% | | Diluted Earnings Per Share | $0.06 | $0.03 | $0.03 | 100% | - Revenue increased by 73% to $1.0 billion, driven by higher agent count, closed transactions, and rising home prices. Commissions and agent-related costs rose 75% due to increased activity and agents reaching commission caps sooner[95] - General and administrative expenses increased by 63% to $75.3 million, mainly due to higher compensation, personnel-related expenses, computer/software costs, and stock compensation, reflecting company growth and technology investments[96] - The Company recorded an income tax benefit of $5.15 million in Q1 2022, a significant change from an expense of $0.21 million in Q1 2021, primarily attributable to deductible stock-based compensation windfalls[97] Non-U.S. GAAP Financial Measures This section reconciles non-GAAP financial measures, such as Adjusted EBITDA, to their most directly comparable GAAP counterparts - Adjusted EBITDA is used as a non-U.S. GAAP measure to evaluate core operating performance, excluding items like other income/expense, income tax, depreciation, amortization, impairment, and stock-based compensation[98] Adjusted EBITDA Reconciliation (Three Months Ended March 31) | Metric | 2022 ($ thousands) | 2021 ($ thousands) | | :------------------------------ | :----------------- | :----------------- | | Net income | 8,864 | 4,846 | | Other (income) expense, net | 727 | (128) | | Income tax (benefit) expense | (5,149) | 211 | | Depreciation and amortization | 1,958 | 1,310 | | Stock compensation expense | 7,798 | 5,472 | | Stock option expense | 3,511 | 3,109 | | Adjusted EBITDA | $17,709 | $14,820 | - Adjusted EBITDA increased by 19% to $17.7 million in Q1 2022, reflecting revenue growth and improved cost leverage[85][103] Liquidity and Capital Resources This section discusses the company's ability to meet short-term and long-term obligations, including cash flows and working capital - Primary liquidity sources are cash and cash equivalents and cash flows from operations, which have strengthened due to transaction volume growth and improved cost leverage[101] - Current capital deployment strategy for 2022 includes supporting growth initiatives, enhancing technology platforms, and repurchasing common stock[101] Net Working Capital | Metric | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :---------------------- | :--------------------------- | :------------------------------ | | Current assets | $399,342 | $319,315 | | Current liabilities | (253,109) | (186,814) | | Net working capital | $146,233 | $132,501 | - Net working capital increased by 10% to $146.2 million as of March 31, 2022, primarily due to increased agent and commission receivables linked to revenue growth[105] Cash Flows (Three Months Ended March 31) | Cash Flow Activity | 2022 ($ thousands) | 2021 ($ thousands) | | :---------------------------------- | :----------------- | :----------------- | | Cash provided by operating activities | $111,507 | $78,919 | | Cash used in investment activities | (4,684) | (3,757) | | Cash used in financing activities | (35,743) | (32,636) | | Net change in cash, cash equivalents and restricted cash | $71,121 | $42,573 | - Cash provided by operating activities increased by $32.6 million, driven by higher real estate transaction volume, customer deposits, and agent stock compensation program participation[105] Critical Accounting Policies and Estimates This section confirms that there were no material changes to the company's critical accounting policies or estimates - There were no changes to the Company's critical accounting policies or estimates as reflected in its 2021 Annual Report[106] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section states that there have been no material changes in the Company's exposures to market risk since December 31, 2021, referring to the 2021 Annual Report for detailed information on interest rate and foreign currency exchange risks - No material changes in market risk exposures (interest rate and foreign currency exchange) have occurred since December 31, 2021[107] Item 4. Controls and Procedures This section confirms the effectiveness of the Company's disclosure controls and procedures as of March 31, 2022, based on an evaluation by management, including the CEO and CFO. It also states that no material changes occurred in internal control over financial reporting during the quarter - The Company's disclosure controls and procedures were deemed effective at the reasonable assurance level as of March 31, 2022[110] - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2022[111] PART II OTHER INFORMATION This part provides additional information on legal proceedings, risk factors, equity sales, and other disclosures not covered in the financial statements Item 1. Legal Proceedings This section outlines the Company's involvement in routine litigation and potential liabilities. It notes that while the Company accrues for legal matters, litigation is inherently unpredictable and adverse resolutions could materially impact financial condition. No specific new material proceedings are detailed beyond the general statement - The Company is involved in ordinary routine litigation incidental to its business and accrues for legal claims when payments are probable and estimable[113] - Litigation is inherently unpredictable, and adverse resolutions, including class action lawsuits, government investigations, and regulatory proceedings, could have a material adverse effect on the Company's financial condition, results of operations, or cash flows[113] Item 1A. Risk Factors This section updates the Company's risk factors, primarily focusing on new risks associated with SUCCESS Lending, an unconsolidated joint venture. It highlights the nascent and unproven business model of SUCCESS Lending, including regulatory, compliance, consumer trends, macroeconomic risks, and reliance on third-party warehouse credit facilities, which are guaranteed by eXp World Holdings, Inc Risks Related to our Business and Operations This section details specific risks associated with the company's operations, particularly those related to its joint ventures and financial commitments - SUCCESS Lending, an unconsolidated joint venture, is a nascent and unproven business model facing regulatory, compliance, consumer trends, and macroeconomic risks[114][115] - SUCCESS Lending relies on third-party warehouse credit facilities from Flagstar Bank FSB and Texas Capital Bank, with eXp World Holdings, Inc. providing capital maintenance agreements limiting its commitment to $2.0 million and $1.25 million, respectively[116][120] - The Company does not have sole control of SUCCESS Lending, and potential losses or liabilities from the joint venture may require additional capital contributions from eXp, adversely affecting its financial condition[120] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section details the Company's common stock repurchase activities for the quarter ended March 31, 2022, under its publicly announced stock repurchase program. It provides information on the number of shares purchased, average price paid, and the remaining value authorized for repurchases Issuer Purchases of Equity Securities This section provides details on the company's common stock repurchase activities during the reporting period Issuer Purchases of Equity Securities (Q1 2022) | Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum dollar value of shares that may yet be purchased under the plans or programs | | :----------------- | :------------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :--------------------------------------------------------------------------------- | | 1/1/2022 - 1/31/2022 | 350,920 | $27.81 | 350,920 | $198,368,431 | | 2/1/2022 - 2/28/2022 | 364,855 | $27.43 | 364,855 | $188,382,016 | | 3/1/2022 - 3/31/2022 | 416,273 | $24.00 | 416,273 | $178,394,784 | | Total | 1,132,048 | $26.41 | 1,132,048 | | - The Company repurchased 1,132,048 shares of common stock at an average price of $26.41 per share during Q1 2022, as part of its stock repurchase program[121] Item 3. Defaults Upon Senior Securities This section states that there were no defaults upon senior securities during the reporting period - No defaults upon senior securities occurred during the period[122] Item 4. Mine Safety Disclosures This section indicates that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to the Company's operations[122] Item 5. Other Information This section states that there is no other information to report - No other information is reported in this section[123] Item 6. Exhibits This section lists all exhibits filed as part of the Form 10-Q, including organizational documents, agreements related to SUCCESS Lending, stock repurchase plan amendments, and certifications Key Exhibits Filed | Number | Description | | :------ | :-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | 3.1 | Restated Certificate of Incorporation | | 3.2 | Restated Bylaws | | 10.1 | Master Repurchase Agreement, dated March 29, 2022, by and among SUCCESS Lending, LLC, Flagstar Bank FSB, and Buyers | | 10.2 | Mortgage Warehouse Agreement, effective April 8, 2022, by and between SUCCESS Lending, LLC and Texas Capital Bank | | 10.3 | Issuer Repurchase Plan, dated January 10, 2022, by and between eXp World Holdings Inc. and Stephens Inc. | | 10.4 | First Amendment to eXp World Holdings, Inc. Stock Repurchase Program | | 31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | 31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | 101.INS | Inline XBRL Instance Document | | 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |