Core Viewpoint - eXp World Holdings, Inc. continues to demonstrate resilience and growth in a dynamic real estate environment, driven by its agent-first model and commitment to innovation, with a focus on expanding its international business and enhancing the SUCCESS brand [2][8]. Financial Highlights - Revenue increased by 1% to $1.3 billion compared to the same period last year [8]. - The company reported a net loss of $(2.3) million, translating to a net loss per diluted share of $(0.01) [8]. - Total operating expenses rose to $1.31 billion from $1.28 billion, with adjusted operating costs increasing by 20% to $95.0 million [8]. - Adjusted EBITDA was reported at $11.2 million [8]. - Cash and cash equivalents totaled $94.6 million as of June 30, 2025, down from $108.4 million a year earlier [8]. - The company distributed $32.6 million to shareholders, including $24.9 million in common stock repurchases and $7.7 million in cash dividends [8]. Operational Highlights - eXp Realty has over 82,000 agents across 28 countries, making it the largest independent real estate brokerage globally [7]. - The global agent Net Promoter Score (aNPS) increased to 77, up from 76 in the prior-year period, indicating improved agent satisfaction [8]. - The number of agents and brokers on the eXp Realty platform decreased by 5% to 82,704 as of June 30, 2025 [8]. - Real estate sales transactions decreased by 2% to 118,612 in the second quarter of 2025, while real estate sales volume increased by 1% to $52.5 billion [8]. Strategic Focus - The company is committed to enhancing the agent value stack and ongoing programs like the co-sponsor initiative to attract top agents and teams [2]. - Glenn Sanford, the Founder and CEO, is shifting focus to SUCCESS® Enterprises to expand its brand and drive value for agents and shareholders [2].

Core Points - eXp World Holdings, Inc. will report its second quarter 2025 financial results on July 31, 2025 [1][3] - A virtual fireside chat and investor Q&A will be held on the same day at 2 p.m. PT / 5 p.m. ET [2][3] - The investor Q&A is open to all interested parties, and questions can be submitted in advance [1][2] Company Overview - eXp World Holdings, Inc. is the holding company for eXp Realty® and SUCCESS® Enterprises [2] - eXp Realty is the largest independent real estate brokerage globally, with nearly 81,000 agents across 27 countries [2] - The company operates as a cloud-based, agent-centric brokerage, offering industry-leading commission splits, revenue share, and equity ownership opportunities [2] - SUCCESS® Enterprises, associated with SUCCESS® magazine, provides resources for personal and professional development [2]

Company Overview - eXp World Holdings operates as a global cloud-based real estate brokerage and enterprise metaverse platform[5] - The company has a global network of over 80,000 agents as of April 20, 2022[9, 10] - eXp's revenues (TTM) are $42 billion as of March 31, 2022[11] Financial Performance - Q1 2022 revenue was over $427 million, with net income exceeding $4 million compared to 2021[9] - The company has consistent positive cash flow and no long-term debt[9] - Total Q1 2022 revenue reached $1 billion[16] Growth and Competitive Advantage - eXp Realty is ranked as the 1 growth leader across agent count, volume, and transactions[9, 10, 20] - The company experienced 55% year-over-year agent growth in Q1 2022[16] - eXp is capturing global market share with 314%+ year-over-year international agent growth[23] Agent Value Proposition - eXp offers a unique agent value proposition, including an attractive commission structure, revenue share, and equity[7] - Agents receive an 80/20 commission split with a $16,000 cap[27, 55] - The company provides equity awards for agents meeting production criteria[21, 27]

Company Overview - eXp World Holdings operates a global cloud-based real estate brokerage and enterprise metaverse platform[5] - The company also has an ecosystem of personal development resources and media[6] - eXp's cloud-based model enables richer unit economics and broader geographical reach for agents[20] Financial Performance - eXp World Holdings' Q2 2022 revenue increased by 42% year-over-year[11] - The company's operating cash flow increased by 27% year-over-year[11] - As of June 30, 2022, eXp World Holdings had $134.9 million in cash and cash equivalents[13] - The company's total revenue for the trailing twelve months (TTM) ending Q2 2022 was $46132 million[16] Agent Growth and Global Expansion - eXp has over 83000 agents as of August 3, 2022[11] - Agent growth in Q2 2022 was 42% year-over-year[18] - eXp is expanding globally with 21 markets worldwide[11] - The company experienced 94% year-over-year international agent growth[25] Agent Value Proposition - eXp returns over 90% of commission to agents, inclusive of revenue share and equity[24] - Agents receive an 80/20 split on first $80000 gross commission income (GCI) with a $16000 yearly cap[30]

Core Insights - eXp World Holdings, Inc. has appointed Jesse Hill as Chief Financial Officer, effective immediately, following his successful tenure as Interim CFO since April 2025 [1][2] - Hill's leadership has been pivotal in the company's international expansion, with the International Realty segment entering eight new markets and nearly quintupling revenue [3] - The company emphasizes its agent-centric business model and aims for long-term financial strength and value creation for agents, employees, and shareholders under Hill's leadership [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 over 81,000 agents across 27 countries [5] - The company operates as a cloud-based, agent-centric brokerage, offering industry-leading commission splits, revenue share, and equity ownership opportunities [5] - SUCCESS® Enterprises, part of the eXp ecosystem, provides agents with resources for personal and professional development [6]

Financial Data and Key Metrics Changes - The company generated $954.9 million in revenue for Q1 2025, reflecting a 4% increase in real estate sales volume driven by higher home sales prices and increased productivity in the international segment [44] - The agent count decreased to 81,904, but there was an increase in transactions per agent, indicating the retention of high-performing agents [44] - Non-GAAP gross margin was 13%, down 70 basis points year-over-year, while GAAP gross margin was 8%, down 30 basis points year-over-year [46][47] - Adjusted EBITDA was $2.2 million, down year-over-year due to margin compression and increased investments in the agent value stack [47] Business Line Data and Key Metrics Changes - North America Realty segment generated $923 million in revenue with an adjusted EBITDA of $7.7 million, remaining the largest revenue and profit generator [49] - International segment revenue increased by 103% year-over-year, with a significant narrowing of adjusted EBITDA loss, improving by 52% year-over-year [50] - The affiliated services segment, primarily success, showed modest revenue growth with an adjusted EBITDA loss of $1.5 million [50] Market Data and Key Metrics Changes - The company launched operations in Peru and Turkey, with plans for Egypt, aiming for 50,000 agents across 50 countries by 2030 [15][19] - The international expansion strategy has been refined to include localized marketing and partnerships, leading to successful launches and agent onboarding [16][19] Company Strategy and Development Direction - The company aims to build the most agent-centric real estate brokerage globally, focusing on interconnected platform business units [7][11] - Investments in technology and AI are emphasized, with a belief that returns will manifest in future periods [10][11] - The strategy includes a focus on high-income and emerging markets, utilizing self-managed regional teams for scalability [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough macroeconomic environment but expressed confidence in the company's ability to attract and retain high-performing agents [44][48] - The leadership team is actively reviewing expenses and building plans for more efficient operations in the latter half of 2025 [48][80] - The company is focused on leveraging AI and automation to enhance operational efficiency and reduce costs [78][80] Other Important Information - The company was recognized as the number one company in the U.S. by transactions for the third consecutive year and ranked 18th on USA Today's top workplaces list [30][31] - The introduction of the cosponsorship program aims to enhance agent collaboration and support, driving growth and connections among agents [27][75] Q&A Session Summary Question: Can you share more details on how eXp is leveraging AI now and what an enabled eXp platform might look like in the future? - The company has been pivoting towards rapid changes with AI, utilizing tools from OpenAI and Google Workspace to enhance operations and tech stack development [57][59] Question: What did you learn about opening new countries, and how do today's launches differ from a year ago? - The company has evolved its approach to international launches by focusing on local leadership, understanding market pain points, and leveraging technology for streamlined operations [64][66] Question: Can you dive deeper into the agent count trends? - The company continues to retain productive agents, with a focus on teams that are 67% more productive than individual agents, leading to improved agent attrition metrics [69][70] Question: What are agents saying about the cosponsored program? - Agents are excited about the cosponsor program, which fosters collaboration and connections, enhancing growth opportunities for both new and existing agents [73][75] Question: How should we think about operating expenses for the remainder of the year? - The company does not flex costs dramatically but can adjust spending in specific areas based on market conditions, focusing on efficiency and automation to improve unit economics [76][80]

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]