eXp(EXPI)2025-02-21 01:32Financial Data and Key Metrics Changes - eXp World Holdings reported $4.6 billion in revenue for 2024, a 7% increase from the previous year [54] - Adjusted EBITDA for 2024 was $75.5 million, representing a 16% year-over-year increase [56] - The company reported a net loss from continued operations of $16.8 million for 2024, but adjusted net income was $12.2 million, a 247% increase over the prior year [55][56] Business Line Data and Key Metrics Changes - International revenues grew 63% in 2024, with a 72% increase in Q4 alone [55][56] - North America Realty segment revenue for Q4 grew 11% year-over-year to $1.068 billion, driven by higher home sales prices and improved agent productivity [62] - The number of productive agents increased, with a 12% increase in transactions per agent and a 23% increase in sales volume per agent in Q4 [33][54] Market Data and Key Metrics Changes - The company ended the year with 82,980 agents, reinforcing its position as the most agent-centric brokerage in the industry [58] - The U.S. housing market is expected to decline by about 3% in Q1 2025, with single-digit growth anticipated in the second half [93] Company Strategy and Development Direction - eXp aims to expand its international presence, targeting 60+ countries in the next five years, with a focus on productive agents [129][130] - The company emphasizes operational excellence and partnerships with best-in-class technology providers to enhance its value stack [82][86] - The strategy for 2025 includes continued investment in agent-centric initiatives and technology improvements [95] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the international market's growth potential, comparing it to the U.S. market's earlier development stages [72][74] - The company is focused on retaining and attracting high-performing agents, especially in a challenging market environment [126][127] - Management acknowledged the uncertain macroeconomic conditions but highlighted the company's resilience and adaptability [54][93] Other Important Information - eXp's Net Promoter Score (NPS) increased to 76 in 2024, reflecting strong agent satisfaction [20][53] - The company issued 1.8 million shares to agents through its growth incentive program, valued at approximately $22 million [64] Q&A Session Summary Question: How is International different than domestic U.S. and Canada? - Management noted that International markets are at an earlier stage of development compared to the U.S. and Canada, with significant opportunities for growth [72][74] Question: What's your strategy to help eXp agents win in 2025? - The strategy involves continuing to enhance the value stack and focusing on operational excellence and technology partnerships [80][82] Question: How are you thinking about building on the progress made in 2024? - The focus will be on agent-based initiatives and investments, particularly in technology to drive long-term growth [95] Question: Can you provide context on agent count trends in 2025? - Management indicated that while total agent count is down, the number of productive agents has increased, and the focus will remain on attracting high-performing agents [121][125] Question: How do you view the timeline for new countries to become profitable? - Management expects it will take time to achieve profitability in new international markets, but several existing markets are already profitable [130][131] Question: Can you touch on the CoStar partnership for commercial brokerage? - The partnership with CoStar is aimed at enhancing the value proposition for commercial brokers, aligning with the company's overall strategy [133]