Revenue Increased 73% Year-over-Year to $1.0 Billion, Driven by Agent Growth of 55%
New quarter, same story: eXp World Holdings is on a tear.
In financial and operational highlights that were just released for Q1 2022, eXp has logged double-digit percent increases in revenue, gross profit, net income, agent growth, transaction sides and closed volume compared to the same quarter a year ago. (Read the press release here.)
eXp World Holdings Founder, CEO and Chairman Glenn Sanford explains the reason.
“eXp’s strong momentum continued through the first quarter as even more agents joined what we believe is the most agent-centric brokerage on the planet, fueling the fastest growing agent base in the history of real estate to help clients and customers buy, sell and/or lease properties around the world,” said Sanford.
Financial highlights for Q1 2022 compared to a year ago:
- Revenue increased 73% to $1.0 billion.
- Gross profit increased 56% to $83.5 million.
- Net income increased 83% to $8.9 million, which included a $5.1 million income tax provision benefit. Earnings per diluted share increased 100% to $0.06.
- Adjusted EBITDA (a non-GAAP financial measure) increased 20% to $17.7 million.
Also worth noting is eXp paid a cash dividend for the first quarter of 2022 of $0.04 per share of common stock on March 31, 2022 and the board voted to provide another cash dividend of $0.04 per share of common stock. It is expected to be paid on May 31, 2022 to shareholders of record on May 16, 2022.
Operational highlights for Q1 2022 compared to a year ago:
- Agent count increased 55% to 78,196 as of March 31, 2022.
- Real estate transactions closed increased 55% to 114,305.
- Real estate transaction volume increased 69% to $41.4 billion.
eXp continues to expand internationally, opening in two new countries at the start of 2022 – the Dominican Republic and Greece — and with a recent announcement to open in Chile, New Zealand and Dubai, it will bring eXp Realty’s total market count to 23 locations.
“eXp was built to thrive in challenging market conditions and despite the headwinds affecting the broader housing market, we are well-positioned to capture increased market share,” said Sanford. “It is our goal to be over 100,000 agents and brokers worldwide by the end of the year through continued iteration on the agent value proposition. With each milestone and enhancement, we redefine the real estate industry and empower agents with aligned compensation structures and industry-leading technology to grow their businesses and serve their clients.”
Interested in jump-starting your real estate career? Learn how eXp Realty puts agents first.