eXp records $1.4 billion in revenue and eXp Realty grows agent base by 42%
Record revenue of $1.4 billion, fortified leadership, continued international growth and another upcoming cash dividend were the key takeaways in yet another astoundingly successful quarter for eXp World Holdings in results reported for Q2 2022. (Read the press release here.)
Not only did eXp announce double-digit percent increases for revenue and gross profit, but the number of agents who joined eXp as compared to a year ago was equally impressive. Here are some key highlights:
Second Quarter 2022 Highlights as Compared to One Year Ago:
- Revenue increased 42% to $1.4 billion.
- Gross profit increased 34% to $107.3 million.
- Net income of $9.4 million, compared to net income of $37.0 million in the year-ago quarter. Year-over-year tax expense increased $22.3M due to one-time VA allowance release in 2021 and reduction in excess stock-based compensation tax benefit. Earnings per diluted share of $0.06, compared to earnings per diluted share of $0.24 in the year-ago quarter.
- Agents and brokers on the eXp Realty platform increased 42% to 82,856 as of June 30, 2022.
- Real estate transactions closed increased 30% to 150,032.
- Real estate transaction volume increased 44% to $57.9 billion.
“During the second quarter, eXp continued to increase its market share and revenue to record levels, reinforcing that our model was built for all market conditions and that our agent value proposition resonates around the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “We are focused on strengthening our platform to provide even better support to our agents through technology, operations, training, coaching and community. In the third quarter, we acquired Zoocasa, providing an exponential boost to Canadian agents that we expect to expand to a broader group of agents and real estate customers. We also further strengthened our management team with world-class hires focused on affiliated services and innovation of our proprietary technologies. We are leveraging our core strengths of agent satisfaction and innovation as we continue to redefine the real estate industry.”
Updates to eXp’s Leadership Team, Another Cash Dividend Announced
eXp World Holdings has announced several additions to its leadership team and in June 2022, added Shoeb Ansari as Chief Information Officer and Leo Pareja as President of Affiliated Services. Additionally, Patrick O’Neill was appointed Chief Operating Officer of eXp Realty.
eXp World Holdings continues to pay out cash dividends to its shareholders and its board of directors has announced a cash dividend of $0.045 per share of common stock for the third quarter of 2022 expected to be paid on Aug. 29, 2022 to shareholders of record on Aug. 12, 2022. This will be eXp’s third cash dividend.
“eXp delivered another record quarter with 42% revenue growth and solid profitability while returning a record $56 million to our shareholders through share repurchases and dividends,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Looking ahead, we expect our agile model to result in ongoing market share gains as we navigate more challenging market conditions. We expect our focus on affiliated services and technology will further strengthen our agent and customer value proposition. Simultaneously, we will focus on increasing operating efficiencies for our business and our agents’ businesses. We remain confident in our ability to deliver profitable, sustainable growth over the long term.”
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