On November 2, 2023, eXp World Holdings Inc (EXPI, Financial) announced its financial results for the third quarter ended September 30, 2023. The company reported a significant increase in agent count and a record high in International Realty revenue.
Financial Highlights
The company's revenue for Q3 2023 was $1,214,513, a slight decrease from $1,238,975 in Q3 2022. Operating income stood at $1,863, while net income attributable to eXp World Holdings, Inc. was $1,349. Earnings per share (EPS) for both basic and diluted were $0.01.
North American Realty contributed the most to the revenue with $1,198,207, followed by International Realty with $14,896. Virbela and Other Affiliated Services contributed $1,720 and $979 respectively.
The company's Adjusted EBITDA for the quarter was $18,950, a significant increase from $12,349 in the same period last year. The company's net cash provided by operating activities was $22,348.
Management Commentary
“During the third quarter, we continued to focus on agent-centric innovation that drove meaningful results, as we once again increased eXp’s agent Net Promoter Score (aNPS) while extending our market share gains,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings.
“We delivered solid financial performance during the third quarter, with year-over-year Adjusted EBITDA growth of 53% despite challenging market conditions as we continued to improve the efficiency of our operations,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings.
Balance Sheet Overview
As of September 30, 2023, the company had cash and cash equivalents of $120,141. The total current assets were $299,810, while total assets were $422,862. The total current liabilities were $171,931, and total liabilities were $171,936. The total equity was $250,926.
Looking Ahead
The management of eXp World Holdings Inc (EXPI, Financial) remains optimistic about the future, citing opportunities to further iterate on their agent-centric value proposition with programs like Boost, Accelerate, Thrive, and eXp exclusives and partnerships with Opendoor and the HomeRiver Group.
Explore the complete 8-K earnings release (here) from eXp World Holdings Inc for further details.
