Q2 2024 eXp World Holdings Inc Earnings Call Transcript
Key Points
- eXp World Holdings Inc (EXPI) reported a 5% increase in revenue year-over-year, driven by higher real estate sales volume and increased agent productivity.
- The company's Net Promoter Score (NPS) improved from 72 to 76, indicating enhanced agent satisfaction and service quality.
- International revenues jumped by 69% year-over-year, showcasing strong performance in sales volume and productivity.
- The company successfully reduced its SG&A expenses in North American Realty by $4 million over the previous year.
- eXp World Holdings Inc (EXPI) achieved a 22% year-over-year increase in adjusted EBITDA, reflecting solid execution and cost management.
- The agent count declined by 1% year-over-year, reflecting challenging market conditions and strategic decisions to remove unproductive agents.
- Despite industry-wide challenges, eXp Realty's home sale transactions in the US were down 3% year-to-date.
- The company anticipates continued downward pressure on US existing home sales in the next quarter due to macroeconomic uncertainties.
- Legal expenses related to antitrust lawsuits have increased, impacting overall financial performance.
- The company is facing challenges in adapting to industry changes, such as the requirement for buyer broker agreements, which may lead to operational complexities.
Good afternoon, and welcome to eXp World Holdings second quarter 2024 earnings fireside chat via live stream and our metaverse on the web, Frame. My name is Denise Garcia, and I manage Investor Relations for eXp World Holdings.
Today, we will begin with our earnings fireside chat with prepared remarks from Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings; and Leo Pareja, CEO of eXp Realty; followed by a review of the second quarter 2024 financial highlights presented by Kent Cheng, Principal Financial Officer and Chief Accounting Officer of eXp World Holdings. Following our prepared remarks, we will open the call to a Q&A session with eXp World Holdings covering analysts and questions submitted to eXp in advance.
Letâs begin with a review of the forward-looking statements. There will be a number of forward-looking statements made today that should be considered in conjunction with the cautionary statements contained in the companyâs SEC filings. Forward-looking statements are subject to various risks and
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