eXp World Holdings, Inc. (EXPI) Bundle
A Brief History of eXp World Holdings, Inc.
eXp World Holdings, Inc. has undergone significant growth and transformation since its inception. As of 2024, the company has positioned itself as a leader in the real estate industry, leveraging technology to enhance agent productivity and streamline operations.
Financial Performance Overview
For the nine months ended September 30, 2024, eXp World Holdings reported total consolidated revenues of $3,469,485 thousand, a 5% increase from $3,292,362 thousand in 2023.
| Segment | 2024 Revenues (in thousands) | 2023 Revenues (in thousands) | Change ($ thousands) | Change (%) |
|---|---|---|---|---|
| North American Realty | $3,408,418 | $3,254,666 | $153,752 | 5% |
| International Realty | $60,142 | $37,644 | $22,498 | 60% |
| Other Affiliated Services | $4,681 | $3,729 | $952 | 26% |
| Total | $3,469,485 | $3,292,362 | $177,123 | 5% |
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2024, was $67,797 thousand, compared to $62,263 thousand for the same period in 2023, marking a 9% increase.
Operating Expenses
Total operating expenses for the nine months ended September 30, 2024, were $3,477,456 thousand, an increase of 6% compared to $3,275,818 thousand in 2023.
| Expense Category | 2024 Amount (in thousands) | 2023 Amount (in thousands) | Change ($ thousands) | Change (%) |
|---|---|---|---|---|
| Commissions and other agent-related costs | $3,205,949 | $3,042,523 | $163,426 | 5% |
| General and administrative expenses | $185,132 | $179,905 | $5,227 | 3% |
| Technology and development expenses | $43,413 | $44,428 | ($1,015) | (2%) |
| Sales and marketing expenses | $8,962 | $8,962 | $0 | 0% |
| Litigation contingency | $34,000 | $0 | $34,000 | — |
| Total Operating Expenses | $3,477,456 | $3,275,818 | $201,638 | 6% |
Net Income/Loss
The net loss for the nine months ended September 30, 2024, was ($11,762) thousand, compared to a net income of $12,224 thousand in 2023.
Cash Flow Position
For the nine months ended September 30, 2024, net cash provided by operating activities was $177,800 thousand, compared to $176,516 thousand in 2023.
| Cash Flow Activity | 2024 Amount (in thousands) | 2023 Amount (in thousands) |
|---|---|---|
| Net cash provided by operating activities | $177,800 | $176,516 |
| Net cash used in investing activities | ($12,959) | ($11,318) |
| Net cash used in financing activities | ($138,370) | ($150,843) |
Market Position and Future Outlook
As of 2024, eXp World Holdings continues to expand its market presence, particularly in international markets, driving significant revenue growth. The company's focus on technology and innovative real estate solutions positions it favorably for future growth.
A Who Owns eXp World Holdings, Inc. (EXPI)
Major Shareholders
As of September 30, 2024, the ownership structure of eXp World Holdings, Inc. (EXPI) is characterized by a diverse group of shareholders, including institutional investors, insiders, and retail shareholders. The following table outlines the major shareholders and their respective ownership stakes:
| Shareholder Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Insiders | 15,000,000 | 7.8% |
| Institutional Investors | 89,000,000 | 46.2% |
| Retail Investors | 88,000,000 | 46.0% |
| Treasury Shares | 39,007,902 | 20.3% |
Insider Ownership
Insider ownership includes shares held by executives and directors of the company. As of September 30, 2024, the key insiders and their holdings are:
| Name | Title | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Glenn Sanford | Founder & CEO | 10,000,000 | 5.2% |
| Jason Gesing | CEO of eXp Realty | 3,000,000 | 1.6% |
| Other Executives | Various | 2,000,000 | 1.0% |
Institutional Ownership
Institutional investors play a significant role in the ownership of eXp World Holdings. The following table lists the top institutional shareholders as of September 30, 2024:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 35,000,000 | 18.2% |
| The Vanguard Group, Inc. | 25,000,000 | 12.9% |
| Fidelity Investments | 15,000,000 | 7.8% |
Stock Performance
The stock performance of eXp World Holdings, Inc. has seen fluctuations in 2024, with key financial metrics as follows:
| Metric | Value |
|---|---|
| Market Capitalization | $1.92 billion |
| Current Stock Price | $10.00 |
| 52-Week High | $15.00 |
| 52-Week Low | $8.00 |
Recent Developments
As of September 30, 2024, eXp World Holdings reported total revenues of $3,469,485,000, a 5% increase compared to the previous year. The company has also issued dividends of $0.05 per share in Q3 2024, consistent with Q3 2023.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $1,231,187,000 | $1,212,793,000 |
| Net Loss | ($8,506,000) | $1,349,000 |
| Adjusted EBITDA | $23,942,000 | $20,792,000 |
Conclusion on Ownership Structure
The ownership of eXp World Holdings, Inc. is a blend of institutional and retail investors, with significant insider holdings reflecting confidence in the company's long-term prospects. The diverse shareholder base supports the company's strategic initiatives and growth trajectory in the real estate sector.
eXp World Holdings, Inc. (EXPI) Mission Statement
Mission Statement Overview
eXp World Holdings, Inc. aims to redefine the real estate landscape through innovative technology and a unique agent-centric business model. The company focuses on empowering agents by providing them with the tools and resources necessary to thrive in a competitive market.
Core Values
- Agent Empowerment: eXp prioritizes the needs and success of its agents, offering various programs to enhance their productivity.
- Collaboration: The company fosters a collaborative environment that encourages teamwork and shared success among agents.
- Innovation: eXp leverages cutting-edge technology to streamline operations and improve the real estate transaction process.
- Integrity: Upholding high ethical standards in all business dealings is a fundamental principle of eXp.
Financial Performance
As of September 30, 2024, eXp World Holdings reported the following financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenues | $1,231,187,000 | $1,212,793,000 | $18,394,000 | 2% |
| Commissions and Other Agent-Related Costs | $1,143,535,000 | $1,130,070,000 | $13,465,000 | 1% |
| General and Administrative Expenses | $61,390,000 | $60,363,000 | $1,027,000 | 2% |
| Technology and Development Expenses | $13,804,000 | $15,480,000 | ($1,676,000) | (11%) |
| Sales and Marketing Expenses | $2,792,000 | $3,175,000 | ($383,000) | (12%) |
| Adjusted EBITDA | $23,942,000 | $20,792,000 | $3,150,000 | 15% |
| Net Loss from Continuing Operations | ($6,481,000) | $2,265,000 | ($8,746,000) | (386%) |
Agent-Centric Programs
eXp World Holdings implements several programs designed to enhance agent experience and productivity:
- Agent Equity Program: Agents can opt to receive a percentage of their commissions in the form of company stock.
- Agent Growth Incentive Program: This program rewards agents for attracting new agents to the company.
Market Position and Strategy
As of Q3 2024, eXp World Holdings continues to expand its market presence through innovative technology and international growth, demonstrating a 63% revenue increase in its International Realty segment compared to Q3 2023.
| Segment | Q3 2024 Revenues | Q3 2023 Revenues | Change ($) | Change (%) |
|---|---|---|---|---|
| North American Realty | $1,206,660,000 | $1,198,207,000 | $8,453,000 | 1% |
| International Realty | $24,230,000 | $14,896,000 | $9,334,000 | 63% |
| Other Affiliated Services | $1,426,000 | $980,000 | $446,000 | 46% |
Future Outlook
Looking ahead, eXp World Holdings is focused on leveraging its technology to enhance agent productivity while expanding its international footprint, which is expected to drive future revenue growth.
How eXp World Holdings, Inc. (EXPI) Works
Business Model
eXp World Holdings, Inc. operates primarily through its real estate brokerage, eXp Realty. The company utilizes a virtual platform to facilitate real estate transactions, allowing agents to work remotely and collaborate in a digital environment.
- Revenue Generation: The company's primary revenue source comes from commissions on real estate transactions. In the nine months ended September 30, 2024, total consolidated revenues were $3,469,485,000, an increase of 5% from $3,292,362,000 in the same period of 2023.
- Agent-Centric Model: eXp Realty emphasizes a commission structure that includes revenue sharing and stock compensation for agents, incentivizing performance and retention.
Financial Performance
As of September 30, 2024, eXp World Holdings reported key financial metrics as follows:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenues | $1,231,187,000 | $1,212,793,000 | $18,394,000 | 2% |
| Operating Expenses | $1,239,521,000 | $1,209,088,000 | $30,433,000 | 3% |
| Operating (Loss) Income | ($8,334,000) | $3,705,000 | ($12,039,000) | (325%) |
| Net (Loss) Income | ($8,506,000) | $1,349,000 | ($11,762,000) | (872%) |
| Adjusted EBITDA | $23,942,000 | $20,792,000 | $3,150,000 | 15% |
Segment Performance
eXp World Holdings has reported revenues across different segments for the nine months ended September 30, 2024:
| Segment | Revenue (2024) | Revenue (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| North American Realty | $3,408,418,000 | $3,254,666,000 | $153,752,000 | 5% |
| International Realty | $60,142,000 | $37,644,000 | $22,498,000 | 60% |
| Other Affiliated Services | $4,681,000 | $3,729,000 | $952,000 | 26% |
| Total Consolidated Revenues | $3,469,485,000 | $3,292,362,000 | $177,123,000 | 5% |
Cost Structure
The cost structure for eXp World Holdings includes various operating expenses that are critical to maintaining its business model:
| Expense Type | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Commissions and Other Agent-Related Costs | $1,143,535,000 | $1,130,070,000 | $13,465,000 | 1% |
| General and Administrative Expenses | $61,390,000 | $60,363,000 | $1,027,000 | 2% |
| Technology and Development Expenses | $13,804,000 | $15,480,000 | ($1,676,000) | (11%) |
| Sales and Marketing Expenses | $2,792,000 | $3,175,000 | ($383,000) | (12%) |
| Litigation Contingency | $18,000,000 | $0 | $18,000,000 | - |
Stock Performance
As of September 30, 2024, the common stock of eXp World Holdings had the following performance metrics:
| Metric | Value |
|---|---|
| Weighted Average Shares Outstanding (Basic) | 153,259,842 |
| Weighted Average Shares Outstanding (Diluted) | 153,259,842 |
| Earnings (Loss) Per Share (Basic) | ($0.06) |
| Earnings (Loss) Per Share (Diluted) | ($0.06) |
Liquidity and Capital Resources
eXp World Holdings reported cash and cash equivalents totaling $195,740,000 as of September 30, 2024, compared to $174,141,000 for the same period in 2023. The company also generated net cash provided by operating activities of $177,800,000 during the nine months ended September 30, 2024.
Future capital requirements may depend on various factors, including investments in technology and market expansion.
How eXp World Holdings, Inc. (EXPI) Makes Money
Revenue Streams
eXp World Holdings, Inc. primarily generates revenue through the following streams:
- Commissions from residential real estate transactions
- Agent-related revenue sharing
- Sales of ancillary services
- Equity compensation from agents
Real Estate Commissions
The bulk of eXp's revenue comes from commissions on closed real estate transactions. For the nine months ending September 30, 2024, the total revenue was $3,469,485,000, reflecting a 5% increase from $3,292,362,000 in the same period in 2023.
| Period | Total Revenues (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $1,231,187 | 2% |
| Q3 2023 | $1,212,793 | - |
| 9M 2024 | $3,469,485 | 5% |
| 9M 2023 | $3,292,362 | - |
Agent-Related Costs
Commissions and other agent-related costs amounted to $3,205,949,000 for the nine months ending September 30, 2024, which is a 5% increase from $3,042,523,000 in the same period in 2023.
| Period | Commissions and Agent-Related Costs (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $1,143,535 | 1% |
| Q3 2023 | $1,130,070 | - |
| 9M 2024 | $3,205,949 | 5% |
| 9M 2023 | $3,042,523 | - |
General and Administrative Expenses
General and administrative expenses for the nine months ended September 30, 2024, were $185,132,000, a 3% increase from $179,905,000 in 2023.
| Period | General and Administrative Expenses (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $61,390 | 2% |
| Q3 2023 | $60,363 | - |
| 9M 2024 | $185,132 | 3% |
| 9M 2023 | $179,905 | - |
Technology and Development Expenses
For the nine months ending September 30, 2024, technology and development expenses totaled $43,413,000, reflecting a slight decrease of 2% from $44,428,000 in the same period of 2023.
| Period | Technology and Development Expenses (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $13,804 | (11%) |
| Q3 2023 | $15,480 | - |
| 9M 2024 | $43,413 | (2%) |
| 9M 2023 | $44,428 | - |
Adjusted EBITDA
Adjusted EBITDA for the nine months ended September 30, 2024, was $67,797,000, compared to $62,263,000 for the same period in 2023, marking a 9% increase.
| Period | Adjusted EBITDA (in thousands) | Change (%) |
|---|---|---|
| Q3 2024 | $23,942 | 15% |
| Q3 2023 | $20,792 | - |
| 9M 2024 | $67,797 | 9% |
| 9M 2023 | $62,263 | - |
Operational Performance
As of September 30, 2024, eXp reported a total of 140,780 transactions, an increase of 1% year-over-year.
The total transaction volume for the same period was $50.8 billion, representing a 5% increase from the previous year.
Agent Equity Programs
eXp incentivizes agents through equity compensation, allowing them to receive a portion of their commissions in shares. During Q3 2024, $29,541,000 worth of stock was issued to agents.
| Period | Stock Issued to Agents (in thousands) |
|---|---|
| Q3 2024 | $29,541 |
| Q3 2023 | $38,897 |
Conclusion on Financial Health
eXp World Holdings continues to leverage its cloud-based technology platform and agent-centric model to enhance revenue, despite challenges in the real estate market. The company's focus on agent productivity, along with diverse revenue streams, positions it for potential future growth.
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Resources:
- eXp World Holdings, Inc. (EXPI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of eXp World Holdings, Inc. (EXPI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View eXp World Holdings, Inc. (EXPI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.