eXp World Holdings, Inc. (EXPI) Bundle
An Overview of eXp World Holdings, Inc. (EXPI)
General Summary of eXp World Holdings, Inc.
eXp World Holdings, Inc. (EXPI) was incorporated in Delaware on July 30, 2008, and launched the first cloud-based real estate brokerage in 2009, focusing on an agent-centric commission structure, revenue sharing, and agent equity opportunities. The company operates through a diversified portfolio of service-based businesses, primarily generating revenue from commissions associated with residential real estate brokerage services. As of 2024, eXp Realty is recognized for its innovative technology platform that supports real estate agents and brokers, offering tools for customer relationship management, marketing, and brokerage functionalities.
As of 2024, eXp World Holdings reported a total revenue of $3,469,485,000, reflecting a 5% increase compared to $3,292,362,000 in 2023. The company’s sales are significantly driven by increased home sales prices and a boost in real estate transactions, achieving a transaction volume of $139.9 billion for the nine months ended September 30, 2024.
Company's Financial Performance in the Latest Financial Reports
In the latest financial report for the third quarter of 2024, eXp World Holdings reported revenues of $1,231,187,000, up 2% from $1,212,793,000 in the same quarter of 2023. Key financial metrics include:
| Financial Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenues | $1,231,187 | $1,212,793 | $18,394 | 2% |
| Commissions and Other Agent-Related Costs | $1,143,535 | $1,130,070 | $13,465 | 1% |
| General and Administrative Expenses | $61,390 | $60,363 | $1,027 | 2% |
| Technology and Development Expenses | $13,804 | $15,480 | ($1,676) | (11%) |
| Sales and Marketing Expenses | $2,792 | $3,175 | ($383) | (12%) |
| Adjusted EBITDA | $23,942 | $20,792 | $3,150 | 15% |
| Net (Loss) Income from Continuing Operations | ($6,481) | $2,265 | ($8,746) | (386%) |
For the nine months ended September 30, 2024, total revenues increased by 5% to $3,469,485,000 from $3,292,362,000 in the previous year. The increase in revenues was driven by higher home sales prices and an increase in real estate transactions, primarily due to improved agent productivity.
Introduction to Company as a Leader in the Industry
eXp World Holdings, Inc. continues to establish itself as a leader in the real estate industry through its innovative cloud-based model and agent-centric practices. The company ended the third quarter of 2024 with a global agent Net Promoter Score (NPS) of 76 and reported a total of 140,780 transactions in the third quarter, representing a 1% increase year-over-year. The growth trajectory is supported by eXp's commitment to enhancing agent productivity and expanding into international markets.
As a forward-thinking organization, eXp World Holdings maintains a focus on leveraging technology to improve efficiency and support its agents, positioning itself favorably within the competitive landscape of the real estate sector. Investors and stakeholders are encouraged to explore the company's operational strategies and performance metrics to understand the factors contributing to its success.
Mission Statement of eXp World Holdings, Inc. (EXPI)
Mission Statement of eXp World Holdings, Inc. (EXPI)
The mission statement of eXp World Holdings, Inc. is to be the most agent-centric company in the world, where every agent is empowered to reach their full potential. This mission is significant as it guides the company's long-term goals and strategic initiatives, creating a framework for decision-making and resource allocation.
Core Component 1: Agent-Centricity
eXp World Holdings emphasizes an agent-centric model, focusing on the success and satisfaction of its agents. As of September 30, 2024, the company had 85,249 agents and brokers on its platform, a decrease of 4% year-over-year. Despite this decline, the company reported a 5% increase in transaction volume to $50.8 billion, showcasing the effectiveness of its agent-centric approach in driving productivity amid market challenges.
Core Component 2: Empowerment through Technology
eXp leverages technology to enhance its operations and support its agents. The company’s technology and development expenses were reported at $43,413 for the nine months ended September 30, 2024, a slight decrease of 2% from the previous year. This investment allows agents to optimize their business operations and improve client interactions.
| Financial Metrics | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Technology and Development Expenses | $43,413 | $44,428 | (2%) |
| Transaction Volume | $50.8 billion | $48.5 billion | 5% |
Core Component 3: Commitment to High-Quality Services
eXp World Holdings is dedicated to providing high-quality services to its agents and clients. For the nine months ending September 30, 2024, total revenues reached $3,469,485, representing a 5% increase compared to $3,292,362 in 2023. This growth was driven by higher home sales prices and increased real estate transactions.
| Revenue Breakdown | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $3,469,485 | $3,292,362 | 5% |
| Commissions and Other Agent-Related Costs | $3,205,949 | $3,042,523 | 5% |
Vision Statement of eXp World Holdings, Inc. (EXPI)
Vision Statement Overview
eXp World Holdings, Inc. (EXPI) aims to redefine the real estate industry through its unique cloud-based model and agent-centric approach. The vision emphasizes being the most agent-centric brokerage on the planet, leveraging technology to enhance agent productivity and provide unparalleled support.
Agent-Centric Focus
The core of eXp's vision is its commitment to being the most agent-centric business. As of September 30, 2024, eXp Realty had 85,249 agents and brokers, a 4% decrease from the previous year. Despite this decline, the company reported a 1% year-over-year increase in transactions, totaling 140,780 for the third quarter of 2024, demonstrating the effectiveness of its agent-focused model.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Agents and Brokers | 85,249 | 88,589 | -4% |
| Transactions | 140,780 | 139,000 | +1% |
Technological Innovation
eXp's vision includes a strong emphasis on technological innovation. The company invests significantly in technology to support its agents. For the nine months ended September 30, 2024, technology and development expenses totaled $43.4 million, a 2% decrease from the prior year, reflecting a focus on capitalizing technology investments.
Global Expansion
Another key aspect of eXp's vision is its commitment to global expansion. The International Realty segment saw revenues increase by 63% in Q3 2024 compared to the same period in 2023, driven by improved agent productivity in newly launched markets. This growth aligns with eXp's goal to extend its footprint internationally.
| Segment | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | Change (%) |
|---|---|---|---|
| International Realty | $24,230 | $14,896 | +63% |
Financial Performance
eXp's financial performance illustrates the effectiveness of its vision. For the nine months ended September 30, 2024, total revenues reached $3.47 billion, a 5% increase compared to the same period in 2023. This growth was attributed to higher home sales prices and a rise in real estate transactions, reflecting the success of its agent-centric approach.
| Financial Metrics | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Total Revenues | $3,469,485 | $3,292,362 | +5% |
| Net Loss | ($11,762) | $12,224 | - |
Commitment to Sustainability and Community
Part of eXp's vision includes a commitment to sustainability and community engagement. The company focuses on creating a positive impact through its operations and initiatives that support its agents and local communities.
Core Values of eXp World Holdings, Inc. (EXPI)
Core Value: Agent-Centricity
The core value of Agent-Centricity at eXp World Holdings, Inc. emphasizes the importance of supporting agents in their business endeavors. This commitment is crucial as it drives the company's growth and success.
In 2024, eXp Realty's agent network comprised 85,249 agents, reflecting a strategic focus on enhancing agent productivity. The firm reported a transaction volume increase of 5% year-over-year, reaching $50.8 billion.
To support this value, the company has implemented various programs, including enhanced training resources and a robust technology platform, which allows agents to streamline their operations. The introduction of the Virbela Frame® has also been pivotal in creating a collaborative environment for agents.
Core Value: Innovation
Innovation is a fundamental value for eXp World Holdings, driving the development of technology that enhances the real estate transaction process. This value is vital for maintaining competitive advantage in a rapidly evolving market.
For the nine months ended September 30, 2024, eXp invested significantly in technology, reflected in a $43.4 million expenditure on technology and development. The company has focused on cloud-based solutions that facilitate remote collaboration and operational efficiency.
Additionally, the company’s commitment to innovation is evident from the 46% revenue increase in its Other Affiliated Services segment, largely attributed to the success of the Virbela Frame® technology.
Core Value: Transparency
Transparency is a core value that eXp World Holdings upholds to foster trust among its agents and stakeholders. This value is essential for maintaining a strong company culture and encouraging open communication.
In its financial disclosures, eXp reported total revenues of $3.47 billion for the nine months ended September 30, 2024, a 5% increase from the previous year. The company has maintained transparency regarding its operational challenges, including a litigation contingency of $34 million recorded during the same period.
Moreover, eXp’s agent-centric model is bolstered by transparent commission structures and revenue-sharing opportunities, ensuring agents are well-informed about their earnings potential.
Core Value: Community
The value of Community at eXp World Holdings emphasizes collaboration and support among agents, fostering a sense of belonging within the organization. This is crucial for enhancing agent engagement and retention.
eXp’s global agent Net Promoter Score (aNPS) was reported at 76, indicating a strong sense of community among agents. The company organizes virtual events and summits that serve to strengthen community ties and share best practices among agents.
Additionally, eXp Realty’s commitment to community is reflected in its initiatives aimed at supporting local charities and encouraging agents to engage in community service.
Core Value: Integrity
Integrity is a fundamental value that underpins eXp World Holdings' operations, ensuring that the company conducts its business ethically and responsibly. This value is vital for maintaining credibility and trust with clients and agents alike.
In 2024, eXp faced legal challenges, including antitrust lawsuits, which prompted a proactive approach to compliance and ethical practices. The company accrued a litigation contingency of $34 million in anticipation of these legal expenses.
eXp's commitment to integrity is also demonstrated through its adherence to regulatory standards and its transparent communication regarding the outcomes of legal proceedings affecting its business.
| Core Value | Description | Key Metrics |
|---|---|---|
| Agent-Centricity | Focus on supporting agents in their business | 85,249 agents, $50.8 billion transaction volume |
| Innovation | Development of technology to enhance processes | $43.4 million in technology investment |
| Transparency | Fostering trust through open communication | $3.47 billion in total revenues |
| Community | Building collaborative relationships among agents | aNPS of 76 |
| Integrity | Conducting business ethically and responsibly | $34 million litigation contingency accrued |
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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.